B L Bagra replaces Srivastava as Nalco CMD
28 Feb 2011
B L Bagra, finance director, National Aluminium Company Ltd (NALCO) has been given additional charge of chairman and -managing director, following the suspension of A K Srivastava by the ministry of mines.
Srivastava was suspended on Saturday after being caught by the Central Bureau of Investigation (CBI) a day earlier, allegedly accepting bribes to manipulate Nalco contracts. The suspension is based on the CBI charges.
The investigative agency, on Friday, had arrested Srivastava, his wife Chandni, and two accomplices - Bhusan Lal Bajaj and his wife Anita.
The Bajajs were allegedly brokering a deal between Srivastava and Indore-based coal import firm, Bhatia International. The CBI said Srivastava had asked payback in the form of gold bricks from Bajaj.
The investigative agency claims to have recovered about 10kg of gold bricks, valued at around Rs2.13 crore, Rs 24.5 lakh in two Bank of Maharashtra and Bank of India lockers, operated by Chandni Srivastava and Rs5 lakh in cash from her bag.
CBI sources said the arrests were made following phone taps of Srivastva, Bajaj and Anita. The four have been sent to police custody till 3 March by CBI special judge O P Saini.
Srivastava had taken over as the Nalco chief in October, 2009. Prior to that, he was the chairman-cum-managing director of Cement Corporation of India for nearly five years.
