Thursday, June 02, 2022

Trujet deal: 3 cos with Aaryans Group boss as director struck off for non-filing

Nagpur: Aaryans Group, the final source from where funds for the Rs200 crore stake buyout by Nagpur’s WinAir Aviation in TruJet will come, is billed to be having 47 companies under it. TruJet is a Hyderabad-based airlines connecting small cities. Aaryans Group founder Manohar Jagtap says names of the companies would only be revealed during a function planned in Pune on June 20.

Ministry of corporate affairs (MCA) records show Jagtap as a director in three companies. All the three have been struck off for non-filing of returns.

Aaryans Group is not a corporate entity on its own but styled to be an umbrella organization covering the 47 companies. The group will be funding the TruJet buyout by WinAir Aviation, which has its office at a home in Gokulpeth. Nagpur’s Samuel Timothy, who heads WinAir, has seen a quick rise from a DJ to a businessman buying controlling stake in the airlines.

In a telephonic interview, Jagtap told TOI that Aaryans Group has stake in a whole gamut of businesses. It has been getting funds through foreign direct investment (FDI) from the UK and Singapore apart from British Virgin Islands. Later, an associate of Jagtap told TOI that the quantum of investments brought in by the group stands at Rs50,000 crore.

MCA website shows Jagtap as director in Mayboli Infrastructure Private Limited, Vishwavinayak Infrastructure Private Limited and Mayboli Entertainments Private Limited. The companies were incorporated in 2012, 2013 and 2008, respectively. All the three have been struck off for non-filing of returns, say the records.

Jagtap says the companies are not part of the Aaryans Group. “The business could not go further for some reasons due to which the filing of returns with the MCA was also affected. There was a plan to start a Marathi channel under the name Mayboli, but a copyright case was lost to another company which also had the same brand name,” he says and adds, “None of the 47 companies now under Aaryans Group will be having me as a director.”

02/06/22 Shishir Arya/Times of India

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