There seems to gave been a response on the behalf of the company Usha Martin Limited after the news about Rajiv Jhawar’s alleged corruptionc case hit the news stand. The stance taken by the company is that officially, it is cooperating with government authorities. With respect to this case followed by the report prepared by the Shah Commission, the official statement is that no chargesheet has been filed nor have any allegations been made against Rajiv Jhawar or Usha Martin Limited, as of now. Investigations are still on.
One of the reasons the statement seems to have been made is the company officials want to make it crystal clear that that being unaware about the shenanigans, there was no development within the knowledge of the company which would entail a disclosure under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2014 or other applicable law.
Clearly there is no denying that. It remains to be seen how this will be progressed. Justice delayed is justice denied, but then again, patience is a virtue. Hopefully, once the administrative protocols and legal process takes its course, a verdict will present more clarity about the alleged corruption charges. Because clearly, the nation wants to know – whether or not INR200 crores and possibly above was made by unlawful export of iron ore? Were bribes paid? Were taxes evaded? Is it still easy to get away with major financial fraud?
In case someone is not already following this case: Rajeev Jhawar, Managing Director of Usha Martin Limited, might be soon implicated in a case of corruption and wrongful practices. It is alleged that he exported Iron Ore by fraudulently deleting the word “captive” from Captive Power Plant, once he received the allotment letter. In this process, not only did supposedly he made hugh profits, to the tune of INR200 crores, he perhaps also evaded taxes. And the reason why he was possiblly able to do this was because some high officials in power compromised their ethics and turned a blind eye to the whole scam. Central Bureau of Investigation as well as the Enforcement Directorate got wind of this case and had been interrogating Rajiv Jhawar of Usha Martin Limited, in this regard.
