In the series of exposures of SAIL Project Scam, yet another company:

Silverwater Metals And Minerals P Ltd was one of the beneficiaries to earn profit in project scam.

Silverwater Metals and Minerals P Ltd is another blow by SAIL officials to run their own company down.

The company was incorporated in Dec 2014. It was incorporated as Silver Water Portfolio Consultancy Services P Ltd and later changed its name.

The firm is registered with GST at SHOP NO 3, Amar Enclave, Prashant Nagar, Ajni, Nagpur with Nature of Core Business Activity as “Trader - Wholesaler/Distributor”. Since 2017, SILVERWATER METALS AND MINERALS P LTD was attached to SAIL as a TRADER and used to buy commercial/scrap Rails from Western Region of SAIL-CMO, headquartered at Mumbai.

It has been gathered that in 2021, suddenly business activities of the firm were moved by SAIL officials to Pune branch of SAIL-CMO and went on to supply 20,000 Tonne of TMT Bars by offering heavy discounts in the name of PROJECTS. Supplies were abruptly stopped in Jan 2024 following the suspension of 29 officers of SAIL on January 19, 2024 which were affected after the order dated January 10, 2024 where LOKPAL handed over the complaint on sales to Venkatesh Infra Projects P Ltd to CBI. Just like SILVERWATER METALS AND MINERALS P LTD, SAIL officials had supplied over 1,50,000 Tonne of steel to the Venkatesh Infra Projects P Ltd by illegally using the policy and guidelines applicable for Projects, although the firm was a Trader.

From the documents accessed by ‘Bureaugram.com’, shows that SILVERWATER METALS AND MINERALS P LTD is an “Authentic Trader/Re-seller”

It has been gathered that the SAIL began TMT Bars supplies to the firm as Project few weeks after Atul Mathur took over as Regional Manager and Hari Shankar Durgapal took over as Regional Business Manager (Long Products) at Western Region. 

In August 2023, Mathur was rewarded by the management with the post of ED(Sales & ITD) : Head of Sales at SAIL-CMO. 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.

T N Natrajan was given additional charge of Regional Manager of Western Region. Going ahead management gave him full charge by promoting him to Chief General Manager. It is noteworthy that he 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. It has been gathered from sources that CBI has recently asked for a written statement from him also in the matter of dubious Project Sales to numerous firms during his tenure at Western Region.

In Feb 2025, Durgapal was promoted to Chief General Manager and recently he has been awarded with the post of Regional Manager of Western Region.