MRO-Tek top brass held
26 June 2003
Bangalore: 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).
Chairman 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, Bangalore.
The 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 daily.
MRO-Tek officials could not be contacted and despite repeated requests the company''s external public relations official did not offer any comment.
According 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.