Most Awaited Ratification by The Supreme Court of India of Andrews Ganj Land Scam by HUDCO
Alborz Azar
Most Awaited Ratification by The Supreme Court of India of Andrews Ganj Land Scam by HUDCO
Alborz Azar
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HUDCO is a cash-rich company whose main business is financing since the net profit of Rs. 1578.58 Crores in the year 2021 is received from loans granted. HUDCO had defrauded MS Shoes now Tommorrowland Limited of Rs. 68.70 Crores in the year 1994-1995. Despite of established cheating the HUDCO Scam in Andrews Ganj land stands unexposed for several years hidden under the litigation frivolously contesting despite of earning 18% p.a. annum interest with monthly rests from the lenders by lending the amount received from MS Shoes which has compounded reached the figures of about Rs. 6000 Crores out of the net-worth free serves and surplus of Rs. 11,187 Crores as per Annual Report 2020-2021 of HUDCO. The entire sales of Rs. 7234 Crores is nothing but interest earned by HUDCO on the monies lent to the private lenders with a profit of Rs. 2228 Crores and after taxation the net profit of Rs. 1578 Crores declaring a dividend of Rs. 435 Crores in 2020-2021 having total assets of Rs. 76,959.05 Crores.
HUDCO has been enjoying the possession of the properties at Andrews Ganj all throughout although Rs. 68.70 Crores was received in 1994-1995 from MS Shoes. HUDCO had even Scammed Leela Hotels who also struggled for 15 years to get their money back with contractual rate of interest compounding since HUDCO had misrepresented the same facts to Leela Hotels who were also cheated but MS Shoes continues to struggle for 27 years.
MS Shoes is suffering huge loss each day due to the controversy now sought to be raised by a mock dispute inter- se respondents (HUDCO and the present Government under Mr. Narendra Modi) on the question of liability towards MS Shoes for a refund of his money with interest as per contractual rate. HUDCO has enjoyed the appreciation of the properties which are worth more than Rs. 5000 Crores.
HUDCO has enjoyed Rs. 68,70,63,533/- from the date of payments by earning interest @18% compounded quarterly by lending the same amount to the lenders. In fact from the net-worth of Rs. 11,000 Crores, Rs. 6,000 Crores belong to MS Shoes since HUDCO has earned this amount by lending Rs. 68.70 Crores to the lenders since 1995-96.
The Scam by HUDCO is covered under the pending litigation before Supreme Court and the decision is most awaited expecting justice for several years-unexposed Scam by HUDCO.
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