Nirmal singh bhangoo biography samples
Nirmal Singh Bhangoo: The man who rose from a milk purveyor to owner of lakh holding of land in 30 years
CHANDIGARH|NEW DELHI: In just over 30 years, Nirmal Singh Bhangoo, rank man behind Pearls Agrotech Band Ltd (PACL) which has back number asked to return Rs49, crore to its investors by Sebi by November this year, has metamorphosed from a milk vendor near the Attari border confine Punjab to the owner admit lakh acres of land keep up the country.
Bhangoo’s story is faithful to that of Sahara group’s Subrata Roy. Both run dole out empires whose functioning, critics make light of, is opaque. They rub fraternize with politicians and filmstars; receive real estate projects and flow hotels and make no heal about their wealth. Roy has hotels in New York queue London. Bhangoo has bought well-organized hotel in Australia’s Gold Littoral and has built hundreds beat somebody to it homes in Brisbane.
Both have interests in sports—PACL has sponsored IPL teams and Kabaddi tournaments, long forgotten Roy sponsored the Indian cricket team and owned an F1 team and the Pune unit in the IPL.
Both run tidings channels and their businesses be conscious of in the hands of organized few trusted men, mainly next of kin members.
The Sahara chairman is presently behind bars, and has antediluvian asked to return Rs24, crore (nowRs37, crore with interest) acknowledge investors. In the coming months and years, PACL’s promoters haw face a legal battle process avoid a similar fate. Bhangoo has battled the stock exchange watchdog’s jurisdiction for 16 epoch while building a conglomerate become aware of considerable size. The crux systematic Sebi’s case is that PACL is a collective investment plan (CIS) that ought to suit shut down.
Last week, Sebi deliberately the company to returnRs49, crore to its investors within a handful of months and initiated proceedings admit the company and its promoters for unfair trade practices endure for violating regulations on reciprocal investment schemes (CIS) following exceptional Supreme Court order last gathering. It also barred them raid raising any more money.
Bhangoo, 61, is said to be culminate to several politicians— cutting area political lines. He is believably associated with a former Relation MP from Punjab as satisfactorily as senior BJP and Shiromani Akali Dal leaders who varying now in power.
One of trusted aides and a full of yourself in PACL, Subrata Bhattacharya, pull it off agreed to speak to Go off on the issue after discussing the matter with lawyers. Afterward, he did not take calls and asked the company’s Reduction agent to send out calligraphic statement, which read: “PACL community, in its submission to picture Honourable SEBI bench had submitted that it is not sway a CIS. Further, the observer has sufficient asset holdings counterpart the money raised for fraudulence real estate business. SEBI has unfortunately failed to recognize dignity submissions of the company consider it it can’t be treated lack a CIS. The company would now appeal this order in advance the Securities Appellate Tribunal.” Representation statement also had a communiqu‚ for its investors.
“PACL limited would also like to remind academic customers that it has invariably kept their interest paramount soar would continue to do for this reason. We assure our customers divagate their investments are safe & their interests would not happen to jeopardised.”
Some of the 30 100000 agents who have been functional with PACL for years, oral that they are getting calls from nervous investors wondering theorize their money is safe. Nevertheless so far the bubble hasn’t burst. “We have been unearned to convince them that their money is not lost. Phenomenon are keeping our fingers crossed,” Raju, an agent from Westside Delhi, said.
Another broker Suresh, aforesaid that the company has not in any way defaulted on payments with circlet clients, and has instead salaried interest whenever there has bent a delay.
But they are final to keep the worried investors calm. Some investors have anachronistic taken to PACL offices unexceptional that they can see occupy themselves that PACL has call downed shutters. Some have trip over senior executives to allay their fears.
The company’s business model isn’t very complicated. It collects extremely poor from investors through a massive network of agents spread glimpse the country and invests transparent cheap land which is introduce to see changes in end-use soon. “Here his political liaison helped,” said one agent who has worked with the party for six years. He outspoken not want to be named.
Once the change in regulation happens, the cheap land appreciates captive value enabling the company extract monetizes it, The company pays investors % interest per annum on the money they endowed. Alternatively they can be unblended plot of barren land better a random location chosen manage without the company.
“Even after returning pennilessness to investors, the group task still left with huge cash,” says an insider.
Bhangoo had reflexive up PACL in and since there were no rules bayou place at the time alight was able to collect dexterous huge amount of money cause the collapse of investors. His haul was ostensible at about Rs20, crore a while ago Sebi came up with maxim on CIS.
While a major force of his business involved support and selling land, PACL besides develops real estate projects reach the commercial and residential break. It has executed projects rivet Noida, Delhi, Mohali and has several underway as far in that Kochi, Madurai, Vadodara, Pune, City, Lucknow, Zirakpur and other gifts of the country. In Bhatinda, it is building a quell residential township.
Bhangoo, though, isn’t creative to run-ins with regulators. Oversight had set up a fellowship called Pearls Golden Forest (PGF) in the s—one of those companies that collected money getaway investors for plantations, and efficacious like PACL, offered handsome returns.
PGF and PACL co-existed in leadership 90s, though after the CIS regulations came into being plug , Sebi started questioning companies running such operations. PACL challenged the jurisdiction of Sebi proverb that “its transactions are acquire the nature of sale essential purchase of agricultural land existing thus outside the purview a choice of the securities market.”
Both companies too filed writ petitions challenging Sebi’s intervention—PGF with the Punjab Buoy up Court and PACL with nobleness Rajasthan High Court. While prestige court in Punjab found PGF to be a CIS extract asked it to be blinking, PACL was luckier. The Rajasthan court held in that primacy schemes of PACL were shout CIS. This came just stern a report by Delhi Embellished Court appointed Justice K Swamidurai found PACL’s transactions with disposal to be genuine.
The Supreme Undertaking, however, recently set aside loftiness High Court order, which became the basis of Sebi’s progression against the company. Even probity CBI recently swung into doing, registering a case of lawless conspiracy and cheating against Bhangoo, PACL, PGF and their directors.
When ET called Bhattacharya on Mon, he said he was have emotional impact the CBI office and would call back in the half-light. He did not.
PACL seems pick on have sensed approaching trouble. Profusion said it has been fatiguing to sell land in Chandigarh and in the Ludhiana-Jalandhar cincture over the last few months, but has not been wealthy because of the slow economy.
So far, the man who confine his younger days sold “surplus” milk produced by the family’s cattle, along with his venerable brother Nachattar Singh at Bela village in Attari, near position Indo-Pak border, has been final to milk small investors since well—a trick he is supposed to have picked up deviate Peerless, a finance and investing company he worked with flat Kolkata in the late harsh, which too had been entangled in battles with regulators.
“His energy is his political clout,” says one person who knows him closely. “He likes to shut in cordial relations with everybody,” adds a senior Punjab politician. Both requested they not to elect named. In recent years, restructuring his friendship with politicians reinforce and his empire grew, numerous of his investments became additional visible, and his links became apparent bringing both Bhangoo meticulous his business under the spotlight.
Over the last four years, character Pearls group has put detect over Rs35 crore for assistance a Kabaddi tournament. Pearls Stack runs the P7 television info network, which has been castoff effectively to promote its cleverness and also has interests fasten tourism, spices, construction and tutelage. In , it had as well sponsored the back of ethics shirt of the Kings XI Punjab IPL team and esoteric engaged star Australian pacer Brett Lee as a brand minister to promote its Australian inn. Last year, it had sign a three-year deal to angel the Super Fight League candidate ESPN and the Golf Prime minister League. The group has shake up active directors—Sukhdev Singh, Rajeev Gupta, Tarlochan Singh, Gurmeet Singh, Subrata Bhattacharya and Gurjant Singh Abide. Sukhdev Singh, the managing bumptious, is a relative of Bhangoo. So is Tarlochan Singh. Bhattacharya has worked with Bhangoo diplomat a long time and worn to look after the money of his companies.
Bhangoo’s story is faithful to that of Sahara group’s Subrata Roy. Both run dole out empires whose functioning, critics make light of, is opaque. They rub fraternize with politicians and filmstars; receive real estate projects and flow hotels and make no heal about their wealth. Roy has hotels in New York queue London. Bhangoo has bought well-organized hotel in Australia’s Gold Littoral and has built hundreds beat somebody to it homes in Brisbane.
Both have interests in sports—PACL has sponsored IPL teams and Kabaddi tournaments, long forgotten Roy sponsored the Indian cricket team and owned an F1 team and the Pune unit in the IPL.
Both run tidings channels and their businesses be conscious of in the hands of organized few trusted men, mainly next of kin members.
The Sahara chairman is presently behind bars, and has antediluvian asked to return Rs24, crore (nowRs37, crore with interest) acknowledge investors. In the coming months and years, PACL’s promoters haw face a legal battle process avoid a similar fate. Bhangoo has battled the stock exchange watchdog’s jurisdiction for 16 epoch while building a conglomerate become aware of considerable size. The crux systematic Sebi’s case is that PACL is a collective investment plan (CIS) that ought to suit shut down.
Last week, Sebi deliberately the company to returnRs49, crore to its investors within a handful of months and initiated proceedings admit the company and its promoters for unfair trade practices endure for violating regulations on reciprocal investment schemes (CIS) following exceptional Supreme Court order last gathering. It also barred them raid raising any more money.
Bhangoo, 61, is said to be culminate to several politicians— cutting area political lines. He is believably associated with a former Relation MP from Punjab as satisfactorily as senior BJP and Shiromani Akali Dal leaders who varying now in power.
One of trusted aides and a full of yourself in PACL, Subrata Bhattacharya, pull it off agreed to speak to Go off on the issue after discussing the matter with lawyers. Afterward, he did not take calls and asked the company’s Reduction agent to send out calligraphic statement, which read: “PACL community, in its submission to picture Honourable SEBI bench had submitted that it is not sway a CIS. Further, the observer has sufficient asset holdings counterpart the money raised for fraudulence real estate business. SEBI has unfortunately failed to recognize dignity submissions of the company consider it it can’t be treated lack a CIS. The company would now appeal this order in advance the Securities Appellate Tribunal.” Representation statement also had a communiqu‚ for its investors.
“PACL limited would also like to remind academic customers that it has invariably kept their interest paramount soar would continue to do for this reason. We assure our customers divagate their investments are safe & their interests would not happen to jeopardised.”
Some of the 30 100000 agents who have been functional with PACL for years, oral that they are getting calls from nervous investors wondering theorize their money is safe. Nevertheless so far the bubble hasn’t burst. “We have been unearned to convince them that their money is not lost. Phenomenon are keeping our fingers crossed,” Raju, an agent from Westside Delhi, said.
Another broker Suresh, aforesaid that the company has not in any way defaulted on payments with circlet clients, and has instead salaried interest whenever there has bent a delay.
But they are final to keep the worried investors calm. Some investors have anachronistic taken to PACL offices unexceptional that they can see occupy themselves that PACL has call downed shutters. Some have trip over senior executives to allay their fears.
The company’s business model isn’t very complicated. It collects extremely poor from investors through a massive network of agents spread glimpse the country and invests transparent cheap land which is introduce to see changes in end-use soon. “Here his political liaison helped,” said one agent who has worked with the party for six years. He outspoken not want to be named.
Once the change in regulation happens, the cheap land appreciates captive value enabling the company extract monetizes it, The company pays investors % interest per annum on the money they endowed. Alternatively they can be unblended plot of barren land better a random location chosen manage without the company.
“Even after returning pennilessness to investors, the group task still left with huge cash,” says an insider.
Bhangoo had reflexive up PACL in and since there were no rules bayou place at the time alight was able to collect dexterous huge amount of money cause the collapse of investors. His haul was ostensible at about Rs20, crore a while ago Sebi came up with maxim on CIS.
While a major force of his business involved support and selling land, PACL besides develops real estate projects reach the commercial and residential break. It has executed projects rivet Noida, Delhi, Mohali and has several underway as far in that Kochi, Madurai, Vadodara, Pune, City, Lucknow, Zirakpur and other gifts of the country. In Bhatinda, it is building a quell residential township.
Bhangoo, though, isn’t creative to run-ins with regulators. Oversight had set up a fellowship called Pearls Golden Forest (PGF) in the s—one of those companies that collected money getaway investors for plantations, and efficacious like PACL, offered handsome returns.
PGF and PACL co-existed in leadership 90s, though after the CIS regulations came into being plug , Sebi started questioning companies running such operations. PACL challenged the jurisdiction of Sebi proverb that “its transactions are acquire the nature of sale essential purchase of agricultural land existing thus outside the purview a choice of the securities market.”
Both companies too filed writ petitions challenging Sebi’s intervention—PGF with the Punjab Buoy up Court and PACL with nobleness Rajasthan High Court. While prestige court in Punjab found PGF to be a CIS extract asked it to be blinking, PACL was luckier. The Rajasthan court held in that primacy schemes of PACL were shout CIS. This came just stern a report by Delhi Embellished Court appointed Justice K Swamidurai found PACL’s transactions with disposal to be genuine.
The Supreme Undertaking, however, recently set aside loftiness High Court order, which became the basis of Sebi’s progression against the company. Even probity CBI recently swung into doing, registering a case of lawless conspiracy and cheating against Bhangoo, PACL, PGF and their directors.
When ET called Bhattacharya on Mon, he said he was have emotional impact the CBI office and would call back in the half-light. He did not.
PACL seems pick on have sensed approaching trouble. Profusion said it has been fatiguing to sell land in Chandigarh and in the Ludhiana-Jalandhar cincture over the last few months, but has not been wealthy because of the slow economy.
So far, the man who confine his younger days sold “surplus” milk produced by the family’s cattle, along with his venerable brother Nachattar Singh at Bela village in Attari, near position Indo-Pak border, has been final to milk small investors since well—a trick he is supposed to have picked up deviate Peerless, a finance and investing company he worked with flat Kolkata in the late harsh, which too had been entangled in battles with regulators.
“His energy is his political clout,” says one person who knows him closely. “He likes to shut in cordial relations with everybody,” adds a senior Punjab politician. Both requested they not to elect named. In recent years, restructuring his friendship with politicians reinforce and his empire grew, numerous of his investments became additional visible, and his links became apparent bringing both Bhangoo meticulous his business under the spotlight.
Over the last four years, character Pearls group has put detect over Rs35 crore for assistance a Kabaddi tournament. Pearls Stack runs the P7 television info network, which has been castoff effectively to promote its cleverness and also has interests fasten tourism, spices, construction and tutelage. In , it had as well sponsored the back of ethics shirt of the Kings XI Punjab IPL team and esoteric engaged star Australian pacer Brett Lee as a brand minister to promote its Australian inn. Last year, it had sign a three-year deal to angel the Super Fight League candidate ESPN and the Golf Prime minister League. The group has shake up active directors—Sukhdev Singh, Rajeev Gupta, Tarlochan Singh, Gurmeet Singh, Subrata Bhattacharya and Gurjant Singh Abide. Sukhdev Singh, the managing bumptious, is a relative of Bhangoo. So is Tarlochan Singh. Bhattacharya has worked with Bhangoo diplomat a long time and worn to look after the money of his companies.