Saturday, 1 September 2018

Vanxim (Capao) Mortgaged!

Bharat Mukti Morcha, Goa Unit takes strong objections to the unethical way Capital India Finance Limited (CIFL) has gone about on Capao island mortgaging of paddy fields and bunds to support Ozone corporate. What is most objectionable is that legal notice dated 24th August 18 is being circulating in Whats app groups giving deadline of 14 days for public objection to the Mortgage already carried on. 

This notice we have reproduced above in public interest informs that Ozone Leisure And Resorts Private Limited from Bangalore has created a first ranking exclusive charge by way of mortgage in favour of Capital India Finance Limited. There is no mention of crucial details as to when this mortgage was effected, for what amount, what are the deposits accepted and what are the terms and conditions agreed upon. 

The notice is in the past tense "created", that means it is already done. Why then ask for objections from Public. Objections had to be solicited before creating a first ranking exclusive change by way of mortgage. As a result this notice becomes a cruel joke on the people of Goa who have been resisting and objecting the way Capao island affairs are handled unethically by the Office of the Archbishop of Goa for past two decades.Click here for links. There is something fishy here and needs further investigation as to why the process has been followed inverted. Why Public objections are invited after the mortgage has already been effected?

According to bloomberg Capital India Finance Limited (CIFL) was known as Bhilwara Tex-Fin Limited and changed its name to Capital India Finance Limited in August 2017. 
According to online documents posted by CIFL their first business strategy is in finding niche and focus on opportunities where banks are not likely to be keen on entering like construction finance, last minute lending and acquisition finance. This means Ozone is not finding any more favour with banks and hence now resorted to equity capital from Bombay Stock exchange.

CIFL is listed on Bombay Stock Exchange (BSE) and files regular reports to them. CIFL were allotted 3,96,83,000 equity shares on June 08, 2018 vide preferential allotment to promoter and non-promoter shareholders.

Legally CIFL is a company that raises funds from shareholders and invests in constructions, real estates and Special Economic Zones (SEZ) under lease rental discounting. Click here. Goa has revolted against SEZs and CIFL is involved in financing them! CIFL provides long loans for 20 years period under Loan against property. Click here.

CIFL has posted letter dated 27/11/2017 online written to the Manager, BSE Ltd with Ref: "Script Code - BSE - 530879". From this letter it is clear that Reserve Bank of India (RBI) has sent approval letter to CIFL to the management team of this company. The RBI letter bears no.DMBS/CMS-6/No.647/05.02.224/2017-18. The composition of the Board is as as under:
1. Mr. Keshav Porwal with DIN 06706341
2. Mr. Amit Sahai Kulshreshtha with DIN 07869849
3. Mr. Vineet Kumar Saxena with DIN 07710277
4. Mr. Subodh Kumar with DIN 07781250
5. Ms. Shraddha Kamat Suresh with DIN 07555355
6. Mr. Rahul Ramesh Kumar Jain with 07541089

The same letter also coveys following significant decisions taken:
1. Mr. Keshav Porwar's appointment as an Additional Director, categorized as  Executive Director. He was appointed also as Managing Director of the Company for the term of 5 years.
2. Mr. Amit Sahai Kulshreshtha's appointment as an Additional Director, categorized as  Executive Director. He was appointed also as CEO of the Company for the term of 5 years.
3. Mr. Vineet Kumar Saxena's appointment as an Additional Director, categorized as  Non-Executive Director. 
4. Mr. Subodh Kumar's appointment as an Additional Director, categorized as  Non-Executive Director. 
5. Ms. Shraddha Kamat Suresh's appointment as an Additional Director, categorized as  Women Non-Executive Director. 
6. Mr. Rahul Ramesh Kumar Jain's designation changed to Non-executive Director.
This letter is signed by Company Secretary Archana Aggarwal.

From this letter letter three things are clear:
1. Identity of Board of Directors who are involved in Capao mischief on behalf of CIFL and Ozone corporate.
2. Reserve Bank of India has given approval for this mischievous management team of CIFL. 
3. Communication is made to Bombay Stock Exchange about this new mischievous team. 

Bharat Mukti Morcha calls upon Board of Directors of CIFL to cut off all the links with Ozone and Capao island.
Bharat Mukti Morcha calls upon Reserve Bank of India to withdraw approval given to the above team of management following their unethical conduct over Capao island mortgage. 
Bharat Mukti Morcha calls upon Bombay Stock Exchange to de-list CIFL.
Bharat Mukti Morcha calls upon all the Shareholders of CIFL to object to Capao mortgage.
Since 2010 there has been prolonged protests over the way tenanted lands were sold by the office of Goa Archbishop to Mahendra P. Gaunekar in unethical manner in February 2006 in violation of Cannon law and in top secrecy. Goa Archbishop Felipe Neri Ferrao himself described this sale as morally wrong. Mahendra P. Gaunekar sold Vanxim to Ozone corporate in August 2015. In December 2015 Vanxim was brought under purview of unethical law Investment Promotion Board. Bharat Mukiti Morcha (BMM) protested and protests continued. BMM protests this mortgage of Vanxim too.
For the Board of Directors of CIFL we leave a link of protest on Capao island that is also known as Vanxim island in Mandovi river.  Here is the first link.
It would do them good to study well and stay aside. the paddy fields has be brought under cultivation again. Here is the second link.
BMM believe that the named Board of directors will take this seriously and go away from Vanxim (Capao). However if the Board of Directors does not withraw from their gaze on Vanxim then suitable action will be initiated against them and those connected and associated with CIFL.

Public are requested the following action:

1. Identify emails and mobile numbers of Board of Directors and send this post to them to let them know that they are unwanted intruders in Goa.

2. Identify shareholders of CIFL and share this write up and get it raised by them publicly.

3. Write to Bombay Stock Exchange and protest against CIFL.

4. Write to Reserve Bank of India and inform them about unethical practices indulged in by CIFL.

We are aware that Rohan Khaute while in the Opposition has spoken out in the Legislative Assembly on Vanxim scam of getting it under Investment Promotion Board. Now that he is Revenue Minister he can very easily intervene and order thorough investigations on Vanxim scam. Complaints are pending in Mamlatdar office from April 1995 unattended. Click here for links. 

If investigation is ordered then all the judgements on Vanxim will be null and void. Neither Gaunekar nor Ozone nor CIFL will be left with anything. Time is not far for this investigation to be launched. CIFL may take note and move out of Goa. We will not tolerate mortgaging of our land. Jai Mulnivasi!