Central Bureau of Investigation today questioned the directors of Navbharat Power Limited – Trivikram Prasad and Hari Prasad in connection with the coal block allocation scam.
CBI had registered a FIR against Hyderabad based Navbharat Power earlier in September accusing the company for misrepresentation of facts during the allocation of the coal blocks.
Nine companies have been named in FIRs registered by CBI so far. “Promoters of some of these companies have allegedly sold their stakes in an irregular manner after allocation of coal blocks,” CBI statement earlier said.
The investigating agency found that the company had attached various bank letters to its applications saying that they were ready to take up such projects and how they later borrowed loans from bank to show that they were financially sound.
CBI found that Navbharat sold majority stake to Essar Power in July 2010 giving 5,000 personal shares of the promoter for Rs 50 crore and another Rs 85 crore worth of company’s shares for a much lower value of Rs 12 crore.
The investigative agency would seek information regarding the stake sale from the directors of the company. The agency is continuing the probe in the coal allocation matter and is likely to register more FIRs in this case.
