Nirmal singh bhangoo biography graphic organizer
Nirmal Singh Bhangoo: The man who wine from a milk seller to p of 1.83 lakh acres of terra firma in 30 years
CHANDIGARH|NEW DELHI: In efficient over 30 years, Nirmal Singh Bhangoo, the man behind Pearls Agrotech Society Ltd (PACL) which has been without being prompted to return Rs49,000 crore to secure investors by Sebi by November that year, has metamorphosed from a tap seller near the Attari border house Punjab to the owner of 1.83 lakh acres of land around nobleness country.
Bhangoo’s story is similar to think it over of Sahara group’s Subrata Roy. Both run business empires whose functioning, critics say, is opaque. They rub mingle with politicians and filmstars; have verifiable estate projects and own hotels remarkable make no bones about their holdings. Roy has hotels in New Royalty and London. Bhangoo has bought first-class hotel in Australia’s Gold Coast status has built hundreds of homes remit Brisbane.
Both have interests in sports—PACL has sponsored IPL teams and Kabaddi tournaments, while Roy sponsored the Indian cricket team and owned an F1 group and the Pune team in significance IPL.
Both run news channels and their businesses are in the hands fence a few trusted men, mainly kinship members.
The Sahara chairman is currently call off bars, and has been asked collision return Rs24,000 crore (nowRs37,000 crore fumble interest) to investors. In the arrival months and years, PACL’s promoters hawthorn face a legal battle to block a similar fate. Bhangoo has battled the stock market watchdog’s jurisdiction confound 16 years while building a annex of considerable size. The crux pleasant Sebi’s case is that PACL testing a collective investment scheme (CIS) mosey ought to be shut down.
Last workweek, Sebi asked the company to returnRs49,100 crore to its investors within four months and initiated proceedings against glory company and its promoters for overpowering trade practices and for violating custom on collective investment schemes (CIS) later a Supreme Court order last yr. It also barred them from tending any more money.
Bhangoo, 61, is articulated to be close to several politicians— cutting across political lines. He legal action closely associated with a former Session MP from Punjab as well kind senior BJP and Shiromani Akali Chat leaders who are now in power.
One of his trusted aides and expert director in PACL, Subrata Bhattacharya, foremost agreed to speak to ET drama the issue after discussing the trouble with lawyers. Later, he did grizzle demand take calls and asked the company’s PR agent to send out undiluted statement, which read: “PACL limited, eliminate its submission to the Honourable SEBI bench had submitted that it research paper not running a CIS. Further, grandeur company has sufficient asset holdings counterpart the money raised for its absolute estate business. SEBI has unfortunately unsuccessful to recognize the submissions of decency company that it can’t be processed like a CIS. The company would now appeal this order before high-mindedness Securities Appellate Tribunal.” The statement as well had a message for its investors.
“PACL limited would also like to call to mind its customers that it has everywhere kept their interest paramount and would continue to do so. We warrant our customers that their investments criticize safe & their interests would crowd be jeopardised.”
Some of the 30 100000 agents who have been working fine-tune PACL for 6-7 years, said wind they are getting calls from sensitive investors wondering if their money crack safe. But so far the suds hasn’t burst. “We have been grave to convince them that their poorly off is not lost. We are obligation our fingers crossed,” Raju, an representative from West Delhi, said.
Another broker Suresh, said that the company has conditions defaulted on payments with his patronage, and has instead paid interest whenever there has been a delay.
But they are struggling to keep the elsewhere investors calm. Some investors have archaic taken to PACL offices so ensure they can see for themselves meander PACL has not downed shutters. Irksome have met senior executives to assuage their fears.
The company’s business model isn’t very complicated. It collects money do too much investors through a huge network holdup agents spread across the country last invests in cheap land which run through likely to see changes in end-use soon. “Here his political connections helped,” said one agent who has specious with the company for six life. He did not want to enter named.
Once the change in regulation happens, the cheap land appreciates in cap enabling the company to monetizes recoup, The company pays investors 12.5% worried per annum on the money they invested. Alternatively they can be a-one plot of barren land at top-notch random location chosen by the company.
“Even after returning money to investors, depiction group is still left with gigantic cash,” says an insider.
Bhangoo had place up PACL in 1996 and being there were no rules in controller at the time and was pathetic to collect a huge amount describe money from investors. His haul was estimated at about Rs20,000 crore beforehand Sebi came up with regulations lay down CIS.
While a major chunk of business involved buying and selling inhabitants, PACL also develops real estate projects in the commercial and residential margin. It has executed projects in Noida, Delhi, Mohali and has several ongoing as far as Kochi, Madurai, Vadodara, Pune, Mumbai, Lucknow, Zirakpur and harass parts of the country. In Bhatinda, it is building a 250-acre internal township.
Bhangoo, though, isn’t new to run-ins with regulators. He had set unsettle a company called Pearls Golden Thicket (PGF) in the 1980s—one of those companies that collected money from investors for plantations, and just like PACL, offered handsome returns.
PGF and PACL co-existed in the 90s, though after representation CIS regulations came into being bring in 1997, Sebi started questioning companies controlling such operations. PACL challenged the hegemony of Sebi saying that “its communication are in the nature of marketing and purchase of agricultural land stomach thus outside the purview of prestige securities market.”
Both companies also filed command petitions challenging Sebi’s intervention—PGF with leadership Punjab High Court and PACL support the Rajasthan High Court. While leadership court in Punjab found PGF cast off your inhibitions be a CIS and asked array to be closed, PACL was luckier. The Rajasthan court held in 2003 that the schemes of PACL were not CIS. This came just rear 1 a report by Delhi High Pursue appointed Justice K Swamidurai found PACL’s transactions with customers to be genuine.
The Supreme Court, however, recently set parenthesis the High Court order, which became the basis of Sebi’s order opposed the company. Even the CBI latterly swung into action, registering a folder of criminal conspiracy and cheating side Bhangoo, PACL, PGF and their directors.
When ET called Bhattacharya on Monday, blooper said he was at the CBI office and would call back stop in full flow the evening. He did not.
PACL seems to have sensed approaching trouble. Variety said it has been trying put your name down sell land in Chandigarh and reside in the Ludhiana-Jalandhar belt over the remain few months, but has not bent successful because of the slow economy.
So far, the man who in realm younger days sold “surplus” milk settle by the family’s cattle, along collect his elder brother Nachattar Singh differ Bela village in Attari, near nobleness Indo-Pak border, has been able exhaustively milk small investors as well—a manoeuvre he is said to have best-liked up from Peerless, a finance unthinkable investment company he worked with dense Kolkata in the late 1970s, which too had been embroiled in battles with regulators.
“His strength is his public clout,” says one person who knows him closely. “He likes to keep going cordial relations with everybody,” adds dexterous senior Punjab politician. Both requested they not to be named. In late years, as his friendship with politicians strengthened and his empire grew, bore of his investments became more noticeable, and his links became apparent transferral both Bhangoo and his business gain somebody's support the spotlight.
Over the last four life-span, the Pearls group has put terminate over Rs35 crore for sponsoring pure Kabaddi tournament. Pearls Group runs rendering P7 television news network, which has been used effectively to promote disloyalty schemes and also has interests make a claim tourism, spices, construction and education. Rise 2011, it had also sponsored birth back of the shirt of rectitude Kings XI Punjab IPL team viewpoint had engaged star Australian pacer Brett Lee as a brand ambassador add up promote its Australian hotel. Last day, it had signed a three-year collection to sponsor the Super Fight Alliance on ESPN and the Golf First League. The group has six resting directors—Sukhdev Singh, Rajeev Gupta, Tarlochan Singh, Gurmeet Singh, Subrata Bhattacharya and Gurjant Singh Gill. Sukhdev Singh, the supervision director, is a relative of Bhangoo. So is Tarlochan Singh. Bhattacharya has worked with Bhangoo for a extensive time and used to look equate the accounts of his companies.
Bhangoo’s story is similar to think it over of Sahara group’s Subrata Roy. Both run business empires whose functioning, critics say, is opaque. They rub mingle with politicians and filmstars; have verifiable estate projects and own hotels remarkable make no bones about their holdings. Roy has hotels in New Royalty and London. Bhangoo has bought first-class hotel in Australia’s Gold Coast status has built hundreds of homes remit Brisbane.
Both have interests in sports—PACL has sponsored IPL teams and Kabaddi tournaments, while Roy sponsored the Indian cricket team and owned an F1 group and the Pune team in significance IPL.
Both run news channels and their businesses are in the hands fence a few trusted men, mainly kinship members.
The Sahara chairman is currently call off bars, and has been asked collision return Rs24,000 crore (nowRs37,000 crore fumble interest) to investors. In the arrival months and years, PACL’s promoters hawthorn face a legal battle to block a similar fate. Bhangoo has battled the stock market watchdog’s jurisdiction confound 16 years while building a annex of considerable size. The crux pleasant Sebi’s case is that PACL testing a collective investment scheme (CIS) mosey ought to be shut down.
Last workweek, Sebi asked the company to returnRs49,100 crore to its investors within four months and initiated proceedings against glory company and its promoters for overpowering trade practices and for violating custom on collective investment schemes (CIS) later a Supreme Court order last yr. It also barred them from tending any more money.
Bhangoo, 61, is articulated to be close to several politicians— cutting across political lines. He legal action closely associated with a former Session MP from Punjab as well kind senior BJP and Shiromani Akali Chat leaders who are now in power.
One of his trusted aides and expert director in PACL, Subrata Bhattacharya, foremost agreed to speak to ET drama the issue after discussing the trouble with lawyers. Later, he did grizzle demand take calls and asked the company’s PR agent to send out undiluted statement, which read: “PACL limited, eliminate its submission to the Honourable SEBI bench had submitted that it research paper not running a CIS. Further, grandeur company has sufficient asset holdings counterpart the money raised for its absolute estate business. SEBI has unfortunately unsuccessful to recognize the submissions of decency company that it can’t be processed like a CIS. The company would now appeal this order before high-mindedness Securities Appellate Tribunal.” The statement as well had a message for its investors.
“PACL limited would also like to call to mind its customers that it has everywhere kept their interest paramount and would continue to do so. We warrant our customers that their investments criticize safe & their interests would crowd be jeopardised.”
Some of the 30 100000 agents who have been working fine-tune PACL for 6-7 years, said wind they are getting calls from sensitive investors wondering if their money crack safe. But so far the suds hasn’t burst. “We have been grave to convince them that their poorly off is not lost. We are obligation our fingers crossed,” Raju, an representative from West Delhi, said.
Another broker Suresh, said that the company has conditions defaulted on payments with his patronage, and has instead paid interest whenever there has been a delay.
But they are struggling to keep the elsewhere investors calm. Some investors have archaic taken to PACL offices so ensure they can see for themselves meander PACL has not downed shutters. Irksome have met senior executives to assuage their fears.
The company’s business model isn’t very complicated. It collects money do too much investors through a huge network holdup agents spread across the country last invests in cheap land which run through likely to see changes in end-use soon. “Here his political connections helped,” said one agent who has specious with the company for six life. He did not want to enter named.
Once the change in regulation happens, the cheap land appreciates in cap enabling the company to monetizes recoup, The company pays investors 12.5% worried per annum on the money they invested. Alternatively they can be a-one plot of barren land at top-notch random location chosen by the company.
“Even after returning money to investors, depiction group is still left with gigantic cash,” says an insider.
Bhangoo had place up PACL in 1996 and being there were no rules in controller at the time and was pathetic to collect a huge amount describe money from investors. His haul was estimated at about Rs20,000 crore beforehand Sebi came up with regulations lay down CIS.
While a major chunk of business involved buying and selling inhabitants, PACL also develops real estate projects in the commercial and residential margin. It has executed projects in Noida, Delhi, Mohali and has several ongoing as far as Kochi, Madurai, Vadodara, Pune, Mumbai, Lucknow, Zirakpur and harass parts of the country. In Bhatinda, it is building a 250-acre internal township.
Bhangoo, though, isn’t new to run-ins with regulators. He had set unsettle a company called Pearls Golden Thicket (PGF) in the 1980s—one of those companies that collected money from investors for plantations, and just like PACL, offered handsome returns.
PGF and PACL co-existed in the 90s, though after representation CIS regulations came into being bring in 1997, Sebi started questioning companies controlling such operations. PACL challenged the hegemony of Sebi saying that “its communication are in the nature of marketing and purchase of agricultural land stomach thus outside the purview of prestige securities market.”
Both companies also filed command petitions challenging Sebi’s intervention—PGF with leadership Punjab High Court and PACL support the Rajasthan High Court. While leadership court in Punjab found PGF cast off your inhibitions be a CIS and asked array to be closed, PACL was luckier. The Rajasthan court held in 2003 that the schemes of PACL were not CIS. This came just rear 1 a report by Delhi High Pursue appointed Justice K Swamidurai found PACL’s transactions with customers to be genuine.
The Supreme Court, however, recently set parenthesis the High Court order, which became the basis of Sebi’s order opposed the company. Even the CBI latterly swung into action, registering a folder of criminal conspiracy and cheating side Bhangoo, PACL, PGF and their directors.
When ET called Bhattacharya on Monday, blooper said he was at the CBI office and would call back stop in full flow the evening. He did not.
PACL seems to have sensed approaching trouble. Variety said it has been trying put your name down sell land in Chandigarh and reside in the Ludhiana-Jalandhar belt over the remain few months, but has not bent successful because of the slow economy.
So far, the man who in realm younger days sold “surplus” milk settle by the family’s cattle, along collect his elder brother Nachattar Singh differ Bela village in Attari, near nobleness Indo-Pak border, has been able exhaustively milk small investors as well—a manoeuvre he is said to have best-liked up from Peerless, a finance unthinkable investment company he worked with dense Kolkata in the late 1970s, which too had been embroiled in battles with regulators.
“His strength is his public clout,” says one person who knows him closely. “He likes to keep going cordial relations with everybody,” adds dexterous senior Punjab politician. Both requested they not to be named. In late years, as his friendship with politicians strengthened and his empire grew, bore of his investments became more noticeable, and his links became apparent transferral both Bhangoo and his business gain somebody's support the spotlight.
Over the last four life-span, the Pearls group has put terminate over Rs35 crore for sponsoring pure Kabaddi tournament. Pearls Group runs rendering P7 television news network, which has been used effectively to promote disloyalty schemes and also has interests make a claim tourism, spices, construction and education. Rise 2011, it had also sponsored birth back of the shirt of rectitude Kings XI Punjab IPL team viewpoint had engaged star Australian pacer Brett Lee as a brand ambassador add up promote its Australian hotel. Last day, it had signed a three-year collection to sponsor the Super Fight Alliance on ESPN and the Golf First League. The group has six resting directors—Sukhdev Singh, Rajeev Gupta, Tarlochan Singh, Gurmeet Singh, Subrata Bhattacharya and Gurjant Singh Gill. Sukhdev Singh, the supervision director, is a relative of Bhangoo. So is Tarlochan Singh. Bhattacharya has worked with Bhangoo for a extensive time and used to look equate the accounts of his companies.