Govt orders SFIO probe in financial irregularities of Sesa Goa

Last Updated: Monday, October 26, 2009 - 22:56

New Delhi: The government has ordered the Serious Fraud Investigation Office (SFIO) probe into alleged financial irregularities of Sesa Goa, a company owned by Vedanta Resources, official sources said.

When contacted, Sesa Goa Managing Director P K Mukherjee said, "We are not aware of any such order, and we can comment only once we receive any information in this regard."
Corporate Affairs Ministry officials said Sesa Goa was "prima facie" found guilty by the Registrar of Companies (ROC) of fudging invoices.

The RoC, which had been investigating the case since early 2003, submitted its report on Sesa Goa early last week, sources said.

The allegations against the company, sources said, also include diversion of funds.

The SFIO is the investigative wing of the Corporate Affairs Ministry.
Meanwhile, another case pertaining to merger of Sesa Goa, the country`s leading iron ore producer, with its subsidiary Sesa Industries is pending with the Supreme Court.

The London-based Vedanta Resources in 2007 had acquired a 51 percent controlling stake in Sesa Goa from Mitsui & Co, for USD 981 million.

Bureau Report

First Published: Monday, October 26, 2009 - 22:56

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