This document discusses issues related to the Startup India initiative led by Ramesh Abhishek, Secretary of DPIIT. It raises questions about the large number of startups recognized by DPIIT but lack of funding and other support provided. Less than 200 of the nearly 20,000 recognized startups have received funding. Questions are also raised about potential conflicts of interest due to Abhishek's daughter's involvement in advising startups through her law firm. The document alleges that Abhishek has used his position to benefit shell companies in Kolkata linked to him and his relatives. Overall, it is critical of Abhishek's leadership of Startup India and questions whether it is more of

1. RAMESH
..ABHISHEK
NON-STARTERA complete for
TARTUP INDIA
Ropes in daughter Vaneesa for
THINKING LEGA.
A Compilation of Articles from
www.pgurus.com

3. Pg 1
Pg 3
Pg 5
Pg11
INDEX
DPIIT-currency printing start up for
Ramesh Abhishek & family
Three years on, Is the art of juggling DPIIT numbers by Ramesh
Abhishek that has kept his failures hidden from the PM?
How Ramesh Abhishek spoiled Modi's
Start-up India reform
Despite creating a royal mess at the FMC and now at DPII] Ramesh
Abhishek still hopes to land a cushy post, post-retirement
Ramesh Abhishek creates his own Make
in India via Kolkata!
A critical look into the assets of lAS Officer Ramesh Abhishek reveals
a faux Make in India model to use shell companies to park illegal
gains
How Ramesh Abhishek Failed To Deliver
On One Of GOI's best initiatives, Startup
India
Ramesh Abhishek Agrawal's own Corruption Model in Startup India
via 'Beti bachao & Beti badhao'
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5. P 1
Is DPIT a currency making
machine for a chosen few?
ARTICLE # 1by PGurus I July 12, 2019
DPHT-currency printing start up
for Ramesh Abhishek & family
Three years on, Is the art of juggling DPIIT numbers by Ramesh Abhishek that has kept his
failures hidden from the PM?
Three years on, Is the art of juggling numbers by Ramesh Abhishek
that has kept his failures hidden from the PM?
Numbers speak for themselves but dissecting them further can often spring more surprises. As in the case of
the Department for Promotion of Industry and Internal Trade (DPIIT), which has been aggressively marketing
its claim of recognizing 19,857 start-ups in India since 2016. It will seem all rosy if your observation, like the
mainstream media, is limited to the numbers thrown by Ramesh Abhishek (Agrawal), the DPIIT Secretary on
start-ups. But a further took at how many of these got actuaLly funded or managed to get tax exemptions
could reveal a starkly contrasting picture and put Prime Minister Narendra Modi's pet project on the funding
of Start-ups to shame.
Funding of Start-ups is the key. Do you know how many have been funded so far in three years by DPIIT's
hard work? Less than 200. can the all-powerful Babu Abhishek answer how a triLlion-dollar economy that
India is, has funded only 200 or less than 1% of the start-ups recognized by DPIIT?
Hold your horses. The story does not end here. Do you know how many start-ups recognized by DPIIT have
managed to get tax exemptions so far? Less than 100 or 0.5%. can such dismal numbers lead to job creation
that the PM has been so desperately and sincerely trying to achieve?
The fact that such a less number of start-ups were found to be eligible for tax exemption raises questions on
DPIIT's recognition drama. Abhishek has some serious answering to do. can he give the number of Start-ups
that have been a success story in three years? After all, 20,000 have been recognized by Abhishek's
1

6. ARTICLE #1 by PGurus I July 12, 2019
department. Forget a lot many start-up success stories; there are no numbers in the public domain to
determine at what stage of process or progress are various Start-ups that have been recognized by DPIIT.
How long can the Babu foot around?
In fact, a probe in those who have been recognized in the past three years will reveal hugely inflated
numbers in the absence of proper data to segregate companies, persons, entities or individuals or any other
structures. Can Abhishek give any of this bifurcation for the 20,000 odd Start-ups registered so far?
Three years is a long time without funding for the majority of them. How many of these 20,000 start-ups are
still working and how many have vanished or died? How many have started earning?
SIDBI funding routed through 40 VC funds
In fact, Start-up funding seems to be bitten by nepotism when seeing how government money via SIDBI goes
to 40 different venture capital funds, which in turn fund Start-ups. It is these private venture capital funds
that really hold the patronage. Data shows that around 200 Start-ups have got close to Rs.2,000 crores of
SIDBI funds via venture capital investors. Meaning on an average one start-up has eaten up close to Rs 10
crores? Are there enough checks and balances in place here? What is the commission for a Venture Capital
Funds, who have become the crucial middle-man in the game?
Thinking Legal— A Start-up of a different kind
It has also come to light that Abhishek's daughter Ms. Vaneesa Agrawal, a lawyer, is now actively involved in
advising some of the key players in the Start-up eco-system. This is a clear case of conflict of interest as
DPIIT is the supreme authority on Start-up funding and holds power over venture capitaL funds and angel
investor network and start-ups, who Vaneesa Agrawal advice. She has earlier worked with SEBI in Mumbal
but her keen interest in advising Start-ups seems to have come mainly after her father became the DPIIT
Secretary and she moved to Delhi.
Following description of Vaneesa Agrawal's law firm Thinking Legal, will give you a complete insight into how
Abhishek is directly conflicted.
"The Firm (Thinking Legal) works with a number of Start-ups and angel investors. We advise start-ups on setting
up and structuring their business, regulatory corn pliances, registration of trademarks and patents, structuring
ESOP arrangements and executive compensation. We also assist in drafting contracts with co-founders,
advisors, employees, vendors, distributors, customers and investors. We also conduct due diligence on behalf of
angel investors and angel funds investing in start-ups, and assist in drafting and negotiating the shareholders
agreement and the share subscription agreement." (http://thinkinglegal.in/about)
DPIIT is the ultimate final authority of approving all these procedures stated by Thinking Legal. Abhishek is
the top boss of the department and his command can move mountains there, It will be interesting to know
how many of the 200 start-ups funded so far in three years or the deals sealed were on advice of Vaneesa
Agrawal. Think legally.
continued...
2

7. ARTICLE #2 by PGurus July 15, 2019
How Ramesh Abhishek spoiled
Modi's Start-up India reform
Despite creating a royal mess at the FMC and now at DPIlT Ramesh Abhishek still hopes to
land a cushy post, post-retirement
The recognition process of start-ups itself seems like a major farce when you see that Department for
Promotion of Industry and Internal Trade (DPIIT) is smart enough to not share any data with public about
number of start-ups rejected in the recognition process, were those who registered individuals, companies or
any other structures? Such data, Ramesh Abhishek Agrawal will well know, can reveal the dark picture and
failure that abound his tenure.
If around 20K start-ups were registered or recognized by DPIIT, how many were rejected?
This question gains significance as there is no break-up of start-ups registered year-wise available in public
domain. Is it that all those who log on to start-up India or DPIIT website get accorded a status of start-ups?
If not, then who are these 20,000 recognized as start-ups? Can Abhishek at least reveal how many of these
are LLP or private limited companies that have been verified by them?
Is there any list on the number of Start-ups who have actually availed or benefited against respective
schemes I benefits that are being promised by DPIIT? Not even 10% of these 20K recognized start-ups have
benefited.
The start-up recognition is a comedy in making mainly as it is just filling up of a form exercise that anybody
can do on the start-up website supported by DPIIT. It requires some basic info like who did initial funding,
what is the idea etc. And you are recognized as a start-up within 3-10 working days. But what comes next? A
lot of those genuine start-ups who have tried to move forward to avail of benefits after being recognized by
DPIIT have a sad tale to narrate.
3

8. ARTICLE #2 by PGurus July 12, 2019
Red-tape
One of the central theses of Startup India was to ensure relative ease of doing business and bring down
compliance costs. In this regard, DPIIT registered Startups are allowed to self-certify compliance for 6 Labour
laws and 3 Environmental laws through a simple online process. While certainly welcome, self-certification
does not take away the compliance costs with regards to these laws.
For eg. a Startup will still have to comply with the Payment of Gratuity Act, 1972 and keep records of such
compliance. In addition, there are several other state and central laws which require compliance which has
not been addressed (Eg. The Shop and Establishment Act). Given the myriad compliance requirements in
India, a Startup entrepreneur is often overwhelmed with the quantum of documentation and his! her
dealings with the authorities. This drains him of his! her financial resources and entrepreneurial zeal.
In fact, many Startup entrepreneurs view the process of getting a DPIIT certification in itself as another
complex compliance activity rather than an asset that will help them navigate through the compliance process.
The DPIIT team has been given full empowerment to ensure ease of doing business; instead, it created a
system full of red-tape and complex procedures resulting in startups requiring putting significant efforts to
comply with the same. Startups have effectively required to do a Ph.D. in compliance.
Funding - A panacea for Startups
No Startup can thrive without adequate funding and therefore any Startup ecosystem needs to be built
around investors! financiers willing to provide capital to Startups.
While a 'fund of funds' of Rs.1O,000 crores to support innovation, driven Startups had been established to
be managed by the Small Industries Development Bank of India (SIDBI), mere Rs.1561 crores (less than
16% in last 3 years) have been distributed to Startups.
Currently, only Category 1 Alternative Investment Funds (AIF)'s are eligible to receive funds from SIDBI[1].
Many startups have represented to DPIIT to allow SIDBI to distribute funds to Category 2 AlE which will enable
faster finding to the Startup community. However, their representations so far have failed to elicit a response from DPIIT.
Why is Startup India failing?
The role of Startup India program headed by Abhishek was to liaison between various units in the startup
ecosystem to help the ecosystem to function smoothly and effectively. It was the responsibility of DPIIT to
ensure that:
• Startup's concerns on Angel Tax were appropriately addressed by the relevant taxation authorities;
• If compliance burden and red tape as mentioned above on Startups is relaxed based on the feedback and
representation received from various Startups; Funding ecosystem becomes robust to ensure a faster and
smooth process of release of funds to all deserving Startups to ensure growth;
• All major issues and concerns of Startups were to be addressed by active intervention and action.
Instead, Abhishek has been reduced to making tall claims on employment generation which has not been
backed by action on the ground. There have been allegations of favouritism while disbursing funds to select
AIF's through the SIDBI Fund of Funds. Further, there have been murmurs of favouritism to certain startups
who have received tax exemption from the Inter-Ministerial Board.
Continued...
References:
(11 Using AIF regulations to start up India - Jan 22, 2017, LiveMint.com
4

9. ARTICLE #3 by PGurus I July 18, 2019
Ramesh Abhishek creates his own
Make in India via KoLkata!
A critical look into the assets of lAS Officer Ramesh Abhishek reveals a faux Make in India
model to use shell companies to park illegal gains
In December 2018, a small news item appeared in the Times of India, stating that Over 1 lakh shell
companies were de-registered in the 2017-18 fiscal year[1]. It would be useful to know how many of these
shell entities were opened! used and operated by the Babus themselves. A look at the number of shell
companies that were owned and operated by Ramesh Abhishek Agrawal (RA) will give you an idea of the rot
that has set into the system.
JISPL - Jagdamba Iron & Steel Private Limited
Does the name sound grand, like the one Tatas operate in Jamshedpur? Well, JISPL exists only in name and
has huge reserves despite the fact that it has earned no profits and never paid taxes. The tax evasion part
needs to be examined separately and is not a topic of discussion here. Now, just to confuse the reader, there
is another entity, an alphabet soup, titled Jagdamba Steel Industries Private Limited (JSIPL), which in
turn is a shareholder in JISPL. The shareholding pattern of JISPL looks as follows:
JISPL Shareholding pattern
Vijoy Shankar Agarwalla
Manish KumarAgarwal
Manju Devi Agarwalla
JSIPL
Figure 1. JISPL Shareholding pattern
5

10. ARTICLE #3 by PGurus I July 18, 2019
Almost 97% of JISPL is owned by either the relatives of Ramesh Abhishek or his other company JSIPL. The
attached file below shows the details of how this company got close to Rs.10 crores in its balance sheet.
This money was received as a share premium from the shareholders. Why would a company that has no
products to sell, attract such high valuations in its Stock price? Read on...
Who owns JSIPL?
JSIPL received various subscriptions of shares at hefty premiums in the years 2008, 2009 and 2014. All these
were from the famous Kolkata Khoka Kompanies (KKK). This is for the year 2008. For more, see the table
below:
Name of the Kolkata Co. No. of shares Premium per share (Rs.) Present status of the company
Badrinath Commerce Pvt. Ltd. 340 2900
Bhagwati Merchants Pvt. Ltd. 500 2900
Balgopal Dealers Pvt. Ltd. 500 2900 This company is struck off from
ROC as shell company
Ganpati Stock Pvt. Ltd. 340 2900
Total 1680
In the Fiscal year ending on March 31, 2009, more shares were allotted to KKKs at a hefty premium of
Rs.3000 per share. See the table below for more:
Name of the Kolkata Co. No. of shares Premium per share (Rs.) Present status of the company
Parampita Dealcom Pvt. Ltd. 800 3000 This company is struck off from
ROC as shell company
Badrinath Commerce Pvt. Ltd. 340 3000
Bhagwati Merchants Pvt. Ltd. 335 3000
Anjaniputra Vinimay Pvt. Ltd. 835 3000
Vaibhav Vinimay Pvt. Ltd. 670 3000
Gangaur Properties Pvt. Ltd. 535 3000 This company is struck off from
ROC as shell company
Vindhyawasini Vincom Pvt. Ltd. 500 3000
Urch Traders Pvt. Ltd.
Total
540
4555
3000
6

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7
ARTICLE #3 by PGurus July 18, 2019
JSIPL received crores of rupees from KKKs and these were deployed into JISPL over FY 2008, 2009 and 2014,
brought in through KKKs. Once the money is transferred into JSIPL, these KKKs were abandoned (it is called
as premium stripping) and the latest shareholding pattern of JSIPL (JISPL is shared in Figure 1 above) is
shown in Figure 2.
JISPL Shareholding pattern
Vijoy Shankar Agarwalla
Manish KumarAgarwal
Sushila Devi
JISPL
Other
Figure 2. JSIPL Shareholding pattern
So the circle is complete - JSIPL owns JISPL and vice-versa. A few KKKs were used and discarded. Worthless
company shares bought for sky-high premiums. And Ramesh Abhishek Agrawal has created Rs.9.67 crores in
JISPL and Rs.9.18 crores in JSIPL for a total of Rs.18.85 crores - What a Make in India initiative by the
family of RA! We know we skipped a couple of steps here - but you can get all the gory details by going
through the Auditor's report below. This sleight of hand (jugaad) can be done over and over. Say 10 such
entitites exist - the corruption amount becomes Rs.200 crores. 100 makes it Rs.2000 crores.
CA Report of JISPL
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ARTICLE #3 by PGurus I July 18, 2019
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CA Report of JISPL by PGurus on Scribd
Page 29 Page 30
Continued...
References:
(1] Over 1 lakh shell companies deregistered this fiscal: Government
- Dec 28, 2018, Times of India
10

15. P 4 Ramesh Abhishek's
bachao & Beti badhao'
ARTICLE #4by PGurus July 20, 2019
How Ramesh Abhishek Failed To
Deliver On One Of GOI's best
initiatives, Startup India
Ramesh Abhishek Agrawal's own Corruption Model in Startup India via 'Beti bachao & Beti
badhao'
The Indian government had launched its ambitious initiative of Startup India on 16th January 2016 with the
objective of supporting entrepreneurs, building a robust startup ecosystem and transforming India into a
country of job creators instead of job seekers. The entire program is managed by a dedicated Startup India
team headed by Mr. Ramesh Abhishek (RA) in the Department for Industrial Policy and Promotion (DPIIT).
The dream of the Indian government to become the Startup hub of South East Asia has turned sour with
numerous startups facing nightmarish bureaucratic hurdles even as the DPIIT team in charge of the program
is making tall claims on project.
Let's look at certain facts. As per the data on Startup India website as on June 28, 2019, the following can be observed:
STARTUP INDIA SCORECARD
Startups Recognized till date 20,113
Startups funded till date through SIDBI Fund of Funds 218
Percentage of Startups funded through SIDBI Fund of Funds 1.08%
No. of Startups who have got tax exemptions till date 94
Percentage of Startups who have got tax exemptions 0.46%
The main benefits of Startup India were to ensure easy funding and tax exemptions to Startups. The
question is whether statistics above i.e 1% of Startups getting funded and 0.5% of startups getting tax
exemption can be considered a success for Startup India?

16. ARTICLE #4 by PGurus July 20, 2019
Can Ramesh Abhishek answer these simple questions?
1)Who approves the first level of start-ups recognition, time taken and on what basis?
2) How many start-ups are recognized by DPIIT? Please provide year-wise break-up recognition.
3) How many start-ups who applied for recognitions are rejected by DPIIT?
4) How many start-ups are approved for Income Tax exemptions? We are getting conflicting numbers...
5) How many start-ups are approved for angel tax exemptions?
6) Can you list start-ups that are funded by the SIDBI fund of funds and the funding amounts?
7) Which are the schemes I Benefits available for start-ups? (Like website lists Venture Capital Scheme,
Support for International Patent Protection, Stand up India, Single Point Registration Scheme (SRPS),
etc.). Please provide the list of No. of start-ups that actually availed benefited against respective schemes
I benefits.
8) Can start-ups quote their recognition number with any other authorities like Professional Tax, Shop
Establishments, etc.? Is there any provision for the same or any benefits?
Singapore - still a preferred destination for Indian Startups?
Given India's strong GDP growth and huge potential, India should be the hotbed of the startup ecosystem in
South East Asia. However, several issues as highlighted above have literally halted the Startup bandwagon in
India. Instead, Singapore continues to thrive as a favorite destination for Indian Startups due to the ease of doing
business, lower tax rates, faster regulatory clearances and a hands-on approach to solving any and all problems.
Why Startup India is failing?
Several startup companies have complained via Social Media (see below) on the various difficulties faced by
them. Why hasn't DPIIT addressed these?
' Ayush bansal
ayust1bas3JO&
Angel Investors like @rajeshsawhney & others have stopped
their investments due to iAngerrax issue. When will the Indian
govt act?Seern the Indian Startup dream will die.
sreejithmoolayI @DIPPGOI @nsitharaman @am1tabhk87
tganeshkO3 DineshAgarwal @an;Iarch
indianexpress com/articleibusine
Angel tax breather: Startups, Investors divided over clarIty
Nirmala Sitharaman hag said that startups and their avestors Sling
requisite declaratons and providing information in their returns wit
ndtanexpres.(om
.Ashish
@lstPreneur
@narendramodi @PMOlnda I am a digital entrepreneur who for
last 2 years has been struggling with AngeITax. Even after
CBDT exemption cases r not getting disposed favorably by
CIT(A).
I believe only u can now help the startups I am requesting a
meeting to hear & help us. DAY-i
c34 3:OOPM-Junj8,2019 0
174 I1:17AM-Jul9,2019 0
12

17. ARTICLE #4 by PGurus I July 20, 2019
,Sreejlth Moolayll
0 Surbhl @vuibhg_ J01 6 23t
@sree191mocls Forget about taxman: focus on business: CBDT tells start-ups.
- First tax at angel under ange!tax 30%
- If they still survive then tax 25% on profit being unlisted
company
- On exit tax 43% on moolah
That is the real reason behind #startup TV & all talk.
~startupindia has become laxttindia
twittercom:anandftjriia:'sta.
Anand Lunia ,anandlunia
The most retrograde step Modl Sarlcar 2.0 has taken for startups is the
tieaw tax on their potential long temi gains.
The best step it has taken is a startup TV.
A bit worned about the future.
V 12 9:38 P1.1 - Jul 8 2019 a)
Entrackr
W
According to several startups and their founders, Angel Tax
issue has again gone back to what it was pnor to February order
by DPIITiDIPPGOl maxImo)o @0yusPban5a108
© 1 stPreneur @sreeiithmoolayl #slartup #AngelTax
Bidget2019 entrackr com/2019!01/budget
4 #Budg.t2019 keeps 200 startups still hangin...
At present, the angel tax exemption is only for
startups. which has demand order after the issue
of Feb19 OPIIT notifIcations.
entrackr corn
)11 11:12A.l - u18,2019 0
The Hindu incorneTaulnOis .iTdh4aris ~startupiridia
riehindu tomt,tisinesslnthis
Forget about taxman: focus on business: CBOT tells sta...
CSDT chairman c. Mody said that all legacy Issues' related
to start-ups will be esotved through a consultative process
.Dinesh Agarwal
DineshAgarral
clC6DT (djlncomeTaxlndia PIs publish data ot people & amount
caught doing fraud due to section 56 (2b), so called iAngelTax
We have only seen stories of =starlups being harassed but no
stories or data of real use of this
tawganeshk03rehanyarkhanrajeshsawhneyRajartAnan
dan
V31 7:O4PM-Jul7,2019 0
Instead, we find that Mr. Ramesh Abhishek has been reduced to making tall claims on employment
generation which has not been backed by action on the ground. There have been allegations of favoritism
while disbursing funds to select AIF's through the SIDBI Fund of Funds. Further, there have been murmurs of
favoritism to certain Startups who have received tax exemption from the Inter-Ministerial Board.
When Nikunj Bubna wrote to the concerned
minister Piyush GoyaL and wondered if DPIIT
under him can't accept constructive criticism,
Ramesh Abhishek promptly blocked him!
-'-iris
Nlkunj Bubra JBubnisN,kt,nj . 1W 7
1Hrsy.ii now DiPP Secy cani tolerate constructive teedback/ cnt,c,sm
also. We startup founders tsuffeeng from aArijeitr since 2 years & yet
having no clarity on the way forward) complained to ham & we got blocked,
He biocirea me also, is this c51a,tuuir,ri,a 7 'ShvrernkS,ar,
* Ayush banaal yushbansaic8 ii
if we raise our voice against govt wrong doings on startups,you get
blockealThis a Sec. 0tP. ilejust want us to pay Angel Tax & shut our
mouth.Cant believe itt @sreejathmoolayl @SubnaNikunj @PayaiGangulyt4
@tyagi,c.arisha @ganesh503 rajeshsawtiney tfrrnohitsatyanand
@0ineshAgarwal
User blocked for asking inconvenient questions?
@rabh1shek1982 blocked
you
You are blocked from following
@rabhishek1982 arid viewing
@rabhishek1982's Tweets.
13

18. ARTICLE #4 by PGurus July 20, 2019
When he was at Forward Markets Commission (FMC) his daughter Vaneesa AgrawaL was a consultant at
Securities and Exchange Board of India (SEBI). Now that RA has moved to DPIIT, his daughter is having a
startup that "assists" companies in seeking various things, such as Venture Capital for startups. See the
picture below for more:
Vaneesa Agrawal follows Ramesh Abhishek Agrawal
Conclusion
The Central Bureau of Investigation (CBI) shouLd investigate this. There are severat coincidences that would
pop up[1]. As mentioned in a previous article, Vaneesa Agrawal was working as a "Consultant" in several
places at the same time, during the period FY2014-15 to FY2017-18. In a WhistLeblower (WB) complaint to the
Secretary, Central Vigilance Commission copied to LokpaL and investigative agencies, the WB has alleged that
Ramesh Abhishek got his daughter appointed as a Consultant to several groups such as the Angel Network,
Indian Angel Network, Angel Association Network of India etc. The quid pro quo in exchange of huge fees
(paid in cash and cheque) is that RA would take the above groups to various committees of the Ministry of
Commerce, Government of India. In essence, a bribe.
References:
[11 Did Ramesh Abhishek use his contacts in Home Ministry to harass the suspected Whistleblower? Jun 7 2019, PGurus.com
14

20. A Compilation of Articles from
www.pgurus.com