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<keyword id="161363" type="COMPANY" weightage="20" keywordseo="Ruia-Group">Ruia Group</keyword> Chairman <keyword id="252879" type="PERSON" weightage="100" keywordseo="Pawan-Ruia">Pawan Ruia</keyword> was today arrested by <keyword id="6357783" type="CITY" weightage="100" keywordseo="West-Bengal">West Bengal</keyword> CID from his New Delhi residence in connection with a complaint of theft lodged by <keyword id="6360676" type="CITY" weightage="20" keywordseo="Railways">railways</keyword> last month, as per a news report by an agency. 
 <keyword id="172583" type="COMPANY" weightage="20" keywordseo="Ruia">Ruia</keyword> was arrested from his residence in <keyword id="1951691" type="PERSON" weightage="20" keywordseo="sundar-nagar">Sundar Nagar</keyword> area in the national capital this morning, a senior CID officer said. 
 Ruia was arrested on the basis of complaint of Railways ministry regarding theft of its goods worth Rs 50 crore which went missing from the <keyword id="335431" type="COMPANY" weightage="20" keywordseo="Jessop">Jessop</keyword> factory premises in <keyword id="230413" type="CITY" weightage="20" keywordseo="Dum-Dum">Dum Dum</keyword> in the city, the officer said. 
 He has been booked under <keyword id="6360844" type="COMPANY" weightage="20" keywordseo="IPC">IPC</keyword> sections 420 (cheating), 406 (Punishment for criminal breach of trust) and 409 (criminal breach of trust by public servant, or by banker, merchant or agent), the officer said. 
 
The Railways had filed an FIR with the Dum Dum Police Station after an inspection team found several equipment and coaches worth Rs 50 crore were missing from the factory premises at Dum Dum. 
 
The CID had summoned Ruia four times in the past in connection with its probe into a theft case in the Jessop factory in Dum Dum where a fire had broken out on October 17. 
 
A Special Investigating Team was formed by the CID to probe the theft at the factory premises. 
 Ruia had moved <keyword id="6364869" type="ORGANIZATION" weightage="20" keywordseo="Calcutta-High-Court">Calcutta High Court</keyword> which refused to stay proceedings against him in connection with the case filed by the CID following the fire and directed him to cooperate in the investigation. 
 Ruia had moved the High Court seeking quashing of the case filed against him by CID, claiming he is not the chairman of Jessop and he is neither the director nor a shareholder, or an occupier of <keyword id="3794215" type="UNKNOWN" weightage="20" keywordseo="jessop-and-co-ltd">Jessop and Co Ltd</keyword> or any of its premises. 
 Former workers of the factory had alleged that the fire was part of a "conspiracy by a third party" following which the West <keyword id="6356978" type="CITY" weightage="20" keywordseo="Bengal">Bengal</keyword> government ordered a CID probe into the incident. 
 Meanwhile, reacting to the development, Ruia group spokesperson said, "Pawan Ruia does not hold any position in <keyword id="572658" type="ORGANIZATION" weightage="20" keywordseo="Jessop-Co-Ltd">Jessop &amp; Co Ltd</keyword>. He is neither a director, nor a shareholder of the company. He is not even an occupier of any Jessop premises. We fail to understand how can he be dragged into the case. We will contest all the charges brought against him at proper legal forum". 
 The Bengal government had passed a bill to takeover <keyword id="161365" type="COMPANY" weightage="20" keywordseo="Dunlop">Dunlop</keyword> and Jessop earlier this year and for the last eight months the state government is paying Rs 10,000 per month on an ad hoc basis.

Industrialist Pawan Ruia
arrested on charges of theft of railway equipments in West Bengal

<ul><li>According to news reports, <keyword id="2573" type="CITY" weightage="20" keywordseo="Air-India">Air India</keyword>’s divestment advisors have rejected other bids, and only the Tatas and India’s largest cargo operator Spicejet remain in the fray for buying the cash-strapped flag carrier.</li><li>A group of 209 employees of Air India had also put in a bid. And while confirming the news, Air India’s Commercial Director Meenakshi Malik told Moneycontrol that the consortium hadn't made it to the next round of divestment.</li><li>Media reports further indicated that Essar, Pawan Ruia of Dunlop and Falcon Tyres had also put in bids for Air India — however, the bids have been rejected.</li></ul>After the consortium of Air India employees backed by NRI businessman Laxmi Prasad and his New York-based Interups Fund was disqualified — only the Tata Group and India’s largest cargo operator Spicejet remain in the fray for buying the cash-strapped Air India, according to news reports. According to an IANS report, the bids have been rejected after the evaluation of the expressions of interest (EoI), where multiple bids were received. The advisors were in touch with the interested bidders regarding several queries. The qualified bidders will be intimated only after the government is satisfied with the bidders' responses. A group of 209 employees of Air India had also put in a bid. Media reports further indicated that Essar, Pavan Ruia of Dunlop and Falcon Tyres had also put in bids for Air India — however, the bids have been rejected. A<a href="https://www.moneycontrol.com/news/business/companies/exclusive-air-india-sale-employee-consortium-out-of-the-privatisation-race-6618601.html"> MoneyControl report</a> quoting Air India’s commercial director Meenakshi Malik highlighted that the expression of interest for the privatisation by the Air India employee consortium hadn't made it to the next round of divestment. "As of late last night, I have seen an email from the transaction advisor to the Government of India (Ernst &amp; Young LLP), informing the employees of Air India that we have been unsuccessful in qualifying to the next phase of the ‘Disinvestment Acquisition process," Malik, who was leading the employee consortium told <a href="https://www.moneycontrol.com/news/business/companies/exclusive-air-india-sale-employee-consortium-out-of-the-privatisation-race-6618601.html">MoneyControl</a>. In a letter to Air India employees on March 8, the advisors said, “The EOI and the supporting documents submitted by you have been duly evaluated and have been found to not fulfil the eligibility requirements set out in the Preliminary Information Memorandum (as amended) (PIM) issued in respect of the strategic disinvestment of Air India Limited (AI) and is liable for disqualification.” The divestment process of the national carrier has been divided into two stages. In stage one, the interested bidders have submitted expressions of interest, and they were shortlisted based on the eligibility criteria and other terms mentioned in the Preliminary Information Memorandum (PIM). In stage two, the shortlisted interested bidders will be provided with a request for proposal (RFP), and thereafter there will be a transparent bidding process. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/oyo-vs-zo-zostel-claims-victory-while-the-ritesh-agarwal-led-firm-says-theres-still-room-to-win/articleshow/81386851.cms">OYO vs Zo – Zostel claims victory while the Ritesh Agarwal-led firm says there’s still room to win</a><a href="https://www.businessinsider.in/business/startups/news/oyo-vs-zo-zostel-claims-victory-while-the-ritesh-agarwal-led-firm-says-theres-still-room-to-win/articleshow/81386851.cms"></a> <a href="https://www.businessinsider.in/stock-market/news/sensex-up-300-points-nifty-crosses-15000-banks-oil-stocks-lead/articleshow/81386563.cms">Sensex up 300 points, Nifty crosses 15,000 — banks, oil stocks lead</a><a href="https://www.businessinsider.in/stock-market/news/sensex-up-300-points-nifty-crosses-15000-banks-oil-stocks-lead/articleshow/81386563.cms"></a> <a href="https://www.businessinsider.in/india/news/international-womens-day-take-a-look-at-some-of-the-finest-achievements-by-indian-women/slidelist/81385710.cms">International Women’s Day: Take a look at some of the finest achievements by Indian women</a>

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Industrialist Pawan Ruia arrested on charges of theft of railway equipments in West Bengal

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Tata Sons, Spicejet in the race for Air India, after employees’ consortium was disqualified

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