IRB Infra settles 2 pc down as CBI files charge sheet

The IRB Infrastructure Developers stock today settled with losses of over 2 per cent after the company said that the CBI has filed a charge sheet against the company.
The CBI yesterday filed a charge sheet against 16 people including senior officials of IRB Infrastructure in the sessions court here in connection with a land scam exposed by the slain RTI activist Satish Shetty in 2009.
CBI prosecutor Vijaykumar Dhakane said the 2,000-page charge sheet names 16 persons including IRB chairman and managing director Virendra Mhaiskar, Deepak Gadgil, authorised signatory of M/s Aryan Infrastructures (a subsidiary of Ideal Road Builders), revenue officials, land agents, lawyers and some farmers.

Following the news, the company stock plunged 7.28 per cent to touch an intra-day low of Rs 194.70 on the BSE. At the end of the session, the stock was quoted at Rs 205.20, down 2.29 per cent.
On the NSE, it opened at Rs 201.50, then fell to an intra-day low of Rs 194.30, and finally settled at Rs 205.45, down 2.05 per cent over its previous closing price.
"The Central Bureau of Investigation has filed a charge sheet today with the Sessions Court, Pune in the matter of alleged illegal purchase of government land in village Pimploli and nearby, Taluka Maval, District Pune by Aryan Infrastructure Investment Private Ltd (AIIPL), a subsidiary of M/s IRB Infrastructure Developers Limited," IRB Infrastructure had said in a regulatory filing yesterday.

The company and its officials have been fully co- operating with the authorities during the course of the investigation and have provided all information and document upon request, it added.