Govt directs RoCs to collect details on IPL franchises
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Last Updated: Wednesday, April 21, 2010, 00:08
New Delhi: Government on Tuesday directed the Registrar of Companies (RoCs) to collect all details on IPL franchises, the bidding process and the sweat equity even as Minister for Corporate Affairs Salman Khurshid said his ministry would not like to "rush in" with an inquiry which looks "untidy".

"I only know what the Finance Minister said in Parliament that he will ensure action against everybody, who has committed any wrong in the matter, and get the matter thoroughly investigated by concerned agencies. If something comes out from this action, which has any relation to company affairs, then it will come to us and we will take whatever action that is required only then," he said.

Khurshid said "we can't just make a roaming inquiry that looks untidy ... (We) can't rush in ... The FM has made it clear that a transparent inquiry will be done. Let the world know what it is all about. If there are irregularities, let those be accounted for. It is an assurance by FM in Parliament. I cannot improve upon it ... We will do what is required".

"We certainly don't like harassing people ... RoCs keep an eye on the companies. They will notice if there is something wrong. We have an early warning system in place. Let's see if any of these companies fall within that system's parameters which puts them under high risk category of companies," Khurshid said later in the day while speaking to a private new channel.

The minister said "We will take action if there is any complaint related to company affairs i.e. if somebody has not filed the balance sheet or appointed directors in a wrong manner."

He said details of all registered companies are available on the ministry's website. "The problem actually arises if ground reality (about companies) is different (from what details they have filed). Something must trigger off investigations into that," Khurshid said.

Since the questions being raised about IPL so far relate to only money transaction, they are being investigated by the Registrar of Companies and Enforcement Directorate, he said.

"We will come in the picture if something related to company affairs comes out in their investigation. It's not that we are sitting here waiting for an opportunity to get a prey and hunt on it. Our job is to ensure that law is practised ... if we come to know that any step related to corporate law has been taken which makes our intervention necessary, then we will see it," Khurshid said.

"The ministry could do some due diligence to see that our records are in order... We will have to wait for a trigger to get things moving," Khurshid said.

On being asked to comment on the high profile people connected with the controversy, the minister said, "these are public figures associated with cricket and BCCI. If there are public figures then all kinds of things will be said. It is a bit unfair to pin down somebody unless there is authentic information (about anybody)."

Khurshid said "people may have interests and investments (in IPL), but that does not take it to some level of illegality ... You may or may not want to disclose something you have, but it does not mean its illegal. We should be careful and cautious as reputations are involved.

There are senior people, they may just be innocently involved with cricket.

...It is a bit unfair. We have agencies and regulators that can unearth ... we should wait for that ... I don't think anybody would be interested in covering up. It would be inadvisable to do so".


First Published: Wednesday, April 21, 2010, 00:08

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