The senior management of networking firm MRO-Tek were
arrested and later released on bail in Bangalore following
allegations of excise evasion from the Directorate of
Revenue Intelligence (DRI).
and managing director S Narayanan, managing director H
Nandi and chief financial officer R Ramaswamy were produced
before magistrate S M Kazi in the Economic Offences Court,
MRO-Tek officials were released on bail with a personal
bond of Rs 1 lakh and a cash surety of Rs 20,000 each.
The court has barred them from leaving the country without
prior notice and directed them to attend the DRI office
officials could not be contacted and despite repeated
requests the company''s external public relations official
did not offer any comment.
to the remand application, the MRO officials evaded excise
duties to the tune of Rs 1.7 crore on certain imported
goods for its joint venture RAD MRO Manufacturing. "We
will separately issue a notice to the company within 15
days," say top DRI officials even as the parallel
judiciary procedure is likely to proceed.