Which Petrochemical Company Inspectors are currently under investigation?
The Petrochemical Inspection and Enforcement Council (PIEEC) is the main watchdog for Petrochem in India.
They inspect about 2,500 companies, with over 30,000 products on sale in India alone.
The PIEEC reports to the Prime Minister, who is appointed by the Cabinet.
According to reports, the probe into Petrochemical in India is ongoing and it has been in the spotlight ever since the Bharatiya Janata Party government came to power.
In November 2017, the Bharat Sanchar Nigam Limited (BSNL) and the State Bank of India (SBAI) had signed a memorandum of understanding to merge, which would have seen Petro Chemicals become a part of the two companies.
The agreement came after the company’s stock had been trading below the Rs 4,000 mark.
In March, BSNL and SBAI issued notices to the two firms seeking an extension of time to comply with the merger agreement.
The notices were issued despite the company maintaining that the merger would be completed within the next two years.
Petrochemical had been under scrutiny for allegedly violating the rules of the country’s anti-corruption commission.
The country’s most senior regulator, the Anti-Corruption Bureau (ACB), was investigating allegations that Petrochem had colluded with two private companies in the country to sell toxic products at a discount.
The company had also been under fire for its alleged failure to monitor the pollution of the Marwari Yamuna and the Pataliputra rivers.
The ACB had also sought details about the payments made to Petrochem’s board of directors.
The investigation into Petrochemical was also criticised for its opacity.
According the Indian Express, the PIEec was not made aware of the details of the transaction until just before it took place.
The probe was reportedly conducted by the Enforcement Directorate (ED), a paramilitary force tasked with investigating cases of corruption in India’s public sector.
The ED is the highest investigative body of India’s armed forces.
In May 2018, a complaint was filed against the company with the ED against it for alleged misuse of its regulatory approval and for failing to act on its own recommendation.
The ED, however, did not immediately respond to the Indian Times’ request for comment.