CBI catches top CLB official accepting Rs 6 lakh as bribe

The Central Bureau of Investigation, or CBI, has carried out operations at the Company Law Board (CLB) and has caught one of its senior members accepting a bribe. CNBC-TV18's Pranshu Sikka reports.

Below is a verbatim transcript of his comments on CNBC-TV18. Also watch the accompanying video.

According to sources, CBI is currently carrying out an operation at the Company Law Board wherein one of the senior members who, in fact, was the senior most member after the retirement of the board's Chairman Balasubramanian last month, has been caught red-handed while accepting a bribe of Rs 6 lakh.

Sources said that he was on the CBI scanner for a while now, and this operation was conducted when he was allegedly trying to accept a bribe to settle a case in favour of a company.

Company Law Board is a judicial body for corporates and its verdict can only be challenged in the High Court. So charges of corruption in such an extensive and blatant allegation if and when through, could prove to be a set back.

R Vasudeven himself is right now overseeing some significant cases, including the one of Sesa Goa and Sesa Industries' merger. He is overseeing the Satyam scam in the absence of Balasubramanian and his replacement. Besides that he is also handling a number of significant corporate cases which could have implications for the entire corporate.