Rediff Logo
Money
Line
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Weather | Wedding | Women
Partner Channels: Auctions | Auto | Bill Pay | IT Education | Jobs | Lifestyle | Technology | Travel
Line
Home > Money > Business Headlines > Report
April 21, 2001
Feedback  
  Money Matters

 -  Business Special
 -  Business Headlines
 -  Corporate Headlines
 -  Columns
 -  IPO Center
 -  Message Boards
 -  Mutual Funds
 -  Personal Finance
 -  Stocks
 -  Tutorials
 -  Search rediff

    
      



 
 Search the Internet
         Tips
 Sites: Finance, Investment
E-Mail this report to a friend
Print this page

Reliance Petro faces RoC probe

Puja Mehra

The Registrar of Companies in Ahmedabad has submitted its report to the regional director in Bombay in response to the complaint made by Member of Parliament Rashid Alvi against Reliance Petroleum Ltd. The director is examining the report and is expected to send it over to the department of company affairs shortly.

Top government officials told Business Standard that the DCA had instructed its field officers in Ahmedabad in January this year when it had first received the complaint from Alvi to initiate an inquiry into the matter. The RoC in Ahmedabad had thereafter sought clarifications from RPL.

"The answers to these clarifications were received and the RoC had prepared its report and sent it to the regional director in Bombay," a senior official said.

The officials further said that at present, the director in Mumbai is examining if the promoters of RPL had violated the Companies Act in 1993.

"We will take a final view whether the promoters of RPL can be held responsible for violation of the Companies Act after the RD submits his report to DCA," the official said.

Reacting to the investigations, a Reliance spokesperson said: "We welcome any investigation by any agency of the government and we are confident that the truth when it comes out through such investigation will fully vindicate us."

The action was initiated before the Central Bureau of Investigation wrote to DCA on February 5, 2001, following Alvi's allegations. In the communication, CBI had asked DCA, Sebi and IDBI for their views on the matter.

While Sebi chairman D R Mehta has suggested a joint probe by the ministry of finance, Reserve Bank of India, Central Board of Direct Taxes and Sebi to look into the matter, queries sent to the office of the IDBI chairman on the matter remained unanswered.

Powered by

YOU MAY ALSO WANT TO READ:
The Capital Markets Crisis

The Rediff-Business Standard Special
The Budget 2001-2002 Special
Money
Business News

Tell us what you think of this report