Reject firm's licence petition, HERC urged
Chandigarh, June 5 -- Former Haryana finance minister Sampat Singh has urged the Haryana Electricity Regulatory Commission (HERC) to outrightly reject the petition filed by private company Eleven Power Private Limited for grant of a parallel electricity distribution licence in Gurugram and Nuh revenue districts.
In a statement, the Indian National Lok Dal (INLD) leader accused the BJP government of orchestrating backdoor privatisation of the state's power distribution network. He alleged that the move to grant a parallel distribution license to a private company in Gurugram and Nuh was a "pre-planned loot of public assets".
"This company has no history, or track record. Yet it has proposed a Rs.4,717 crore project. Who is backing them? The BJP government must answer," the former minister demanded.
The INLD leader said a "giant financial mirage" was created by the company. "Its authorised share capital is only Rs.100 crore and paid-up share capital is just Rs.1 crore. But it has proposed to infuse equity of Rs.1,415.02 crore. This is a fraud waiting to happen," he alleged....
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