High court orders to auction assest of Indian Technomac Company by next month

Himachal Pradesh High court has directed the auction the assests of ITC (Indian Technomac Company) as the firm found indulged in Rs 6000 bank and Tax evasion scam. A orders passed by Himachal Pradesh  High Court recently order to  auction of the assests siezed by state vegilance and anti-corruption bureau. Excise Department spokesperson confirmed that High Court has ordered in January 2023 to auction the huge premises of the company located in village Jagatpur of Paonta block of district Sirmaur.  It is noteworthy that on the orders of the High Court, this process of auction has been done by the department in the past years.  In 2014, a Excise Department officer had busted the tax evasion of about 2175 crores by the Indian Technomac Company in the name of VAT tax.  Apart from this, 1600 crore rupees were to be paid to various banks along with Income Tax, Electricity Board, Labor Department, EPF.  The officers found that firm was involved in a mega scam. The auction delayed due to counter claim of affected banks, state electricity board and other stakeholders for dumping them for around 6000 Crore. 

 According to the department, the valuation was done by Himcon agency for the auction, at that time the market value of the premises was estimated at Rs 330 crore.   A nodal officer was also posted by the High Court for the auction of assest.