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Sunday, Jun 30, 2002

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Vanishing cos charge-sheeted

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NEW DELHI: The Department of Company Affairs (DCA) has filed charge sheets against 10 fly-by-night (vanishing) companies and their directors and promoters based in Uttar Pradesh and Uttaranchal.

These companies had mopped up hundreds of crores of amount during the boom time in the early nineties from the capital market following opening up of the Indian economy and vanished thereafter causing deep hardship to the investors.

The companies against whom charge sheets have been filed are Mathura-based Vidiani Agro-Tech Industries Ltd and Vijayshree Chemicals India Ltd, Kanpur-based Rizvi Exports Ltd and Rich Capital and Financial Services Ltd.

The other companies are Swarnima Oil Industries based in Gautam Budh Nagar in Uttar Pradesh, Agra-based Danin Leathers Ltd, Moradabad-based Sidhartha Pharchem Ltd, Saharanpur-based Shefali Papers Ltd and Raymed Labs Ltd, and Varanasi-based SRP Industries Ltd.

The move follows intensive investigations into the affairs of 229 vanishing companies, of which 225 companies are on the high list of prosecution.

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