ED summons Rana Inder Partap Singh once again for January 17
ED summons Rana Inder Partap Singh once again for January 17: The Enforcement Directorate (ED) has issued summons to Rana Inder Partap Singh, son of Punjab Power Minister Rana Gurjit Singh, in connection with raising of funds of around Rs 100 crore abroad. It includes floating foreign shares, or GDRs (Global Depository Receipts), for one of the family-owned companies, Rana Sugars Ltd, allegedly without the mandatory permission of the Reserve Bank of India (RBI). Rana Inder Partap Singh has to appear before the ED on January 17.
It is learnt that Inder Partap was the managing director of Rana Sugars and the company was established in 1992 in collaboration with Punjab Agro Corporation. The headoffice of the company is in Chandigarh. The central agency is investigating it with the angle of Foreign Exchange Management Act (FEMA). ED considers that the company has been giving its own guarantees for loans and in this particular case foreign investors were beneficiaries from the banks abroad. Any Indian company issuing its shares has to meet certain terms and conditions under FEMA and that information has to be submitted with the RBI. Whereas , in this particular case , RBI has informed ED that no such mandatory requirement was being fulfilled by Rana Sugars regarding issuing of its shares to the investors abroad. The ED further informed that the company had also not submitted the information regarding ultimate utilization of the money collected or taken in showing foreign investors as shareholders.
It was learnt that the raised money was kept in Portugal bank before it was transferred to India. Earlier ED had summoned MD of Rana Sugars on January 2.
-PTC News
