Financial Daily from THE HINDU group of publications
Tuesday, May 11, 2004
Financial Daily from THE HINDU group of publications Tuesday, May 11, 2004 |
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Corporate
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Announcements Kerala State Beverages Corp denies allegations Our Bureau
THIRUVANANTHAPURAM: The public sector Kerala State Beverages Corporation (KSBC) has dismissed as frivolous allegations levelled against it on the issue of incentives supposedly received by it from manufacturers of Indian-made foreign liquor (IMFL). An official spokesman quoted the KSBC managing director, Mr T.P. Senkumar, as saying that there was no truth in the charge that the KSBC was helping the cause of certain IMFL manufacturers by allowing them to increase the prices of their products. The first allegation was that the KSBC had "never accounted for receipts of incentives from manufacturers in its books." The insinuation was that the officials had thus misappropriated a sum of around Rs 10 crore during last year. On the other hand, the State-owned Consumerfed, another authorised retail seller of IMFL in the State, had volunteered to show in its books the receipt of Rs 1.21 crore last year. According to Mr Senkumar, at no time since its inception had the KSBC accepted any such incentive. As a public sector company, the KSBC could not entertain this practice. Accepting incentives to give preferential treatment to a few manufacturers could even attract the punitive provisions of the Prevention of Corruption Act.
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