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DomainsData.org: Sanjay Rath's hard to digest Jyotish dealings

  • Title:
    Sanjay Rath's hard to digest Jyotish dealings
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    14 years old
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  • IP Address:
    143.95.237.31
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    jyotishdigest.com
  • 2.
    Domain Age:
    14 years old
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    dns.site5.com
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    Created:
    Friday 25. January 2002
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    Coming to the crux of the matter, without wasting your precious time, things in Delhi were apparently fine until Sanjay's father came into the scene in early 2000 (when he came over from Bhubaneshwar) and got Sanjay into the ECB (External Commercial Borrowing) business, which is all about borrowing money from foreign lenders at soft rates of interest and using the gap (between the foreign and Indian rates of interest) for commercial benefit in India.  It sounded a good project with the promise (as made by Sanjay's father) of attractive rates of interest and bulk amounts coming in for betterment of business ventures.  Sanjay, on behalf of his father, had told Raju that one company in Calcutta was already being benefited from this scheme on the basis of loans arranged by his father and that Raju (who had wanted to open up a small hotel/resort project for naturopathy, yogic healing etc. as the USP) should revise his project proposals to a larger size so that appropriate levels of funds could be arranged through this scheme for his benefit and completion of his dream project.  Raju, along with his partner, floated a Public Limited Company for this purpose (as suggested to him) spending over 6 lakh rupees for registration of the company with the government under the relevant rules.  He had spent another 35 lakhs for the purchase of land (for the project in Himachal Pradesh).  And, another amount of 5.5 lakhs was given to Sanjay's father (through Sanjay) as refundable security deposit as part of the agreement to conclude the contract of obtaining the loan/ECB.  The situation today is that Raju (and his partner) is down by close to 50 lakhs (including the miscellaneous expenses borne by him during the trips to Bombay etc. made by Raju, Sanjay and his father) as the amount paid to the Govt. of India for the registration of the firm is gone as it is non-refundable.  Since the loan has not materialised, Raju is in no position to complete the project which had a two year time frame (as required under the laws of the Himachal Pradesh Government) for completion and that land is likely to be taken over by the Govt. of Himachal Pradesh.  That is also going.  The refundable security deposit of 5.5 lakhs is yet to be returned to Raju despite the fact that Raju has been pursuing its return since 2000.  He has written three personal notes/letters to Sanjay ever since and has also met him personally on several occasions.  No formal agreements/papers were made in the case of Raju as all the transaction was done on faith reposed on the words of Sanjay.  The only thing is payment of the 5.5 lakhs (security deposit) was made through the Bank.
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    While Raju's case was being handled thus in 2000, Sanjay had also got Vijay Deep involved in a similar proposal for his construction company and formal agreements were drawn up.  Since nothing came up ever since on this front too, Vijay Deep also began pressing for the return of the Security Deposit of Rs.4.5 lakhs taken from him.  Nothing has happened as yet.
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    Meanwhile, in 2001, in another similar instance involving another company/business group of Mumbai, Sanjay was taken to officials in the Finance Ministry who deal with these ECB and other Banking matters.  In February/March 2001, it was made adequately clear to Sanjay in person by these officials that this proposal will not come through (i) as per the laws of the land, (ii) until the source of funds was made clear to the Govt. of India (iii) unless the credibility of the lender was duly established and accredited by the Govt. of India (iv) until and unless the Reserve Bank of India gave the appropriate approvals for bringing in the funds. 
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    The so called lender (Gresham Lane Party) of Australia has no business transaction in Australia since 1995 and it is a Two Australian Dollars holding company (One AUD each in the name of Ravi Veeramantry and his wife - a husband and wife holding company).  The Govt. of India obviously does not recognize this company to be an approved/credible lender.  The whole thing has now fallen of.
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    To be continued...
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    Sanjay Rath's hard to digest Jyotish dealings
jyotishdigest.com IP Information:
  • 1.
    Ip Address:
    143.95.237.31
  • 2.
    Country:
    United States
  • 3.
    Status Code:
    OK
  • 4.
    Region Name:
    California
  • 5.
    City Name:
    Los Angeles
  • 6.
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    90014
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