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ED wants passport of absconding Sterling Biotech Director revoked

IANS  |  New Delhi 

The (ED) will write to the (MEA) to "revoke passport" of one of the absconding directors of the Gujarat-based company in connection with its ongoing probe in the alleged Rs 5,000-crore

An agency source told IANS that some of the Directors of the have gone missing or underground after the registration of the case. "In November last year, a court here had issued non-bailable warrants against two directors of the Gujarat-based pharma firm," he said.

The warrants were issued against Directors and for evading ED summons.

"Now, one of the top Directors of the Sterling Biotech has been located in a south European country, so the agency shall soon approach the MEA to revoke his passport," the source said.

The ED initiated a probe into the case taking cognisance of the (CBI) FIR in the case.

The CBI had booked Sterling Biotech, its directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, and Vilas Joshi, chartered Hemant Hathi, former of Anup Prakash and some unidentified persons in connection with the

Sterling Biotech had taken over Rs 5,000 crore loans from a consortium of banks led by Andhra Bank, which had turned into non-performing assets. Total pending dues of the group companies were Rs 5,383 crore as on December 31, 2016, alleged the CBI FIR.

On January 13, 2018, the ED arrested The agency also arrested a Delhi-based in connection with the case in November last year.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 08 2018. 22:42 IST