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CBI files loan defaulting case against Sterling Biotech for Rs 5,000 cr

The company is already under investigation for allegedly bribing tax department officials

Press Trust of India  |  New Delhi 

CBI logo  Wikimedia Commons
CBI logo Wikimedia Commons

The has registered a fresh case against Limited for defaulting loans worth over Rs 5,383 crore. The agency has booked Gujarat-based Sterling Biotech, its Directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, Nitin Jayantilal Sandesara and Vilas Joshi, Chartered Accountant Hemant Hathi, former Director Anup Garg and other unidentified persons. The has alleged that the company had taken loans of over Rs 5,000 crore from a consortium led by which have turned into non-performing assets. The FIR has alleged that the total pending dues of the group companies were Rs 5,383 crore as on December 31, 2016. The directors of the company "connived with the in-house chartered accountant and falsified material records of the company", such as production, turnover and investments in capital assets, the FIR alleged. "This was allegedly done using various India-based entities and those situated abroad," it alleged. The company is already under investigation for allegedly bribing tax department officials.

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First Published: Sat, October 28 2017. 23:11 IST
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