Two top men of mini-ratna PSU’s associate firm held
December 3rd, 2010 - 8:58 pm ICT by IANSKolkata, Dec 3 (IANS) Two top officials of Transafe Ltd, an associate company of mini-ratna public sector undertaking (PSU) Balmer Lawrie, were arrested Friday on charges of duping the organisation of Rs.23 crore, police said.
“The managing director and the chief executive officer of Transafe Ltd, a logistics solution provider, were arrested from their residences and remanded in seven days’ police custody after they were presented before the Bankshal court,” said city police Joint Commissioner (Crime) Damayanti Sen.
A senior police officer of the Hare Street police station claimed: “The chief executive of the company had been perpetrating accounting fraud for the financial years 2006-07, 2007-08 and 2008-09 by showing overstated production, resulting in inflated profits.”
The CEO had done the falsification in the accounts only to maximise the monetary incentives, which were duped by them, he said.
Balmer Lawrie holds 50 percent stake in Transafe Ltd. and the balance is held in the name of Balmer Lawrie Van Leer, a joint venture company between Blamer Lawrie and Delaware-based Van Leer industrial packaging.
- Balmer Lawrie's UK arm forms JV with Indonesian firm - Mar 03, 2010
- Balmer Lawrie, Chinese firm tie up for construction chemicals - Sep 23, 2011
- HLL Lifecare floats subsidiary for vaccine complex - Apr 30, 2012
- CCEA approves reconstitution of BLIL board - Apr 08, 2010
- Balmer Lawrie plans Rs.3,500 crore turnover in 5 years - Sep 24, 2010
- Transafe Services profit up 130 percent - Dec 02, 2008
- Balmer Lawrie to set up lube plant in Indonesia - Sep 24, 2009
- HLL Lifecare launches herbal products - Dec 22, 2011
- Miniratna status granted to two state firms - Sep 21, 2010
- Moods among top three condom brands in UAE - Jan 06, 2011
- BEML net dips 17 percent in fiscal 2010 - Jun 21, 2010
- Fake job racket, headed by Delhi Police constable, busted - Apr 30, 2012
- CBI conducts more searches in Jagan case - Aug 20, 2011
- Condom vending unit for Kerala Technopark - Jan 11, 2011
- First complaint lodged in Citibank fraud case (Lead) - Jan 04, 2011
Tags: accounting fraud, associate company, chief executive officer, city police, damayanti, falsification, industrial packaging, joint venture company, lawrie, logistics solution, managing director, monetary incentives, police custody, police officer, public sector undertaking, ratna, solution provider, street police station, transafe, van leer