Reported searches for the suspected bribery scandal were underway in Delhi, Noida, and Visakhapatnam...
According to the official, those arrested included executive director KB Singh, chief general manager Davinder Singh, and Surender Kumar, director of Vadodara-based Advance Infrastructures. In a regulatory filing, GAIL confirmed the arrests.
According to people familiar with the situation, searches for the suspected bribery scandal were underway in several places in Delhi, Noida, and Visakhapatnam.
Sources who talked to the news agency PTI said that the issue is about money passing hands in favour of some contractors involved in gas pipeline projects.
According to the sources, the bribe was paid to favour the company in two GAIL pipeline projects - Srikakulam to Angul and Vijaypur to Auraiya - after the CBI received information about the bribe exchange and launched an investigation on September 4 and made the arrests.
GAIL shares, which were trading at a four-year high before the news surfaced reduced their gains about 2:45 p.m., shortly after reports of its executive director's detention surfaced. On the NSE at 2:58 p.m., the stock traded practically unchanged at Rs 123 per share.