The Delhi Unit of the Directorate General of Income-tax(Investigation) initiated search and seizure action on a Group in NCR, Bhopal, Indore and Goa based upon credible information of large scale collection, possession and movement of unaccounted assets, a few weeks back. 

The Central Board of Direct Taxes (CBDT) had earlier issued a Press Note pertaining to searches conducted in MP. As some new developments have taken place, this Press Release is being issued pertaining to search and seizure operation carried-out in NCR on 07th April, 2019 on a leading Solar Power Group connected in the matter. 

Some of the significant transactions detected during the search operation are detailed here under:- 

  •      Accommodation entries of Rs 370 crore: During the search, a maze of shell companies used as mere conduits for providing entries to the group have been detected. Accommodation entries in the garb of bogus unsecured loans/share application money to the tune of Rs. 370 crore have been found.


  •    Bogus billing of Rs. 330 crore: Evidence of inflation of expenses through bogus billing to the tune of around Rs. 330 crore has been detected in the case of a power plant of the said group. The money so siphoned off was collected in USD through hawala operators.


  •    Unaccounted diary transactions of Rs240 crore:  A handwritten diary containing records of out of books cash receipts to the tune of around Rs.240 crore was seized from the office of the group. The entries therein have been admitted by the persons concerned.


  •    Bogus loans of Rs. 30 crore in a group company: Investigations reveal that a loan entry of Rs. 30 crore in one of the group companies was an accommodation entry arranged by an entry operator against equivalent cash.


  •    Over-invoicing of imports and round tripping of Rs. 252 crore: During the search, evidence was found indicating that the group grossly over-invoiced its imports from original manufacturers by re-invoicing it through a shell company of a person who is an accused in a major defence scam. The surplus so created was ploughed back in the books as FDI through another shell company of the same person.


  •   Unaccounted foreign investments/expenses: Enquiries reveal that the Group used the services of a Dubai based operator to park unaccounted foreign remittances in overseas jurisdictions. Out of such remittances, approximately Rs. 27 crore was paid towards credit card expenses and Rs. 72 crore for purchase of a property abroad.


  •     Apart from the above, unaccounted payment of Rs. 9 crore towards purchase of a property has also been detected.


  •    Seizure of unaccounted assets of Rs. 3 crore has been made during the search.


The search action was undertaken on the basis of credible information and has led to detection of large scale tax evasion of more than Rs. 1350 crore.





Read more: Note on search conducted in NCR on a Group in...

The Vice President of India, Shri M. Venkaiah Naidu has called upon town planners to make sustainable solutions such as harvesting solar energy, enhancing green cover and water conservation an essential part of town planning.


Shri Naidu, while addressing the 4th Resilient Cities Asia-Pacific (RCAP) Congress 2019 organized by the International Council for Local Environmental Initiatives (ICLEI). Here today, asked municipal administrators to accord priority to tree plantation, solid waste management, protection and rejuvenation of water bodies.


Observing that a massive migration from rural to urban areas has become a reality, the Vice President said that education, entertainment, enhanced medical facilities and employment were the main drivers of such migration. He asked for collaborative efforts of governments at state and centre to reduce the divide by providing urban amenities in rural areas.


Opining that economic growth must take environmental protection into consideration, Shri Naidu observed that dependency on fossil fuel must be reduced and new forms of energy sources such as solar must be explored.  ‘It cannot be business as usual as far as development is concerned,’ he added


The Vice President called upon all the representatives of provinces and cities of various countries presented to adopt multi-dimensional and innovative approaches to ensure low emissions oriented development. He urged them to promote public transport in cities to reduce congestion and air pollution. 


Observing the green infrastructure was the need of the hour, he stressed the need to promote resource efficiency to achieve climate resilient urban development. Moving away from traditional metrics of measuring development, Shri Naidu called for new urban infrastructure that was low-carbon, green and climate resilient. He also called for measures to ensure that urban solid waste is converted wealth by learning from the best practices followed globally.


Saying that one must draw inspiration from our cultural roots, especially the civilizational values that revered and urged us to protect natural resources, the Vice President said that adopting green solutions, providing good governance and building urban resilience was the way forward.


Observing that rise in global temperature was going to result in several aspects of human activity including farming, Shri Naidu wanted planners to factor in changing climate and its likely impacts in all development strategies. He called for up-scaling climate mitigation measures to reduce climate-related risks in the future.


Pointing that more than 60% of the world’s population resides in Asia and the region was most affected by natural disasters, the Vice President said that governments in Asia must build climate resilient habitats. He further said that Asian cities must emphasize biodiversity and healthy, functioning ecosystems. With pollution reaching hazardous levels in cities, utmost priority needs to be accorded to promote clean and green technologies, he added.


The 4th Resilient Cities Asia-Pacific (RCAP) Congress 2019 organized by the organized by the International Council for Local Environmental Initiatives (ICLEI) in association with South Delhi Municipal Corporation witnessed the presence of more than 200 delegates from around 30 countries.   


The Chargé d'affaires, Embassy of Switzerland in India, Ms. Tamara Mona, the Deputy Head of Delegation of the European Union to India and Bhutan, Mr. Raimund Magis, the Deputy Secretary General of ICLEI-Local Governments for Sustainability, Shri Emani Kumar, the Commissioner, South Delhi Municipal Corporation, Shri Puneet Kumar Goel, Town planners, Mayors from countries such as Bhutan, Japan, Switzerland, Malaysia, Nepal, Mongolia, Vietnam, European Union, China and other dignitaries were present at the venue. 


Following is the text of Vice President’s address:


It is my pleasure to address this august gathering of leaders from several cities, practitioners, policy makers and researchers from Asia and other parts of the globe.

I extend a hearty warm welcome to you all to India –a country which has traditionally looked upon every creature as a friend. As the ancient Indian text, Rigveda, had said,

Mitrasyaham Chakshusha Sarvani Bhutani Sameekshe Mitrasya Chakshusha Smeeksha Mahe

“Look at every entity of Nature with the eyes of a friend. May we look upon one another with the eye of a friend”.

I understand that we are gathered here today to deliberate on the most important challenge confronting all of us. That is the challenge of climate change.

I hope your discussions will lead to a better understanding of this challenge and illuminate the alternative pathways for collective action.

The impact of climate change is especially relevant to our cities and towns in Asia. Floods, cyclones, wild fires and hurricanes continue to disrupt life on an almost regular basis.

Temperatures are rising and a drought like situation is gripping cities in the summer with water scarcity being a regular challenge. Our cities are battling the consequences of climate change on a daily basis.

India, I must proudly say, is now one of the global leaders in addressing this challenge head-on. As recently announced at the 24th Conference of Parties on Climate Change, in Katowice, Poland, our country is well on its way to achieve our stated Nationally Determined Contributions.

Economic growth should take environmental protection into consideration. The dependence on fossil fuel must be reduced.

India has defined an ambitious target of deploying 175GW of renewable power by 2022. This target is now further raised to 227 GW of renewable energy capacity, considering that we are well on our way to exceeding the previously set target.

Dear sisters and brothers, it should be noted that climate vulnerability and likely impacts should be factored in all development strategies.

Global warming is likely to reach 1.5°C between 2030 and 2052 if it continues to increase at the current rate. Globally, if we continue with our current development trajectory, we are certain to breach the 1.5 o c target in the coming 30 years.

This increase in global temperature is likely to result in an increase in mean temperature over most land and ocean regions, hot extremes in most inhabited regions, heavy precipitation in several regions and the probability of drought and precipitation deficits in some regions. Future climate-related risks can be reduced by up-scaling climate mitigation measures.

Dear sisters and brothers, more than 60% of the world’s population resides in Asia. Nearly half of this population resides in cities and towns. It is the region that is most affected by natural disasters. In the light of these realities, the governments in Asia should build climate resilient communities

According to the United Nations, “hundreds of millions of people will be vulnerable to coastal flooding and related natural disasters as global warming increases. Moreover, it will be the poorest countries and people who will be most vulnerable to this threat and who will suffer the earliest and the most”. Poor adaptive capacities will disrupt energy supply, mobility, economy, health and our lives in general.

It is extremely crucial to link every aspect of urbanization with sustainability. Cities account for two-thirds of global energy demand and 70% of carbon emissions. With urbanization expected to reach 67% globally by 2050, cities will be the centers of economic growth and likely to contribute 80% of global GDP. As such, cities need to take the lead for transition to a low-carbon economy, particularly in emerging economies in Asia.

We need to change our development paradigm and aim for climate resilient development, moving away from traditional metrics of measuring development. The new urban infrastructure should be low-carbon, green and climate resilient.

We are running out of time and we need innovative solutions that will help the cities to achieve the hitherto elusive trio of development, sustainability and climate resilience.

I call upon all the city, province and country representatives present here to adopt various multi-dimensional and innovative approaches, as a part of their endeavour to achieve the United Nations Agenda for Sustainable Development, to ensure low emissions oriented development. The need of the hour is to encourage green infrastructure, enable a circular economy and promote resource efficiency to achieve climate resilient urban development.

The cities must enhance access to basic services and adequate housing and focus on redesigning cities to reduce air pollution, congestion, traffic accidents and better management of waste, investment in smart infrastructure for public transport, clean energy as well as on creating green and
blue public spaces.

Asian cities must emphasize biodiversity and healthy, functioning ecosystems. With pollution reaching hazardous levels in cities, utmost priority needs to be accorded to promote clean and green technologies. The city administrations should focus on protecting local water bodies and take steps for conserving scarce water resources.

Accent should be on incentivizing e-Mobility and public transportation.

Dear sisters and brothers,

I am aware that cities face a major constraint in terms of accessing finance considering the current scale of urbanization and future trends. Enabling public private partnerships, involving local banking institutions, blended finance models, municipal bonds and green bonds are all effective means towards enhancing access to finance.

The challenge before us huge. It is a challenge that will get only more formidable with each passing day. Time is of the essence. The Intergovernmental Panel on Climate Change (IPCC) summary to policymakers released in October 2018 indicates that greenhouse gas (GHG) emissions have to be reduced by 45% before 2030.

It is a challenging mission but not an impossible one. A recent report estimates that implementing circular economy globally makes the Paris Agreement target achievable.

Circular economy strategies, like increasing the share of renewables in a country’s energy mix, improving energy efficiency are required.

Dear sisters and brothers, we all have an onerous responsibility in making sustainable development our core agenda and transforming the planet so that the future of our posterity is not jeopardized in any manner.

To ensure a brighter future for all our citizens, especially those living in urban centres, we must also focus on reducing the rural-urban divide and involve all people as agents of change.

At the same time, we should recognize the perils of unsustainable patterns of production and consumption.

As Mahatma Gandhi had said many years ago: “The earth has enough resources for our need, but not for our greed." We should promote a lifestyle that takes sustainability and environmental integrity as key factors.

We must draw inspiration from our cultural roots, especially the civilizational values that revered and urged us to protect natural resources. As the ancient Indian sages had said in the Rig Veda: "Do Not Harm The Environment; Do Not Harm The Water And The Flora; Earth Is My Mother, I Am Her Son; May The Waters Remain Fresh, Do Not Harm The Waters”.

It cannot be business as usual as far as development is concerned. We must strive to adopt green solutions, provide good governance and build urban resilience. We must collectively get together by forging meaningful public-private partnerships for advancing on our agenda.

I hope the forum generates new ideas for catalyzing progress in the Asia Pacific region. I look forward to learning about some of the takeaways from this conference.




Read more: Low-carbon, green and climate resilient urban...

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for a Cooperation Agreement between Ministry of New and Renewable Energy of India and Ministry for Energy, Utilities and Climate of the Kingdom of Denmark on strategic sector cooperation in the field of Renewable Energy with a focus on Offshore Wind Energy and a Letter of Intent to establish an Indo-Danish Centreof Excellence for renewable energy in India.  The Agreement was signed in March, 2019 in New Delhi.

The objective of the Cooperation Agreement is to promote cooperation between the twocountries in the field of renewable energy with special focus on Off-shore wind. The areas of cooperation would include technical capacity building for management of off­shore wind projects, measures to develop and sustain a highly efficient wind industry, onshore as well as offshore; measures to 'ensure high quality of wind turbines, components, and certification requirements; forecasting and scheduling of off-shore wind

The Indo-Danish Centre of Excellence in Integrated Renewable Power would work on Renewable energy resource assessments with focus on onshore and offshore wind; Hybridisation of wind, solar, hydro and storage technologies; integration of renewable energy inch high level of wind energy, Testing and R&D; and skill development / capacity building.

The signing of the documents will help in strengthening bilateral cooperation between the two countries.



Read more: Cabinet approves Cooperation Agreement between...

Green Urban Areas play an important role in the social and natural sustainability and improve quality of life. This was the focus of a National Seminar on “Greenery and Landscaping” organized by the Central Public Works Department (CPWD) here today, as a part of its continued effort for green and clean sustainable development The Seminar was inaugurated by Shri Durga Shanker Mishra, Secretary, Ministry of Housing and Urban Affairs.

Horticulturists, Architects and Engineers from within CPWD and from other Government and Private organizations participated in the Seminar. Over 40 papers were received for the Seminar and presentations were made by the eminent experts. CPWD Publications and e-Modules were also released during the function.

Addressing the participants, Shri Durga Shanker Mishra stated that sustainable development by optimal harnessing of scarce resources of water, air, energy, land, biodiversity and use of new technologies, renewable energy, conservation of water, reuse of the waste water, rainwater harvesting etc. are the need of the hour. He appreciated CPWD for taking a lead role in adoption and dissemination of sustainable development measures in its works in particular and in construction sector in general.

Shri Prabhakar Singh, Director General, CPWD spoke about the achievements of CPWD in the recent past, in terms of adoption of the sustainable development measures, human resource management, speedier and quality construction, adoption of new technologies, completion of projects on time with quality and economy, adding new clients, signing new MoUs and implementation of new policy initiatives for the growth of Department with the support and guidance of the Ministry of Housing and Urban Affairs.

Following recommendations were made during the Seminar :

• Green Urban Areas play an important role in the social and natural sustainability and improve quality of life.

• Greenery and Dense plantation have a major impact on the conservation of energy, and reduce the energy requirement of the building.

• In order to maintain sustainable environment, pollution free clean air, it is essential to take up the plantation work.

• Cost of land has increased manifold and high rise buildings are coming up, people are getting hardly any area for the greenery. Keeping in view the same, plantation, greenery and other environment friendly applications should be planned around the building by way of dwarf trees, small shrubs, ground covers, hanging baskets, creepers, etc.

• There is need to adopt wood alternative in building construction. Use of alternate materials like Bamboo needs to be encouraged.

• Orientation and proper training should be imparted to the persons engaged in landscaping and Horticulture, for implementation of the new technologies in this field to save the labour and cost of the project in long run.

• Emphasis should be given for conserving and transplanting indigenous and grown up trees.

• Herbal and medicinal plants need to be encourage. Herbal plants are useful for keeping the life healthy.

• Application of Organic Manure needs to be adopted for healthy and nutritious food.

• Water conserving irrigation method like drip irrigation, Sprinkler irrigation and pop up system needs to be adopted.

• Plants and greenery help in reducing adverse effects of climate change. Therefore every individual should adopt minimum one tree.

• Green initiative needs to be taken up on a mission mode by every nation, every city, every society and every individual so that future generations may lead happy and healthy life.

Read more: Sustainable development by optimal harnessing of...

More Articles ...




SolarQuarter Tweets

Follow Us For Latest Tweets

SolarQuarter Invited Speakers Meet Industry Leaders; Network with Potential Business Partners & Explore the World of Opportuniti…
About 4 hours ago
SolarQuarter Some Of The Speakers Confirmed For Industrial Energy Show On 3 May 2019 At Hotel Holiday Inn, Aerocity, New Delhi.…
Thursday, 25 April 2019 09:30
SolarQuarter Join us in India's Most exclusive and Premium Conference of the Industry at Floating Solar Energy forum 2019. Get l…
Tuesday, 23 April 2019 09:22