The Central Bureau of Investigation (CBI), the country’s premier investigative agency, has arrested Power Grid Corporation’s senior general manager Uday Kumar and KEC International executive Suman Singh over a matter related to alleged bribary of Rs 2.5 lakh.
The duo was held on charges on alleged exchanges related to contracts and other favours.
Kumar for allegedly accepted a sum of Rs 2.5 lakh allegedly as bribe from KEC International DGM Singh.
The Central Bureau of Investigation functions under the Department of Personnel, Ministry of Personnel, Pension and Public Grievances. As a specialised agency, it plays a vital role in preverving values in public life and in ensuring the health of the domestic economy. It also coordinates investigation on behalf of International Criminal Police Organization (Interpol) member countries.
On Friday, Power Grid and KEC International shares rose around one per cent each amid broad-based buying on Dalal Street.
Power Grid Corporation shares rose by Rs 4, or 1.4 per cent, to end at Rs 283.9 apiece while the KEC International stock gained by Rs 8, or 1.0 per cent, to settle at Rs 839.1 apiece on BSE.
Domestic equity benchmark Nifty 50 rose 159.8 points, or 0.7 per cent, to close at 23,350.4 on Friday, driven by strong buying interest in financial and energy shares. The leaner, 30-scrip gauge Sensex gained 557.5 points, or 0.7 per cent, to settle at 76,905.5.
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Power Grid
Power Grid Corporation is a Maharatna central public sector enterprise (CPSE) engaged in electric power transmission utility.
KEC International
KEC International is a private sector engineering, procurement & construction (EPC) company dealing in a diverse range of businesses including railways, power transmission and distribution, and solar energy.
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