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MarketScreener Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Indian Oil Corporation    IOC   INE242A01010

INDIAN OIL CORPORATION

(IOC)
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Indian Oil : CBI raid on petrol pump of Tito's wife

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01/11/2019 | 08:55am EDT

KENDRAPARA: The CBI sleuths raided the petrol pump of gangster Usman Ali alias Tito's wife Benazir Bibi here in the presence of officials of Special Task Force (STF) on Thursday.

The raids come after Indian Oil Corporation Limited (IOCL) sought CBI's help on July 18 last year to probe into allotment of two petrol pumps in the name of Sayeed Brothers Filing Station at Kendrapara and ad hoc dealership of COCO (Company Owned Company Operated Retail Outlet) at Paradip to relatives of Tito.

On the day, the CBI officials broke open the sealed doors of the petrol pump and seized some documents. The officials also measured the area of the fuel station as it is suspected that Tito illegally acquired Government land for the petrol pump by greasing the palms of some officials, said STF DSP Bimal Prasad Thum, who accompanied the CBI sleuths during the raid.

On June 30 last year, the STF of the Crime Branch arrested 56-year-old Tito for his involvement in several crimes. The STF also sealed the commercial and residential premises of Tito and his associates. Simron Garment, a shop owned by brother of the gangster G Babu, a mobile shop owned by another sibling of Tito Syed Sabir Ali, offices of Kobra Transport, Sambul Traders at Kendrapara town, Benazir Infra Private Limited, stevedoring company at Paradip and chartered account firm in Cuttack, a bike showroom at Patamundai besides two petrol pumps in Paradip and Kendrapara were sealed by the STF.

Several incriminating documents and details of benami transactions of Tito were recovered. The Crime Branch officials also seized 17 tippers, a trailer and eight excavators from the yard of Benazir Infrastructure Private Ltd.

In July last year, Vigilance sleuths, during investigation, found that officials of Kendrapara Municipality illegally leased out Government land for an approach road to Tito's petrol pump.

The Vigilance had ascertained that the deed of agreement, executed between Executive Officer of Kendrapara Municipality and Benazir Bibi, has not been registered in the Sub-Registrar Office, which was in violation of Section 17 (1) (D) of the Registration Act, 1908.

(c) 2019, Express Network Pvt Ltd. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (INR)
Sales 2020 5 479 B
EBIT 2020 263 B
Net income 2020 170 B
Debt 2020 902 B
Yield 2020 4,54%
P/E ratio 2020 9,00
P/E ratio 2021 7,96
EV / Sales 2020 0,45x
EV / Sales 2021 0,42x
Capitalization 1 542 B
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Number of Analysts 33
Average target price 166  INR
Spread / Average Target 1,6%
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NameTitle
Sanjiv Singh Chairman
Alok Khanna Executive Director-Information Systems
S. S. V. Ramakumar Director & Director-Research & Development
Parindu K. Bhagat Independent Non-Executive Director
Govind Kottieth Satish Director, Director-Planning & Business Development
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