Friday, June 12, 2009

Indian Oil Officerr's Association Leader come under the CBI scanner

Jatin Parikh. Dy GM Finance at Western Regional Office of IndianOil Corporation Ltd. In the Oil Companies only officers below DGM level are allowed to be participate in Association Activities.

Then how come this Dy GM was allowed to be Jt Secy Mkt Division of IOCL? And that too when all other DGMs were told to resign from IOOA and made to do so also?

Whether or not he was a spy of management is only for all to analyse and conclude but these small incidents and cases only probably hint how a legitimate officers' association activity was penetrated by Authorities and scuttled!! And so why the strike was never meant to succeed.

Kudos to IOC management that they succeded in making the office bearers of IOOA their puppets.. thereby controlling a very important sector of PSU employees who could hold at ransom the Indian Economy by strikes etc. While the oil company associations have failed management and Govt has proved themselves to be better at what they do- Managing. Hats Off!

We Indians must give Due credit to UPA Govt and Oil Sector Management for having penetrated Association thoroughly.. and save India from suffering due to selfish strikes by PSU officers!!

However who were these people who were the leaders of the Oil Sector officers? Here is one Mr Jatin Parikh. of IndianOil.. he is news item now. No comments needed from this blog about him.


Poornima Swaminathan / DNA
Friday, June 12, 2009 0:38 IST

Mumbai: The Anti-Corruption Bureau of CBI is investigating the roles of two senior officials of IndianOil Corporation Limited in awarding a contract of collecting sales tax exemption forms from clients of the oil company.

Jatin Parekh, the western region's deputy general manager (finance), and Mahesh Wagh, the chief finance manager, are accused of conniving with Abhishek Nagori, the managing director of JLN Corporate Services -- a chartered accountant firm, in awarding the contract to the firm. Preliminary investigations have shown several discrepancies in the entire process. Nagori is a former employee of IndianOil.

After questioning the three of them on Thursday, the CBI has charged them under the Prevention of Corruption Act, and cheating and conspiracy under the Indian Penal Code, an officer said.

According to the contract awarded to Nagori, his company was in charge of collecting sales tax exemption forms from clients of IndianOil, who primarily use petroleum products, the officer said. And for this the firm would have got a commission of 0.15% from every form collected."There are two kinds of forms -- C is for private companies and D for government companies. Though the number of clients in the C section was higher, their use of petroleum products was less than that of government companies. As a result the collection of D forms led to higher commission for the firm with little legwork and minimal expenses.

"Nagori earned a commission of Rs70 lakh by fraudulently collecting more D forms than C forms," Abhin Modak, the ACB superintendent of CBI, said. "If the right process was followed, Nagori would have earned only Rs9lakh."

CBI raided Parekh's home in south Mumbai and office in Bandra (east) on Thursday. Investments worth Rs74 lakh were seized. The officers also seized Wagh's bank locker. His investments worth Rs100 lakh too were seized. Another officer from the CBI said the two IndianOil officials might be booked under the Disproportionate Assets Act as well.

A spokesperson from IndianOil Corporation said the company followed an internal conduct rule, under which action would be taken against the officials if they were found guilty.

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