Industry Textile Headquarters India | Website www.filatex.com Founded 1990 | |
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Stock price FILATEX (NSE) ₹ 115.50 +10.50 (+10.00%)10 Mar, 3:30 PM IST - Disclaimer | ||
Filatex India Limited is an Indian textile firm primarily manufacturing several grades of polyester yarn. It also has interests in real estate and shopping malls. It had a turnover of Rs. 2.98 billion in financial year 2007.
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Real estate imbroglio
Filatex and its sister concern, Dazzle Developers, are involved in a number of developments of commercial properties or malls in Delhi.
In June 2007, the afternoon newspaper Mid-day revealed papers that showed that the promoters of Filatex, Purushottam and Madhu Sudhan Bhageria, had become directors in the firm Harparwan Construction, set up by two sons of the then Chief Justice of India Y K Sabharwal. This was at a time when the Supreme Court was extraordinarily active in ensuring the demolition of a large number of illegal commercial properties, which resulted in a steep rise in the price of malls.
It was felt that Justice Sabharwal's being active in such decisions when his sons were involved in this business was at best improper and at worst an attempt "to benefit his sons who entered into partnerships with shopping malls and developers of commercial complexes". Former Solicitor General KK Sud called this behaviour "the height of indiscretion.".
What business benefits the Bhageria's obtained from associating themselves with the new and unknown Harparwan Construction remains unknown.
In September 2007, four Mid-Day journalists were sentenced to prison by the Delhi High Court for contempt of court (making such allegations about an ex-judge). This brought the matter into intense public scrutiny.