ABG Shipyard Scam: In just 1 month, the firm's value increased 6 times from 450 crores to 3,000 crores

ABG Shipyard Scam: In just 1 month, the firm’s value increased 6 times from 450 crores to 3,000 crores

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ABG Shipyard Bank Fraud: In this world of technology, startups are touching the heights of success. You must have seen and heard many times that a startup started on a modest capital becomes a company with a turnover of crores within a few days. This story is also similar. In less than a month, there has been an increase in the valuation of a company’s assets from Rs 450 crore to Rs 3,000 crore. And it is not a startup but a property of ABG Cement Ltd.

ABG Cement is a subsidiary of ABG Shipyard Limited, which is in the news these days. ABG Shipyard and ABG Cement are part of Rishi Agarwal-led ABG Group.

According to a news published in indianexpress.com, in a filing before the Bombay High Court on December 8, 2021, the official liquidator asked the court to allow the Enforcement Directorate to sell the Surat-based cement plant of ABG Cement. Was asked to give instructions. At the time of filing, the liquidator said it had found a buyer who was willing to pay Rs 450 crore for the plant. But the ED objected to the sale as the value of the attached property was Rs 952 crore. On December 22, 2021, the ED had asked the High Court not to allow the sale at such a low price. VP Katkar is currently the Official Liquidator attached to the Bombay High Court.

Barely a month later in January 2021, the liquidator told the Bombay High Court that it had found another buyer for the same property for Rs 3,000 crore, which was six times the initial offer. The ED has informed the High Court that if the liquidator can set aside the attachment value of Rs 952 crore in favor of the agency in the FDR interest, he will not obstruct the sale.

This issue remains a matter of discussion that surprisingly, within a month, the plant valuation increased from Rs 450 crore to Rs 3,000 crore. And who is this new buyer who has suddenly increased the price of the plant so much.

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