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INVESTIGATION
BY SFIO
On 27 October 2009, Sesa Goa Limited (the “Company”)
issued a clarification on media reports regarding the Company and
stated that as of 27 October 2009, the Company had not received
any notification or communication from the Serious Fraud Investigation
Office ("SFIO") with respect to the Company on certain
alleged matters that appear to pertain to the period prior to its
acquisition by Vedanta Resources plc (“Vedanta”).
On 28 October 2009, the Company received a copy of an order dated
23 October 2009 from the Ministry of Corporate Affairs of the Government
of India ordering an investigation by the SFIO into the affairs
of the Company and that of its subsidiary, Sesa Industries Limited
(“SIL”). The scope of investigation includes looking
into the state of affairs of the Company and SIL in respect of mismanagement,
malpractices, financial and other irregularities. According to this
order, this investigation must be completed within six months of
the date of the order. The Company understands from the order that
this investigation has been initiated pursuant to a report of the
Registrar of Companies that recommended such an investigation and
the order directs inquiry into allegations made in certain complaints,
but does not identify the complaints. The Company did not have any
notice of this report prior to the receipt of the order and has
not received a copy of this report of the Registrar of Companies,
but has received requests from the Registrar of Companies for information
for the period from 2001 to 2009. The Company believes that the
investigation originates from the complaint filed by one of the
shareholders of SIL against SIL, the Company and their directors
in 2003 prior to the acquisition of the Company by Vedanta in April
2007.
The Company and its management are committed to the highest levels
of corporate governance and transparency and will fully cooperate
with the investigation. The Company continues to conduct its business
in full compliance with all applicable laws and regulations. |
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PURCHASE
OF USED BARGES OR CONSTRUCTION OF NEW BARGES
Sesa
Goa Limited invites expressions of interest from Interested Shipyards
/ Barge Owners for purchase of used barges or construction of new
barges. Interested parties may submit their interest with their
Credentials, Techno-Commercial Offers (expected price, delivery
period) etc. within 10 days at the address mentioned in the notice.
The notice is available at the link; please click
here to download the document. |