first_imgThe Gujarat government on Monday canceled all permissions granted to the bankrupt Sterling group promoted by the absconding Sandesara brothers to develop an all-weather port in Dahej.The absconding promoters of the Sterling group – Nitin and Chetan Sandesara – are alleged to have defrauded over ₹ 14,500 crore of public money. Two of their flagships–Sterling Biotech and Sterling SEZ are in bankruptcy tribunals now.Both the brothers are absconding since their names came up in the bank loan scam and money laundering activities and federal agencies began probing them.“Chief minister Vijay Rupani today decided to cancel all the permissions given for building an all-weather berthing port at Dahej to Sterling Ports of Nitin Sandesara,” the chief minister’s office said in a statement on Monday.“Rupani has also directed the Gujarat Maritime Board to recover the amount that the company had to pay as bank guarantees and also to take re-possession of the 84.95 hectares given to the company for developing the port,” the statement added.The Gujarat Maritime Board and a consortium led by Sterling Biotech had entered into an agreement to develop the Dahej port as an all-weather direct berthing port in 2009.Following this, the board had handed over 84.95 hectares to the group in 2010.The Sterling consortium had formed a new company – Sterling Port – to develop the port and had also signed a concession agreement in 2014 with the board.As per the agreement, the company was to invest ₹ 2,500 crore in the first phase and had to deposit 1.5 percent of the equity along with another ₹ 5 crore as performance guarantee with the maritime board.But the company is yet to start any work on the port, government officials said, adding it even failed to deposit ₹ 37.50 crore which it had to pay as bank guarantee to the government.Earlier in the day, the board of directors of the maritime board met and recommended to cancel the contract, they said, adding following this, the Chief Minister ordered cancellation of all the agreements and permissions given to the Sandesara group.The Sandesaras brothers are alleged to have committed bank frauds to the tune of ₹ 14,500 crore of the one by Sterling Biotech alone is around ₹8,100 crore, according to the Enforcement Directorate. The brothers have been absconding since the federal agency CBI registered a bank fraud case against them in 2017.last_img read more

first_img3 IS-linked gunmen slain in Maguindanao offensives Private companies step in to help SEA Games hosting “This kind of gathering is our way to spend quality time with each other. This is our way to inspire other athletes, tighten our bond, and learn from each other.”Sangiao added the titles won by his fighters are the result of hard work, dedication and sacrifice.“It’s our biggest year. We won championship titles and received many awards this year. This is the result of our hard work, dedication, and sacrifice. Like we always say, this is our passion. We love what we do. These awards and titles are just the fruit of our hard labor,” said Sangiao.Champion or not, Eustaquio said what’s more important is each one of them is happy.“We are grateful for every year. We are always full of joy,” Eustaquio stated. “Seeing each other happy, seeing everyone living a peaceful life is more than enough.”ADVERTISEMENT Read Next Duterte urged to order review of all power deals with generation firms Comelec disputes PCIJ report on voter turnout in Lanao del Sur town SEA Games: Biñan football stadium stands out in preparedness, completion “We have an early celebration coming up this Saturday, 15 December. We are going to have a beach house party in San Juan, La Union,” said ONE flyweight champion Geje Eustaquio.“The gathering will celebrate our accomplishments this 2018, and also prepare for 2019. Everybody will come that day, most notably our professional athletes.”FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSUrgent reply from Philippine ‍football chiefTeam Lakay’s celebration is also an opportunity for Folayang, Eustaquio, bantamweight king Kevin Belingon and strawweight titleholder Joshua Pacio to share their experiences and journey to the top of their respective divisions.“We have a program, a feast, and an open mat for whoever wants to roll. Our world champions will share their experience and tell what they went through this year,” Team Lakay head coach Mark Sangiao said. Top 10 finishers in 1st PH OCR Open earn national team pool slots Fans are in a frenzy as Netflix reveals that Henry Cavill is coming to Manila Sports Related Videospowered by AdSparc Lacson: 2019 budget delay due to P75-B House ‘insertion’ Photo from ONE ChampionshipTeam Lakay has a ton of reasons to celebrate for after four of its top fighters earned world titles this year with Eduard Folayang capping it off by reclaiming the ONE lightweight crown last month.And there’s no better time to celebrate the victories than the Yuletide season.ADVERTISEMENT Hotel management clarifies SEAG footballers’ kikiam breakfast issue Don’t miss out on the latest news and information. PH underwater hockey team aims to make waves in SEA Games PLAY LIST 02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss MOST READ LATEST STORIES View commentslast_img read more