Rashmi Group Incorrectly Accused Of Malpractice
Rashmi Group, formed in 1966, is a fast growing name in the field of manufacturing steel and cement
. The Group has over 40 years of experience in the development of minerals, steel and cement. The Group presently has Sponge Iron Plants of 4.5 lakh t.p.a. at Jhargram and Kharagpur. The Group is also heading forward to set up another Steel Plant at Jamuria with a capacity of 2.5 million t.p.a. It exports about 1 million t.p.a. Iron Ore Fines to China and other South East Asian countries annually. The annual turnover of the Group has been estimated to be Rs.1700 Crore and the net worth to be Rs.1600 Crore. Gaining the trust of the Govt. of India, Rashmi Group has been able to get high quality coal blocks with a reserve of 700 million tonnes and a manganese reserve also. Rashmi Group comprises of two companies namely, Rashmi Cement Limited and Rashmi Metaliks Limited.
Rashmi Metaliks Limited, a part of Rashmi Group is a 6 year old company in the State of West Bengal. It is mainly engaged in manufacturing of steel and in trading of iron ore, coal and other minerals.
Rashmi Metaliks, like other companies of the Rashmi Group, works with several mottos and principles. The foremost motto of the company is to provide goods and services of superior quality to its customers. Over the years, the company has striven to attain customer satisfaction by providing prompt services and high-quality products. Today, it has emerged as a reputable and reliable company.
The Group has undertaken numerous social responsibilities to improve the life of the people in the nearby villages of Kharagpur and Jhargram which are Maoist infested tribal areas within the backward district of West Midnapore in West Bengal. Some mentionworthy CSR activities are forestry, health care, education, round-the-clock-ambulance support for local people,etc.
However, Rashmi Metaliks has been wrongly accused by the S.E.Railway of alleged freight evasion amounting to Rs. 132.00 crore during the period of May 2009 to March 2010 unduly for transportation of iron ore. A penalty amount of Rs. 528.00 crore was also imposed by the railway authorities, where after on 16th August, 2011 a demand notice was issued against the company for a composite amount of Rs. 660.00 crore. All these claims were made without sufficient facts and evidence. So, the company questioned the legality of the notice by filing a writ application in the High Court at Calcutta and the Hon'ble Court there upon passed an interim order directing the railways to allow Rashmi Metaliks to contine their loading operations. In fact, as per provisions of the Indian Railways Act,1989, loading of rakes for transportation of iron ore is permissible and cannot be stopped. This fact was also confirmed by the Learned Counsel of the railways before the Hon'ble Court. Since then, Rashmi Group has been fighting against all the false and fabricated allegations that have been made against it, by their rivals.
Rivals of
Rashmi Group have also initiated a fabricated proceeding dated 10th February,2012 by the Anti-Corruption Branch of the CBI in which the name of Rashmi Metaliks was roped in unnecessarily as a co-accused alongwith the prime accused who were Railway and Central Excise offcials. A case was filed before the Special Court for CBI cases at Kolkata, which is still pending. The main purported offence alleged by the CBI relates to offences committed by a public servant. However, the Directors/officials concerned of the company named have never, at any point of time, been public servants, although the case is under the Prevention of Corruption Act, 1988. Moreover, the allegation made by the CBI against the company is a mere reproduction of the demand notice of the railways which is actually the result of a contractual dispute and which is civil in nature with no criminal angle to it.
Rashmi Metaliks promptly challenged the proceeding by filing another writ application in the High Court at Calcutta and the Hon'ble Court passed an interim order directing the CBI not to file its final report without the leave of the court while observing that the company has a strong prima facie case in its favour.
Rashmi Metaliks Ltd. has invested in the Wagon Investment Scheme(WIS) of the railways since 2008 by providing 5 rakes to the common pool of the railways whereby it was entitled to earn as on 31st March,2011, 50% of freight earned by the railways, i.e. Rs.883 crore using the WIS rakes, sidings and infrastructure created by the company with a huge investment. But the railways despite earning huge revenue using the companys rakes/infrastructure deprived the company of its legitimate entitlement unfairly by taking advantage of its monopolistic status. So the company filed a writ petition in the Honble High Court at Calcutta and the Hon'ble Court disposed of the same by an order dated 9th May,2012 directing the railways to decide the company's application and things connected therewith as well as consider all grievances of the company. As such, in compliance of the said order, the railways are now considering the company's claims/grievances and those pertaining to 2 rakes out of 5 have been resolved. Considering a scenario, where in the worst case, the railways case against Rashmi Metaliks Ltd. is proved, it is expected that a maximum amount of Rs.132.00 crore would have to be paid to the railways by the company. The railways already have property of the Group worth Rs.75.00 crores till 2018-19 in the shape of 5 railway rakes which are already being utilised in the common pool of the railways. Therefore, payment of the balance amount of Rs.57.00 crore to the railways cannot be a big problem. Hence, even if the case goes against the Rashmi Group, it will not be affected in any way.
Rashmi Group is a reputable name which will remain unaffected by incorrect allegations. The management feels that the media hype created over incorrect allegations was uncalled for. The Group has commenced challenging all allegations levelled against it right from an early stage before the Single Bench of the Hon'ble HIgh Court and this battle might continue further before the Division Bench and even to the Apex Court, if the situation so warrants. But being aware of its strengths, It is confident of retaining its unblemished reputation. Proper communication between Rashmi and media can only help in dispelling doubts, which have no base absolutely.
by: Thai Luman
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