CBI has filed chargesheet in a case involving irregularities in STC

CBI has filed chargesheet in one case involving irregularities at STC and is continuing investigations in two more cases involving officials of the state-owned firm, the government said today.
From April 2014 onwards, in matters relating to nine cases, certain "irregularities" have come to notice due to which State Trading Corporation (STC) had suffered financial losses, Minister of State for Commerce and Industry C R Chaudhary said in a written reply to the Lok Sabha.
During April-December 2017-18, the corporation's profit after tax stood at just Rs 39 crore. It had reported a net loss of Rs 166 crore in 2016-17 financial year.

"Three cases were referred by STC to CBI and one more case was taken up directly by CBI. CBI has filed chargesheet in one case, investigation is in progress in two cases and one case was not taken up by CBI for investigation," he said.
The minister said that FIR has been lodged in two cases with local police and police has filed a chargesheet in one case.
"In addition, STC has initiated disciplinary proceedings in eight cases," he added.
Further Chaudhary said that STC has been directed to make all efforts to expedite recovery of outstanding dues and the board of directors has been asked to regularly monitor/review the progress of recovery.

"STC has reviewed, streamlined and strengthened its internal systems, procedures and guidelines," he added.