Contrary to the claims of Mangla Shree Properties’ promoter Anil Mangla, the firm is closely linked to Mohan India, a member of the National Spot Exchange (NSEL).
According to official filings, Delhi-based Jagmohan — director of Mohan India —owns 133,000 shares (15 per cent) in Mangla Shree Properties.
Mangla, who had earlier claimed he or his firm did not have any transaction with Mohan India and that they have not even come across these names, was unavailable for comment. A person who identified himself as Mangla’s driver said he was busy. A text message seeking comments did not elicit a reply.
According to an NSEL release issued last week, Mangla Shree has over Rs 720 crore dues towards NSEL investors on its trade in sugar contracts. An investigation by Business Standard found Mangla Shree does not have anything to do with sugar and it had in fact built a mall at Narela, on the outskirts of Delhi.
The other claim by Mangla that his late brother Naresh Kumar Mangla had control over the company also looked shaky, as the list of shareholders as on September 2012 showed Naresh Kumar held only 4,500 or 0.5 per cent stake in the company.
On the other hand, Anil Mangla and wife Santosh Mangla together held a 33 per cent stake in the company.
However, the largest stakeholder is JKG Enterprises, which holds 433,000 shares or 48.7 per cent in the company. According to the Ministry of Corporate Affairs filings, JKG Enterprises also has Mohan family connections. Jag Mohan’s brother Madan Mohan Gupta and his son Ankur Gupta are the directors of the company.
This company also shares the common registered address of 354, Tarun Enclave, Pitampura, Delhi.
In further connections revealed between the Mohan India group and Mangla Shree Properties, the latter had availed an unsecured loan of Rs 1 crore from Mohan Built and Developers in 2009-10. Mohan Built is owned by Radhey Mohan and Harimohan, both brothers of Jag Mohan.
