Financial Daily from THE HINDU group of publications
Saturday, May 11, 2002
Financial Daily from THE HINDU group of publications Saturday, May 11, 2002 |
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Economic Offences Industry & Economy - Economic Offences Money & Banking - Co-operatives Commissioner of seamen PF to go -- DG Shipping lodges plaint with CBI Our Bureau
MUMBAI, May 10 THE Director-General of Shipping today lodged a criminal complaint with the Banking Securities and Fraud cell of the CBI alleging wrongful deployment of Rs 92.78 crore belonging to the Seamen's Provident Fund. This decision follows the loss of around Rs 100 crore that the fund has suffered through investment in government securities through brokers. The DG, Shipping, who is also Chairman of the Seamen's Provident Fund (SPF), called an emergency meeting of the Board of Trustees of the fund. The board decided to "relieve'' Mr Anup Kumar Gond, Commissioner of SPF Organisation. It does not have the powers to sack the Commissioner as he is a Government appointee and on deputation from the Railways. The Commissioner, it is alleged, has been dealing with Mr. Sailesh Mehta, Mr. Ketan Seth and Mr. Sanjay Aggarwal, all of whom are also associated with the controversial broking firms, Home Trade and Gilt Edge. According to Mr D.T. Joseph, DG Shipping, the brokers were not given any letter by SPF appointing them as official brokers. "The Commissioner has been operating with them purely on the basis of trust.'' he said. The board, after its six-hour meeting, also decided to request Mr Naresh Salecha, Senior Deputy DG, Shipping, to take over additional charge as Commissioner of SPF. According to preliminary investigations by the board, the SPF office in Mumbai does not possess government securities worth Rs 92.79 crore. Meanwhile, seamen's unions have decided to launch an agitation, starting Monday, to protest against the misuse of their provident fund. The National Union of Seafarers of India (NUSI) had already demanded an independent probe by a competent authority into the investments of Seamen's PF fund, said its spokesman. He said the union wouldl even consider going on strike, but this would depend on what the government proposed to do to recover the loss suffered by the SPF. 0Incidentally, the board of the fund includes two members from seamen's unions and one from shipping companies. There are also two government representatives on the board. As on March 2001, the total investments made by SPF in government securities, PSU bonds and in special deposits amounted Rs 423.33 crore. Under the Seamen's Provided Fund Act, PF amounts of only ratings (seafarers) are deposited with the SPF. The SPF office in Mumbai maintains accounts of 25,900 seamen. The PF accounts of marine officers and of other shore staff of shipping companies are placed with the employers own provident fund account. Indian shipping companies, which deposit their PF amounts with the SPF, expressed shock at reports of the Rs 100-crore loss.
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