The state has asked its nodal anti-corruption watchdog to investigate the issue after news reports in May revealed that the conglomerate sold it poor quality coal at 3x the price.
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The indictment of the former big bull and his associates is seen by the regulator as a ticket to redemption. But is it really?
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In March, the company told stock exchanges that it was not aware of any investigation against it in the US. The DoJ indictment unsealed on Wednesday says this is not true.