No talk of how Gujarati Businessmen benefit in India is complete without talking of Sandesaras of Sterling Biotech. With Adanis in the news for their unknown Mauritius investments, this becomes all the more important.
1. Sterling Biotech, A Gujarat based company promoted by Sandesaras owes Rs15,600 crore to Indian Banks.
2. The loans turn bad. In 2017, the entire family leaves India. They are now absconders from the Indian legal system.
3. Albania and Nigeria give them citizenship. Albania also makes them an honorary consul.
4. The bad loans reach insolvency proceedings where banks agree to a one time settlement (OTS) at 3100 Crores. That is 80% write off for banks.
5. The OTS money was supposed to be paid by March 2020. Initially, they pay only 181 Crores.
6. Now, citing Covid, they want an extension to pay the balance amount to December 2021.
7. They have extensive business interests across Albania, Nigeria, USA and across the globe through close to 100 companies. They don't disclose the source of funds for the OTS and in an online video call say the repayment money is 'not fruit of crime'.
8. In Sep 2020, after extensive legal process, courts declared Sandesaras as fugitives.
9. However, IOC, an Indian PSU, continues importing oil from Sterling Oil, a group company based in Nigeria.
10. And here is the catch. They argue against repatriation to India by citing 'Religious Persecution' in India. That may be the first time a Gujarati Hindu family is claiming Religious persecution.
They were close to BJP. To Congress. The banks favoured them. The CBI used them too. Sterling Biotech is the saga of most defaulting Gujarati Businessmen. And Indian PSU banking too..


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More from @maheshperi

15 Jun
The Adani Group lost nearly ₹44,898 crore in market value on Monday as shares of group companies plunged. News of freezing of FPI accounts, a tweet by Sucheta Dalal and an explosive story by CNBC TV 18 all played a role.
1. The year also saw Gautam Adani becoming the second richest man in India as the market cap of his stocks went up from 2 lac crore to 9.5 lac crore. Surprisingly, the group firms have relatively low analyst coverage.
2. During the year, Adani Enterprises gained 741%, Adani Ports 100%, Adani Green 245%, Adani Transmission 650%, Adani Power 271% and Adani Total Gas 1,066%.
Read 9 tweets
13 Jun
The Prime Minister talked of Govt. supported vaccine research. There is also a rush and self congratulatory messages on IISc topping the QS charts. It is important to know how we supported our scientific community. Here is a report card:
1. The PM lied. In an affidavit in SC, the govt. said "It is submitted that no governmental aid, assistance or grant is made for research or development of either Covaxin or Covishield". This, despite Rs.900 Crores being allotted for vaccine research.
2. On IISc, a false narrative is being created with even the PM joining in. IISc topped on one parameter - Citation per Faculty. It just shows that we are squeezing more from our faculty. As a research institution, IISc is ranked 186.
Read 13 tweets
11 Jun
The Prime Minister made a national address where he announced FREE vaccination, and an repeated emphasis on FREE many times.

It is important to tell the emperor of what he has lost for us when he talks of how we gained because of his benevolence. Here is a lowdown:
1. The central government collected about 72,000 crores as oil tax in 2015. It would be about 360,000 crores in 2021. Currently, they collect 35,000 crores a month, just enough to give the entire population, both the jabs ON THE MONTHLY OIL TAX only.
2. The budget had already provided 35,000 crores for the vaccination. What was the FREE thing about when it is budgeted?

3. In the last 4 years, Banks were recapitalised to the tune of 2.86 lac crores thru budgetary allocation against write-offs owed by big industrialists.
Read 10 tweets
7 Jun
So, my thread on Ruchi Soya and Ramdev has caught a few by their knickers. For what is a perfectly legal acquisition on the surface, it is a complete sham.
With all the bullshit that the quack vomits on Blackmoney and nationalism, he has used the IBC process and our money to finance his racket and profiteered. Here are 10 questions:
1. This stinks. The banks term Ruchi Soya as a defaulter. They agree to settle for only 43.6% repayment. They fund the new acquirer. And they take the same defunct and defaulting Ruchi Soya shares as a collateral security? Can't get any stranger?
Read 10 tweets
6 Jun
Here is a story for future investigations to dig deep. People looking at Baba Ramdev through the prism of Patanjali are missing the forests for the trees. He is now playing through a listed company he bought in a sham of a transaction. Here is the story:
1. Ruchi Soya went into insolvency as many banks led by SBI made claims of Rs12,146 crores.

2. SBI had the highest exposure of Rs1,816 crore but agreed to settle it at 883 crores, thus writing off Rs.933 Crores in all. Other banks, including PNB, CBI etc. also took a haircut.
3. Having reduced the liabilities to less than half, only two bidders remained - Patanjali and Adani Wilmar.

4. In January 2019, Adanis having bid initially, withdrew, leaving only Patanjali in the race.
Read 8 tweets

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