Cook’s company gave loan of Rs 50 lakh to Rana Gurjit

Chandigarh : Punjab Irrigation and Power Minister Rana Gurjit Singh has denied any links with Amit Bahadur, his Rs 26-crore sand mine successful-bidder cook, but documents show that he, his family-owned company and brother received a loan of Rs 5.79 crore in 2015-16 from a company in which Amit Bahadur was shown as a director. As per the records with The Tribune, the Minister received a loan of Rs 50 lakh, the family-owned company Rana Polycot Ltd received a loan of Rs 3.84 crore and his brother Rana Ranjit Singh (co-founder of Rana Group) received Rs 1.45 crore as loan from Flawless Traders (P) Ltd. The loan was given by the company in 2015-16 for “business purposes”. Bahadur was director of Flawless Traders till March 21, 2017.
According to the 2015-16 balance sheet of the company filed with the Registrar of Companies, Flawless Traders through its cash reserves raised through “inter-corporate interest-free loans” also invested around Rs 22.48 crore by purchasing shares in the family-owned companies of the Minister -Rana Polycot Ltd Rs 15.28 crore, Lakshmiji Sugar Mills Co Ltd Rs 7.09 crore, and Rana Sugars Ltd Rs 10.55 lakh. Surprisingly, the company did not transact any business during the year, as per the company directors’ report to the shareholders.