MCA to probe shareholding pattern of 12 listed firms
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MCA will probe management and auditors of 12 listed companies, including Raj Television Network and Surya Lakshmi Cotton Mills, for allegedly providing false information about the shareholding pattern.
"Ministry of Corporate Affairs (MCA) believes the 12 companies under scanner furnished false info regarding their share breakup to Regional Directors (RDs)," an official said.
The ministry is likely to soon ask the Regional Directors concerned to probe role of auditors of the companies and also of their top management.
"If found guilty, top officials of the companies could face jail term of up to two years and the auditors could lose their licence," the official said.
Examination of these companies, he said, showed "abnormal" number of shareholders.
Two companies had only one shareholder each, while another firm showed it has 29.20 crore shareholders, he said. (PTI)
Category : Corporate Law | Comments : 2 | Hits : 449
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Comments
joseph
16-Jun-2011 , 09:22:55 amDear All, There are certain technical difficulties in filing E-forms. Especially annual return form There is no option for revision of the same if any error is occurred during the form filling up. It is one of the reason for wrong data base with MCA. In the case of Raj Television Network Limited, the fact is as follows. The company had submitted the Annual Return – Schedule V – in Form 20
joseph
16-Jun-2011 , 09:23:15 am