FIR against Pramod Mittal, ex-chairman of Global Steel, in Rs 2,112-crore scam

Pramod Mittal allegedly failed to make payments as per terms and conditions of an agreement with the State Trading Corporation.

Published: 20th March 2017 06:03 PM  |   Last Updated: 20th March 2017 06:03 PM   |  A+A-

By PTI

NEW DELHI: CBI has registered a case of cheating and corruption against Pramod Mittal, the then Chairman Global Steel Holdings Limited, and former top officials of State Trading Corporation for allegedly causing a loss of Rs 2,112 crore to the public sector undertaking.     

The case has been registered on the basis of a complaint from PSU State Trading Corporation.     

It is alleged that Mittal committed "criminal breach of trust" as he failed to make payments as per terms and conditions of the agreement with STC.     

The STC had arranged export of raw material for new steel plants of Global Steel Philippines Inc (GSPI) in the Philippines and Bosnia and also opened line of credit for the company, the complaint alleged.     

It claimed that despite irregular payments and piling up of credit, STC officials allegedly renewed line of credit to the company.     

The cheques given by Global Steel Holdings Limited and its subsidiary Global Steel Philippines Inc (GSPI) to STC were allegedly dishonoured resulting in loss of Rs 2,112 crore to the public sector undertaking, the complaint alleged.     

Besides Mittal, CBI has also named Lalit Sehgal, the then Chief Executive Officer of GSPI, the then Chairman cum Managing Director of the STC Arvind Pandalai and 18 other officers of the corporation. 

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL2018