The managing director/owner of Indian Technomac Co. Ltd has defaulted Rs 2,100 crore in sales taxes to the state
The Hush Post: While the national media is occupied with Nirav Modi and his 2 billion dollar PNB fraud, another multi-crore scam has surfaced in Himachal Pradesh wherein the willful defaulter of a lesser known firm in Paonta Sahib has fled the country after defaulting around 6,000 crore rupees. The state government has decided to hand over the matter to the Enforcement Directorate for investigation.
According to a news report of TV 18 news channel, Rakesh Kumar, the managing director/owner of Indian Technomac Co. Ltd. has defaulted Rs 2,100 crore in sales taxes to the state. Besides, his company owes Rs. 2300 crores to various banks. Not only this, he has also defaulted on fronts of PF, labour department and electricity board.
The non-listed company is currently under liquidation is registered with the Registrar of Companies, Himachal Pradesh. It has three other directors besides Rakesh Kumar. The four also happen to be on the board of directors in around 20 other companies in various parts of the country. Indian Technomac Co. Ltd. had closed its operations in 2014.
The matter had come to light in year 2016 when the state government reported a loss of Rs. 2100 crores in excise revenue in three years. Further investigations had revealed that most of the sales of the company were fake. The state excise department had also conducted the valuation of the firm which came out to be Rs. 150 crores.