Page 29 - 30SEPT18E

SpecialReport BIHAR

of the Business it acquired specifically
the dues of the operational creditors Will Kanhaiya be effective
including the C & F Agents.
Allegedly in its adventure to make
big fortunes, Torrent ignored and de-
nied various requests of Elder Pharma in the mainstream?
to pay off the C & F Agents from the
money lying in the ESCROW Account
maintained by both companies post ex-
ecution of BTA. Torrent out rightly de- Can Kanhaiya Kumar influence the rigidly structured politics in the country where parties
fied the terms of the Escrow Agreement
between the two companies which hardly allow new idioms or new people to take centre-stage? ANIL SINHA reports
provided that pursuant to an order of
the Court if any unsecured creditors
amount is required to be paid both Tor-
rent Pharmaceuticals and Elder Phar-
maceuticals were obligated to jointly

Torrent allegedly
made false
representations
before the
Competition panel
and misguided it
to pass an order
approving the
Business Transfer
The C & F agents believe that they
have only discovered tip of the ice berg
instruct the Escrow Agent to release the Tehelka supplied to Torrent and their lies a mountain ofF fraud
said amounts to the unsecured creditor. Pharmaceuticals, a scanned copy perpetrated by both the companies to
That in the case of C & F agents, the High of the letter dated December 13, cheat numerous similarly placed in-
Court had passed an explicit order for 2013 which was an integral part dividuals, firms and companies who
furnishing the bank guarantee, which of BTA and signed by both Torrent were the creditors of Elder pursuant to
order ought to have been complied by and Elder as asked by Torrent. and during the transfer of the business
Torrent. However, having succeeded in Torrent replied as follows: of Elder to Torrent. The C & F agents
keeping the terms of the BTA and other believe that the matter requires thor-
ancillary agreements under wrap, Tor- Dear Mr Charanjit Ahuja, ough investigation by a specialised • Polls apart NU student leader and Azadi increased in the past few months. country where parties hardly allow
rent evaded the said obligation too. agency like CBI, SFIO or EOW to un- Kanhaiya guy Kanhaiya Kumar is all Obviously, news of his contest- new idioms or new people to take
After discovery of the BTA it was fur- We are aware of this letter. earth the modus operandi and the Kumar will set to enter parliamentary ing elections has generated curi- centre-stage?
ther learnt by the C & F agents that Tor- However, the same was subject magnitude of fraud relating to the so- contest 2019 politics. He will contest 2019 osity and enthusiasm, particularly For many years now, people in
rent furnished a forged and fabricated to certain obligations on the part called business transfer of one com- elections from J elections from Begusarai among youth across the country India have been sceptical about
copy of the Novation Deed before the of the seller, details of which we pany to the other. The C & F also raise a Begusarai in in Bihar. The constituency is for he has come to occupy a special political class as a whole and they
Competition Commission, which nova- have provided in response to your question of public importance “could a Bihar presently represented by the BJP. position among the young leaders view new everyone, old or new
tion deed is materially different from question number 2. business of a company be allowed to be The former JNUSU president be- of the country. Does his entry into with suspicion. So, it is but natural
the one which was circulated amongst transferred without securing its liabil- longs to the small backward village parliamentary politics mean some- that people are questioning and dis-
the C & F Agents. It is believed that in or- Regards ity and ensuring that its liabilities to its of the constituency. He is reported thing more? Will Kanhaiya be able missing any high expectation from
der to secure a favourable Order from creditors are first met in totality?” to be extensively touring the area to infuse any freshness to an oth- Kanhaiya. Could we find some hope
the Competition Commission of India, Jayesh Desai since over a year. People of the area erwise dull political atmosphere of in him? A close look at his activities
such illegality was played by Torrent. LETTERS@TEHELKA.COM say that he has been a regular visi- the country? Can he influence the certainly gives us some hope that
tor, but the frequency of his visit has rigidly structured politics in the he would be able to prove himself a

TEHELKA / 30 SEPTEMBER 2018 28 WWW.TEHELKA.COM TEHELKA / 30 SEPTEMBER 2018 29 WWW.TEHELKA.COM

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