Financial Daily from THE HINDU group of publications
Friday, Nov 15, 2002
Financial Daily from THE HINDU group of publications Friday, Nov 15, 2002 |
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Corporate
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Announcements Ferguson `cleared' of shredding charges Our Bureau
NEW DELHI, Nov. 14 THE accounting firm A F Ferguson, in a statement issued here on Thursday, said that the firm has got a clean chit from the Registrar of Companies (RoC), Mumbai, on the charges of any shredding of records. It, however, termed the search and seizure operation carried out by the RoC following the firm's role in Tata Finance controversy as "unjustified". In the statement, the firm said "having regard to the serious imputation contained in Section 234A resort to that section to start search and seizure of documents primarily and only against a firm of chartered accountants in respect of its own working papers which are their own property is not only unprecedented but also unjustified." The firm, however, reiterated that it will always stand by regulatory bodies such as SEBI and the Department of Company Affairs (DCA) to promote good corporate governance and fair and objective reporting. A F Ferguson had been appointed by the Tatas to conduct an audit on the lapses by earlier management of Tata Finance, which led to a major scam, costing the company over Rs 500 crore. Following a controversy over the recommendations of Ferguson in relation to TFL irregularities, the firm had sacked a senior partner - who was also the report's author - Mr Y.M. Kale. Amid reports that Mr Kale had also passed strictures against some top men at the House of Tatas, Ferguson had withdrawn the report. The RoC Mumbai, initiated a search and seizure operation at Ferguson's Mumbai offices in August. RoC Mumbai, Mr Vijayan Menon, is believed to have written to the accounting firm saying the matter has been closed following the investigation earlier. "I would like to inform you that this office was satisfied with the co-operation extended by you. It is confirmed that documents procured from your office were found to be in order," Mr Menon said.
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