In the wake of the Rs 11,500 crore PNB fraud in which top cats like Nirav Modi and Mehul Chokshi have disappeared in distant lands after feasting on their careless and gullible preys, it is being asked why action is not being speeded up for recovery of State Trading Corporation's dues of Rs 2,100 crores plus interest from Pramod Kumar Mittal, brother of global steel magnet L N Mittal.
The recovery case is said to have been stuck in the court of SC judge J Chalameshwar whose love to project himself as the defender of legitimate causes of taxpayers is well known.
In March 2017, the CBI filed a charge sheet against Mittal, a former chairman of Global Steel Holdings Ltd, for alleged default on credit repayments to the State Trading Corp. causing an estimated loss of Rs2,112 crore to it.
The CBI in its 19-page FIR has also named Lalit Sehgal, a former chief executive officer of Global Steel Philippines Inc. and 18 other accused including former chairman and managing director of the STC Arvind Padalai and 18 former executives of the PSU.
It may be noted that STC is on the verge of closure.
The recovery of dues now could help the company revive itself.
STC has an operational expenditure of Rs 50 Cr per month that totals into an annual operational cost of Rs 600 Cr. Even if the company gets gets its disputed amount of Rs 2100 Crs it would be sufficient to run it for more than 3 yrs. If the interest on the principal given some time in 2003 is also recovered, the STC can revamp itself and set itself on the course of a successful marketing company.
After PNB, STC fraud case pops up in public domain
By IndianMandarins - 2018-02-24 12:42:33
In the wake of the Rs 11,500 crore PNB fraud in which top cats like Nirav Modi and Mehul Chokshi have disappeared in distant lands after feasting on their careless and gullible preys, it is being asked why action is not being speeded up for recovery of State Trading Corporation's dues of Rs 2,100 crores plus interest from Pramod Kumar Mittal, brother of global steel magnet L N Mittal.
The recovery case is said to have been stuck in the court of SC judge J Chalameshwar whose love to project himself as the defender of legitimate causes of taxpayers is well known.
In March 2017, the CBI filed a charge sheet against Mittal, a former chairman of Global Steel Holdings Ltd, for alleged default on credit repayments to the State Trading Corp. causing an estimated loss of Rs2,112 crore to it.
The CBI in its 19-page FIR has also named Lalit Sehgal, a former chief executive officer of Global Steel Philippines Inc. and 18 other accused including former chairman and managing director of the STC Arvind Padalai and 18 former executives of the PSU.
It may be noted that STC is on the verge of closure.
The recovery of dues now could help the company revive itself.
STC has an operational expenditure of Rs 50 Cr per month that totals into an annual operational cost of Rs 600 Cr. Even if the company gets gets its disputed amount of Rs 2100 Crs it would be sufficient to run it for more than 3 yrs. If the interest on the principal given some time in 2003 is also recovered, the STC can revamp itself and set itself on the course of a successful marketing company.
