Santosh, Anil accused of usurping share of younger brothers; properties attached.
With the Kudligi civil court ordering attachment of all the properties of Anil Lad, Santosh Lad and their uncle Eknath Lad in Sandur, it seems like trying times are ahead for the Lad empire.
If Sreenivas Lad, another uncle of the Lad brothers, decides to move the higher court, the jurisdiction of attachment may be extended to the properties situated in other areas and cities as well.
Santosh had to resign from the cabinet owing to his alleged role in the iron ore mining scam, and Anil failed to get a berth in the cabinet on similar grounds.
SR Hiremath of National Committee for Protection of Natural Resources (NCPNR) had submitted documents to various authorities, including chief minister Siddaramaiah and governor HR Bhardwaj, demanding action against Santosh Lad and the others for their role in the iron ore scam.
As far as the Kudligi court order is concerned, it was passed in a suit that was filed by Sreenivas Lad. Sreenivas filed the suit claiming that the mining leases in the name of VS Lad and Sons were actually initially the mining leases belonging to his father VS Lad, and that his father had executed and registered a will bequeathing all the mining leases equally in favour of his eight sons.
Sreenivas alleged that after the death of VS Lad, taking advantage of the fact that some of the eight sons, including him were minors, his elder brothers took charge of the management and despite making him a partner later on, he was not given his share of income from the mining leases.
On the allegation made by Sreenivas that income from the mining lease was siphoned off, the Supreme Court in its 2007 order confirmed and modified the order of the high court and appointed Eknath Lad to be the court-appointed receiver and to file accounts.
As is known, because of illegalities in the course of mining, the mining leases in the name of VS Lad and Sons came to be terminated by the Supreme Court on April 18, 2013. The Kudligi court, prima facie, found that Eknath Lad, the receiver, had manipulated the accounts, inflated the expenditures, not taken approval of the court for appointing a chartered accountant, had gone about making donations to unknown persons, had dealt with his own kith and kin in giving various mining contractors, including selling ore to SLR Steels, which is held by himself and Santosh Lad, without taking permission of the court.
The court directed the receiver to make a monthly deposit of 1/8th of the profit generated every month from the business of VS Lad and Sons, from the date of appointment as receiver till the disposal of the suite. It also directed the receiver not to pay any amount to any of the partners of VS Lad and Sons as and by way of remuneration.
“As per the court order, I am supposed to get 1/8th of Rs625 crore. The Supreme Court appointed the receiver in 2007,” said Sreenivas Lad.
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