Indiabulls Case: Gurgaon Police Unearth Organised 'Blackmailing' Racket Run by Lawyers Kislay & Ram Mani Pandey
In a new twist, Indiabulls Housing Finance Ltd has said that investigations by the Gurgaon police has unearthed an organised racked run by two lawyers, Kislay Panday and his father Ram Mani, under the name of Managium Juris LLP. The court has issued non-bailable arrest warrants against the father-son duo, who are absconding, the company says. The Gurgaon police were probing a complaint filed by one Vikash Shekhar against Indiabulls. 
 
According to Indiabulls, the Pandays are shown on their website as a firm with 3,000 lawyers as against a staff strength of 10 people. "In their usual style of blackmailing and putting pressure, over the last 10 days Kislay Panday and Ram Mani Panday are repeatedly sending the malicious complaint that was initially used for trying to extort monies from Indiabulls to different departments under the names of several people such as Kunal Shekhar from village Sitamari in Bihar (brother of Vikash Shekhar who is in judicial custody), Jitendra Upadhyaya, Manoj Singh & Shailendra Tiwari from different villages in Barabanki in Uttar Pradesh (UP). FurtheroneShaukat Ali from a village in Rewa in Madhya Pradesh (MP), R Narayan from Palam Village in Delhi and Mohan Raj Saxena from Dileep Bhai ki Chawl in Mumbai," it added.
 
In a regulatory filing, Indiabulls says, "Upon evaluation of the evidences gathered so far in the case and statements recorded by various employees of Managium Juris under section 164 in front of a judge, the courts have issued non-bailable arrest warrants against Kislay Panday and Mani Ram Panday. Both of them are absconding and on the run. Records at the Seemapuri Police Station at Delhi show that there are at least four first information reports (FIRs) against Kislay Panday and Ram Mani Panday filed between the years 2002-2011 by various individuals for offences such as cheating, fraud, extortion, blackmailing, threatening and offences under the Arms Act."
 
According to the company, a structured and organised set-up enabled the Pandays to project themselves as a legitimate law firm. "Their modus operandi is to first purchase a few shares of the target company in the name of their crony associates and then target such large corporates by fabricating facts and figures which are used to frame voluminous complaints to various government agencies including courts alleging financial irregularities and frauds of unimaginably huge amounts.
 
"Such complaints are then sent to various authorities on behalf of the crony associates under the shareholder whistle blower policy. Such shareholders are made to buy 4shares of the company worth Rs3,000 only a month back. They then file a petition before the court in a manner that such petitions don’t get immediately listed and then extort monies in lieu of withdrawing such complaints and petitions.
 
"Investigating agencies are also probing their involvement in profiteering by creating turbulence in share prices of companies. We understand that a lot of incriminating evidence has been found in the raid of offices of Managium Juris," it added.
 
Abhay Yadav, who had withdrawn his petition against Indiabulls from the Supreme Court, was quoted by the company as saying, “I have no knowledge of the contents of the complaint and do not know anything about Indiabulls or its promoters, directors, officers etc. and I have not drafted any such complaint. I now realise that such papers, affidavits, applications etc. that were signed by me have been misused to file false complaints and petitions against Indiabulls and other companies with malafide intentions. I did not know about all these things and my name has been misused.”
 
Mr Yadav, in his petition has alleged that Indiabulls Housing Finance has misappropriated Rs98,000 crore of public money. 
 
In a statement earlier, the company has described the allegations against its chairman Sameer Gehlaut and other directors as 'bizzare' and designed to malign the reputation of Indiabulls.
 
The statement came after a plea was filed in the apex court last week seeking legal action against Indiabulls, Mr Gehlaut and the other directors for alleged misappropriation of public money. It said thousands of crores had been siphoned off by Mr Gehlaut and the directors of the firm for their personal use.
 
"The total loans on the books of Indiabulls Housing are about Rs90,000 crore. The allegation of siphoning-off Rs98,000 crores is bizarre," the company had said in a regulatory filing.
 
Indiabulls had said that a racket of blackmailers has been trying to extort money from Indiabulls over the past two months threatening to write complaints to various government departments alleging siphoning off Rs55,000 crore if Rs10 crore was not paid to them, following which the company filed an FIR ( first information report) on 4 June 2019.
 
It further said that one of the people involved in the blackmail was arrested on 7th June. Following the arrest, the group of people involved floated another complaint enhancing the amount in question to Rs98,000 crore.
 
Indiabulls had said the writ petition filed against it was a 'desperate attempt' to damage its reputation.
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COMMENTS

P M Ravindran

3 weeks ago

I do remember some report were there about some scams involving Indiabulls but cannot recollect the specifics. But I am not surprised with the involvement of lawyers in the scam. My involvement with judicial reforms studies have helped me postulate that 'behind every successful criminal is a successful criminal lawyer and with every successful criminal lawyer is a successful criminal judge'.

bhaskar

3 weeks ago

Indiabulls also is not a saint. They had gone heavily after the analyst who had written a short report against them. Now they are claiming to be a victim when they are treated to 1% of what they did.

Visvanathan Krishnaswamy

3 weeks ago

Is the Vikas Shekhar mentioned here the same person mentioned by DHFL in its press releases earlier this year?

REPLY

Ajay Sharma

In Reply to Visvanathan Krishnaswamy 2 weeks ago

It is surprising that literally NO ONE is talking about this connection.

dhawal

In Reply to Visvanathan Krishnaswamy 3 weeks ago

Yeah,
Looks like the same. But not sure.

5G is Here, But Can Telcos Afford the Upgradation Cost?
If switching to fourth generation (4G) from 3G was all about rationalising capacity by Indian telecom operators, the clarion call for next generation (5G) is fiberisation and more fiberisation. Investment in fiberised backhaul infra, which provides unlimited capacity and higher speeds, has to gain further traction, if 5G has to become a reality, says a research report.
 
In the report, ratings agency CRISIL says, "Lack of financial bandwidth and need for massive fiberisation investment will drive telecom companies (telcos) to hive off assets, share networks, or diversify to play the 5G game. Players could restrict 5G launch in the initial years to metros and select circle ‘A’s that show high data consumption appetite. Or, they could evolve business models for sharing fibre infrastructure."
 
According to the ratings agency, fiberisation is expensive and comes on top of spectrum costs that are sky-high at current prices. "To boot, telcos are saddled with a staggering debt of about Rs4.3 lakh crore as of March 2019. That is why India is set to witness some tectonic shifts in the fiberisation landscape and the birth of new business models among telcos and tower companies around the launch of 5G," it says.
 
As is known, 5G technology dictates fiberisation levels of over 70%, which at present is about 25%-30% levels. CRISIL estimates that if each player were to reach this level individually, Indian telcos may need investments of up to Rs1 lakh crore only in laying fibre networks over the next two-three years. Higher land cost and right of way approvals make fiberisation cost per km as high as around Rs1 crore/km in metros. 
 
In addition, there is also the spectrum purchase costs in the upcoming auctions to shell out. Already, the reserve price recommended by the Telecom Regulatory Authority of India (TRAI) for 5G spectrum bands is much higher than in countries like the UK or even South Korea. How much money there is for investment is crucially linked to price-setting at the auctions, the ratings agency says.
 
 
According to CRISIL, newer business models are in the offing for the 5G adoption. Globally, various business models are in vogue to meet high bandwidth demand, such as hiving off of assets, diversification of businesses, and sharing them with the third parties.
 
Hiving off of fibre (and tower) assets into a separate entity is one of the prominent business models, the ratings agency says, adding, this imparts flexibility to the hived off entity for providing services to third parties in the industry, and thus enables them to pursue topline growth opportunities. 
 
"It also reduces capex requirements, deleverages the balance sheet, and leads to higher valuation of entities as cash flows get predictable. India, too, has learnt from global cases. For instance, telcos such as Bharti Airtel and Reliance Jio have hived off their tower (and fibre) businesses. Large incumbents are in talks to form a joint venture for sharing fibre and in order to reduce capital expenditure (capex)," it added.
 
 
In addition, telcos could diversify and share infrastructure with other players. For example, core revenue streams (tower rentals) of tower companies have been hit by massive tenancies losses, led by recent structural changes in the telecom industry. To overcome this, several tower companies are looking to diversify their business from being merely pure-play tower service- providers, to managed service-providers and areas such as in-building solution (IBS) small cells, fibre backhaul, and others, given limited space for constructing additional towers in order to maintain top line.
 
"Deployment of fibre and small cells by tower companies, and then leasing it to telcos, could be a win-win business case for both telcos and tower companies. It would add to the topline of tower companies and benefit telcos as their capital expenditure reduces significantly. Besides, sharing of existing fibre assets among telcos could also limit spends and avoid duplication of assets. Government entities and independent players may leverage on this model in the near future to make 5G a working reality by 2021," CRISIL concludes. 
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COMMENTS

Abhijit Kanjilal

2 weeks ago

after craze of 4G volte phones now another craze of 5G phones would start soon. Within few years 4G will be outdated just like Airtel did with 3G. Don't think CAPEX in this business will ever reduce.

VIJAYAKUMAR SAMUEL

3 weeks ago

A very pertinent question Mr,Krishnan. Even 4G our TELCOMs are unable to provide efficiently.It appears the TELCOMs are only interested in undercutting each other with an aim to take over the competitor. First they should improve the existing service and after that they can introduce the 5G

B. KRISHNAN

3 weeks ago

Do we really need 5G? There are reports of very high amounts of radiation being emitted by 5G instruments and towers. Just because technology, driven by profit-minded enterprise, goes on discovering more and more powerful tools to encourage consumerism, should we fall for it? Apart from health risks associated with high radiation, there is also the risk of intrusion to privacy and unwanted surveillance which will be enabled by these monstrous advances in communication tools. I would suggest an expert evaluation of the pros and cons before embracing 5G technology.

Bengal IT employees apply for trade union registration
The Kolkata Forum for IT Employees on Saturday said it has applied to the West Bengal government for trade union registration in the Information Technology and ITes, Business Process Outsourcing and Knowledge Process Outsourcing industry in the state.
 
"We have applied for the registration last week and are hopeful to get it soon. We have seven office bearers including a President, General Secretary and Treasurer and others and 13 general members. About 180 members have already been registered with the forum and we approached 5,000 employees," Forum's President Santanu Bhattacharya said.
 
He said plan to register as a trade union in West Bengal has been "triggered and accelerated" by number of incidents of "unfair labour practices towards employees where they do not have many options to resist such unfortunate incidents in their personal capacity".
 
According to the forum, there are trade unions in the IT sector in Maharashtra, Karnataka and Tamil Nadu and West Bengal would be the fourth state with a IT sector trade union, if it secures the registration.
 
There are 1.8 lakh employees working in the IT industry in the state, Bhattacharya said, adding that the forum, which started its journey back in December 2014, had tried to guide the employees in different companies in the process of filing dispute at the Labour Commission and later in their legal fights without having a formal registration.
 
The forum's General Secretary Rajarshi Dawn alleged that what is striking is that out of the various heads for cost-cutting, companies choose labour as the primary and mostly the only head to reduce operating costs.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Mohan Krishnan

3 weeks ago

Will they ever know how they have made Bengal poor since 1960 due to low productivity, lack of innovation and frequent hartals. Will they realise that services sector anyway is doomed due to advancing technologies, International competition and interstate competition. Now rest of India will have to bail them out with high indirect and direct taxes. No sensible businessman will invest in such an hostile environment,

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