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The transaction nexus – Mothers Pride Group, Presidium Group, political parties

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In a web of intricate inter-company transactions (even involving some companies that have gone defunct and have been struck off the books) charitable trusts that run schools are siphoning off funds, much of it also ending up with one or more political parties

By Neil Terrance Haslam (Twitter @neilhaslam90)

New Delhi: Well-run and managed educational institutions are the pride of any government. However, when those so-called well managed educational institutions are seemingly involved in shady financial deals, the entire objective of the schools and the party or parties which tacitly support them come under the spotlight. Two such groups are the Mother’s Pride Group and the Presidium Group.

Recently, a government took pride in announcing that no school would be allowed to increase their fees during the Covid-19 pandemic and that action would be taken against schools that didn’t follow the orders. That, in itself, is definitely a laudable move. It aligns with every political party that takes pride in its work, its educational programmes and its outreach for better education for all.

However, the social audit of any system should also include the inside dealings of the schools and the groups that run them and receive benefits from the government. The dark underbelly of dealings within these groups should not get past social, political and legal check posts.

Here are some examples.

During a course of investigations three directors were arrested by the Delhi Police’s Economic Offences Wing, for misappropriation/diversion of company funds. The most prominent among them was Director Pramod Goel (DIN 3543626 PAN AALPM1005C) of Indirapuram Habitat Centre Private Limited (IHC), who is also director of Madhuvan Tieup Pvt Ltd, a Private company incorporated on March 28, 1996 [CIN U51909DL1996PTC264255, PAN AACCM0381R.]

It is also learnt that not only have the books of Indirapuram Habitat Centre Private Limited (IHC) been mismanaged for various illegal activities Madhuvan Tieup Pvt Ltd too is into similar practices. This is a much larger criminal syndicate.

It also brings into focus several political donations, each connected to the other. Upon deeper investigation, we find the following:

Donations

I. The Mothers Pride Group and Presidium Group have also made Rs 45,00,000 in political donations.

The following is the breakup of donations: 


Background

a) Mothers Pride Group and Presidium Group are a chain of pre-primary schools, run and operated by the Devender Gupta family. Mr Gupta has been an Executive Engineer with the Municipal Corporation of Delhi.

b) The family business is run by the following relatives of Devender Gupta:

c) The other prominent person associated with the group is:

G.S. MATHAROO: A former Civil Servant with the Govt. of India, who started his illustrious career at the Ministry of Home Affairs.

II Business

a) The Family over the years has established/associated with various schools being run by following Trusts:

b) The family is directly/indirectly connected with following companies:

III Irregularities

A. The principle revenue is generated by the group from school, which is being run by aforementioned Charitable Trust. The income from the Trust is exempt as per Income Tax Act and is registered under Section 12A and 80G of the Income Tax Act.

B. The surplus of trust is being diverted by the Group using the aforementioned companies (owned/controlled by Family members) by the fake contracts/Rent/Brokerage/interest.

C. Also, the Group uses the cash generated from the trust to take entries in the Group companies. We have identified such transaction and have explained company wise as under:

1 A P Impex Private Limited

a) A P Impex Pvt Ltd is a company incorporated in 02 Apr 1992 having PAN: AADCA1186H and registered office at 638, Top Floor, Industrial Area-B Thaper Market Ludhiana PB 141003. It is a part of Mothers pride group. Following dubious income has been observed in the company:

b) Out of the total shareholding as on 31 Mar 2015 the following company has been observed as is dubious:

c) Further, the fake and dubious shareholding was transferred to the other Group company/individual in 16-17 and 17-18. A point to be noted is how the consideration of transfer has happened to companies whose name have been striked off and does-not exist.

d) It is worthwhile to note that AP Impex Pvt Ltd has given Corporate Guarantee of Rs 35 crores in favor of the lenders (Bank of India) of Our Co Infrastructure Developers Pvt Ltd (company belonging to Marvel/Presidium/Mothers pride group) on 28 Aug 2013 just to secure interest of money deployed via entry route. No other nexus can be established.

e) Further, the funds collected via entry route from dubious companies have been utilized in investment in following companies (Refer ABS 17-18 of AP Impex Pvt Ltd)

f) It can be summarized that the said company is not having any business and has been utilized to divert fund from trust/ fake brokerage/entry operated company to the Group companies of promoters of Mothers Pride.

2 Better Constructions Private Limited

a) Better Constructions Private Limited is a company incorporated on 27 May 1996, Registered Office at KH No. 487/28, H No. 78-79, First Floor, Village Peera Garhi, Near Ekta Enclave DELHI West Delhi DL 110087. It is a part of Mothers pride group (Sudha Gupta Being the director in the company). Following dubious income has been observed in the company:

b) (see image)

c) Out of the total shareholding as on 31 Mar 2016 the following company has been observed as is dubious:

d) Further, the fake and dubious shareholding was transferred to the other Group company/individual in 16-17 and 17-18. A point to be noted is how the consideration of transfer has happened to companies whose name have been striked off and does-not exist.

e) It is worthwhile to note that Better Construction Pvt Ltd has given Corporate Guarantee and given third party property mortgage in favor of the lenders (Yes Bank – Rs 26.50 crores) of Mothers Pride just to secure interest of money deployed via entry route. No other nexus can be established. Also, no amount of fee is being charged to third party beneficiary.

f) Further, the funds collected via entry route from dubious companies have been utilized in purchasing the freehold property at revenue estate of Narela, Village Khampur, Delhi at a value of Rs 2,35,06,351. As the source of fund is from dubious companies, PMLA may kindly be attracted and property may be seized.

g) Further, the company has taken interest free loan and is being carried since long by the name of advance against property/customer. The entry may be assumed as a sham transaction as the only property with the company is mortgaged and cannot be sold.

h) It can be summarized that the said company is not having any business and has been utilized to divert fund from trust/ fake brokerage/entry operated company to the benefit of Group companies of promoters of Mothers Pride by creating mortgage right on the property purchased.

3 Bezel Motors Private Limited

a) Bezel Motors Private Limited is a company incorporated on 25 January 1989 , Registered Office at KH No. 487/28, H No. 78-79, First Floor, Village Peera Garhi, Near Ekta Enclave DELHI West Delhi DL 110087 (same as Better Construction Pvt Ltd). It is a part of Mothers pride group (Sudha Gupta Being the director in the company). Following dubious income has been observed in the company:

b) Out of the total shareholding as on 31 Mar 2016 the following company has been observed as is dubious:

c) Further, the fake and dubious shareholding was transferred to the other Group company in 17-18. A point to be noted is how the consideration of transfer has happened to companies whose name have been struck off and does-not exist.

d) It is worthwhile to note that Bezel Motors Pvt Ltd has given Corporate Guarantee and given third party property mortgage in favor of the lenders (Yes Bank – Rs 26.50 crores) of Mothers Pride just to secure interest of money deployed via entry route. No other nexus can be established. Also, no amount of fee is being charged to third party beneficiary. 

e) Further, the funds collected via entry route from dubious companies have been utilized in purchasing the freehold property at revenue estate of Narela, Village Khampur, Delhi at a value of Rs 23,506,351. As the source of fund is from dubious companies, PMLA may kindly be attracted and property may be seized.

f) Further, the company has taken interest free loan and is being carried since long by the name of advance against property/customer of Rs 23,100,000. The entry may be assumed as a sham transaction as the only property with the company is mortgaged and cannot be sold.

It can be summarized that the said company is not having any business and has been utilized to divert fund from trust/ fake brokerage/entry operated company to the benefit of Group companies of promoters of Mothers Pride by creating mortgage right on the property purchased.

4 Ashu Securities Private Limited

a) Ashu Securities Private Limited is a company incorporated on 17 November 1993, Registered Office at Shop No. B-7, Property No. B-4, Manak Vihar Extn., Near Scooter Market New Delhi North East DL 110018 IN. It is a part of Mothers pride group. Following dubious income has been observed in the company:

b) Out of the total shareholding as on 31 Mar 2017 the following company has been observed as is dubious:

c) It is worthwhile to note that Ashu Securities Pvt Ltd has given Corporate Guarantee of Rs 35 crores in favor of the lenders (Bank of India) of Our Co Infrastructure Developers Pvt Ltd (company belonging to Marvel/Presidium/Mothers pride group) on 28 Aug 2013 just to secure interest of money deployed via entry route. No other nexus can be established. No guarantee fee is being charges or levied by the company.

d) Further, the funds collected via entry route from dubious companies have been utilized in investment in shares of following companies (Refer ABS 17-18 of Ashu Securities Pvt Ltd)

e) It can be summarized that the said company is not having any business and has been utilized to divert fund from trust/ fake brokerage/entry operated company to the Group companies of promoters of Mothers Pride.

5 Adiva Healthcare Private Limited

a) Adiva Healthcare Private Limited is a company incorporated on 17 September 2009, Registered Office at 11/77, West Punjabi Bagh Delhi West Delhi 110026. It is a part of Mothers pride group.

b) Out of the total shareholding as on 31 Mar 2017 the following company has been observed as is dubious:

c) The source of fund also includes a sum of Rs 16,049,728 (refer note 6 of BS 16-17) viz. advance from customer, which appears to be a sham transaction. Also note no 4 specifies a loan from body corporate of Rs 18,454,400 which is a inappropriate disclosure and requires a review.

d) Further, the funds collected via entry route from dubious companies have been utilized in investment in shares of following companies (Refer ABS 16-17 of Adiva Healthcare Pvt Ltd)

It can be summarized that the said company is not having any business and has been utilized to divert fund from trust/ fake brokerage/entry operated company to the Group companies of promoters of Mothers Pride.

6 GA Enterprises Pvt Ltd

a) G A Enterprises Private Limited is a company incorporated on 05 May 2000 , Registered Office at 506, NIKITA TOWER-1 C-1/5, NANI WALA BAGH, AZADPUR COMMERCIAL COMPLEX NEW DELHI North Delhi DL 110033 IN. It is a part of Mothers pride group (Sudha Gupta/Raj Rani Guptabeing the earlier director in the company). Following dubious income has been observed in the company:

b) Out of the total shareholding as on 31 Mar 2016 the following company has been observed as is dubious (excludes group companies for the sake of brewity):

c) It is worthwhile to note that Lawrence Buildcon Limited belongs to a member of a prominent political party and his family were also raided by the Income Tax and case was later transferred to the Enforcement Directorate.

d) It is worthwhile to note that Ashu Securities Pvt Ltd has given Corporate Guarantee of Rs 35 crores in favor of the lenders (Bank of India) of Our Co Infrastructure Developers Pvt Ltd (company belonging to Marvel/Presidium/Mothers pride group) on 28 Aug 2013 just to secure interest of money deployed via entry route. No other nexus can be established. No guarantee fee is being charges or levied by the company.

e) Further, the funds collected via entry route from dubious companies have been utilized in purchasing the freehold property at revenue estate of Narela, Village Khampur, Delhi at a value of Rs 73,80,000. As the source of fund is from dubious companies, PMLA may kindly be attracted and property may be seized.

f) Further, the funds collected via entry route from dubious companies have been utilized in investment in shares of following companies (Refer ABS 16-17 of Adiva Healthcare Pvt Ltd).

It can be summarized that the said company is not having any business and has been utilized to divert fund from trust/ fake brokerage/entry operated company to the benefit of Group companies of promoters of Mothers Pride by creating mortgage right on the property purchased.

7 Our Co. Infrastructure Developers Private Limited

a) Our Co. Infrastructure Developers Private Limited is a company incorporated on 13 September 2007, Registered Office at11/77, WEST PUNJABI BAGH NEW DELHI North West DL 110026 IN. It is a part of Mothers pride group (Sudha Gupta/Raj Rani Gupta being the earlier director in the company). Following dubious income has been observed in the company:

Copy of Balance sheet for FY 2017-18

As discussed earlier, the said transaction represents diversion of huge fund from trust in the form of fake work contract. The said structure may be categorized as per GAAR.

Further, as discussed above, the money generated via entry route has been infused in the company through company mentioned in point 1 above.

8 Divit Human Resource Private Limited

a) Divit Human Resource Private Limited is a company incorporated on 05 November 2008, Registered Office at809, D Mall Netaji Subhash Place Delhi North West DL 110034 IN. the paid up capital of the company is Rs 134,000/-. Following dubious income has been observed in the company:

As discussed earlier, the said transaction represents diversion of huge fund from trust in the form of fake work contract. The said structure may be categorized as per GAAR.

Further, as discussed above, the money generated via entry route has been infused in the company owned by promoters of Mothers Pride through company mentioned in point 1 above.

9 BIG BRAND MOVERZ PRIVATE LIMITED

a) Big Brand Moverz Private Limited is a company incorporated on 14 August 2003, Registered Office at11/77, WEST PUNJABI BAGH NEW DELHI North West DL 110026 IN. It is a part of Mothers pride group.

b) The Company has adopted IDS Scheme and have disclosed Rs 160 Lacs as unexplained cash credit. Refer note 25 of the balance sheet 2016-17. The company has not disclosed the list of investment and requires review. The shareholding of the company is also dubious. List of shareholders as on 31 Mar 2017.

c) Since the company has already opted for IDS, a detailed insight may not be required.

10 Madhuban Tieup Private Limited

a) Madhuban Tieup Private Limitedis a company incorporated on 05 November 2008, Registered Office at 809, D Mall Netaji Subhash Place Delhi North West DL 110034 IN. the paid-up capital of the company is Rs 1,34,000/-. Following dubious income has been observed in the company:

A similar amount is being remitted for past years also.

As discussed earlier, the said transaction represents diversion of huge fund from trust in the form of fake work contract. The said structure may be categorized as per GAAR. Further, as discussed above, the money generated via entry route has been infused in the company owned by promoters of Mothers Pride through company mentioned in point 1 above.

11 KESHAV BUILDTECH PRIVATE LIMITED

a) Keshav Buildtech Private Limited is a company incorporated on 12 August 2008 having PAN: AADCK4673K and Registered Office atA-163, GROUND FLOOR, MEERA BAGH, PASCHIM VIHAR, NEW DELHI North West DL 110087 IN. It is a part of Mothers pride group (Raj Rani Gupta being the past Director).

b) The company has received following income which appears to be fake. Both the company belongs to the same group.

12 Happy Motel And Resorts (India) Private Limited

a) Happy Motel And Resorts (India) Private Limited is a company incorporated on 13 June 1996, Registered Office at416,4th Floor, Express Tower, Naniwala Bagh Azadpur Commercial Complex, Azadpur Delhi New Delhi DL 110033. It is a part of Mothers pride group.

b) Further, the company has taken interest free loan and is being carried since long by the name of advance against property/customer of Rs 19,60,00,000 (Refer note 5 of the balance sheet as on 31 Mar 2017 and shareholding. The entry may be assumed as a sham transaction as the only property with the company is mortgaged and cannot be sold. The detailed breakup of advance is tabulated as under:

c) The company has also received interest free loan from GA Enterprises Pvt Ltd of Rs 1800,000 and Rs 2,00,000 from Narmada Motels Pvt Ltd.

d) The funds have been utilised for purchasing the equity shares of Paras Motels Pvt Ltd of Rs 17,95,00,000 and Our Co Infrastructure Developers Pvt Ltd of Rs 45,00,000.

13 Mountain Meadow Holidays Private Limited

a) Mountain Meadow Holidays Private Limited is a company incorporated on 21 December 1993, Registered Office at KH No. 487/28, H No. 78-79, First Floor, Village Peera Garhi, Near Ekta Enclave DELHI West Delhi DL 110087. It is a part of Mothers pride group.

b) Further, the company has taken interest free loan and is being carried since long by the name of advance against property/customer of Rs 5,52,50,000 (Refer note 4 of the balance sheet as on 31 Mar 2017 and shareholding). The entry may be assumed as a sham transaction as the only property with the company is of Rs 32.27 Lacsand too mortgaged and cannot be sold.

c) The company has also received interest free loan from AGM Placement Pvt Ltd – Rs 25 Lacs, Devraha Communication Limited – Rs 25 Lacs and tek Hire Purchase snd leasing Pvt Ltd – Rs 25.50 Lacs (Refer note 5 of the balance sheet).

d) The funds have been utilised for purchasing the equity shares of group companies and advancing interest free loans (Refer note 9 and 11 of the balance sheet).

14 Tek Hire Purchase and Leasing Private Limited

a) Tek Hire Purchase And Leasing Private Limited is a company incorporated on 13 February 1995, Registered Office at 417, First Floor, Bhera Enclave Paschim Vihar New Delhi New Delhi DL 110087. It is a part of Mothers pride group.

b) Out of the total shareholding as on 31 Mar 2017 the following company has been observed as is dubious:

c) Further, the funds collected via entry route from dubious companies have been utilized in investment in shares of following companies (Refer ABS 16-17 of Tek Hire Purchase & Leasing Pvt Ltd)

It can be summarized that the said companies are not having any business and has been utilized to divert fund from trust/ fake brokerage /entry operated company to the Group companies of promoters of Mothers Pride and presidium Schools

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