The Hindu Business Line : DCA likely to take up fresh probe into Daewoo affairs

TROUBLE is far from over for Daewoo India, the makers of Matiz. The Department of Company Affairs is in the process of initiating fresh investigations to probe into the affairs of the company.

According to informed sources, "The department had received complaint from lead bankers. The amount involved is close to Rs 3,000 crore." On whether these investigations are on siphoning or diversion of funds, the sources however, remained silent.

The department will take up investigations under Section 235 of the Companies Act, 1956. The section empowers the Union Government in cases where a complaint has been made to appoint one or more competent persons as inspectors to investigate the affairs of the company. Whether the department will be outsourcing investigators, sources said that there has been a session at the Institute of Chartered Accountants of India (ICAI) when 18 people made presentations, informed sources said.

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