Financial Daily from THE HINDU group of publications
Saturday, Jun 14, 2003
Financial Daily from THE HINDU group of publications Saturday, Jun 14, 2003 |
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Corporate
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Regulatory Bodies & Rulings Investigators seek more time for Flex probe Richa Mishra
NEW DELHI, June 12 THE independent investigator appointed by the Department of Company Affairs (DCA) to probe into charges against Flex Industries has sought extension of time from the department to submit its investigation report. Confirming this official sources told Business Line, "The independent investigators have sought an extension of three months to complete their investigations." Close on the heels of appointing an independent investigator for Xerox Modicorp, the department had short-listed an independent investigating firm to probe into the charges against Flex Industries. The department had appointed the Delhi-based audit firm, T.R. Chadha & Co, last year, for the purpose. The investigating firm was given a timeframe to submit its report to the department, sources said. The Central Bureau of Investigation had arrested the Chairman and Managing Director of Flex Industries, Mr Ashok Chaturvedi, for allegedly paying Rs 5 lakh as bribe to the Chief Commissioner of Central Excise (Delhi Zone), Mr Someswar Mishra, in November last year. DCA had been conducting its own probe against the company and after examining the report of the Registrar of Companies (RoC), the department had initiated the move to appoint the independent investigator. It had taken the initiative under Section 237 of the Companies Act, 1956. The Section provides for investigation of company's affairs in other cases. It also stipulates that the Union Government will appoint one or more competent persons as inspectors to investigate the affairs of a company. Flex Industries, with a turnover of Rs 700 crore and an assets base of Rs 850 crore, has its corporate office in Noida (Uttar Pradesh) and has a unit in Palanpur in Bhind district of Madhya Pradesh. The company, engaged in flexible packaging, was a private limited company in the early 1980s and become a public limited company in 1989-90.
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