THE I-T notice sent to Pawan
Impex is raising the same
questions which Mid Day did,
in its expose dated May 25,
2007. The expose had highlighted
how Pawan Impex,
the company owned by the
sons of former chief justice of
India Y K Sabharwal, had
seen an amazing rise in its fortunes
over the last two years.
BPTP partnership
The company, which had
humble beginnings, took a
leap towards big times after
BPTP’s Kabul Chawla and his
wife, Anjali, made a direct
investment of Rs 1.5 crore in
it. The share capital of Pawan
Impex 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.
Info-tech park
Pawan Impex is also building
an I-T park on four acres of
land in sector 125, NOIDA.
The eight-storey building,
part of an ambitious Rs 56
crore project, is being constructed
by BPTP. According
to documents available with
MiD DAY, Pawan Impex
bought the land from the
Noida Authority. Last year,
the company, with a capital of
Rs 3 crore, took a loan of Rs
28 crore from the Union Bank
of India, Connaught Place
branch, for building the IT
Park on it.
Asked how a firm with
such a modest capital could
have been loaned Rs 28 crore,
UBI general manager S C
Sinha told MiD DAY that
Chetan and Nitin Sabharwal
had matched the loan with an
equal investment. In addition
to the Rs 3 crore capital, they
had managed an unsecured
loan of Rs 7 crore.
Also, they had shown Rs
18 crore as the projected
income from prospective buyers
of the commercial
complex. “All this put together
makes Rs 28 crore from
their side. We have matched it
with a loan of Rs 28 crore, of
which Rs 15 crore has already
been disbursed,” Sinha said.
Official residence
Interestingly, Pawan Impex
had its registered office at the
6, Moti Lal Nehru Place, the
official residence of the then
CJI, along with two other
firms, Sabs Exports, Sug
Exports, jointly owned by the
ex-CJI’s sons Chetan and
Nitin.
They were shifted to 6,
Moti Lal Nehru Place during
Sabharwal’s stay there in
January, 2004. After about 10
months, the offices of the
companies were shifted back
to the Punjabi Bagh house.
Impex is raising the same
questions which Mid Day did,
in its expose dated May 25,
2007. The expose had highlighted
how Pawan Impex,
the company owned by the
sons of former chief justice of
India Y K Sabharwal, had
seen an amazing rise in its fortunes
over the last two years.
BPTP partnership
The company, which had
humble beginnings, took a
leap towards big times after
BPTP’s Kabul Chawla and his
wife, Anjali, made a direct
investment of Rs 1.5 crore in
it. The share capital of Pawan
Impex 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.
Info-tech park
Pawan Impex is also building
an I-T park on four acres of
land in sector 125, NOIDA.
The eight-storey building,
part of an ambitious Rs 56
crore project, is being constructed
by BPTP. According
to documents available with
MiD DAY, Pawan Impex
bought the land from the
Noida Authority. Last year,
the company, with a capital of
Rs 3 crore, took a loan of Rs
28 crore from the Union Bank
of India, Connaught Place
branch, for building the IT
Park on it.
Asked how a firm with
such a modest capital could
have been loaned Rs 28 crore,
UBI general manager S C
Sinha told MiD DAY that
Chetan and Nitin Sabharwal
had matched the loan with an
equal investment. In addition
to the Rs 3 crore capital, they
had managed an unsecured
loan of Rs 7 crore.
Also, they had shown Rs
18 crore as the projected
income from prospective buyers
of the commercial
complex. “All this put together
makes Rs 28 crore from
their side. We have matched it
with a loan of Rs 28 crore, of
which Rs 15 crore has already
been disbursed,” Sinha said.
Official residence
Interestingly, Pawan Impex
had its registered office at the
6, Moti Lal Nehru Place, the
official residence of the then
CJI, along with two other
firms, Sabs Exports, Sug
Exports, jointly owned by the
ex-CJI’s sons Chetan and
Nitin.
They were shifted to 6,
Moti Lal Nehru Place during
Sabharwal’s stay there in
January, 2004. After about 10
months, the offices of the
companies were shifted back
to the Punjabi Bagh house.
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