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Govt finds no irregularities in S Kumars affairs

Last Updated: Thursday, March 21, 2013 - 18:33

New Delhi: The government Thursday said that a probe into the affairs of textile major S Kumars Nationwide Ltd (SKNL) has not found any irregularities.

The Ministry had directed the office of Registrar of Companies (RoC), Mumbai, to examine the complaint received through Serious Fraud Investigation Office (SFIO) into the affairs of SKNL.

"The report of RoC revealed that the allegations are not substantiated (against S Kumars Nationwide Ltd)," Corporate Affairs Minister Sachin Pilot said in a written reply to the Lok Sabha.

The Minister was replying to questions on whether SFIO had received complaints of violations of corporate governance myriad transactions involving demergers etc., by SKNL.

Earlier in September last year, the company had said that it had received a letter from RoC, Mumbai asking for comments and clarifications on certain issues raised by an individual.

The company had, however, termed the allegations as "frivolous and baseless".

Besides, Pilot said that Ministry has not ordered any investigation into the affairs of Loop Telecom for alleged violations of companies law.

In a separate query, the Minister said that the Centre for Monitoring Indian Economy (CMIE) has not made any assessment indicating that dividends of companies is likely to reach 26 percent 26 percent in the third quarter ended December 31, 2012.


First Published: Thursday, March 21, 2013 - 18:33
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