The man who owns 80 per cent of Infolance Software, the company with Rs 50 crore listed in cash reserves and no revenue, and which contributed Rs 50 lakh to Aam Aadmi Party (AAP), remains untraceable behind a maze of addresses and operations.
According to Registrar of Companies (RoC), Infolance, in its last filing in 2012, had identified the majority stakeholder as Rajan Muglani, managing director of Rasik Plast Ltd, a listed company in Bombay Stock Exchange.
While Rajan could not be traced, The Indian Express spoke over the telephone to his brother Raman Muglani, who said that he too had worked at Rasik Plast. “At the time, Rajan used to stay at Sector 27 in Noida. But now, I am not in talking terms with my brother and I do not have his contact number or current address,” he said before refusing to provide more details.
Rasik Plast is a BSE-listed company that was incorporated in 1991, and manufactured reservoirs and tanks.
Records show that the manufacturing facility of Rasik Plast was in D-58 Sector 10, Noida, where it stopped production around 10 years ago. The financials of the company show that it had total assets of Rs 1.55 crore and net loss of Rs 2 lakh as on March 2012. The company’s stocks have since been suspended for trading at BSE.
Outside the address listed for the manufacturing facility, a man who appeared to be in his 60s and who refused be identified, said, “I have been staying in this area for 20 years and around 8-10 years ago the company suddenly closed its operations and vanished from this place. Many people have come asking for the company.”
A visit to the registered office of Rasik Plast —- B-1, Ghaurli Dairy Farm, Mayur Vihar Phase-III, New Delhi —- revealed that the company had only rented space here for a storage facility for around a year or two before moving to Sector 9 in Noida.
At Sector 9, Noida, the address given leads to another plastic manufacturing company, SM Plastika. There, a man who identified himself only as Jaideep said that he owned the company. He added that Rajan Muglani was his “friend” but had no ownership in this firm.
The Indian Express had reported on Monday that, according to RoC filings in 2012, apart from Rajan Muglani, three directors —- Hem Prakash Sharma, Dharmender Kumar and Mukesh Kumar —- held 0.5 per cent each of Infolance Software. The three were also directors of three other firms which together with Infolance donated Rs 2 crore to AAP.