LOIL GROUP 3rd Largest NSEL

Defaulter

LINE UP

Birth of NSEL Defaulter LOILNSEL DefaulterSubsidiary Firms of LOIL GroupLOIL Group Assets Seized by EOWWrap Up

Birth of NSEL Defaulter LOIL

Earlier the company was incorporated under the name of Lakshmi Grain Processors Private Limited and then it got converted into Public Limited Company in 1993.

Further the  company got its new name i.e. Lakshmi Overseas Industries Ltd (LOIL).

NSEL DEFAULTER

Lakshmi Overseas Industries Limited (LOIL) Group is the third largest defaulter of NSEL crisis.

Punjab based company owned by Balbir Singh Uppal & Janak Raj Singh.

In November 2013, the Economic Offences Wing (EOW) of Mumbai Police had issued summons to Balbir Singh Uppal.

Balbir Singh Uppal

Janak Raj Singh

Subsidiary Firms of LOIL GroupLOIL Foods Ltd and LOIL Health Foods Ltd, were

incorporated on December 15 1999, while LOIL Continental Foods Ltd was incorporated on August 6, 1999.

LOIL Group has invested the money in his subsidiary firms i.e. LOIL Overseas Foods Ltd, LOIL Health Foods Ltd and LOIL Continental Foods Ltd.

As per Media Reports- LOIL Overseas Foods Ltd owes Rs 93 crore. LOIL Health Foods Ltd owes Rs 298 crore. LOIL Continental Foods Ltd owes Rs 366 crore in the

NSEL crisis, that comes around Rs. 757 crore.

LOIL Group Assets Seized by EOW

The Economic Offences Wing (EOW) of Mumbai Police had frozen bank accounts worth Rs 1.1 crore.

EOW seized immovable assets worth Rs. 559 crore of the Lakshmi Overseas Industries Limited (LOIL) group.

Some of the Group’s assets includes five flats in posh localities of South Delhi, two shops in Naya Bazaar.

Office in Delhi, along with the entire Laxmi Complex having rice mills and a captive power plant in Khamano, Ludhiana National Highway have also been seized.

WRAP -UPLOIL major exporter of commodities.Traded on NSEL with an intend to defraud.Diverted funds for subsidiary needs.Currently investigated by EOW agencies.Assets & Bank accounts freeze with an ongoing

proceeding in Bombay High Court.

Thank YouSource: Media Reports

&Images for representation purpose

only