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Odisha Samajwadi Party demanded a CBI probe alleging a scam behind Rs 2300 crore loan waiver to IMFA

in State News February 19, 2018 Comments Off on Odisha Samajwadi Party demanded a CBI probe alleging a scam behind Rs 2300 crore loan waiver to IMFA 1,228 Views

Bhubaneswar:19/2/18; The Odisha state committee of Samajwadi Party on Monday demanded a CBI probe alleging a scam behind Rs 2300 crore loan waiver to Indian Metals & Ferro Alloys Limited (IMFA).

Members of Samajwadi Party led by State President Rabi Behera staged demonstration before the CBI office in Bhubaneswar and submitted a memorandum to the investigation agency’s local SP alleging IMFA Vice Chairman and MP Baijayant Panda of using his political links to secure the loan waiver.Panda got the Rs 2300 crore loan waived from 10 banks including Rs 83.87 crore from Punjab National Bank, the party’s memorandum stated.

On the other hand, IMFA clarified that the loan restructuring of former Indian Charge Chrome Ltd (ICCL) carried out in 2003 was similar to several companies in the iron and steel sector including Jindal, Essar and few others. It is worthwhile to mention that ICCL had merged with IMFA in 2006.

A PIL filed in 2007 on this issue was dismissed by the Orissa High Court, added IMFA.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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