A London-based company approached the EOW; Time Tech says the complaint is false
One of the damaged cylinders that was allegedly delivered to Aburi Composites in Bangladesh
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The Economic Offences Wing (EOW) has filed an FIR against a Mumbai-based listed entity, Time Technoplast Ltd, on the basis of a complaint filed by the London-based Aburi Composites, which is in the business of procurement and distribution of composite cylinders around the world. The FIR (a copy is with this paper) has been filed under Sections 420 (cheating and dishonesty) and 34 (common intention) of the Indian Penal Code against Time Technoplast and its directors, Anil and Naveen Jain.
A senior police officer said, We are probing the case and it will be too premature to make any comment. In the complaint, it is alleged by Aburi Composites, that they entered into contract with Time Technoplast in January 2016 for the supply of composite cylinders which have no metal component, thereby making them substantially safer for domestic and commercial consumers.
The complainant alleged that although the Indian company had no requisite technology to make these cylinders, it mispresented that it had the technology to supply the cylinders in complete compliance of the safety standards. Aburi has also filed a case against TUV Rhineland's India representative.
'Company cheated us'
Sunil Pathak, CEO, Aburi Composites, said, We had to approach the EOW as a listed company in India has blatantly cheated us, when it knew that it could not manufacture the required cylinders as it did not have the necessary technology.
Aburi placed an order for 2,45,376 cylinders with Time Technoplast on March 3, 2016, and made a payment of Rs 14.02-crore for them. When the cylinders were unloaded in Bangladesh, the complainant found that they were cracking and had metal components/screws in the handles. Additionally, the cylinders had other modifications although the only modification suggested was a change of capacity from 24 ltrs to 26.2 ltrs.
When the complainant discovered these defects, it urged Time Technoplast to provide certified technical drawings issued by TUV India. After much delay, the company produced a letter of admission of its breach and till date has failed to make good it's wrong doing.
The complainant further alleged that these cylinders have not conformed to the standards for composite cylinders, and as such the Chief Controller of Explosives (PESO) has confirmed that no approval has been granted to Time Technoplast for the violation in the manufacture of the cylinders. The said cylinders have been declared to be dangerous and the entire consignment rejected.
The other side
In response to an email sent by mid-day, M/s Time Technoplast stated that Aburi Composites falsely claims itself to be the producer of composite cylinders. It also said that Aburi represented to Time Technoplast for purchase of 7,50,000 cylinders in 2015/16 for their client in Bangladesh. A detailed agreement was signed attaching detailed specification and appointing TUV as the third party for pre-despatch inspection. After inordinate and repeated delays, Aburi could only procure 75,000 cylinders in 2016 while the balance were kept ready. Aburi failed to take delivery causing contractual dispute. Aburi also failed to pay Time Technoplast (TimeTech) the agreed price. Together for breach of contract and unpaid dues, TimeTech claimed an amount of $15mn.
The complaint is false, frivolous and mischievous, essentially to divert attention of TimeTech's claim on Aburi. Aburi (Sunil Pathak) is a habitual litigant and is engaged in similar litigations elsewhere. We have provided detailed documents to EOW. The company is confident that EOW will act suitably, the statement read.
Rs 14.02-cr The payment Aburi Composites claims to have made to Time Technoplast
$ 15mn The sum Time Technoplast alleges it has claimed from Aburi Composites
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