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June 29, 2001
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Money > Business Headlines > Report June 29, 2001 |
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DCA probe against 10 Rathi firmsBS Economy Bureau The department of company affairs has ordered a probe against 10 new companies including a few belonging to the Anand Rathi group for alleged involvement in the scam that rocked the stock markets earlier this year. This is in addition to the 68 companies against which DCA has already begun investigations. Top government officials told Business Standard that the department is investigating if any provisions of the Companies Act, 1956 have been violated by any of these companies. While they refused to associate the probes with the current JPC inquiry into the stock scam, it is understood that the move is a knee jerk reaction to the stricture by the JPC against DCA for its tardiness in bringing the guilty to book. DCA has ordered inspection of the books and accounts of Rathi Global, Anand Rathi Securities, Navaratan Capital & Securities, Rathi Capital & Services, Amar Raja Batteries, Suresh Rathi Securities and Hitkari Finvest Pvt Ltd. When contacted, Anand Rathi, chairman, Anand Rathi Securities Pvt Ltd, said, "For a private unlisted company, the compliances are not many." He added that DCA would look at the accounts of his firms under Section 209A. He added that the DCA would look into the minute books of his various concerns. "It is alright with me if the DCA has to look at the books," he added. Powered by YOU MAY ALSO WANT TO READ:
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