Builders invested in Sabharwals' company

MALL builders Kabul Chawla
and his wife, Anjali, had made a
direct investment of Rs 1.5 crore
in Pawan Impex Private Limited,
one of the many companies run
by the sons of former chief justice
of India Y K Sabharwal.
The authorised share capital
of Pawan Impex, owned by
Chetan and Nitin Sabharwal,
increased from Rs 1 lakh to a
whopping Rs 3 crore last year.
While Kabul Chawla became a
partner on October 23, 2004,
Anjali took over as director on
February 12, 2005.
Rising share capital
According to the list of shareholders
available with MiD DAY,
as of September 30, 2006, Kabul
and Anjali held 7.5 lakh shares,
valued at Rs 75 lakh each, thereby
making a direct investment of
Rs 1.5 crore in the company.
An extraordinary general
meeting of Pawan Impex on June
21, 2006 decided to dramatically
increase the authorised share
capital of the company from Rs 1
lakh to Rs 3 crore. The company
had been showing Rs 1 lakh as its
nominal capital ever since its
registration in 2002.
Rs 28-cr loan
Not only did Pawan Impex
grow by leaps and bounds, it also
managed to secure a massive loan
of Rs 28 crore from the Union
Bank of India by mortgaging “first
charge on all tangible movable
machineries, plant and machinery,
fixtures, fittings and all other
fixed assets lying at A-3, 4&5,
Sector-125, Noida or any other
places is to secure the term loan of
Rs 28 crore.” The mortgage was
secured on August 22, 2006.
As per Form 18 filed by Pawan
Impex under the Companies Act
on January 30, 2002, copy of
which is available with Mid Day,
the original registered office of
the company was at Sabharwal's
Punjabi Bagh house. On January
6, 2004, the registered office of
the firm was changed to 6, Moti
Lal Nehru Place.