After SEBI’s penalty, Income Tax raids Punjab Congress MLA’s residence
Kanwar Inder singh/ royalpatiala.in News/ February 6,2025
Today morning sleuths of Income Tax (IT) have raided the residence of Congress MLA from Kapurthala, Rana Gurjit Singh Chandigarh , Kapurthala residences.
Congress MLA from Kapurthala, Rana Gurjeet Singh is a well known industrialist of Punjab. He owns Rana Sugar Limited (RSL).
The immediate reason of Income Tax raid at Rana’s residence is not known. But in August last year the Securities and Exchange Board of India (SEBI) had imposed a penalty of Rs 63 crore on Rana Sugar Limited (RSL) on the alleged charges of diversion of funds to its conduit and individual entities.
The Rana Sugar Limited (RSL) is owned and managed by Kapurthala MLA Rana Gurjit Singh and his son and Sultanpur Lodhi MLA Inder Pratap Singh Rana, who is managing director and promoter of RSL, and other family members as chairman and promoters.
As per the available information, Securities and Exchange Board of India (SEBI) had restrained Rana Sugar Limited (RSL) directors and promoters in August 2024 from accessing the securities market and further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of two years from the date of coming into force of this order.
The orders issued by G Ramar, SEBI’s chief general manager, the regulator had also prohibited Inder Pratap Singh Rana (promoter), Ranjit Singh Rana (chairman), Veer Pratap Singh Rana (MD), Gurjeet Singh Rana, Karan Pratap Singh Rana, Rajbans Kaur, Preet Inder Singh Rana and Sukhjinder Kaur (promoter) from holding any position as director or key managerial person of any other listed company for two years.
(For complete orders of Securities and Exchange Board of India (SEBI), click the link Rana Gurjit-SEBI orders)
In its investigation, the SEBI had found that “an amount of approximately Rs 52.98 crore was diverted from Rana Sugar Limited (RSL) to the directors and promoters of Rana Sugar Limited (RSL) and their relatives by using some private limited companies as vehicle for such diversion.
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