SP for CBI probe into Rs 2,300-crore loan waiver to IMFA

The Odisha unit of Samajwadi Party today demanded a CBI probe into the alleged Rs 2,300-crore loan waiver to Indian Metals and Ferro Alloys Ltd, the family-owned company of suspended BJD MP Baijayant Panda.
SP activists led by its state president Rabi Behera staged a demonstration before the CBI state headquarters here and submitted a memorandum to the premier investigation agency.
The party alleged that Panda "misused" his political power and secured the loan waiver.
The MP, also the vice-chairman of IMFA, got the Rs 2,300-crore loan waived from 10 banks, the memorandum stated.
"We demand a CBI probe into the loan waiver incident within 90 days and provide justice to the people of Odisha and country... He (Panda) has used the Rs 2,300-crore waived off to him to draw huge salaries for himself and his family," Behera alleged.

IMFA, in its clarification, said that the loan restructuring of former Indian Charge Chrome Ltd (ICCL)-which merged with IMFA in 2006--carried out in 2003 was similar to several other companies in the iron and steel sector.