Kolkata: Bengal Aerotropolis, the much-talked-about airport city project at Andal, has run into rough weather again.
The project managed to get over the initial hiccups when Coal India opposed the project saying it would block coal bearing areas. But now, one of the founder promoters of Aerotropolis, Raj Shekhar Agarwal, has alleged financial fraud. Agarwal has filed a criminal case against some other shareholders.
The complaint says that Pragati Social Infrastructure Development (PSIDL) in Bengal Aerotropolis Projects (BAPL), the special purpose vehicle, has been reduced by over 20% in September 2010. This has assumed significance because PSIDL is a joint venture between Pragati 47, a co-promoter of BAPL, and Hudco. Agarwal has further alleged that the shares were transferred at a value of Rs 10 each to Citystar while Changi Singapore bought the shares in 2009 for Rs 40.99 each.
The shareholder has appealed to chief minister Mamata Banerjee to look into the alleged financial irregularities in Bengal Aerotropolis (BAPL). It may be noted that Agarwal is also fighting a legal battle with another promoter Partha Ghosh for AMIF's 47.5% stake in Pragati 47, one of the promoting firms of BAPL. However, it will have no direct impact on BAPL as no government company is involved in the case.
28/08/11 Udit Prasanna Mukherji/Times of India
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