Balkrishna, the co-founder and managing director of Patanjali Ayurved, was a shareholder in all three companies that bid to operate a tourism project in Uttarakhand, The Indian Express reported on Friday. One of the firms was awarded the tender.
The firm that won the contract denied allegations of wrongdoing, arguing that equating an investor’s “passive shareholding” with collusion was misleading.
In December 2022, the tourism board of the Bharatiya Janata Party government in Uttarakhand launched a tender process to develop adventure tourism in the George Everest Estate near Mussoorie.
The government agreed to provide to the successful bidder 142 acres of land, parking space, pathways, a helipad, a café, five wooden huts, an observatory and two museums for a rent of Rs 1 crore per year, newspaper reported. The facilities were to be developed by the Uttarakhand Tourism Development Board.
The Indian Express reported that all three firms that bid for the contract had Balkrishna as their common shareholder, which violated the tender rules.
Balkrishna holds more than 99% of the shares in two of those companies: Prakriti Organics India Private Limited and Bharuwa Agri Science Private Limited, according to The Indian Express.
In the third company Rajas Aerosports and Adventures Private Limited, he had a 25.01% stake at the bidding stage. However, he secured a majority stake...
Read more
-
Why do children go away from parents when they become young? Sadhguru Jaggi Vasudev said the biggest reason
-
Anamika Mandal, a student of Jadavpur University, died near the campus pond
-
OpenAI Restructures Its Microsoft Deal – Here’s What We Know So Far
-
In India, more than TV’s reels preferred, META claims in the survey; Learn detailed
-
Jio Fiber- If Jio is a fiber user, then noted these essential numbers
