CBI files case against Usha Martin, its MD

Kolkata: The Central Bureau of Investigation (CBI) on October 2 has filed an FIR in Delhi and NCR against Kolkata-based Usha Martin and its managing director Rajeev Jhawar and certain other individuals for alleged offences under the Prevention of Corruption Act, 1988, and the Indian Penal Code, 1860. Officials of the central agency visited the company’s office in Delhi on October 3 in connection with the matter.“The matter is under investigation and we shall fully cooperate with the CBI and other law enforcement agencies, under appropriate legal advice,” Usha Martin said in a stock exchange filing on Monday. On Tuesday, the company’s scrip fell 6.2% to end the day at Rs 23.2 on the Bombay Stock Exchange (BSE).The Enforcement Directorate (ED) had in August last year provisionally attached certain immovable properties of the company, valued at approximately Rs 190 crore, pertaining to the wire rope business situated in Ranchi. The ED' provisional attachment of the properties was in connection with sale of iron-ore fines in earlier years from the erstwhile iron-ore mines of the company situated at West Singhbhum in Jharkhand, Usha Martin said in its latest annual report.