MSTC LTD. UPDATES

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CBI Arrests Former MSTC Officials in Rs. 464 cr Scam :

The CBI has arrested former top officials of Metal and Scrap Trading Corporation (MSTC) in an alleged gold export scam worth Rs 464 crore in the public sector undertaking by accepting forged documents from exporters, CBI spokesperson said today.

The agency arrested the then Chairman and Managing Director of MSTC Malay Sengupta and Chief General Manager Tapas Basu, CGM from Kolkata, and an insurance consultant S K Sinha from Delhi for their alleged involvement in the case.

MSTC TO OFFER E SERVICES :

MstC LTD , a mini-ratna PSU under Union ministry of steel, has evinced interest to offer its e-auction and e-procurement services for departments and agencies of the Odisha government.

MSTC, which has been offering e-services for a wide gamut of products since 2002, has made a presentation to top state officials. The Central PSU held that e-auction will organize and expand market for various commodities and will make the transaction transparent.

Considering the proposal of MSTC, chief secretary B K Patnaik has urged the industries department to scrutinize the technical details and feasibility of its model in the context of Odisha. Patnaik also asked the MSTC officials to evolve specific models of e-procurement for agricultural, forest and engineering products.

MSTC’s proposal for e-services will be put up for government approval after due vetting of technical details and financial implications by relevant departments.

It may be noted, the state steel & mines department had drafted a proposal for selling the state's entire iron ore produce through the e-auction route. The proposal is under scrutiny of the Chief Minister's office.

Electronic sale of different grades of iron ore is set to rake in incremental revenue of Rs 400 crore per year for the state government.

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