MP: Profits, turnover of company embroiled in e-tender scam skyrocketed in three years

Indore: Embroiled in the e-tender scandal, the balance sheet of Osmo IT Solution Pvt Ltd Company of Bhopal reveals its rapid growth and its relations with the government.

The annual turnover in the March 2015 balance sheet of the company was stated to be only Rs 39 lakh, which in three years has increased by about three-and-half times in March 2018 balance sheet to Rs 1.66 crore.

In these three years, the company’s profits increased by more than 32 times. The company registered net profit of only Rs 1.07 lakh in March 2015, but the balance sheet of March 2018 shows that the company has a net profit of Rs. 34.82 lakh.

The company’s records show that Varun Chaturvedi and Vinay Chaudhary formed this company in February 2012.

The company’s net worth at the time of formation was only Rs 11 lakh, which was Rs 85 lakh in 2018 balance sheet. The company’s profile says that it has been growing rapidly for last three years.

Govt institutes and departments trust us, says company

The main customers of the company were the government institutions and departments. The company mentions in its profile that many government institutions trust it.

The company says among the government institutions reposing faith in it are Institute of Hotel Management, Indian Institute of Forest Management, Central Institute of Plastic Engineering and Technology, MP Cone Limited (technical consultancy organisation), Government of MP, Water Resource Department Government of MP, Public Health and Engineering Department Government of MP, Bhopal Development Authority (BDA), and MP Trade and Investment Facilitation Corporation Limited (TRIFAC) Government of MP.

Chaturvedi and Chaudhary set up another limited liability company in November 2016. Its name was Srikon Business Solution. Its office is located in Golden City Bhopal. This company opened with net worth of Rs 1 lakh.

(Story by Sanjay Gupta)