Rs 5,000 cr scam : Assets of Paonta firm to be auctioned next month

Ambika Sharma

Solan, December 24

The State Taxes and Excise Department (STED) will attempt to recover its pending taxes from the Paonta Sahib-based Indian Technomac Company Limited (ITCL) involved in about Rs 5,000 cr embezzlement by auctioning its assets for the third time on January 18.

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 department had suffered tax evasion worth Rs 2,175.51 crore while various banks were defaulted to the tune of Rs 2,167 crore. Besides, the Income Tax Department had suffered Rs 750 crore loss. As per the latest sale notice issued by the department, all assets have been evaluated at Rs 165.117 crore which was barely a fraction of the tax loss suffered by the department. As per the assessment, all movable and immovable assets have suffered a drastic reduction in their value which also includes value of land.

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. This figure has been reduced to Rs 165.11 crore.

All immovable assets like plant and machinery, were priced at Rs 86.71 crore in 2021. This amount has now been reduced to Rs 47.72 crore. Reserve price of Rs 1.21 crore was fixed for a fleet of vehicles owned by the ITCL in 2021. This was now as less as Rs 97.19 lakh. While the values of vehicles is bound to be reduced but how landed property like sheds and building can suffer such deterioration in its price was surprising.

A piece of land at Rampur Majri and Bharapur, measuring 76.13 bighas, was priced at Rs 30.66 crore in 2021 but its value has now been reduced to Rs 18.39 crore. Both properties were located on the Nahan-Paonta Sahib national highway. The building and sheds which were pegged at Rs 41.43 crore in 2021 now hold value of Rs 27.14 crore. Similarly, price of other assets had also been reduced drastically within a year. Though the price was evaluated by Himachal Consultancy Organisation which provides consultancy to the government questions were being raised at the drastic reduction in the property rates.

4 chargesheets filed since 2019

• As many as 22 persons, including nine company employees (two company directors), two statutory auditors, two receiver of sold property and others comprising excise and taxation staffers, have been arrested in the case.
• The CID (crime) branch had registered a case in 2016. Four chargesheets have been filed since 2019.
• Excise department had suffered tax evasion worth Rs 2,175.51 crore while various banks were defaulted to the tune of Rs 2,167 cr. Besides, the IT Dept suffered Rs 750 cr loss
• As per the assessment, all movable and immovable assets have suffered a drastic reduction in their value, including value of land.