GAIL shares in news as CBI arrests executive director, four others in a bribery case
GAIL: The CBI laid a trap after receiving information about the possible delivery of the bribe amount to the Executive Director (Projects) of GAIL KB Singh on Monday through a courier, PTI reported.
- Sep 6, 2023,
- Updated Sep 6, 2023 7:51 AM IST
Shares of GAIL Ltd will be in focus on Wednesday morning after Central Bureau of Investigation (CBI) arrested an executive director and a chief general manager of GAIL, along with three others, in an alleged bribery case of Rs 50 lakh in which favours were granted to a Vadodara-based company in two pipeline projects.
In a filing to BSE, post market hours, GAIL said no impact can be ascertained or estimated at this stage.
The CBI laid a trap after receiving information about the possible delivery of the bribe amount to the Executive Director (Projects) of GAIL KB Singh on Monday through a courier, PTI reported.
"CBI laid trap. After delivery of the bribe by the said private person to the public servant, both were apprehended. The bribe of Rs 50 Lakh was recovered from ED(Projects). Searches were conducted at the premises of accused including at Delhi, Noida, Visakhapatnam & Vadodara which led to recovery of incriminating documents and digital evidences etc.," CBI said in a release adding that the arrested accused will be produced before the Competent Court.
A case was registered against GAIL's executive director(Projects), Gas Authority of India Ltd(GAIL), Noida; a private company based at Vadodara & its director; a CGM, Gas Authority of India (GAIL); a Senior General Manager of MECON Limited; two private persons, resident of Delhi & Jhajjar (Haryana) and unknown others on the allegations that the Executive Director (Projects) of GAIL in conspiracy with others was extending undue favour in connection with SAPL (Srikakulam Angul Pipeline) and VAPL(Vijaipur Auraiya Pipeline) Projects of GAIL.
"It was further alleged that the director of said private company had arranged the bribe amount of Rs 50 Lakh, through two private persons. It was also alleged that the bribe of Rs 50 Lakh would be delivered to said public servant by the private person," CBI suggested.
During the searches, the agency recovered the alleged bribe amount from Singh, who was taken into custody after initial questioning, the PTI report added.
The arrest was made after hours-long raids at Singh's residence in Uttar Pradesh's Noida. Searches were also conducted in Delhi and Visakhapatnam.
Earlier, the CBI registered a case against Amitabha Banerjee, former CMD of Indian Railway Finance Corporation (IRFC) in connection with irregularities in the purchase and distribution of exorbitant gold and non-gold items from funds of IRFC. The FIR into the matter reads that CBI has received a complaint that alleges financial embezzlement on the part of officials of IRFC including Amitabha Banerjee, the then CMD of IRFC (Indian Railway Finance Corporation) in connection with procurement/purchase and distribution of exorbitant gold and non-gold items from funds of IRFC.
Also read: Stocks to watch on September 6, 2023: Nykaa, TVS Motor Company, Route Mobile, Paytm, others
Shares of GAIL Ltd will be in focus on Wednesday morning after Central Bureau of Investigation (CBI) arrested an executive director and a chief general manager of GAIL, along with three others, in an alleged bribery case of Rs 50 lakh in which favours were granted to a Vadodara-based company in two pipeline projects.
In a filing to BSE, post market hours, GAIL said no impact can be ascertained or estimated at this stage.
The CBI laid a trap after receiving information about the possible delivery of the bribe amount to the Executive Director (Projects) of GAIL KB Singh on Monday through a courier, PTI reported.
"CBI laid trap. After delivery of the bribe by the said private person to the public servant, both were apprehended. The bribe of Rs 50 Lakh was recovered from ED(Projects). Searches were conducted at the premises of accused including at Delhi, Noida, Visakhapatnam & Vadodara which led to recovery of incriminating documents and digital evidences etc.," CBI said in a release adding that the arrested accused will be produced before the Competent Court.
A case was registered against GAIL's executive director(Projects), Gas Authority of India Ltd(GAIL), Noida; a private company based at Vadodara & its director; a CGM, Gas Authority of India (GAIL); a Senior General Manager of MECON Limited; two private persons, resident of Delhi & Jhajjar (Haryana) and unknown others on the allegations that the Executive Director (Projects) of GAIL in conspiracy with others was extending undue favour in connection with SAPL (Srikakulam Angul Pipeline) and VAPL(Vijaipur Auraiya Pipeline) Projects of GAIL.
"It was further alleged that the director of said private company had arranged the bribe amount of Rs 50 Lakh, through two private persons. It was also alleged that the bribe of Rs 50 Lakh would be delivered to said public servant by the private person," CBI suggested.
During the searches, the agency recovered the alleged bribe amount from Singh, who was taken into custody after initial questioning, the PTI report added.
The arrest was made after hours-long raids at Singh's residence in Uttar Pradesh's Noida. Searches were also conducted in Delhi and Visakhapatnam.
Earlier, the CBI registered a case against Amitabha Banerjee, former CMD of Indian Railway Finance Corporation (IRFC) in connection with irregularities in the purchase and distribution of exorbitant gold and non-gold items from funds of IRFC. The FIR into the matter reads that CBI has received a complaint that alleges financial embezzlement on the part of officials of IRFC including Amitabha Banerjee, the then CMD of IRFC (Indian Railway Finance Corporation) in connection with procurement/purchase and distribution of exorbitant gold and non-gold items from funds of IRFC.
Also read: Stocks to watch on September 6, 2023: Nykaa, TVS Motor Company, Route Mobile, Paytm, others