96,000 Crore In India Rupees Is An Absurd Amount Says VV Mineral Vaikundarajan

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The owner of VV Mineral, S Vaikundarajan, says that being accused of a 96,000 crore (Indian rupees) thorium scam is absurd, as the company has no record of such transactions and the allegations appear to be half-baked and misinterpreted. While VV Mineral will legally challenge these baseless charges in court, the large sum resembles the total debt of the state of Tamil Nadu, fueling suspicions that the accusations target the UPA government rather than the company itself. S Vaikundarajan believes VV Mineral will be cleared of any wrongdoing, seeing the allegations as efforts of industry rivals to undermine the company.

News & Politics

96,000 Crore In India Rupees Is An
Absurd Amount Says VV Mineral
Vaikundarajan

VV Mineral was brought up with great care and effort
by the owner S Vaikundarajan. He says that it is absurd
that after all the efforts he has taken in two decades,
the state government would accuse him of such serious
charges.
http://vvmineralblog.wordpress.com

He has been blamed for an alleged thorium scam which
has no presence on paper. The citations given in the
manner are half-baked and misinterpreted to say the
least.
http://vvmineral.wordpress.com

Yet VV Minerals India and S Vaikundarajan will not be
taking it sitting down and have successfully filed a plea on
the High Court asking to be acquitted of these baseless
charges.
http://vvmineralmining.wordpress.com

The amount of Rs. 96,000 crore came as a rude shock to
the owner of VV Mineral who is calling the amount an
absolute farce and thinks it is a completely made up
number.
http://vvmineral-mining.blogspot.in

Interestingly, the number also resembles the total debt
of the state of Tamil Nadu and the rumour mills have
been rife with suspicions of this being a play on the
UPA government more than the company VV Minerals
itself.
http://vvmineralmining.blogspot.in

VV Minerals India and S Vaikundarajan are confident that
they will be able to come out clean from the matter
considering these are half-baked efforts of their industry
rivals.
http://vvmineralblog.wordpress.com

V.V MINERAL BLOGS
http://vvmineralblog.wordpress.com
http://vvmineral.wordpress.com
http://vvmineralmining.wordpress.com
http://vvmineral-mining.blogspot.in
http://vvmineralmining.blogspot.in

SOCIAL MEDIA
https://www.facebook.com/vvmineralmining
https://twitter.com/vvmineralsindia
https://plus.google.com/115427745398374600571

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The mining sector has suffered heavily due to the pending mining leases. Over 3000 applications are said to have been pending due to long application process. V Subramanian, Director of VV Minerals said, "The long drawn and protracted mining lease application process involving 28 ministries and departments at state and central government levels, leading to a total gestation time of more than 2800 days (nearly 8 years) was severely impacting the industry."

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VV Minerals was established in 1989 by S Vaikundarajan and has grown into a profitable mineral export company over the past two decades. While the company has received national awards for its export contributions, in recent years it has faced allegations of illegal sand mining and corruption without evidence. An investigating committee found no proof of wrongdoing by VV Minerals. Vaikundarajan denies the allegations and believes they are an attempt to undermine his business by competitors.

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Under his tutelage, the company has grown many-fold. However, recently the company has found itself surrounded in a controversy. VV Minerals has been accused of illegal sand mining while concerns have been raised against Vaikundarajan for using his political connections to influence the system. District Attorney Ashwin Kumar and ex-IAS officer V Sundaram have been vocal in their allegations. In the letter written by the latter, Vaiundarajan is accused of looting Rs. 96,000 crore.

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VV Mineral is an Indian company that has been mining coastal sands in Tamil Nadu and Andhra Pradesh for over 20 years, exporting garnet and illimenite which contribute significantly to state and national revenues. However, attempts by rivals to damage its reputation have led to increased governmental and media scrutiny of the company. VV Mineral asserts that it has operated legally and contributed greatly to the economy, denying accusations of illegal behavior without evidence. It views itself as capable of further helping India benefit from its coastal sand resources.

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VV Mineral S Vaikundarajan is known to be a media shy person and prefers a low-key profile. Ever since the company has come under scrutiny for illegal sand mining, Vaikundarajan has been accused of using powerful political influence against the system. Several allegations have surfaced without any supporting evidence. VV Minerals India stays optimistic and states that his enterprise will soon walk clean.

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V. v. mineral achievements and recognitions

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A practice to extract rare earth minerals through mining process from open pits, beaches, river beds etc. is known as sand mining. These rare earth minerals consist of 17 chemical elements. These rare earth minerals generally consist of elements like ilmenite, rutile, garnet, zircon, sillimanite, leucoxene and monazite. They are used in manufacturing consumer products and high tech applications. Established in 1989, V. V. Mineral (VVM) is the largest manufacturer and exporter of rare earth minerals – ilmenite and granet. It is the first private ilmenite exporter in india. VVM have achieved noteworthy market share in Europe, the USA, Australia, East Asia and Middle East. VVM’s annual output is 7, 00,000 metric tonnes of heavy minerals, which includes garnet abrasive, ilmenite, zircon, rutile, sillimanite and leucoxene. VVM has been awarded with quite a number of awards.

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“Though India is home to 35% of global rare earth minerals and 71% of world’s monazite reserve, China dominates the rare earth supply of the world. With a slight change in the policies, India can be the world top player of rare earth minerals.” said S. Vaikundarajan, Managing Director and CEO of V. V. Minerals, the largest producer and exporter of ilmenite in India. “Keeping in mind the current demand of beach minerals owing to rapid innovation, the Make in India objective of the government won’t be so difficult to achieve.” Other industry experts have reiterated the Vaikundarajan’s thoughts on this matter.

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Mining involves numerous stakeholders, and hence, its revival depends on strong coordination not only between miners and the government, but also among the state and central governments. Foremost of all, the annual cap of 30 MT imposed by the Supreme Court needs to be removed to allow the industry to grow. India has the highest tax rates on minerals in the world. Effective tax-rate, the ratio of value of all amounts paid to the government to value of profits before taxes, is approximately 69% for operating mines in India compared to resource-rich nations like Canada (34%), Australia (40%), and South Africa (40%).

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As per industry reports, the rare earth industry in India is underused and lies wasted. The Indian Rare Earth Industry is worth Rs. 90,000 crore of annual turnover. As per estimates by Beach Minerals Producers Association, the industry can net a capital employment of about Rs 121,000 crore. The rare earths found in India are one of the most significant ones. Collectively called Beach Sand Minerals (BSM), they include Ilmenite, Sillimanite, Garnet, Zircon, Monazite and Rutile and amount for almost 35 per cent of the world’s total beach sand mineral deposits.

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B. Ramanath Rai, Minister for Forests, Ecology and Environment, ruled out any involvement of members of political parties in illegal sand mining in Dakshina Kannada. Mr. Rai boldly dismissed the allegations in a matter of fact way by sayng, “I cannot accept bland statements that the sand mafia is active here. If there are any political party workers involved in illegal sand mining, provide specific details about the person. Action will certainly be taken against them. The party men who are engaged in sand mining are those who have been doing so for over several years now with authorised permits.”

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The Madras High Court addressed by Chief Justice Sanjay Kishan Kaul and Justice TS Sivagnanam set aside an order quashing the rejection of mining scheme of one of the leading mining companies VV Minerals and Transworld Garnet India. The court noted that the order issued by the Single Bench was bereft of any reason and did not deal with the respective submissions of the learned counsel for the parties.

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An organization filed a complaint against several mining companies for alleged illegal beach mining. The state government suspended mining activities and launched an investigation. VV Minerals, the largest beach mining company, denies the allegations as baseless and claims the company has operated legally for 20 years. The company head believes the investigation will clear the company of any wrongdoing.

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The document discusses allegations of illegal thorium mining against VV Minerals in Tamil Nadu and Kerala, where the largest thorium reserves in the world are located. While some accuse the company of illegally exporting minerals, VV Minerals claims they have operated legally for over 20 years and the allegations are a plot by business rivals to damage their reputation. The company chairman believes an investigation will clear VV Minerals of any wrongdoing.

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An FIR has been lodged against entities alleged to be involved in illegal beach mining by an organization called Meenavar Viduthalai Iyakkam. The organization submitted a petition in the District Police Office in Tuticorin district seeking immediate action to stop illegal activities. Recently, there have been illegal sand mining allegations against VV Minerals India, the largest beach sand mining company in the country.

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VV Minerals, a mining company founded in the 1980s, has faced allegations of illegal beach mining but claims it will be cleared of all accusations. While a district collector initially raised concerns about the company's involvement in a scam, an investigation found no evidence and the collector was transferred. VV Minerals denies the allegations and accuses rivals of conspiring against the company. The company's director asserts that their hands are clean and they will soon be cleared of all allegations.

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In the wake of recent illegal beach sand mining allegations, the company has found itself under harsh criticism and scrutiny. The company’s hard earned reputation hangs by a thin thread despite no substantial proof to support any allegations. VV Mineral Vaikundarajan, however, insists that the company has operated within legal boundaries for over two decades. He further states that the allegation is a plot by competitors to defame the company.

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VV Minerals India is one of the leading sand beach mining companies in the country. Recently, however, several allegations of illegal beach sand mining have surfaced against the company. Despite no substantial proof to support these allegations, the company’s hard earned reputation seems to have taken a hit. Vaikundarajan has stated that VV Minerals has operated within legal boundaries and the allegation is a ploy by competitors to defame the company.

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Viapar is a coastal village in Tamil Nadu's Tuticorin district where mineral mining on beaches is practised with government permission. On August 6, District Collector Ashish Kumar had raided the premises of VV Minerals, but it turned out that he had connections with its rivals. As soon as the rumours were confirmed, Mr Kumar was taken off the case and transferred. VV Minerals claimed that the "charges made by the former District Collector are baseless, motivated and vague."

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96,000 Crore In India Rupees Is An Absurd Amount Says VV Mineral Vaikundarajan

1. 96,000 Crore In India Rupees Is An Absurd Amount Says VV Mineral Vaikundarajan

2. VV Mineral was brought up with great care and effort by the owner S Vaikundarajan. He says that it is absurd that after all the efforts he has taken in two decades, the state government would accuse him of such serious charges. http://vvmineralblog.wordpress.com

3. He has been blamed for an alleged thorium scam which has no presence on paper. The citations given in the manner are half-baked and misinterpreted to say the least. http://vvmineral.wordpress.com

4. Yet VV Minerals India and S Vaikundarajan will not be taking it sitting down and have successfully filed a plea on the High Court asking to be acquitted of these baseless charges. http://vvmineralmining.wordpress.com

5. The amount of Rs. 96,000 crore came as a rude shock to the owner of VV Mineral who is calling the amount an absolute farce and thinks it is a completely made up number. http://vvmineral-mining.blogspot.in

6. Interestingly, the number also resembles the total debt of the state of Tamil Nadu and the rumour mills have been rife with suspicions of this being a play on the UPA government more than the company VV Minerals itself. http://vvmineralmining.blogspot.in

7. VV Minerals India and S Vaikundarajan are confident that they will be able to come out clean from the matter considering these are half-baked efforts of their industry rivals. http://vvmineralblog.wordpress.com

8. V.V MINERAL BLOGS http://vvmineralblog.wordpress.com http://vvmineral.wordpress.com http://vvmineralmining.wordpress.com http://vvmineral-mining.blogspot.in http://vvmineralmining.blogspot.in

9. SOCIAL MEDIA https://www.facebook.com/vvmineralmining https://twitter.com/vvmineralsindia https://plus.google.com/115427745398374600571

10. THANK YOU

96,000 Crore In India Rupees Is An Absurd Amount Says VV Mineral Vaikundarajan

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