FarmTrac Troubles

[longtrman]

The following article is dated sept 6,2005. I believe this was about the time Farmtrac started showing signs of trouble, according to court docs. have go back and check that. coincidence????
ESCORTS LIMITED: Revamps Board After Official Departures
--------------------------------------------------------
Troubled tractor maker Escorts Limited has reconstituted its
board Thursday last week, a day after the mass resignation of
all its directors, except Rajan Nanda, The Times of India
reports.

Mr. Nanda's son Nichil Nanda, who also stepped down Wednesday
last week, has been appointed chief operating officer (COO) of
the Company.

Four new directors, former UTI chairman SA Dave, former union
ministers MGK Menon, PS Pritam and SC Bhargava have joined as
directors on board. Mr. Dave and Mr. Menon had resigned from
board on August 31 and August 29 respectively.

According to a source, the company has defaulted on repayment of
debentures worth INR50 crore to ICICI Bank. If the directors
continue to be on board for one year during the course of
default, they can not continue on board of other companies. To
avoid this, the source said they resigned from the board of
Escorts.

Last year, Escorts announced that it would raise INR800 crore
from abroad. The money was supposed to come by August this year.
But a company source said the infusion of the fresh capital has
been delayed, which resulted into the default.

Escorts is also facing problem of working capital as the banks
have stopped lending it fresh money. The source said the company
would require at least INR500 crore in the next six months.

Rajan Nanda said the company was in the final stage of
negotiations for financial restructuring, which will ensure
injection of funds and replacement of high cost debt.
Escorts posted a net loss of INR57.3 crore in the quarter ending
June.

About Escorts Limited-----------Taxpayer

1 crore = 10 million Rupees which =$166,666.66 in Oct 2005
How much is missing?

 

[blueliner]

1 crore = 10 million Rupees which =$166,666.66 in Oct 2005
How much is missing?

More than $50 million.

--b

 

[tommybr]

In 2005 there was a shortage of tractors in Tarboro. Escorts in India had made investments in a chain of hospitals and also invested in the cell phone business.....both of these ventures resulted in the company losing an enormous amount of money. The assembly lines at the tractor plant came to virtually a stand-still. In 2006 there was an oversupply of tractors. Escorts had gotten rid of these money-losing investments and gotten back to building tractors "full-time". Then there came to Tarboro a man named Mr. Pranob, who was sent to run things after the Escorts company in India took over full control of Longagribusiness and the name was changed to Farmtrac........then came the "never come due" terms and the "Less Than
Zero " finance terms ..........then certain employees left the company because they did not feel comfortable with the "new" business plan...........to use Tarboro to recoup India's losses. However, according to court documents which are public record in N.C., Escorts of India claims that approximately 23 million dollars never made it back to India. ALL of this ties together somehow and the truth will eventually come out.

 

[SESS]

Where is Uncle Sam with the Mr. IRS man when we need him!?

Uncle Sam can always find the missing money!

 

[tommybr]

Remember that 23 million dollars of the approximately 54 millon dollars that Farmtrac NA owes is said to be owed to Escorts of India. This is strait out of of the Recievers report so it must be thought to be a legitamate debt. It is also in the court records for anyone to read who wants to look it up........Why did this money not make it back to India? Where is the money now? If it did not make it back to India, then where did it go? No accusations made...........just questions to be asked......I do not claim to have the answer. But this is indeed a curious thing to think about.

 

[tommybr]

Only one of two possile answers as to the 23 million dollar claim by Escorts of India against Farmtrac NA exists...it is one or the other, and at this time I do not profess to know the correct answer:

(1) Escorts claim that Tarboro owes them 23 million dollars is bogus and without merit.....in this case, if this is true, their claim is a joke !!!!

(2) Escorts claim that they are missing 23 million dollars is true...........in this case they are a victim of the Tarboro operation.

It has got to be one or the other....it cannot be both.....and it cannot be "half-way" between the two.

 

[taxpayer]

Only one of two possile answers as to the 23 million dollar claim by Escorts of India against Farmtrac NA exists...it is one or the other, and at this time I do not profess to know the correct answer:

(1) Escorts claim that Tarboro owes them 23 million dollars is bogus and without merit.....in this case, if this is true, their claim is a joke !!!!

(2) Escorts claim that they are missing 23 million dollars is true...........in this case they are a victim of the Tarboro operation.

It has got to be one or the other....it cannot be both.....and it cannot be "half-way" between the two.

tommy, if you go to the NC sec of state website and pull up the 2006 annual report filed by FNA-SOSID:0473178
doc#C200625500264. notice the names of the managers, this might answer your question.-------Taxpayer

 

[blueliner]

Tommy, if you go to the NC sec of state website and pull up the 2006 annual report filed by FNA-SOSID:0473178
doc#C200625500264. notice the names of the managers, this might answer your question.----Taxpayer

Tommy,

Taxpayer is the truth!

Here's the electronic expressway to the document Taxpayer referred to above. You get two guesses where the shyhigh heap of Benjamins went.

Regards,
--b

 

[taxpayer]

Tommy,

Taxpayer is the truth!

Here's the electronic expressway to the document Taxpayer referred to above. You get two guesses where the shyhigh heap of Benjamins went.

Regards,
--b

blueliner,if you have not done so,you might want to look at Long MFG.NC.INC on the sec of state site.might be suprised to learn about a FNA/Beaver Creek Capital Group, INC merger out of Deleware.as you progress take carefull note of names and dates.you can go all the way back to 1946 on this site. real interesting.-------------Taxpayer

 

[blueliner]

blueliner,you might want to look at Long MFG.NC.INC on the sec of state site.might be suprised to learn about a FNA/Beaver Creek Capital Group, INC merger out of Deleware.as you progress take carefull note of names and dates.you can go all the way back to 1946 on this site. real interesting.----Taxpayer

Consider my nose to the ground and sniffing the trail again. Thanks, Taxpayer!

It also means this ...
Memo to any Enron-like dreg participants who may be reading: you have *one more* hound continuing to pound down your path... to the bitter end. You're not getting away -- period.

--b