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Tuesday, Oct 01, 2002

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SHCIL gives more leeway to Haribhakti

Nilanjan Dey

KOLKATA, Sept. 30

STOCK Holding Corporation of India Ltd (SHCIL) has given more room to Haribhakti and Co ``to dig out the truth'' in the case involving SHCIL and IndusInd Bank, according to Mr K.C. Bandhopadhyay, its new chief.

The firm has been retained by SHCIL mainly to probe into allegations made by a former employee. The allegations, among other things, seem to point towards the involvement of a number of SHCIL functionaries in the case that originally stemmed from certain transactions on the Calcutta Stock Exchange (CSE).

Haribhakti and Co is being given access to relevant documents and individuals to carry on their investigations further.

The firm has already questioned key executives at SHCIL's Mumbai and Kolkata offices.

SHCIL, which earlier wanted to create the infrastructure necessary to emerge as a financial supermarket, has temporarily suspended its plans to get a banking permit and promote a separate outfit for primary dealership, Mr Bandopadhyay said.

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