Kudos to Olga Tellis for uncovering the dirty deeds. samir
Februray 6, 2005 Dear All, Kindly refer to the following article written by Olga Tellis in the Asian Age on February 6, 2005. Ric shares went to Mahajan family - By Olga Tellis Mumbai, Feb. 5: Another link has been established between Fairever, one of the three companies that were given one crore Reliance Infocomm shares at Re 1 each, and Mr Pramod Mahajan's family. This is a company called Global e-Secure, the office address of which has been shown as the address of Fairever at Shriram Mills, Lower Parel, Mumbai. Global e-Secure's managing director, Mr Ashish Deora, when asked by this reporter about his connection with Fairever, said, "Yes, I am involved with them." He, however, refused to divulge any more information. When asked how and why Fairever was given Infocomm shares at Re 1 per share, he said, "I do not have to discuss business dealings with the media." Extremely courteous and well-spoken, Mr Deora is also a director and promoter of Indiaonline. According to sources, Indiaonline was promoted by Mr Deora and Mr Mahajan's daughter Poonam, and son Rahul, now an NRI. Another person involved was Mr Anand Rao, son-in-law of Mr Pramod Mahajan. Global e-Secure changed its name two years ago to IOL Broadband Limited. The directors of IOL Broadband are Mr Ashish Deora and Mr V.R. Rao. Mr Rahul Mahajan used to be present at all the presentations made to clients though he never had an official designation, according to knowledgable sources. It is learnt that the firm even went in for an IPO. IDBI is said to have given a loan of Rs 10 crores to the firm and this could be a bad debt in IDBI's books. According to the annual report and accounts for the year ended March 31, 2003 on the company's website, IOL Broadband ended March 31, 2003 with a total income of Rs 2,27,26,647 against Rs 6,37,85,033 in March 2002. Total expenditure was Rs 2,75,75,569 (Rs 3,94,14,239 in March 2002). Less interest Rs 1,50,57,512 (Rs 1,65,00,000 in March 2002) and depreciation and amortisation Rs 1,22,03,361 (Rs 1,06,96,478 in March 2002). Profit before tax was Rs 3,21,09,815 (Rs 28,25,684 in March 2002). Less provision for current taxation was nil. Provision for deferred taxation was Rs 1,24,64,441. The net profit was Rs 1,96,45,374 (Rs 28,25,684 in March 2002). The company claims to have gross fixed assets of Rs 24.85 crores invested across the following categories: Fibre Duct Network, ISP Equipments, Main Server Equipments, IR Equipments, Web Development Equipment & Software, Computers, Office Equipment, Furniture & Fixtures, Last-Mile Cabling Connectivity. The company claims it operates in various technology areas, such as Internet technology, MAN (metropolitan area network), communications and etc. These being state-of-the-art technologies, the company has developed/acquired the necessary skills and effectively utilised the same to render services to its esteemed customers spread across its area of operations, it says. The auditors of the company are M/s V.K. Baheti & Co, chartered accountants, Mumbai. The website does not give any more details, like the company's history or the names of its promoters. There are blanks under pertinent heads. ------------------------------------- There is very little that even the most ardent supporter of the monster can say now. There might be some diehards who would want to dish out lame excuses but, most of the people have seen the true face of the monster and and now know him for what he is. Shri. Dayanidhi Maran has bravely initiated action against the Reliance Group and will need all the support in the days ahead. With the government flexing its muscles, there is a flicker of hope for the people of India. It is imperative that the evil designs of the monster are defeated right away. SAY NO TO RELIANCE Regards, Kaustubh Deshpande
