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Bhushan Steel Ltd Paid Part Salary in Cash – SIFO- The 21st China (Guangzhou ) Int’l tube & pipe Processing Equipment Exhibition
10/10/2019 -steel tube expo-tube &pipe expo |
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Hindustan Times reported that a report by the Serious Fraud Investigation Office, which is probing alleged financial irregularities committed by the former promoters of Bhushan Steel Ltd Mr Brij Bhushan Singhal and son Mr Neeraj Singhal, states that the Singhals used to pay a substantial amount of salary to their employees in cash. SIFO report said “Investigations also revealed that BSL employees were receiving part of their salary in cash, which was given through a system of vouchers signed by BBS or NS and encashed with former AVP Mr DB Gupta, who used to destroy these vouchers thereafter.”
The agency has alleged that after demonetization, the salary bill of BSL increased substantially as all cash payments were shown as regular payments in the books.
The SFIO report further states that the Singhals had unaccounted money and cash transactions were maintained in white and green vouchers. The latter were meant for unaccounted cash generated by selling raw coal, zinc, HR coil, and other products in the open market or through the under-invoicing and over-invoicing of products. The white vouchers were meant for cash withdrawn from banks. Mr DB Gupta, who headed the cash department of BSL, used to receive cash worth around INR 20-30 lakh on a daily basis and maintained a diary for all cash transactions.
Ms Ranjana Roy Gawai, founder & managing partner of law firm RRG & Associates, who is representing the Singhals, said the allegations against her clients are false. “The salary was paid as per industry norms which are corroborated by the fact that even after resolution of the debt of Bhushan Steel and taking over by Tata Steel, the employees are getting the same salary. If they were paid more salary by cash, why would they still be working for the company now.”
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- The
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