Thursday, March 22, 2012

ST Kinetics allowed to file fresh petitions challenging India blacklisting

SINGAPORE: ST Kinetics, a subsidiary of ST Engineering said Thursday that the Delhi High Court has given it "the liberty to file fresh petitions" to challenge both a Ordnance Factory Board (OFB) Order as well as the Indian Ministry of Defence (MoD).

It says the Delhi High Court ruled that in light of the OFB Order, the three petitions filed by ST Kinetics have "lost their relevance and hence disposed off".

This follows the MoD's earlier decisions to put ST Kinetics defence business activities with OFB on hold after Indian authorities blacklisted several companies, including ST Kinetics, in a corruption investigation.

ST Kinetics revealed earlier that following the Indian Central Bureau of Investigation's report made in May 2009 on its corruption probe, charges were pressed against several companies and individuals for alleged wrongdoings.

ST Kinetics said it would seek legal advice.

ST Kinetics -- the land systems and specialty vehicles arm of ST Engineering -- reiterates that it intends to vigorously take appropriate actions to clear its name and defend its reputation.

View the original article here

Source From Channel News Asia

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