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Two top
men of mini-ratna PSU's associate firm held
Friday December 03, 2010 07:46:16 PM ,
IANS
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Kolkata:
Two top officials of Transafe Ltd, an associate company of mini-ratna
public sector undertaking (PSU) Balmer Lawrie, were arrested
Friday on charges of duping the organisation of Rs.23 crore,
police said.
"The managing director and the chief executive officer of Transafe
Ltd, a logistics solution provider, were arrested from their
residences and remanded in seven days' police custody after they
were presented before the Bankshal court," said city police Joint
Commissioner (Crime) Damayanti Sen.
A senior police officer of the Hare Street police station claimed:
"The chief executive of the company had been perpetrating
accounting fraud for the financial years 2006-07, 2007-08 and
2008-09 by showing overstated production, resulting in inflated
profits."
The CEO had done the falsification in the accounts only to
maximise the monetary incentives, which were duped by them, he
said.
Balmer Lawrie holds 50 percent stake in Transafe Ltd. and the
balance is held in the name of Balmer Lawrie Van Leer, a joint
venture company between Blamer Lawrie and Delaware-based Van Leer
industrial packaging.
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