Prosecuted, fined, rejected & a Rs 36,000 cr deal

B.S. NAGARAJ writes from New Delhi: “We are pure gold, 24-carat gold,” declared Gali Janardhana Reddy last week with the same innocence with which he is profiled on the Bramhani Industries Limited’s website.

In the first of eight paragraphs, Janardhana, we are told, is the founder-promoter of M/s Ennoble Group.

“At an (sic) age of 21, he floated a RNBC – a residuary non banking financial company called M/s Ennoble India Savings and Investment Co., Ltd., Bellary,” says the website.

‘Ennoble’ did you hear?

Visit www.watchoutinvestors.com for more on the most (in)famous of the Reddys and Ennoble (ah, what a name!).

Now, this website is a watchdog promoted by the investor education and protection fund of the ministry of corporate affairs of the government of India. It alerts investors with information about individuals and entities that they should be aware, or rather beware, of.

Janardhana scores a hat-trick here, figuring thrice against each of the three Ennoble group companies, the other two being Ennoble Leasing (India) Limited and Ennoble Hotels International Limited.

He and his companies, we are warned, have been prosecuted, fined and applications by his outfits for conducting business have been rejected by regulatory authorities like the Reserve Bank of India and the Ministry of Company Affairs.

B.V. Srinivasa Reddy, managing director of Bramhani’s sister concern Obulapuram Mining Corporation (OMC), keeps him company.

The regulators charged them with “default in filing of copies of balance sheet and annual returns, failure to comply with RBI regulations,” and so on. They were prosecuted and ordered to pay monetary fines, and one of the companies was denied permission to carry on the business of leasing.

Investors are warned by the website that Ennoble India Savings’ application for registration as an NBFC was rejected on 31 October 2007. Obviously, the Karnataka government of B.S. Yediyurappa couldn’t care less—or why else should it sign an MoU for a proposed steel plant worth Rs 36,000 crore or some such obscene figure at that mega global investors meet in June?

Big deal, Yeddy and the Reddys seem to be saying. There are companies with worse histories, and aren’t governments doing business with them?

Sure, OMC and Bramhani are high up there in that list.

Photograph:

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8 Responses to “Prosecuted, fined, rejected & a Rs 36,000 cr deal”

  1. Complex Says:

    Anymore muck about the Reddys will make me throw up. Their pot of sins is full. The problem with BJP is that they know that they wont be reelected. So, they want to make as much money as possible. I wont be surprised if the Reddys are admitted to the Congress one day.

  2. Simple Says:

    Complex

    Congress could have easily sided with Reddys during the last October rebellion and brought the Yedyurappa government down.

    it did not do. Wonder why?

  3. joblessenggstud Says:

    On a funny note, I visited watchoutinvestors.com and searched “Ennoble” and Gali Janardhana Reddy’s name appears as Gali “JANARADHANA” Reddy. Nijavaglu janara dhana thinno manushya antha prove aaythu :P

  4. cp Says:

    >>”Nijavaglu janara dhana thinno manushya antha prove aaythu”

    This only shows the warped priorities of namma karnataka electorate.
    They don’t care if he eats “Janara dhana”. As long as nobody eats dana (cow) they’re happy.

  5. harkol Says:

    Simple:
    >it did not do. Wonder why?

    Congress in Karnataka Lacks unity and one good, gutsy leader. DKS could’ve been that, but he is perhaps in the same league as Reddys. Siddu isn’t that person. less said about Dharam/Kharge the better.. Who else?

    If they find a good leader (like SMK was in late 90s), congress will sweep Karnataka again.

    I am fairly sure congress will take reddys, if they can assure a govt. of Congress in Karnataka. If Congress could compromise with TR Balu/A. Raja/ Pawar/ Bangarappa like characters, why would they treat reddys differently?

    None of the parties are left with any scruples. BJP just elevated Bangaru laxman again!!

  6. dheerendragopal Says:

    SOOLE VAMSHA ! because they just raped the shit out of namma
    cheluva kannada naadu !

  7. karihaida Says:

    @harkol,
    When Reddys join kaangi, churumuri will be asking ” Should Bellary be renamed as Reddynadu” for their yeomen service to the “development” of the district ;)

  8. vijayalakshmireddy Says:

    janardhana reddy is hard worker,he is proved our hard work, so he is reach (or) climbing ad catch Tata Birla’s place,so he is great

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