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A Delhi court has summoned former chairman and managing director of Bharat Aluminium Company, Shyamal Kumar Ghosh and four others in connection with a case wherein they allegedly caused losses to the tune of Rs 299.20 lakh (Rs 2.99 million) to the company.
Special Judge R K Gauba directed Ghosh and co-accused Balco director (commercial) P C Aggarwal, Sail senior deputy director (business planning) G S Sandhu, Directors of Mumbai-based Aneesh Metals Praveen Shah and Kirti Shah to appear before it on September 12.
Central Bureau of Investigation had alleged that during 1998-99, Ghosh entered into a criminal conspiracy with Aggarwal, Sandhu and some consignment agents, violated the established norms of the company causing it losses by allowing discounts worth Rs 38 crore (Rs 380 million) to Aneesh Metals.
The three senior officials were instrumental in Balco signing a memorandum of understanding with Aneesh Metals for lifting 8,000 MTs of aluminium rolled products with extrusions and also 5,000 MTs of alloy wire rods between June 1998 and March 1999, alleged CBI, which investigated the case as per a first information report registered on November 29, 1999.
Ghosh, Aggarwal and Sandhu have been charged under Section 13 (1) and (2) of Prevention of Corruption Act besides Section 120 B (conspiracy) and 420 (cheating) of IPC.
Chargesheet in the case was filed on December 9, 2002. Balco, which was then a public sector unit has now been privatised as per the Centre's divestment policy.