Two top men of mini-ratna PSU’s associate firm held

KOLKATA - Two top officials of Transafe Ltd, an associate company of mini-ratna public sector undertaking (PSU) Balmer Lawrie, were arrested Friday on charges of duping the organisation of Rs.23 crore, police said.

The managing director and the chief executive officer of Transafe Ltd, a logistics solution provider, were arrested from their residences and remanded in seven days police custody after they were presented before the Bankshal court, said city police Joint Commissioner (Crime) Damayanti Sen.

A senior police officer of the Hare Street police station claimed: The chief executive of the company had been perpetrating accounting fraud for the financial years 2006-07, 2007-08 and 2008-09 by showing overstated production, resulting in inflated profits.

The CEO had done the falsification in the accounts only to maximise the monetary incentives, which were duped by them, he said.

Balmer Lawrie holds 50 percent stake in Transafe Ltd. and the balance is held in the name of Balmer Lawrie Van Leer, a joint venture company between Blamer Lawrie and Delaware-based Van Leer industrial packaging.