CBI files charge sheet against CMD of IRB Infra, stock tanks

The stock of IRB Infrastructure Developers plummets more than 6  per cent  in Thursday’s early morning trading session as CBI filed a charge sheet with the Session Court in Pune against 16 people, which includes Virendra Mhaiskar, Chairman and MD of IRB Infrastructure.

This charge sheet is in regards to an alleged illegal purchase of government land parcel in Pimploli village, Pune District by Aryan Infrastructure Investments Private Limited (AIIPL), a subsidiary of IRB.

According to company’s filing with bourses, AIIPL began acquiring land parcel from 2007 onwards and acquired ~1,200 acres. AIIPL observed that around 5% of total land parcels owned by it were, in fact, owned by Maharashtra State Road Development Corporation. AIIPL on its own accord proceeded to cancel agreements of sale for these land parcels.

The amount attributing to this 5% of land parcels against which the charge sheet has been filed is Rs. 6  crore . The matter is being invested by the CBI following an exposure about the deal by RTI activist Satish Shetty.