meil Company details part -1

Posted by admin on 2023-11-21 13:52:44 |

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5. The Rigging of Oil Drilling Rigs

a) The partnership of Drillmec SpA Company is aimed at converting black money into white. Despite being the parent company of Drillmec SpA, Trevi Group failed to supply any drills between 2015 and 2018. However, in 2018, an inexperienced company, Megha Engineering & Infrastructures Ltd (Meil), won ONGC tenders by submitting low bids for 27 drills.

b) The market value of a single share of Drillmec SpA is a mere 0.79 Euros. In 2018, ONGC initiated a tender process for 27 rigs. During this auction, Megha Engineering & Infrastructures Ltd acquired Drillmec SpA from Trevi Group without informing the shareholders of any financial transactions. Trevi Public Limited Company diverted funds through a shell company to acquire the Drillmec SpA brand. It is alleged that approximately Rs 2000 crores of illicit funds changed hands. No drilling rigs have been supplied to any country since 2014, raising concerns of money laundering and bid manipulation by Megha company.

c) In 2018, ONGC issued tenders for 27 rigs, attracting participation from the top 15 global companies. However, an inexperienced Megha company, Kakinada Marine & Offshore Complex Ltd - Drillmec SpA, won the tenders by bidding Rs 4,107 crores, despite having a turnover of only Rs 24 crores at that time. This bid was Rs 1,008 crores lower than that of the public sector company BHEL. Suspicions arise that this bid was an attempt to convert black money into legitimate funds.

d ) The companies involved in the bidding process have higher turnovers and better reputations. BHEL-Nov (NOV) has an annual turnover of 46 thousand crores, while another international company has a turnover of 3 lakh crores. However, Kakinada Marine & Offshore Complex Ltd, which had obtained a bank guarantee of 4 crores from ONGC in 2014, attached it to other companies. The involvement of shell companies facilitated the transformation of the Italian company into an Indian one, enabling the two entities to submit a bid of less than Rs 1000 crores.