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September 1, 2001
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Money > Business Headlines > Report September 1, 2001 |
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Tata Finance Rumpus: Sebi to probe irregularitiesBS Markets Bureau The Securities Exchange Board of India is expected to look into all the irregularities committed by Tata Finance associate Inshaallah Investments Pvt Ltd and Niskalp Trading & Investment Company. Sebi chairman D R Mehta said: "All the irregularities committed by Tata Finance and which fall within Sebi's purview would be investigated and action would be taken." Sebi is now scrutinising the role of Dinesh Bahl, at one time internal auditor of Tata Finance, who is said to be the promoter of Inshaallah. The probe will consider whether Bahl can be considered an insider as his audit firm Bahl Natrajan was an internal auditor of Tata Finance and other group companies. Further, Bahl was also the director of Tata Finance's associate firm, Inshaallah, up to March 2000. "The issue of insider trading would be examined by Sebi. It is for the Company Law Board to look at errors committed by the internal auditor," a senior Sebi official added. Tata Finance is also expected to be pulled up on the of demerger of its erstwhile subsidiary Niskalp Investments. It is learnt that the company had failed to inform the regulatory authorities and others of the demerger in time. Recently, S S Ahluwalia, member of the Joint Parliamentary Committee probing the stock market scam, asked Sebi and RBI to investigate into the affairs of Tata Finance and its subsidiaries. The market regulator is also expected to pull up Tata Finance for non-disclosure of material facts. The company had failed to disclose information about some of its associate firms, including Inshaallah, at the time of its Rs 930 million rights issue of cumulative convertible preference shares in March 2001. At present, Niskalp Investments & Trading Company, the erstwhile Tata Finance subsidiary holds a 48 per cent stake in Inshaallah. Other stakeholders are Camelot Enterprises (20 per cent), Tata Investment Corporation (20 per cent), Jasper Industries (11.9 per cent) and the rest is being held by the directors. Having a substantial holding in Niskalp and Inshaallah, Tata Finance was suppose to include the performance of these two entities in its offer document. Powered by YOU MAY ALSO WANT TO READ:
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