EOW summons directors of Bhopal firm over Rs 15 cr dispute with Singapore co

Bhopal: Madhya Pradesh economic offences wing has ordered a probe into a complaint against directors of Bhopal-based Arihant Coal Sales (India) Pvt Ltd by Valency International Trading Company of Singapore. Directors of Arihant Coal have been summoned, say sources.

According to the complaint, Arihant director Anil Jain, his wife and some other family members are alleged to have held back a payment of around Rs 15 crore against shipment of 25,000 tonnes coal from Singapore. EOW has issued notices to the respondents taking cognisance of the complaint filed by Saurabh Sharma, an authorized officer of Valency International.

When contacted, Anil Jain said there is no dispute with the Singapore company. “There is no dispute as such. We do have to pay them Rs 13 crore, but as of today we don’t have the money. Our case is pending in National Company Law Tribunal. Once it’s over, we will clear the dues,” Jain told TOI.

Sharma’s complaint says that the Singapore firm entered into various contracts with Anil Jain and his company for sale-purchase of coal “on the assurance that payment would be made in time”. “Our ships supplied coal to the company and it was their turn to make the payment,” it says, adding: “Anil Jain and other directors contacted me and said that the coal, which they had prepared a contract for and intended to buy from us, 50% of the amount would be cleared by an Indore-based company.”

“We trusted them and prepared documents in favour of Indore-based company and actual delivery of coal was made to Arihant. It is not clear whether the Indore-based company has conspired with Arihant or whether they too were cheated,” he claimed, adding that Arihant directors had signed a MoU with them that if they failed to pay the dues, they can recover the sum by selling properties.

The complaint also alleges that the properties which Anil Jain had promised against dues was transferred in the name of his brother. “Anil Jain started transferring his properties to his family members in order to protect himself from personal guarantee. Anil Jain has transferred 2631 hectare land, bearing survey no 54/4/1/2/1, 54/4/1/2/3/1, 54/4/1/2/4, 54/4/1/2/5, situated in village Chopda and transferred his company to Shree Coal Enterprises India Pvt Ltd, which belonged to his brother Manoj Jain and showed those documents to me and said that they had enough money to dispose of the loans,” reads the complaint.


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