Rs 5K cr scam: Paonta Sahib firm's assets auctioned for Rs 6.36 cr

Tribune News Service

Solan, January 19

The State Taxes and Excise Department (STED) auctioned a fraction of the assets of the Paonta Sahib-based Indian Technomac Company Limited (ITCL) at Rs 6.36 crore in its third auction held last evening at Paonta Sahib.

Embezzlement detected in 2014

• The company was involved in multi-crore embezzlement which was detected in 2014
• The entire property was divided into 11 lots out of which five lots were sold. As per the sale notice issued by the department, all assets were evaluated at Rs 165.117 crore
• Commissioner, SETD, Yunus, said a part of the assets of the Indian Technomac Company Limited were auctioned and its information would be furnished to the high court
• Attempts would be made to auction the remaining assets.

The firm is involved in Rs 5,000 cr embezzlement where the department had suffered tax evasion of Rs 2,175.51 crore. Various banks were defaulted to the tune of Rs 2,167 crore. Besides, the Income Tax Department had suffered Rs 750 crore loss.

The miniscule gain of Rs 6.36 crore after eight years was a pittance for the department.

The entire property was divided into 11 lots out of which five lots were sold which included machinery, vehicles and iron and steel goods. Out of the 35 vehicles, 14 were sold for Rs 34 lakh. All lots were bought by the Baddi-based Agarwal Enterprises’ Rajinder Aggarwal.

As per the sale notice issued by the department, all assets were evaluated at Rs 165.117 crore which was barely a fraction of the tax loss suffered by the department. All movable and immovable assets have suffered a drastic reduction in their value.

Its landed property which comprises three chunks of land measuring 189-01-16 bighas , 46-13 bighas and 30 bighas had a reserve price of 90.25 crore. Fixed assets comprising buildings and sheds were priced at Rs 27.14 crore while the moveable assets, plant and machinery were priced at Rs 47.72 crore.

Commissioner, SETD, Yunus, said that a part of the assets of the Indian Technomac Company Limited at Paonta Sahib were auctioned yesterday and its information would be furnished to the high court as per the directions. Attempts would be made to auction the remaining assets.

The assets of the company had been attached by the STED under the HP Land Revenue Act as the firm had failed to pay its pending taxes. The company was involved in a multi-crore embezzlement which was detected in 2014.

The assets were evaluated earlier on two occasions before the auctions. A reserve price of Rs 308.8 crore was fixed in 2021 for various assets comprising landed property, fixed building and sheds and movable assets comprising plant and machinery.

Reserve price of Rs 1.21 crore was fixed for a fleet of vehicles owned by the ITCL in 2021. This was now reduced to Rs 97.19 lakh. The plant, machinery as well as the fleet of vehicles had been reduced to scrap because of their lack of use for years.

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