The Central Bureau of Investigation (CBI) Thursday filed closure report in a case against Kamal Sponge Steel and Power Ltd. and its directors in connection with a coal blocks allocation case.
According to sources, the closure report was filed before Special CBI Judge Madhu Jain, who fixed it for consideration May 2.
The CBI Sources said they have not found sufficient evidence against the firm and its directors to proceed with the case.
Kamal Sponge Steel and Power Ltd. and its directors Pavan Ahluwalia, Kamaljeet Ahluwalia, Prashant Ahluwalia, its senior official Amit Goyal and some unknown public servants were booked as accused in the FIR lodged by the CBI, sources said.
They alleged that the company had misrepresenting facts, including inflated net worth, to acquire coal blocks.
The company and its directors were also accused for furnishing unaudited balance sheet.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app