Bribery case: MD of a company, 3 others sent to CBI custody

Four persons, including the MD and CFO of erstwhile National Rayon Corporation, were today sent to CBI custody till March 7 by a Delhi court for allegedly trying to get favourable order from the Board for Industrial and Financial Reconstruction (BIFR).
The court remanded Arun H Jain, Managing Director of NRC, M C Nalwaya, Chief Finance Officer of NRC, Sajit Kumar Das, BIFR's bench officer and Rajiv Jain, a Chartered Accountant, to CBI's custody considering that their custodial interrogation was "essential" to unearth the conspiracy.
"Considering the nature of the offence, I am of the opinion that custodial interrogation in this case is essential to find out the nexus between the present accused persons, the source of bribe amount and identification of other persons who may be involved in the offence," Special CBI Judge Swarana Kanta Sharma said.

According to CBI, a raid was conducted yesterday at the office of Rajiv Jain at Safdarjung here and "illegal gratification" of Rs 10 lakh, allegedly paid by Nalwaya and Arun H Jain, was seized from his possession.
CBI had yesterday lodged an FIR in the case for offences under section 120-B (criminal conspiracy) of IPC and under various provisions of Prevention of Corruption Act.
BIFR was set up by government under the Finance Ministry which determines sickness and expedite the revival of potentially viable units or closure of unviable units.
CBI told the court that the four accused, along with one Manmohan Singh Kohli, N K Jain and other unnamed public servants and private persons, had conspired to pay illegal gratification of Rs 10 lakh to BIFR's member for a favourable order in the matter relating to M/s NRC, formerly known as National Rayon Corporation Ltd.