Not Goldstone… it is GoldScam Infratech - Neck-deep in Rs 10,000 Cr Scam
Hyderabad based Goldstone Infratech Ltd(BSE Code: 532439)is in the soup. The shares of Goldstone Infra along with Goldstone Technologies Ltd, a group company, have been breaching lower circuits for two days. While there was a hype that the stock price would skyrocket as they believe that the company could phenomenally grow. But things go wrong. Suddenly a mega scam of Rs 10,000 crores erupted, in which the Goldstone group neck deep involved.
The police arrested Perubhotla Venkatrama Sanjivaraya Sarma (PVS Sarma), Director of Goldstone Infratech Ltd and Ponnapula Sanjeva Parthasarathi, Director of Trinity Infraventures Pvt Ltd and Managing Director of Goldstone Technologies Ltd along with the local Sub-Registrar Rachakonda Srinivasa Rao. All the accused were produced before the Magistrate Court who remanded them to 10 days judicial custody. Police are suspecting a ‘big hand’in the scam, citing one of the directors of the group companies belongs to a political party.
The modus operandi of the scam: In Miyapur, near Hitech City, there was 693 acres of government land. Many legal disputes are going on in courts regarding this land. Though the deputy collector concerned clearly stated and alerted the Kukatpally sub-registrar not to register it in favour of anybody. In the meantime, Parthasarathi of Goldstone Group came into the picture and “obtained GPA from the various petitioners, who had filed a case in the Supreme Court claiming the rights on the land and executed a deed in favour of Suvishal Power Gen Ltd”, according to police officials who also added, “sub-registrar Srinivas Rao helped the suspects to transfer the land”.
Goldstone Infratech Limited (GIL) is a part of the highly tainted Goldstone Group. It is engaged in the business of manufacturing and supplying Composite Insulators, Amorphous core-distribution transformers, Data analysis and IT Consulting. It was touted as a “multibagger in making”by some analysts. Paul Sashikumar Lam is the company’s Managing Director.
Trinity Infraventures Ltd is the company that transferred the said government land to Suvishal Power Gen Ltd that is also ‘working’from the same address along with other Goldstone Group companies.
Trinity Transformers Private Ltd a wholly owned subsidiary company of Trinity Infraventures Ltd and majority shareholder in Goldstone Group of Companies including Goldstone Infratech Ltd, Goldstone Technologies Ltd. Etc).
BSE Code: 532439
Face Value: Rs 4.00
Market Price: Rs 76.75