New Delhi, Jan 5 – A Delhi court on Friday convicted Topworth Urja & Metals Ltd, formerly known as Shree Virangana Steels Ltd, and three of its former officials – Anil Kumar Saxena, Manoj Maheshwari, and Anand Nand Kishore Sarda – for cheating, forgery, and criminal conspiracy in relation to the allocation of three coal blocks in Maharashtra in 2005.
The verdict by Special Judge Sanjay Bansal pertains to the alleged irregularities in the allocation of Marki Mangli-II, III, and IV coal blocks in Umred district of Maharashtra to the company.
The accused individuals, who were officials in the company at the time of the allocation, will face sentencing arguments on January 11.
The company, now under the Topworth Group, had undergone a name change after being sold.
The Central Bureau of Investigation (CBI) conducted raids in Nagpur, Yavatmal, and Mumbai during its inquiry into the case.
According to the CBI, the case emerged from a preliminary enquiry into alleged irregularities in coal block allocations between 1993 and 2005. The agency claimed that the accused entered mining lease deeds under the name of Virangana Steels, a non-existent entity, and later sought approval to change the company’s name to Topworth, which was not granted due to changes in shareholding.
Furthermore, the CBI asserted that the company engaged in excessive mining without expanding its sponge iron plant capacity, violating norms.
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