Vijay Kalantri & Family Own Large Tracts of Land Around Dighi Ports, Declared a Defaulter

While Bank of Baroda (BoB) has declared the chairman and managing director of Dighi Port Ltd, Vijay Kalantri, his son and one of the company directors, Vishal, as defaulters, a Moneylife search of digital land records has discovered large tracts of land in the name of Mr Kalantri and his family members. A simple search on the Mahabhumi website from the Maharashtra state revenue department reveals that Mr Kalantri and his sons, Vishal, Vikas and Vinay own several acres of land at Dighi village in the Shrivardhan taluka of Raigad district.
 
For example, Vishal Kalantri owns 4 acres 32 ares (40 are=1 acre) in gat no259 and 4 acres and 25 ares in gat no85, while his brothers Vinay and Vikas own 1 acre land in gat no148 and 5 ares in gat no155, respectively, at Dighi village. Vijay Kalantri too owns 1 acre 27 ares, which is given on lease to the company, as per the records from the state government. Overall there are four properties listed against the names of the Kalantris, three in the name of Vishal, and one each for Vinay and Vikas in Dighi village records.

 
 
Moneylife contacted Vijay Kalantri on phone and by email to reply to a set of questions. While a Times of India report tried to hint that he is absconding, Mr Kalantri has been busy tweeting and also responded to us on text messages. After we sent an SMS requesting to speak to him regarding the emailed questions, Kalantri said, "I am not in office so cannot receive your email."
 

According to him, he is preparing a response to the Times of India report, which he says is incorrect. Our specific email and SMS sent to Mr Kalantri, however, remained unanswered till writing this story. We will update this story as and when we receive a reply from him.

As per the notice issued by Bank of Baroda, together the Kalantris owe about Rs3,334 crore to a consortium of 16 banks led by Vijaya Bank, now merged with BoB.

Interestingly, while Mr Kalantri has been declared a wilful defaulter only now, he has been on the Reserve Bank of India (RBI)'s bank defaulters' list for a long time.
 
Ironically, in the past year Mr Kalantri has paid over Rs50 lakh to the custodian appointed under the statute to try scam related offences pertaining to the securities scam of 1992. We learn that the payment is related to a special court order and has been made under protest.

Mr Kalantri, with his connections across political parties, is president of All India Association of Industries (AIAI) and vice-chairman of World Trade Centre at Mumbai.

 
 
Balaji Infra Projects Ltd (BIPL), owned by the Kalantris was developing Dighi Port under a 50-year build, own, operate, share, transfer (BOOST) concession agreement signed with the Maharashtra Maritime Board (MMB), to develop, operate, finance and maintain the port. The port has 1,600 acres of land and a total waterfront of 5km. It also has an oil tank facility.
 
 

Dighi Port, located in Raigad district, won the 50-year concession from the Maharashtra government to develop and operate a private port. It is the first port to face bankruptcy proceedings but has seen keen bidding interest from 14 bidders. In February this year, the Jawaharlal Nehru Port Trust (JNPT) had beaten 14 other bidders to get the Dighi Port.
 
IL&FS Maritime Infrastructure Co Ltd, holds a 39.38% stake in Dighi Port. Typical of IL&FS, the work was sub contracted to other group entities. So in October 2014, IL&FS Engineering and Construction Co was given a Rs179.84 crore contract to develop a multipurpose berth at the Dighi Port.

IL&FS Maritime Infrastructure, which is 90% owned by IL&FS, is listed as a financial creditor of Dighi Port with a claim of over Rs206 crore. And despite its own financial crisis, the IL&FS group company was one of the bidders in 2018 for Dighi Port!

Dighi Port was dragged to the bankruptcy resolution process by DBM Geotechnics and Constructions Pvt Ltd, an operational creditor to whom is owed Rs30 crore.

 
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Wipro buying US digital firm ITI for $45 million
Wipro is buying the US-based digital engineering and manufacturing solutions firm International TechneGroup Incorported (ITI) for $45 million (Rs 312 crore) in an all cash deal, the software major said on Wednesday.
 
"We have signed an agreement to acquire 100 per cent equity shares in ITI for $45 million by September 30," said the city-based IT major in a regulatory filing on the BSE.
 
Headquartered at Milford in Midwest Ohio, ITI provides Computer Aided Design (CAD) and Product Lifecycle Management (PLM) inter-operability software services to enterprises worldwide.
 
"The acquisition complements our core strength in Industry 4.0 and allows us to offer end-to-end solutions in digital engineering and manufacturing," said the tech behemoth in the filing.
 
With sales-cum-development offices in Britain, Germany, Israel and Italy, ITI services leading manufacturers in diverse verticals, including aerospace, automotive and healthcare.
 
"Through key solutions for model based enterprise, data inter-operability and data migration, the 36-year-old lTl gives building blocks for lndustry 4.0, to help build'next generation' digital enterprises," said the filing.
 
ITI has also partnerships with leading CAD, Computer Aided Manufacturing (CAM), Computer Aided Engineering (CAE) and PLM vendors, providing vendor/OEM integration and interoperability solutions.
 
As enterprises innovate and invest in 'EngineeringNXT', they are looking for ways to build a digital thread across design, engineering and manufacturing.
 
"ITI's offerings and solutions will be consolidated as a part of our industrial and engineering services business and function as our wholly-owned US subsidiary," said the outsourcing firm in a statement later here.
 
Wipro Vice-President for industrial and engineering services Harmeet Chauhan said he was confident that ITI's unique offerings and solutions would add value to the company.
 
"Our customers and employees will benefit from the synergies of both the firms and their combined portfolio of offerings," said ITI Chief Executive Tom Gregory in the statement.
 
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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CRISIL and ICRA downgrade DHFL’s Rs850 crore CP to default grade
Ratings agencies CRISIL and ICRA on Wednesday downgraded their ratings on Dewan Housing Finance Corp Ltd (DHFL)’s Rs850 crore commercial paper (CP) mainly due to delay in servicing of the debt by the company. 
 
CRISIL has downgraded its rating on CP of DHFL to 'D' from 'A4+' and also removed the rating from 'rating watch with negative implications'. "The downgrade reflects delays in debt servicing by DHFL on some of its non-convertible debentures (NCDs) - not rated by CRISIL - because of inadequate liquidity. The payments were due on 4 June 2019. DHFL has Rs850 crore of outstanding CPs of which Rs750 crore is due in June 2019. The first CP maturity is on 7 June 2019. With liquidity inadequate as on date to service debt and visibility very low on timely fund raising, CRISIL expects the CP to be in default on maturity," the ratings agency says.
 
Ratings agency ICRA too downgraded the Rs850 crore CP from DHFL to 'D' from 'A4' while removing the rating from watch with negative implications. ICRA says, "The rating revision factors in further deterioration in company’s liquidity profile and delays in meeting scheduled debt obligation on 4 June 2019. While the mentioned debt is not rated by ICRA, given the stretched liquidity profile and limited visibility on fresh funding, company is unlikely to be able to service its debt obligation with regard to commercial paper programme in a timely manner."
 
According to the ratings agencies, the main challenge before DHFL is its reduced ability to refinance and stretched liquidity position. "DHFL has weak liquidity as reflected in the delays in debt servicing," CRISIL says, adding, "Scheduled aggregate cash outflows, including loan repayment and securitisation payouts, till July 2019 remains high at an estimated Rs6,200 crore. We understand that many of the investors in NCDs with acceleration clauses have not yet exercised their acceleration rights. With this delay, we believe there is heightened risk of acceleration, thereby materially increasing the debt servicing commitments of DHFL. DHFL estimates collection from loan assets at Rs2,200 crore per month."
 
ICRA too feels that the liquidity position of DHFL is stretched as evidenced by delay in meeting debt obligation by the company. "As on 11 April 2019, DHFL’s liquidity reserve stood at Rs2,775 crore (including statutoty liquidity ratio-SLR) and it expects monthly collections of Rs2,200 crore, going forward. Against this, the company has scheduled repayments of around Rs6,900 crore, including unanticipated debt repayments already made till 10 May 2019, from 1st May to 30 June 2019. Given stretched liquidity position and limited visibility on fund raising, company is unlikely to be able to service  its debt obligation with regard to commercial paper programme in a timely manner," the ratings agency added.
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