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Corporate - Economic Offences


Ministry team set to submit findings on Daewoo India

Richa Mishra
Neha Kaushik

New Delhi , July 20

A HIGH-POWER Ministry of Company Affairs (MCA) team examining the investigation report of the Serious Fraud Investigation Office (SFIO) on Daewoo Motors India Ltd is to submit its findings shortly. SFIO had submitted its report to the Ministry earlier this year.

According to sources, "Any action would be initiated only after we have gone through the recommendations of the MCA team." Sources did not rule out initiating prosecution against those who have erred. They, however, refrained from disclosing the findings of the SFIO report.

The investigation against Daewoo for misappropriation and mismanagement of funds was the first case referred to the SFIO, an agency set up for looking into serious corporate frauds. Regarding why the SFIO report is being examined by a MCA team, sources told Business Line that, "the intricacies of the case, being the first report submitted by SFIO, required multiple investigations."

Sources closely associated with the case revealed that the MCA investigating team with nominees of financial institutions had visited the Daewoo plant last week.

The carmaker has been mired in litigation ever since its parent's takeover by General Motors, which did not include the Indian operations. MCA had referred the case to the SFIO on complaints received from the bankers of Daewoo India.

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