The Hindu Business Line : DCA awaiting RoC report on Tata Finance issue

THE Department of Company Affairs (DCA) on Friday said any further action on the Tata Finance Ltd (TFL) matter would be taken only after receiving the Registrar of Companies (RoC), Mumbai's report.

"The RoC, Mumbai, has been asked to submit a detailed report after examining the controversial A.F. Ferguson report as well as the search-and-seizure operations conducted in the audit firm's office at Mumbai," sources told Business Line. "Any further action will be only after examining the RoC's report," they said.

The Department had called for the impugned report under Section 234 of the Companies Act, 1956. The said Section empowers the Registrar to call for information or explanation from the company.

Meanwhile, based on information from SEBI that Ferguson was destroying evidence relating to TFL, the Department, after receiving the mandatory approval, had initiated search and seizure operations against the auditing firm. A six-member DCA team headed by the RoC, Mumbai, had conducted the search and seizures at the Ferguson office in Mumbai. The DCA is also awaiting the RoC's report on the same.

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