Industrialist Pawan Ruia has been arrested by the West Bengal Police in connection with a multi-crore fraud case involving shell companies and cryptocurrency-based money laundering.
The performance of his business has moved in tandem with his connections to the ruling party.
Pawan Ruia has finally done it, a beaming Buddhadeb Bhattacharjee, then West Bengal chief minister, had said at the reopening of the 70-year-old Sahagunj factory owned by Dunlop in 2005. But with the Calcutta high court passing a winding-up order in 2013 and the Trinamool Congress-led state government passing a Bill to take over the company in 2016, the once-upon-a-time undisputed leader in the Indian tyre industry looks vastly undone. But that can hardly be a deterrent for Ruia, who has a penchant for making headlines one way or the other.
The directorate of revenue Intelligence has issued a show cause notice to Pawan Kumar Ruia, who had acquired public sector engineering giant Jessop & Co and ailing tyre company Dunlop India Ltd, for allegedly claiming false export benefits.
Dunlop & Jessop head for closure & new ventures abroad yet to inspire but tycoon says he's still going strong.
Ruia, a chartered accountant whose business ranged from sugar to textiles and heavy engineering to tyres, refused to comment on queries about his interest in Air India.
Noted industrialist Pawan K Ruia, who had bought public sector engineering giant Jessop through National Democratic Alliance's divestment scheme
The Ruia group, which had taken over ailing companies like Jessop and Dunlop India for turnaround, is also eyeing the sugar sector.
The recession-hit company had earlier temporarily shut its plants at both Sahagunj, near Kolkata, and Ambattur, near Chennai. But with the rising demand in the the automobile sector, it was decided to resume production. According to Ruia, the Ambattur plant will resume operation from October 19.
The Pawan Ruia group has finally come out with an open offer for Dunlop India and Falcon Tyres following its indirect acquisition of these two outfits from the Jumbo group in December 2005.
Getting the first tyres out from the Sahaganj plant will still require a lot of effort, but with the state government on its side, the hopes are high.
Dunlop India of the Pawan Ruia group has submitted a Rs 600 crore (Rs 6 billion) draft rehabilitation scheme to the Board for Industrial and Financial Reconstruction for the revival of the ailing outfit.
Industrialist Pawan Ruia's (think Dunlop and Jessop) arrest this month for cheating and criminal breach of trust marked a new low, but the tide had been turning against him for a while now. Ishita Ayan Dutt & Avishek Rakshit report.
Owned by Pawan Ruia, the tyre manufacturing company closed down the factory in 2009.
The high court in Kolkata has ordered winding up of the Pawan Ruia group's tyre maker, Dunlop India, directing the official liquidator to take possession of all the company's assets and books of records.
A group spokesperson declined to comment on the size of the forthcoming deal. The market capitalisation of the company is $400 million (Rs 1,840 crore).
Tyre maker Dunlop's owner Pawan Kumar Ruia has submitted a bid to acquire South Korea's bankrupt SsangYong Motor, while Mahindra & Mahindra is also understood to have made a similar move.
No tyres of any description have rolled out of its factories in Sahagunj (West Bengal) or Ambattur (Tamil Nadu) since 2011 and 2012, respectively.
Banerjee, speaking at a rally at Sahaganj in Hooghly district, also said Modi and Home Minister Amit Shah are spreading lies and hatred throughout the country.
The victims, all relatives, belonged to Anantapuramu district and were on their way to Tirupati from Dharmavaram to attend a wedding engagement ceremony scheduled for Sunday morning.
The 'Pran Pratishtha' of the idol of Ram Lalla -- the childhood form of Lord Ram -- will be attended by people from all walks of life, including representatives of major spiritual and religious sects of the country and of various tribal communities and prominent personalities.
The factory located in Ambattur Industrial Estate, which became sick in 2001, under the Manu Chabbria-led management, has been taken over by the Kolkata-based Ruia group which finalised agreements with workers.
Engineering goods major Jessop & Co Ltd, acquired by Ruia Cotex, is planning another round of financial restructuring to wipe out the entire accumulated loss of Rs 110 crore.
Dunlop India chairman Pawan Kumar Ruia said: "The Sahaganj plant will resume production either just before the Puja or right after the Puja."
Taken out from the supervision of the Board for Industrial and Financial Reconstruction (BIFR), Dunlop India Limited (DIL) expects to make a marginal profit by March 2008 and declare a dividend for shareholders next fiscal.
Tyre major Dunlop India's main plant at Shahgunj near Kolkata would be re-opened on October 31, West Bengal Chief Minister Buddhadeb Bhattacharjee said on Monday.
After nearly five years of uncertainty Dunlop India's plant at Ambattur near Chennai would re-open on Sunday with 1000 workers scheduled to join work under a new management headed by Pawan Kumar Ruia
The stand-off between the Pawan Kumar Ruia led management of ailing Dunlop India and workers' union remained unresolved on Saturday, but the new management expressed confidence that all pending issues would be sorted out soon paving the way for re-op
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
A majority of India's billionaires gained wealth in the last one year in spite of the stock market decline.
The combined networth of India's 100 wealthiest is $381 billion (nearly Rs 25.5 lakh crore), a rise of 10 per cent from $ 345 billion in 2015
Pakistani Prime Minister Nawaz Sharif has cancelled his visit to WEF annual meeting after a deadly Taliban attack in his country.
Those scheduled to attend the five-day WEF Annual meeting, beginning January 21, include more than 40 heads of state or government, including those from the UK, Australia, Japan, Iran, Israel, Pakistan, Brazil, Italy, Mauritius, Republic of Korea and Switzerland, WEF announced on Wednesday at a press conference in Geneva.
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