Complaint Review: Goyal MG Gases Pvt Ltd

Dear,

I woud like to tell you all about a fraud and unethical Indian Company called Goyal MG Gases Pvt Ltd fuctionaing out of Delhi. It is purported to be a supplier of industrial gases but it hardly has any gas business. It is indulging in litigation with all its customers and vendors who fell for its trap. Its main business is to trap companies with ttenderss for supply of industrial gases and then engage them in litigation to extract compensattion and damages for allegedly not performing their part of the contract.

The companies that have fell victim to it are Rathi Alloys, IISCO, etc.

The promoter of this company is one crook named Suresh Goyal who was a small time gas supplier/contractor. He due to some stroke of luck came upon a German gas manufacturing company called Messer Grieshem (MG) which invested INR 300 crores in the joint venture by purchase of shares. However this crook Suresh Goyal instead of investing the money in gas business started lending the money on high interest to other businesses through another company floated by him callled Morgan Securities and Credits Pvt Ltd. Its another matter that it is also involved in litigation with all the companies which borrowed money from it.

When messer grieshem objected to it Suresh terminated the collaboration agreement and refused to return the money. So the MG was trapped as a shareholder in the company with only option to sell shares held by it. but who would purchase shares of a fraud company. Later MG sold all its shares to the Air Liquide of France, which is among the largest manufacturers of industrial gases in the world. Air Liquid is now litigating Goyal Gases for the return of its money.

Another victim of this crook is the Morepen Laboratories which was a major drug manufacturer of India. Morepen borrowed money from Morgan Securities and as a securities pledged/mortgaged its shares in a 5-Star Goa hotel named Blue Coast Hotels. These shares weree to be returned to Morepen when it returned the money. But what this rascal Suresh did, he sold the shares when their value appreciated in the market for a huge gain. This is a criminal act and for which he is facing a criminal complaint and a jail sentence.

Almost all the directors of the Goyal Group are accused in the criminal complaint of cheating, fraud and criminal breach of trust. Others ciminals/accomplices of Suresh in the case are his son-in-law Prakash Aggarwal (a Ghar Jamai), PK Gupta, Meera Goyal. All these people are at large on bail. Their bail cases are pending in the Delhi High Court. They are very unlikely escape conviction.