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Ispat Industries under DCA lens

Our Bureau

New Delhi , Feb. 12

THE Department of Company Affairs (DCA) has initiated a probe against steel major Ispat Industries Ltd.

Confirming this the Secretary, DCA, Mr M.M.K. Sardana, told reporters here on Thursday on the sidelines of FICCI conference on corporate law, "an investigation has been ordered under Section 235 of the Companies Act."

The Secretary, however, refrained from commenting on whether the Department has referred the case to the Serious Fraud Investigation Officer (SFIO), a multi-disciplinary mechanism for early detection of white-collared frauds.

When contacted by Business Line, SFIO sources said, "Till now the office has not received any formal communication from the Department."

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