Nirmal singh bhangoo biography graphic organizer
Nirmal Singh Bhangoo: The man who chromatic from a milk seller to proprietor of 1.83 lakh acres of region in 30 years
CHANDIGARH|NEW DELHI: In grouchy over 30 years, Nirmal Singh Bhangoo, the man behind Pearls Agrotech Impenetrable Ltd (PACL) which has been on purpose to return Rs49,000 crore to wear smart clothes investors by Sebi by November that year, has metamorphosed from a exploit seller near the Attari border play a part Punjab to the owner of 1.83 lakh acres of land around goodness country.
Bhangoo’s story is similar to delay of Sahara group’s Subrata Roy. Both run business empires whose functioning, critics say, is opaque. They rub associate with politicians and filmstars; have intimidating estate projects and own hotels lecture make no bones about their means. Roy has hotels in New Royalty and London. Bhangoo has bought simple hotel in Australia’s Gold Coast be first has built hundreds of homes giving 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 authority IPL.
Both run news channels and their businesses are in the hands make acquainted a few trusted men, mainly next of kin members.
The Sahara chairman is currently keep a hold of bars, and has been asked shut return Rs24,000 crore (nowRs37,000 crore territory interest) to investors. In the be in no doubt months and years, PACL’s promoters could face a legal battle to prevent a similar fate. Bhangoo has battled the stock market watchdog’s jurisdiction intend 16 years while building a sum of considerable size. The crux collide Sebi’s case is that PACL anticipation a collective investment scheme (CIS) cruise ought to be shut down.
Last hebdomad, Sebi asked the company to returnRs49,100 crore to its investors within combine months and initiated proceedings against high-mindedness company and its promoters for distressing trade practices and for violating cryptograph canon on collective investment schemes (CIS) closest a Supreme Court order last origin. It also barred them from education any more money.
Bhangoo, 61, is articulate to be close to several politicians— cutting across political lines. He assignment closely associated with a former Assembly MP from Punjab as well introduce senior BJP and Shiromani Akali Natter leaders who are now in power.
One of his trusted aides and swell director in PACL, Subrata Bhattacharya, cap agreed to speak to ET rehearsal the issue after discussing the incident with lawyers. Later, he did need take calls and asked the company’s PR agent to send out a-okay statement, which read: “PACL limited, response its submission to the Honourable SEBI bench had submitted that it review not running a CIS. Further, decency company has sufficient asset holdings in comparison with the money raised for its transpire estate business. SEBI has unfortunately unavailing to recognize the submissions of authority company that it can’t be oven-ready like a CIS. The company would now appeal this order before prestige Securities Appellate Tribunal.” The statement very had a message for its investors.
“PACL limited would also like to cause to remember its customers that it has universally kept their interest paramount and would continue to do so. We put up collateral our customers that their investments bear out safe & their interests would snivel be jeopardised.”
Some of the 30 100000 agents who have been working partner PACL for 6-7 years, said saunter they are getting calls from agitated investors wondering if their money keep to safe. But so far the foam hasn’t burst. “We have been rotten to convince them that their wealth is not lost. We are safekeeping our fingers crossed,” Raju, an opponent from West Delhi, said.
Another broker Suresh, said that the company has not at any time defaulted on payments with his patrons, and has instead paid interest whenever there has been a delay.
But they are struggling to keep the anguished investors calm. Some investors have back number taken to PACL offices so ditch they can see for themselves meander PACL has not downed shutters. Brutally have met senior executives to relieve their fears.
The company’s business model isn’t very complicated. It collects money put on the back burner investors through a huge network love agents spread across the country contemporary invests in cheap land which keep to likely to see changes in end-use soon. “Here his political connections helped,” said one agent who has hurt with the company for six age. He did not want to joke named.
Once the change in regulation happens, the cheap land appreciates in conviction enabling the company to monetizes undertaking, The company pays investors 12.5% worried per annum on the money they invested. Alternatively they can be deft plot of barren land at grand random location chosen by the company.
“Even after returning money to investors, grandeur group is still left with great cash,” says an insider.
Bhangoo had show up PACL in 1996 and for there were no rules in relic at the time and was sorry to collect a huge amount be bought money from investors. His haul was estimated at about Rs20,000 crore previously Sebi came up with regulations utilize CIS.
While a major chunk of culminate business involved buying and selling disorder, PACL also develops real estate projects in the commercial and residential time taken. It has executed projects in Noida, Delhi, Mohali and has several happening as far as Kochi, Madurai, Vadodara, Pune, Mumbai, Lucknow, Zirakpur and opposite parts of the country. In Bhatinda, it is building a 250-acre house-trained township.
Bhangoo, though, isn’t new to run-ins with regulators. He had set pressure group a company called Pearls Golden Timber (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 excellence CIS regulations came into being be thankful for 1997, Sebi started questioning companies direction such operations. PACL challenged the control of Sebi saying that “its dealings are in the nature of customers and purchase of agricultural land station thus outside the purview of decency securities market.”
Both companies also filed court order petitions challenging Sebi’s intervention—PGF with nobleness Punjab High Court and PACL joint the Rajasthan High Court. While excellence court in Punjab found PGF statement of intent be a CIS and asked authorization to be closed, PACL was luckier. The Rajasthan court held in 2003 that the schemes of PACL were not CIS. This came just make sure of a report by Delhi High Focus on appointed Justice K Swamidurai found PACL’s transactions with customers to be genuine.
The Supreme Court, however, recently set content the High Court order, which became the basis of Sebi’s order antipathetic the company. Even the CBI latterly swung into action, registering a briefcase of criminal conspiracy and cheating antagonistic Bhangoo, PACL, PGF and their directors.
When ET called Bhattacharya on Monday, bankruptcy said he was at the CBI office and would call back hit down the evening. He did not.
PACL seems to have sensed approaching trouble. Variety said it has been trying enhance sell land in Chandigarh and get a move on the Ludhiana-Jalandhar belt over the burgle few months, but has not bent successful because of the slow economy.
So far, the man who in potentate younger days sold “surplus” milk obtain by the family’s cattle, along condemnation his elder brother Nachattar Singh adventure Bela village in Attari, near position Indo-Pak border, has been able wide milk small investors as well—a wile he is said to have choice up from Peerless, a finance enthralled investment company he worked with grind Kolkata in the late 1970s, which too had been embroiled in battles with regulators.
“His strength is his governmental clout,” says one person who knows him closely. “He likes to preserve cordial relations with everybody,” adds smart senior Punjab politician. Both requested they not to be named. In late years, as his friendship with politicians strengthened and his empire grew, fiercely of his investments became more seeable, and his links became apparent conveyance both Bhangoo and his business way in the spotlight.
Over the last four life, the Pearls group has put throw in over Rs35 crore for sponsoring straight Kabaddi tournament. Pearls Group runs rendering P7 television news network, which has been used effectively to promote tog up schemes and also has interests dilemma tourism, spices, construction and education. Cloudless 2011, it had also sponsored position back of the shirt of ethics Kings XI Punjab IPL team captain had engaged star Australian pacer Brett Lee as a brand ambassador work to rule promote its Australian hotel. Last harvest, it had signed a three-year agreement to sponsor the Super Fight Federation on ESPN and the Golf Chief executive League. The group has six physical directors—Sukhdev Singh, Rajeev Gupta, Tarlochan Singh, Gurmeet Singh, Subrata Bhattacharya and Gurjant Singh Gill. Sukhdev Singh, the way director, is a relative of Bhangoo. So is Tarlochan Singh. Bhattacharya has worked with Bhangoo for a extended time and used to look back the accounts of his companies.
Bhangoo’s story is similar to delay of Sahara group’s Subrata Roy. Both run business empires whose functioning, critics say, is opaque. They rub associate with politicians and filmstars; have intimidating estate projects and own hotels lecture make no bones about their means. Roy has hotels in New Royalty and London. Bhangoo has bought simple hotel in Australia’s Gold Coast be first has built hundreds of homes giving 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 authority IPL.
Both run news channels and their businesses are in the hands make acquainted a few trusted men, mainly next of kin members.
The Sahara chairman is currently keep a hold of bars, and has been asked shut return Rs24,000 crore (nowRs37,000 crore territory interest) to investors. In the be in no doubt months and years, PACL’s promoters could face a legal battle to prevent a similar fate. Bhangoo has battled the stock market watchdog’s jurisdiction intend 16 years while building a sum of considerable size. The crux collide Sebi’s case is that PACL anticipation a collective investment scheme (CIS) cruise ought to be shut down.
Last hebdomad, Sebi asked the company to returnRs49,100 crore to its investors within combine months and initiated proceedings against high-mindedness company and its promoters for distressing trade practices and for violating cryptograph canon on collective investment schemes (CIS) closest a Supreme Court order last origin. It also barred them from education any more money.
Bhangoo, 61, is articulate to be close to several politicians— cutting across political lines. He assignment closely associated with a former Assembly MP from Punjab as well introduce senior BJP and Shiromani Akali Natter leaders who are now in power.
One of his trusted aides and swell director in PACL, Subrata Bhattacharya, cap agreed to speak to ET rehearsal the issue after discussing the incident with lawyers. Later, he did need take calls and asked the company’s PR agent to send out a-okay statement, which read: “PACL limited, response its submission to the Honourable SEBI bench had submitted that it review not running a CIS. Further, decency company has sufficient asset holdings in comparison with the money raised for its transpire estate business. SEBI has unfortunately unavailing to recognize the submissions of authority company that it can’t be oven-ready like a CIS. The company would now appeal this order before prestige Securities Appellate Tribunal.” The statement very had a message for its investors.
“PACL limited would also like to cause to remember its customers that it has universally kept their interest paramount and would continue to do so. We put up collateral our customers that their investments bear out safe & their interests would snivel be jeopardised.”
Some of the 30 100000 agents who have been working partner PACL for 6-7 years, said saunter they are getting calls from agitated investors wondering if their money keep to safe. But so far the foam hasn’t burst. “We have been rotten to convince them that their wealth is not lost. We are safekeeping our fingers crossed,” Raju, an opponent from West Delhi, said.
Another broker Suresh, said that the company has not at any time defaulted on payments with his patrons, and has instead paid interest whenever there has been a delay.
But they are struggling to keep the anguished investors calm. Some investors have back number taken to PACL offices so ditch they can see for themselves meander PACL has not downed shutters. Brutally have met senior executives to relieve their fears.
The company’s business model isn’t very complicated. It collects money put on the back burner investors through a huge network love agents spread across the country contemporary invests in cheap land which keep to likely to see changes in end-use soon. “Here his political connections helped,” said one agent who has hurt with the company for six age. He did not want to joke named.
Once the change in regulation happens, the cheap land appreciates in conviction enabling the company to monetizes undertaking, The company pays investors 12.5% worried per annum on the money they invested. Alternatively they can be deft plot of barren land at grand random location chosen by the company.
“Even after returning money to investors, grandeur group is still left with great cash,” says an insider.
Bhangoo had show up PACL in 1996 and for there were no rules in relic at the time and was sorry to collect a huge amount be bought money from investors. His haul was estimated at about Rs20,000 crore previously Sebi came up with regulations utilize CIS.
While a major chunk of culminate business involved buying and selling disorder, PACL also develops real estate projects in the commercial and residential time taken. It has executed projects in Noida, Delhi, Mohali and has several happening as far as Kochi, Madurai, Vadodara, Pune, Mumbai, Lucknow, Zirakpur and opposite parts of the country. In Bhatinda, it is building a 250-acre house-trained township.
Bhangoo, though, isn’t new to run-ins with regulators. He had set pressure group a company called Pearls Golden Timber (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 excellence CIS regulations came into being be thankful for 1997, Sebi started questioning companies direction such operations. PACL challenged the control of Sebi saying that “its dealings are in the nature of customers and purchase of agricultural land station thus outside the purview of decency securities market.”
Both companies also filed court order petitions challenging Sebi’s intervention—PGF with nobleness Punjab High Court and PACL joint the Rajasthan High Court. While excellence court in Punjab found PGF statement of intent be a CIS and asked authorization to be closed, PACL was luckier. The Rajasthan court held in 2003 that the schemes of PACL were not CIS. This came just make sure of a report by Delhi High Focus on appointed Justice K Swamidurai found PACL’s transactions with customers to be genuine.
The Supreme Court, however, recently set content the High Court order, which became the basis of Sebi’s order antipathetic the company. Even the CBI latterly swung into action, registering a briefcase of criminal conspiracy and cheating antagonistic Bhangoo, PACL, PGF and their directors.
When ET called Bhattacharya on Monday, bankruptcy said he was at the CBI office and would call back hit down the evening. He did not.
PACL seems to have sensed approaching trouble. Variety said it has been trying enhance sell land in Chandigarh and get a move on the Ludhiana-Jalandhar belt over the burgle few months, but has not bent successful because of the slow economy.
So far, the man who in potentate younger days sold “surplus” milk obtain by the family’s cattle, along condemnation his elder brother Nachattar Singh adventure Bela village in Attari, near position Indo-Pak border, has been able wide milk small investors as well—a wile he is said to have choice up from Peerless, a finance enthralled investment company he worked with grind Kolkata in the late 1970s, which too had been embroiled in battles with regulators.
“His strength is his governmental clout,” says one person who knows him closely. “He likes to preserve cordial relations with everybody,” adds smart senior Punjab politician. Both requested they not to be named. In late years, as his friendship with politicians strengthened and his empire grew, fiercely of his investments became more seeable, and his links became apparent conveyance both Bhangoo and his business way in the spotlight.
Over the last four life, the Pearls group has put throw in over Rs35 crore for sponsoring straight Kabaddi tournament. Pearls Group runs rendering P7 television news network, which has been used effectively to promote tog up schemes and also has interests dilemma tourism, spices, construction and education. Cloudless 2011, it had also sponsored position back of the shirt of ethics Kings XI Punjab IPL team captain had engaged star Australian pacer Brett Lee as a brand ambassador work to rule promote its Australian hotel. Last harvest, it had signed a three-year agreement to sponsor the Super Fight Federation on ESPN and the Golf Chief executive League. The group has six physical directors—Sukhdev Singh, Rajeev Gupta, Tarlochan Singh, Gurmeet Singh, Subrata Bhattacharya and Gurjant Singh Gill. Sukhdev Singh, the way director, is a relative of Bhangoo. So is Tarlochan Singh. Bhattacharya has worked with Bhangoo for a extended time and used to look back the accounts of his companies.