New Delhi: The Serious Fraud Investigation Office (SFIO) is probing the account books of beleaguered retailer Subhiksha Trading Services, reports PTI.
"Investigation has been ordered u/s 235 of the Companies Act, 1956, into affairs of Subhiksha Trading Services, to be carried out by the SFIO," corporate affairs minister Salman Khurshid said in a written reply in Lok Sabha.
The Registrar of Companies (RoC) in Chennai started inspecting Subhiksha's books following complaints by a group of investors and former employees who alleged mismanagement of funds.
In 2007, ICICI Ventures, the second biggest shareholder in Subhiksha with a 23% stake, had also filed a complaint alleging diversion of funds through more than 100 shell companies.
Further, Mr Khurshid said that in the last three years (from 1 April, 2007, to 31 July, 2010) investigations into the affairs of 44 companies have been referred by the ministry to the SFIO and prosecutions have been filed by the fraud probe body under various sections of the Companies Act and the Indian Penal Code.
New Delhi: The government will soon unveil an investment policy for the urea sector, which would also help revive eight public sector urea factories now lying closed, reports PTI.
"A new investment policy is being worked out. It will be unveiled within a month," minister of state for chemicals and fertilisers Srikant Jena said during Question Hour in the Lok Sabha.
Fielding a barrage of questions, he made it clear that some of the urea plants lying closed could be re-started once gas linkages are arranged.
"We have asked the petroleum ministry for gas. The Cabinet has to prioritise allocation of gas," he said adding that the price of gas was yet to be determined.
To a question, Mr Jena said revenue sharing model was being considered for reviving the urea plant at Gorakhpur in Uttar Pradesh and the Centre was awaiting response from the state government.
As members continued to raise questions, speaker Meira Kumar suggested having a half-an-hour discussion on availability of fertilisers in the country.
On complaints from members about non-availability of desired fertilisers, Mr Jena offered to give constituency-wise break up of fertilisers made available across the country.
To a question on revival of Talcher urea plant, the minister said coal gasification route was being considered to revive the plant.