×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Yet to receive investigation report from SFIO: Sesa Goa

Yet to receive investigation report from SFIO: Sesa Goa
PTI
Comment E-mail Print Share
First Published: Mon, May 23 2011. 03 12 PM IST
Updated: Mon, May 23 2011. 03 12 PM IST
New Delhi: Mining major Sesa Goa on Monday said it is yet to receive an investigation report from corporate fraud probe body SFIO and promised that once it does all matters would be dealt with in a transparent manner.
Sesa Goa’s clarification follows media reports that the Serious Fraud Investigation Office (SFIO) has recommended prosecution against the company on nine grounds, including over and under-invoicing of export/import to the tune of over Rs1,000 crore.
“We are yet to receive the report, and therefore, unable to comment with detailed explanation on the issues floating in the media... on receipt of the report, all matter will be dealt with appropriately in most transparent manner,” Sesa Goa said in a filing to the Bombay Stock Exchange.
According to sources in the corporate affairs ministry, the parent ministry of the SFIO, the probe body will soon seek response from Vedanta Group-owned Sesa Goa on its final investigation report that has allegedly found proofs of mismanagement and financial irregularities in the company.
After an investigation, spanning over one-and-a-half years, the SFIO has found that iron-ore exporter Sesa Goa has over-invoiced import receipts of coking coal by Rs14.6 crore and also sale of iron-ore by Rs42.51 crore, while under-invoicing exports by Rs1,002 crore.
The SFIO has also recommended prosecution against the Sesa Goa’s managing director, and the company secretary for violations under the Companies Act, 1956.
In 2009, the SFIO was asked to investigate the affairs of Sesa Goa, following a report of the Registrar of Companies (RoC), which ‘prima facie’ found the company guilty of fudging invoices.
Allegations against the company also included diversion of funds, which, the SFIO reports rejected.
The RoC had been looking into Sesa Goa’s case since 2003 when the company was majority-owned by Mitsui Co.
Anil Agarwal-promoted Vedanta Resources acquired 51% controlling stake in Sesa Goa in 2007 from the Japanese company for $981 million.
Comment E-mail Print Share
First Published: Mon, May 23 2011. 03 12 PM IST
More Topics: Sesa Goa | SFIO | Mines | Export | Imports |