Nagpur: CBI swung into action from early morning today and raided the premises of Mahesh Gupta(Gupta Metallics) and Krishna Gupta (Gupta Coal). The CBI are currently in Gupta Coal. It may be recalled that Gupta Metallics belonging to Mahesh Gupta and Gupta Global Resources belonging to Padmesh Gupta were jointly granted Nerad Malegaon block in Yavatmal district in 2006. A special purpose vehicle (SPV), Wani Coalfields Private Limited, was formed in order to undertake the mining operations. A showcause notice for inordinate delay in development of Nerad Malegaon coal block was provided by the Under Secretary to the Government if India in October 2010.
Gupta Metallics has also delayed the payment of a bank loan of Rs 25 crore which has been now taken over by an asset reconstruction company. It has a total loan of over Rs 140 crore. It may be noted The Ministry of Coal has accepted the recommendation of the inter-ministerial group (IMG), to encash bank guarantee of one more city-based company having a coal block in its name.
While researching, Nagpur Today came across the company’s website which currently shows as suspended.