The government on Friday said it has conducted inspections against 96 companies, including 16 companies of the Ketan Parekh group, in connection with stock market scam of 2001.
As a part of its investor protection efforts, the government on Friday said it is taking steps to ensure accountability, under law, of all persons responsible to a public issue, in the case of vanishing companies.
The new Company Law could mandate that the strength of independent directors on boards of companies should be 33 per cent, pitting the government against the Securities and Exchange Board of India.
Sources said that RoC Hyderabad submitted its report on Monday night to minister of corporate affairs Prem Chand Gupta and this report would be the basis for handing over the case to the Serious Fraud Investigation Office. The SFIO is already assisting the RoC in the probe, but is being formally handed over the investigations.
The Sebi chairman had started a series of meetings in New Delhi from Saturday when he met corporate affairs minister Prem Chand Gupta and his secretary Anurag Goel.
Satyam Computer Services, India's fourth-largest software services provider, today came under fire from institutional investors after the company announced its acquisition of two companies -- Maytas Infra and Maytas Properties--for $1.6 billion (around Rs 7,680 crore).
The minister asked the corporate sector to follow fair corporate disclosure norms.
The government on Wednesday said it will come out with a simplified settlement scheme for firms found violating the Companies Act and look at striking off names of defunct companies.
After passing of the Competition Act, 2007, in September, Minister of Corporate Affairs Prem Chand Gupta had announced that the CCI would be fully functional by the middle of next year.
"What's wrong in that? Even if you have shares, you will sell them," Corporate Affairs Minister Prem Chand Gupta told reporters in New Delhi. The minister was replying to a query as to whether the fact that Murty sold the shares between December 12-16, 2008, was a matter of concern and could have been a case of insider trading as the sale preceded an abortive acquisition deal -- now at the centre of the accounting scam in Satyam.
The government has suggested that the new Satyam Computer Services board should also look within the company to appoint a CEO and CFO.
The government said on Friday a Bill to amend the Companies Act, 1956, will be introduced in the Budget Session of the Parliament next year, while the new accounting standards for firms in India is expected to be in place by January next year.
"We have asked the RoC to look into the matter, get the information from the company and inform us within three weeks as to what is the factual story. Only when we have the information can the government do anything," Union Corporate Affairs Minister Prem Chand Gupta said in New Delhi pm Saturday.
The government on Friday sought investors' help to strengthen its case against 114 companies, that have vanished after raising around Rs 800 crore (Rs 8 billion) through public issues in the capital market boom of 1993-94 and 1994-95.
Facing the gigantic problem of over three lakh defunct companies, the government said on Wednesday that a new scheme would be announced this month to enable promoters to close such entities in a "hassle-free" manner.
The government on Saturday said it would present a bill on the revised Companies Act in Parliament before June 2005.
The delegations led by Baijayant Panda, Ravi Shankar Prasad (both Bharatiya Janata Party), Sanjay Kumar Jha (Janata Dal-United), Shrikant Shinde (Shiv Sena), Shashi Tharoor (Congress), Kanimozhi (Dravida Munnetra Kazhagam) and Supriya Sule (Nationalist Congress Party-Sharad Pawar) will visit a total of 32 countries and the EU headquarters in Brussels, Belgium.
The case pertains to allegations that Lalu Prasad, as railway minister, handed over the maintenance of two hotels run by the IRCTC, a subsidiary of the Indian Railways, in Ranchi and Puri to Sujata Hotels, a company owned by Vinay and Vijay Kochhar, in return for a prime plot of three acres in Patna through a benami company.
The RJD chief has been asked to appear for questioning at the agency headquarters on September 11.
The Central Bureau of Investigation, which had on April 16 filed the chargesheet in the case, had said that there was enough evidence against the accused.
They had earlier been called on September 11 and 12 but Lalu did not turn up, citing an ongoing court case in Ranchi where his presence was required, while Tejashwi claimed he had political commitments to take care of.
Lalu said the Centre was trying to 'frame' him and his family in 'false cases' out of political vendetta.
Sonia Gandhi on Sunday hosted her first Iftar in three years, which saw the Congress president sharing a table with leaders of RJD and its new-found ally Janata Dal-United.
It was announced that no discussion took place regarding Tejashwi's resignation. In fact, his work was appreciated.
Special Judge Arun Bharadwaj granted relief to Prasad after he was produced before the court through video conference from a Ranchi jail, where he is lodged in another case, as he was unable to come due to health reasons.
The agency is probing members of the Lalu Prasad family and others under the Prevention of Money Laundering Act.
Special Judge Arun Bhardwaj also issued a production warrant against Prasad in the case.
The action is in connection with its money laundering probe in the IRCTC hotel allotment scam case involving Rashtriya Janata Dal chief Lalu Prasad and his family.
Rabri Devi's appearance before the central probe agency comes after she skipped similar summonses at least six times.
"Lalu ji had madhur sambandh (cordial relations) with my father and political mentor Ram Vilas Paswan. I thank him for lending credence to my leadership. But, my current priority is the ongoing state-wide Ashirwad Yatra", Chirag told reporters in Patna.
Rajya Sabha Chairman M Venkaiah Naidu also made a fervent appeal to the leaders of various parties at an all-party meeting to ensure smooth and effective functioning of the House during the Budget Session.
The court granted bail to Rabri and Tejashwi Yadav in the CBI case on a personal bond of Rs 1 lakh and a surety of a like amount.
The BJP's defeat in Bihar dents its hopes of improving its RS tally but the grand alliance victory could also present the first signs of tension when five JD-U members retire next year.
The CM is expected to call a press conference on Monday, say JD-U sources.
RJD leaders attacked PM Modi and CM Nitish Kumar, alleging that it was a malicious exercise.
A man arrested for allegedly beating and molesting two Manipuri women while hurling racist abuses at them was on Monday sent to one-day police custody by a Delhi court.
Although it saw a veritable who's who of the Oppostion leadership, the Samajwadi Party stayed away from the Iftar dinner hosted by Congress President Sonia Gandhi on Monday.
Scindia, who is now with the BJP and took oath as a member from Madhya Pradesh, greeted his bete noire before taking oath. Scindia and Singh had differences that led to Scindia quitting the Congress. Scindia also greeted Congress leaders Mallikarjun Kharge and Ghulam Nabi Azad.
The crisis will strengthen Nitish Kumar's position as Lalu's troubles erodes his bargaining power within the ruling coalition in Bihar.
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