GSFC scam of Rs 262 crore, share price reaches Rs 10 crore

Gandhinagar, 1 December 2020

Gujarat State Fertilizers and Chemicals Limited – GSFC, a leading public sector company of the Government of Gujarat, is involved in the Rs 262 crore scam. Investments worth more than Rs 262 crore have been sunk by the Gujarat government-owned public company. In November 2020, the price has been reduced by Rs 262 crore to Rs 10 crore. Prime Minister Narendra Modi and Gujarat government’s IAS officer Atanu Chakraborty are responsible for the loss of Rs 252 crore to the people of Gujarat. Till date, Vijay Rupani’s government has also not investigated the matter.

7 years ago in 2013 GSFC in Canada partnered with Caustic Potash, a type of Canadian soil. With this Mining bought 54.90 lakh shares worth Rs 44.7 million or Rs 262 crore. The investment was made in the name of a bogus company called Canelite Resources Inc. of Canada.

20 percent share

Through this large investment, GSFC acquired a 19.98 percent stake in the Canadian company. GSFC and its bogus Canadian partner company have announced that they will be setting up the Wynad Carnelite Mining Project in Canada. GSFC will purchase 3.50 lakh tonnes of potash annually in the first phase and 6 lakh tonnes per annum in the second phase after commercial production starts. The fake company had invested an additional Rs 12.49 crore from 1.03 crore shares. GSFC acquired the Canadian company, increasing its share of investment from 20 percent to 40 percent. Now it has all sunk, the stock papers have become junk.

Caustic potash is found in India

The requirement of caustic potash as a raw material for GSFC is very less. This mineral was easily available in Gujarat and India. There is no shortage of this mineral. Yet GSFC’s intention to invest extensively in far-flung Canada is questionable. Potash was readily available in the international market. Even then GSFC was going for a mining project. For years, GSFC did not face a shortage of potash. The need for potash is not so great.

Hand lifted

The Canadian company had given up saying that the mining plan would not be possible in the year 2018 as planned. However, Chief Minister Vijay Rupani and his company GSFC have not made any public statement despite the fact that Rs 262 crore has been looted from the people of Gujarat. That account has not been disclosed. The scam took place at a time when Narendra Modi was the Chief Minister of Gujarat and the BJP needed money to contest the country’s elections.

Modi’s scam was suppressed for 7 years. Came out after 7 years. This money has started sinking in the time of Narendra Modi.

Money became paper

GSFC increased its stake in Canadian company acquired Sunken Investments from 20 percent to 40 percent.

Involved in scam?

The scam was perpetrated in 2013 when Atanu Chakraborty, a Gujarat cadre IAS officer, was the managing director. Now Narendra Modi has given him an important place in Delhi. Atanu Chakravati is now a secretary in the finance ministry at the center, despite the fact that the people of Gujarat have lost a lot of money in their time, they say they do not know anything.

Modi’s four hands

Although nothing was done in the project from 2007 to 2013, GSFC embezzled a large amount of money from this fake company. Atanu Chakraborty who was the managing director of GSFC. Modi took him to Delhi. Economic Affairs Secretary Atanu Chakraborty has been nominated to the Central Board of RBI. Chakraborty was to become the Chief Secretary of Gujarat. But then Modi took him to Delhi to save him. Gujarat cadre IAS officer Atanu Chakraborty has been appointed director general of Directorate General of Hydrocarbons (DGH), the technical advisory unit for exploration and production of the oil ministry. 56-year-old Chakraborty has been appointed as the head of DGH for the post of Additional Secretary for 4 years. An order issued by the Department of Personnel and Training stated. A 1985 batch officer, he served as the Managing Director of Gujarat State Petroleum (GSPL), a government enterprise.

MBA in Business

Chakraborty is an engineering graduate and specializes in electronics and communications. He holds a Post Graduate Diploma in Business Finance as well as an MBA in Business Administration in the UK. He has extensive experience working in various states as well as central government departments and public enterprises. Chakraborty has worked as a collector in Vadodara, Sabarkantha and Amreli districts. He has worked in finance, housing, tribal development and labor departments in Gandhinagar. He has also served as the Chief Secretary for Economic Affairs in the Finance Department in Gujarat.

Bring out Luke

Some details were revealed by AK Luke. In 2012, GSFC bought a company in Ahmedabad and some officials went to Canada in connection with its project. Sanjeev Verma, the official working with the project, knows everything.

3 officers of Gujarat

Three officers of GSFC have been shown as directors of Cornity. It also appears that GSFC is providing more backup financing to the project for 700 millionWas planning to More investment had to be made.

No answer about scam

GSFC has not responded to several e-mails. Who benefited from that money? Whose personal interest is this? Why current management and board members are silent. Has GSFC not been audited? Who has audited all these years? Why no action was taken by the management of the company in such a long time? And now what about this money? Will the money come back or sink?