Hmm. So, the IT department has filed a case against one of the most dubious Gujarati Business family - Sandesaras. It is just that it came a bit too late after they were allowed to fly away in 2017.
1. What the tax department found - about 50 undisclosed foreign bank accounts and several assets in the US, Panama, British Virgin Islands, Barbados, UAE, Nigeria, and the Seychelles - after it was reported by Moneylife and @suchetadalal many times.
2. Sterling Biotech, A Gujarat based company promoted by Sandesaras owes Rs15,600 crore to Indian Banks. The loans turned 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. Nigeria gives them clean papers so that they can float many companies.
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, courts declared Sandesaras as fugitives. However, IOC, an Indian PSU, continues importing oil from Sterling Oil, a group company based in Nigeria. IOC paid close to Rs.5000 crores to SEEPCO, while they continued to default to PSU Banks.
9. 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.
10. The banks favoured them. The CBI used them. Another defaulter flew away under our chowkidar's watch. Sterling Biotech is the saga of most defaulting Gujarati Businessmen, Indian PSU's and Indian PSU banking too.


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More from @maheshperi

26 Oct
Talking of the powers of the police and law enforcement, this story needs to be told. This happened. And I was a mute spectator. This is also the reason I speak up most vehemently against probable innocents being charged.
In 1999, one of the finest cartoonists of this country was working at Outlook. His name was Irfan Hussain. He was shy, perceptive and a master at his work. His cartoons used to hit people where it hurts. And because of his mastery, he was under constant threat.
And one such threat was very credible that we reported to police too. And within a couple of months, in March 1999, he was murdered. The police was under tremendous pressure from the journalist community.
Read 10 tweets
5 Sep
Govt. of India has been resorting to increased borrowing. Does it have an impact on your personal finances and financial security? Does it have a bearing on the interest earned on your retirement savings? Read the thread and decide for yourself.
1. The total debt by Govt. of India which was 53 Lac crores in March 2014, would baloon to 136 Lac Crores by March 2022. GoI's debt-to-GDP ratio would go up to 62% in FY22, a 16-year-high. By the end of the year, each Indian will owe Rs.1 Lac, a loan they have never taken.
2. More than 40% of our annual budget is financed through borrowings. With high deficits funded through borrowings and limited space for increasing revenues or cutting expenditure, the shortcut that GOI may resort to is controlling interest on borrowings.
Read 12 tweets
27 Aug
India is on a fire sale. Every monetizable asset is up for sale. With debt ballooning to 135 Crore Crores, we will soon be left with no assets(built over 75 years), a debt of Rs.1 Lac on each citizen and many liabilities that will emerge by the day that we never knew existed.
Keep a watch on how the disinvestment pans out. A government that failed to sell the 80000 Crore Liability called Air India will now be selling profitable assets. Good assets(Like Container Corporation) will be palmed off to cronies and the bad assets to PSUs.
Here is a list of disinvestments
1. ONGC Buys HPCL for Rs 36915 crores. Govt. makes money. ONGC debt goes up from 30680 crores to about 80000 crores today. ONGC in deep Debt.
Read 8 tweets
21 Aug
How sensible is India's decision to evacuate only Hindus and Sikhs from Afghanistan? What happens if other countries also decide based on religious lines? Here is some data:
1. We have the most immigrant population in the world. A UN report estimates Indian immigrant population at 18 million, living outside country of birth. Mexico is distant second at 11 Million and china third at 10 million; all living in Islamic/Christian majority countries.
2. According to Govt. estimates, as of 2018, about 32 million NRIs and PIOs reside outside India. 15 Million are living in Islamic nations. If they decide to let only citizens from Muslim nations take jobs, we may have to prepare for 15 Million heading back to India!
Read 12 tweets
19 Aug
Talking about the 'trickery' of DMK is TN for reducing the price of petrol/diesel by Rs.3 by @PKR, the FM talked of how NDA should have released a white paper on state of Indian economy on what they inherited from UPA. Here is my effort to help her. Thread:
1. During 2011-14, The RBI dividend to Govt. averaged Rs.21343 crores per year. In the 8 years of NDA, RBI dividend averaged 74669 Crores an year. In the last three years, the RBI dividend averaged 110767 crores an year. That is 5.2 times of what UPA 2 squeezed out from RBI.
2. The outstanding debt of the Govt. of at the end of 2021-2022 would be Rs.135,86,975 crores as against Rs.121,21,959 crores an year before, an increase of 14,65,016 crores in one single year. Every Indian now owes about Rs.1,00,000.
Read 13 tweets
17 Aug
So, the FM talked of paying off oil bonds created by UPA. Here is a lowdown of the oil bonds, oil tax and the bungling of our economy. Thread:
1. Since NDA came to power, they taxed us close to 22.5 Lac Crore, repaid back only 3500 Crore and paid interest of 67,698 Crores. That is just about 3% of the fuel tax they collected. 97% of the oil tax is the cost of the way they handled the economy.
2. DIrect taxes are income tax, corporate tax and wealth tax. By having different tax slabs based on income/profits, they are seen as equitable. Indirect taxes are GST, Excise & Customs. They do not discriminate between rich and poor.
Read 10 tweets

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