Trading sits in the name of the firm itself 

Rainbow Vanijya P Ltd; RG Services P Ltd (now Elegant Facility Management P Ltd ); RG Buildcon P Ltd; Empire Citicon P Ltd and Rajesh Projects (India) P Ltd : Over 17,000 Tonne of TMT Bars sold at heavy discounts in the name of Project.

Rainbow Vanijya P Ltd (CIN: U51909WB1994PTC062147), a private company incorporated on December 8, 1994, is one of the beneficiaries in the heavy discounts. As per records from Ministry of Corporate Affairs (MCA), its balance sheet was last filed on March 31, 2023 Rainbow Vanijya P Ltd 's NIC code is 5190 (which is part of its CIN). As per the NIC code, it is involved in Other wholesale [Includes specialized wholesale not covered in any one of the previous categories and wholesale in a variety of goods without any particular specialization.].

The firm is registered with GST 09AACCR2791L1ZW at Shop No. 19, PLOT NO-GH-7A, RG Luxury Homes, Commercial Complex, SECTOR-16B, GREATER NOIDA, Gautam Buddha Nagar, Uttar Pradesh -201301 with Nature of Core Business Activities as “Retail Business” and “Wholesale Business”.

Around July 2021, Atul Mathur joins as Regional Manager at Western Region of SAIL-CMO and around Sep 2021, Rainbow Vanijya P Ltd starts lifting TMT Bars from Indore Branch of Western Region. The supplies, by illegally using the policy, guidelines, and discounts applicable for Projects, ended around Sep 2023 i.e. just after Mathur relinquished the post of Regional Manager of  Western Region. During this period over 10,000 Tonne of TMT Bars were sold to the firm in the name of Project, which in turn re-sold all of them in the market for windfall gains, probably mutual.

Apart from Rainbow Vanijya P Ltd, it has been gathered that there are numerous others firms which were supplied over 1,25,000 Tonne of steel (primarily TMT Bars) from Western Region during Mathur’s tenure as Regional Manager. Some of them are : FUJIYAMA POWER INFRA P LTD; AB BUILDCON; HITECH INFRA SOLUTIONS; R S INFRA  PROJECTS; SENTIRE TECHNOLOGIES; SHUBHAM BUILDERS; AMBER INDUSTRIES; STRIKE INFRACON LLP; ZARIELLE PROJECTS & SERVICES LLP;  OFCONS PROJECTS & SERVICES P LTD ; SHREE SIDHBALI ISPAT LIMITED; SMW ISPAT P LTD and BHARAT INFRA AND CONSTRUCTIONS. Project business with some these firms was initiated during his tenure and with some business was carried forward, whose foundation was laid down during the tenure of his predecessor Abhijeet Kumar. Around July 2021, Kumar moves out to Delhi as Regional Manager of  Northern Region and Mathur checks in as Regional Manager of  Western Region.

Around July/Aug 2023, Mathur was rewarded by SAIL management and promoted him to ED (Sales & ITD) : Head of Sales at SAIL-CMO. With moving out of Mathur, T N Natrajan moves in and carried forward the Project business in Western Region with non-projects firms.

On January 19, 2024 Mathur was also suspended along with other 28 officers after the order dated January 10, 2024 in the matter of Venkatesh Infra Projects P Ltd. He has superannuated on Nov 30, 2025 with retiral benefits on hold.

Kumar was also among the officers who were suspended. Going further, SAIL management also rewarded Kumar and promoted him to ED (Marketing), pending CBI / LOKPAL investigations. This phenomenon of  decorating the erring officers of PROJECT SCAM with promotions and plum sensitive postings is a continuous affair.

It is noteworthy that T N Natrajan is the same person who has been recently been selected as Director (Commercial) of SAIL by the Search-cum-Selection Committee (SCSC) under the Ministry of Steel.

The gloom in governance in SAIL and MoS can be gauged from the fact that Whistle Blower of the scam has been prematurely retired after harassing  him and his family for over two years and delinquent / errant officials are making merry.

The documents accessed by ‘Bureaugram.com’, confirms beyond any doubt that all the TMT Bars sold by SAIL officials to Rainbow Vanijya P Ltd were re-sold in the market.

100% of the revenue is form Trading Sales

RG Services P Ltd (now Elegant Facility Management P Ltd ); RG Buildcon P Ltd; Empire Citicon P Ltd and Rajesh Projects (India) P Ltd are few of the firms related to Rainbow Vanijya P Ltd. It has been gathered about 7,000 T of TMT Bars have also been sold to these firms.

The modus-operandi adopted by SAIL officials is the same as was adopted by in the supply of 1,50,000 Tonnes of steel to M/s Venkatesh Infra Projects P Ltd. On the directions of Lokpal of India, CBI has already registered  F.I.R. No. RC2182024A0021 on 10.10.2024 u/s 120B, 420, 468, 471 IPC and Sections 7, 9 and 12 of the P.C. Act, 1988 as amended against the erring senior officials of SAIL, M/s Venkatesh Infra Projects P Ltd and M/s APCO Infratech P Ltd.