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Shuva, Sudipta on same board? [Kolkata] [Times of India]
[October 18, 2014]

Shuva, Sudipta on same board? [Kolkata] [Times of India]


(Times of India Via Acquire Media NewsEdge) KOLKATA: A day after painter Shuvaprasanna - a known Mamata Banerjee loyalist - claimed that everything was in order over the sale of shares of Devkripa Vyapaar Private Ltd to Sudipta Sen's Saradha Group, CBI has got hold of documents that might call for further clarification from the artist on the business deal. For instance, Shuvaprasanna and his daughter Jonaki Bhattacharya continued as directors in the new dispensation along with Sudipta Sen and Debjani Mukherjee on the board. The annual returns filed with the Registrar of Companies on September 28, 2012, shows Shuvaprasanna and his daughter as directors even after the transfer of shares to the Saradha Group. The artist told CBI that they had written to the Saradha boss to relieve them from the board but "it had not reflected in the annual returns". Interestingly, all 14 shareholders of Devkripa, including Shuvaprasanna and his wife Shipra, transferred all shares at one go on January 2, 2012 - mostly to Saradha Construction Company and the rest to Sudipta Sen, say sources. Sudipta and Debjani - who are both in custody now - were inducted in the board of directors six months later, in July. For at least two months after the induction, Shuvaprasanna and his daughter were also on the board. According to sources, Shuvaprasanna might have continued on the board because he did not get the entire promised amount. On paper, the company had a capital of Rs 3.5 crore, divided into 35 lakh shares of Rs 10 each. The bone of contention is what price the shares were sold for. According to the report submitted to Supreme Court by the high court appointed Special Investigating Team (SIT), the shares were sold at Rs 14 crore of which the artist got only Rs 50 lakh. Probe will reveal if this is true, but even by the figure quoted by SIT, Devkripa shares were sold at rates higher than their initial value, indicating that it booked profits. However, the amount Shuvaprasanna and his wife Shipra got by selling their 5 lakh shares is more or less equal to their initial value. The mismatch between his income by selling shares and that of the company has surprised among investigators. Shuvaprasanna claimed that everything was documented, including minutes of the meeting of the board of directors that decided on the transfer of shares. While scrutinizing the share holding pattern of Devkripa Vyapaar Pvt Ltd's running a television channel that never went on air, CBI officials found that at least three shareholding companies - Kundan Vyapaar, Atlantic Vintrade and Orbit Commosale - have the same address 22 R N Mukherjee Road. Sheela Mohta was a director in Kundan Vyapaar and Atlantic Vintrade, which are believed to be owned by the Mohtas and Kabras. Two group firms - Ratnabali Capital Market and Vikas Somany Securities - held nearly 30% of the shares, the highest of all the 14 companies. Vikas Somany and Suresh Somany, promoters of the companies, held one crore shares with their office on AJC Bose Road. Enforcement Directorate questioned city industrialist Harsh Neotia about the Somany brothers on Tuesday, say sources. The rest of the seven entities which had holding in Devkripa are Omex Management, Darkin Management, Prime Vyapaar, Amritvani Exim, Alert Consultants and Zenith Fiscal Services. Ankit Todi, Rajkumar Agarwal, P K Mittal, Sumit Mittal, Nimit Garg, S Goel, P K Agarwal were the directors of these companies.



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