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Probe on in Tata Finance case: Govt

The government on Tuesday informed the Rajya Sabha that investigations were in progress into the alleged financial irregularities in Tata Finance and that tax will be recovered from it after making assessment of its undisclosed income.

The assessment would be completed within the statutory time limit of two years from the end of the month in which the last warrant was executed, Minister of State for Finance and Company Affairs Gingee N Ramachandran said in a written reply.

During the search by income tax authorities at the office and residences of TFL director Kishore Chaukar and other executives on December 19, last year, Rs 250,000 in cash, travellers cheques for $1,900, bonds worth $25,000 and £ 690 and incriminating documents were seized.

Chaukar is believed to have been criticised in a report by consulting and audit firm A F Ferguson for trying to hide material information from the board of directors of Tata Finance.

A F Ferguson is inquiring into the alleged financial irregularities in Tata Finance.

The widespread financial irregularities caused the departure of the then managing director Dilip Pendse. It soon developed into a big row with the Tata group laying most of the blame on Pendse, accusing him of defrauding the company.

A F Ferguson was commissioned to probe into the irregularities and submit a report. The report, running into 904 pages, has been submitted to the group.

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