LAKSHMI
OVERSEAS INDUSTRIES LIMITED (LOIL GROUP)
Located in Punjab, Lakshmi
Overseas Industries Limited (LOIL) Group is promoted by Balbir Singh Uppal.
Initially the company was incorporated under the name of Lakshmi Grain
Processors Private Limited. Later, the Company was converted into Public
Limited Company in 1993 and consequently the name was changed to Lakshmi Grain
Processors (India) Ltd. Further the company got its new name i.e. Lakshmi
Overseas Industries Ltd (LOIL).
LOIL Group is the third
largest NSEL Defaulter, owing Rs. 757 crores to National Spot Exchange Ltd
(NSEL). LOIL Foods Ltd and LOIL Health
Foods Ltd, were incorporated on December 15, 1999, while LOIL Continental Foods
Ltd incorporated on August 6, 1999 are the subsidiary firms of LOIL Group. As
per media reports, LOIL Overseas Foods Ltd owes Rs 93 crore, LOIL Health Foods
Ltd owes Rs 298 crore and LOIL Continental Foods Ltd owes Rs 366 crore in the
NSEL crisis.
In November 2013, the
Economic Offences Wing (EOW) of Mumbai police had issued summons to LOIL
director Balbir Singh Uppal as part of the probe into the NSEL crisis, but to
no avail. The Economic Offences Wing (EOW) of
Mumbai Police had disclosed that it had frozen bank accounts worth Rs
1.1 crore and seized immovable assets worth Rs. 559 crore of the Lakshmi
Overseas Industries Limited (LOIL) group chaired by Balbir Singh Uppal as part
of its probe into the Rs. 5,600 crore commodities exchange crisis.
Details of several
properties of LOIL Group which are secured for attachment by EOW, Crime Branch,
CID, Mumbai Police are mentioned on the Exchange website. Some of the Groups assets
includes five flats in posh localities of south Delhi, two shops in Naya Bazaar
and an office on Kasturba Gandhi Marg in Delhi, besides the entire Laxmi Complex
having rice mills and a captive power plant at Khamano on the Ludhiana National
Highway.
