Kanpur: Team Investigation Center (CBI) Team invaded the premise of the Director of Managing (CMD) from Shri Lakshmi Cotsyn, a company allegedly caused a loss of more than Rs 6,833 Crore to a 10-bank consortium led by the Indian Central Bank, on Saturday.
The CBI team until when submitting this report was involved in an investigation at the company’s headquarters located in Krishnapuram at Kanpur Nagar and Malwan at Fatehpur.
The company, owned by the Agarwal Prasad Eye, began in 1993, has decided to double its business in the technical textile from RS 1,000 Crores in 2010.
However, the company, however, cannot return the amount taken from the stock market and the bank.
until date.
Shri Lakshmi Cotsyn is the largest company in the city in terms of the number that will default.
Apart from the bullet-bullet jacket, the company is also used to produce many defense products.
“It also produces Bort-proof clothing for army vehicles.
In 2005-06, the company ventured denim fabric.
For this, the loan around Rs 85 Crore was taken from the bank.
To achieve success, the unit was also set in Roorkee and Haryana.
In the year 2006 the company doubled its production capacity.
In 2010, it took a loan RS 693 Crore from the Indian central bank for technical textile production.
After this, the company prepared RS 200 investment.
Crore from the equity market and the company prepared an investment plan RS 100 Crore, “Source of Informd Toi .
Shri Lakshmi Cotsyn is headquartered in Krishnapuram from Kanpur Nagar and the factory is located in Fatehpur, Haryana, Noida and Uttarakhand.
The source added that talks occurred with two foreign companies for the acquisition of Shri Lakshmi Cotsyn, which was declared a former three years ago, but after their rejection, the famous company Maharashtra, Welspun picked flowers, but it didn’t work.
one of.
Besides Agarwal, the CBI was also named Pawan Kumar Agarwal, the Director of Joint Implementing and Guarantor, Sharda Agarwal, Director and Guarantor and Devesh Narain Gupta, Deputy Managing Director as the defendant in the FIR registered in the complaint of the Indian Central Bank, said the source.
CBI searches in nine locations in Noida, Roorkee, Kanpur and Fatehpur on Saturday, the source added.