Former Swc Director To Face Fresh Ed Probe

The Enforcement Directorate (ED) is likely to interrogate former Shaw Wallace (SWC) executive director (finance) P L Narasimhan, in connection with the alleged Rs 80-crore Foreign Exchange Regulations Act (Fera) violation by the liquor giant.

The ailing Narasimhan has not been able to give any statement to the ED since the last six months owing to his ill-health. He is admitted in the B M Birla Heart Research Centre in Calcutta and the ED officials would have to go to the nursing home to get his statement.

The Enforcement Directorate, which has been given a six-month extension to complete investigations in the case, expects to complete the process in a month's time. Meanwhile, the assistant director in-charge of the case, D S Benupany has been transferred to Bangalore.

However, it is felt that the proper investigations into the case needs certain vital statements of key persons such as the Dubai-based SWC chairman M R Chhabria, his brother-in-law Niranjan Thakur and a few other SWC employees.

The ED has commenced criminal prosecution against Chhabria and Niranjan Thakur and the hearing has been fixed for July 5 and 7 in the court of the chief metropolitan magistrate in Calcutta.

Other officials who have been interrogated during the last six months are the SWC managing director Ravi Jain, who has shifted his base from Calcutta to Mumbai, and T S Venkatesan, the present director in-charge of finance.

Meanwhile, the liquor giant has drawn up a plan to spruce up its financial profile and tackle its awesome debt situation. The plan, which has been approved by the companys board of directors, includes sale of some business arms such as the consumer products division, Shaw Wallace Gelatines, Shaw Wallace & Hedges and the agrichemicals business. In addition the company proposes to sell some property which would fetch around Rs 150 crore.