Did not indulge in unfair practices: MMTC on CBI coal probe

Updated: Mon, Jan 29, 2018
09:11 pm
PTI
RELATED NEWS
China's Tencent Music raises nearly $1.1 billion in U.S. IPO China's Tencent Music raises nearly $1.1 billion in U.S. IPO
Global Markets: Asia stocks cautious, pound pummelled by politics Global Markets: Asia stocks cautious, pound pummelled by politics
China's Tencent Music raises nearly $1.1 billion in U.S. IPO China's Tencent Music raises nearly $1.1 billion in U.S. IPO
S&P 500, Dow edge lower as U.S. shutdown threat, China trade in focus S&P 500, Dow edge lower as U.S. shutdown threat, China trade in focus
Google has no plans to launch search engine in China: Sunder Pichai Google has no plans to launch search engine in China: Sunder Pichai

State-run mining and metals major MMTC today said the company has not indulged in any unfair practices and its role is limited only as a trade facilitator, in the backdrop of CBI probe into the Rs 487-crore coal import scam.

"... MMTC has not indulged in any unfair practices and MMTC's role is limited only as a trade facilitator as quality/ quantity and other parameters of coal are tested and accepted by laboratories at power plants which is final and binding on all. The required information and documents are being furnished by MMTC to investigating authorities," the company said replying to a clarification sought by the exchanges.

The CBI last week began a probe into a scam related to over valuation of inferior quality of coal imported from Indonesia, which was passed on to NTPC and other power generation companies in collusion with officials.

The action of the agency came on the basis of a Directorate of Revenue Intelligence investigation which had shown over invoicing in the imports between 2011-12 and 2014- 15, officials said.

The CBI FIR was against Ahmed A R Buhari, promoter of Coastal Energy Private Limited, Channi and unidentified officials of National Thermal Power Corporation, MMTC, Aravali Power Company Pvt Ltd.

The agency booked them under the charges of criminal conspiracy, cheating and provisions of the Prevention of Corruption Act, the officials said.

It is alleged that they entered into a criminal conspiracy to cheat the Government by importing coal of Indonesian origin by fraudulently showing inferior quality coal as that of superior quality, officials said.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

By continuing to use the site, you agree to the use of cookies. You can find out more by clicking this link

Close