Orissa NCP demands CBI inquiry into IMFA deal

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Bhubaneswar, Oct 4 (UNI) The Orissa Nationalist Congress Party (NCP) today demanded a CBI inquiry into the reported waiving of Rs 2300 crore loan to the Indian Metals and Ferro Alloys Limited (IMFA).

NCP Orissa Steering Committee convenor Bijaya Mohapatra told newsmen here that the Opposition had been raising the issue of showing undue favour to IMFA both inside and outside the Assembly.

And now since the matter had come up in the High Court through a PIL on the issue, the state government should recommend for a CBI inquiry into the deal.

Meanwhile, IMFA group claimed that it had always maintained the highest standard of corporate governance and transparency in its dealing and stated that the company would respond to the PIL in the High Court with all facts on the matter.

The company said it had entered into a debt restructuring scheme as per the guidelines of the RBI, adding the debt structuring did not involve the state or Central government in any way.

A release issued by the IMFA further said debt structuring schemes had also been availed by a large number of corporate, including the Essar Steel, Jindal, Facor and IG Petrochemicals in the country.

It further said IMFA's sister concern ICCL's mining lease had been delayed by 14 years due to various extraneous reasons causing huge loss to the company default in payment.


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