------------------------------------------------------------------------------ Documented by Goa Desc Resource Centre Ph:2252660 Website: www.goadesc.org Email: [EMAIL PROTECTED] Press Clippings on the web: http://www.goadesc.org/mem/ ------------------------------------------------------------------------------ ------------------------------------------------------- EDC subsidiary's MD suspended for fraud ------------------------------------------------------- Managing Director of Goa Antibiotic Ltd, a subsidiary of EDC, has been placed under suspension in connection with a financial fraud. Managing Director of EDC, P S Reddy, when contacted, confirmed that GAPL's MD S V Vernekar has been suspended by him pending inquiry. GAPL is located at Tuem Industrial Estate in Pernem taluka.
He also stated that two senior level officers have tendered their resignation. "Their resignations have been accepted and now inquiries would be initiated against them", he informed.
Following the unearthing of a financial fraud, the authorities had asked four senior level officers to quit within a time-frame. Two have quit and two others are likely to go, sources said.
]The fraud, according to sources, involves the purchase of air handling equipment. The company from where the equipment was purchased is now virtually non-existent, it is learnt. Mr Reddy also stated that a police complaint will be filed soon on the fraud. ------------------------------------- HERALD 25/3/04 page 1 -------------------------------------
======================================= GOA DESC RESOURCE CENTRE Documentation + Education + Solidarity 11 Liberty Apts., Feira Alta, Mapusa, Goa 403 507 Tel: 2252660 mailto:[EMAIL PROTECTED] website: www.goadesc.org ---------------------------------------------------------------------- Working On Issues Of Development & Democracy =======================================
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