Thread by @GorwayGlobal

Stand by for some interesting findings re the Uttar Pradesh Global Investor Summit and and at least one of the Companies that is said to have signed up to an investment of 1 lakh crores (1 trillion rupees= 12.5 billion USD) to manufacture Electric vehicles. All very dodgy.

Okay here goes. The UP Global Investor Summit was organised bu the UP Govt in India between Feb 10 and 12, 2003. The President of the Union of India, no less, graced the occasion. #Rakshamantri Rajnath Singh talked about it.

Social media influencers and the officials inc the Chief of Defence Staff talked it up. UP was heading for a 1 trillion dollar economy - (India itself was aiming for a #5Trillion economy)

A long form articel in The Week has colourful diapluas of the vast amounts of new investments that had been committed by investors and for which MoUs had been signed.

One of these companies was a UK based firm called Causis Group. It was going to invest 100,000 Crores and generate 30,000 jobs. (I am not sure over what time scale). Its Chief executive, Sri Ram Tumuluri, spoke to newsmedia. he said his firm would invest
businessworld.in/article/UK-Bas…

Mr Tumuluri said his firm would invest 1.25 Lakh Crores (= USD 13.5 Billion) in "the Electric vehicle Space in Uttar Pradesh". This would mean "a complete revamping of transportation into an "electric platform" by introducing over 40,000 buses in five years."

CAUSIS will also invest Rs 80,000 crore in vehicle financing as part of the road map for commissioning the EV Ecosystem for mass transit.."
It all sounded very exciting, A UK firm investing in India even as UK-India trade talks were grinding on.

So who is Causis Group? What's theirt track record in electric vehicles? Was UP going to make its own Elon Musk and have a Electric vehicle to beat #Tesla ?

I looked up Causis Group. There is is such a company registered with @CompaniesHouse in the UK.
Company number 13452464. Incorporated on 11 June 2021, a Pvt Limited company with its first accounts overdue as on 13 April 2023 (they shd have been filed by 11 March)

Its stated nature of business is (see Pic1)
Of the 7 active (i.e excl the 2 who had resigned) officers of the company Mr Tumuluri is the Chief Executive. According to the filings, he is a Canadian citizen residing in the UAE. See (pic 2)

Whats the capital structure of Causis Group?
10.5 Million shares each worth 1 penny. The initial subscriber to this shareholding was a company called New Horizons Investments Limited registered in Jersey with the address, 2, Mulcaster Street, St Helier, Jersey.

I could not find out much more about New Horizons Investments, but Mr Tumuluri has one other UK directorship. Of a company called NEW GENERATION ENERGY SOLUTIONS LTD, Company number 13862403.

The 2 other directors of New Generation Energy Solutions are Balram Dayaram Datwani (nationality: Indian) and Sanjay Datwani (nationality: British) both UK residents. In this company's filings Mr Tumuluri is described as residing in the UK.

This company, New Generation Energy Solutions, was set up on 20 Jan 2022, and though its first accounts (made up to 31 Jan 2023) are not due until 20 Oct 2023, its annual confirmation statement is overdue as of today's date 14 April

For that reason, the registrar of Companies has on 11 April 2023, published a First Gazette Notice of compulsory strike-off.

So there you have it. A company, Causis group, that was incorporated less than 2 years ago, and that has already missed the deadline for filing its first accounts, share cpital of 10,500 pounds says it will invest 12 Billion USD in EV manufacture in UP.

Where is the money going to come from? it it equity? loans from banks? (if so who is gonna lend this kind of money to a 2 year old company with no track record), Bonds? Or was it all just a Big and Jolly Jumla?

See also
maltatoday.com.mt/news/national/…