The Hindu : DCA holds talks with RBI, SEBI over TFL issue

Online edition of India's National Newspaper
Saturday, Aug 10, 2002

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Business

DCA holds talks with RBI, SEBI over TFL issue

MUMBAI AUG. 9. The Department of Company Affairs (DCA) has begun consultations with the Reserve Bank of India in connection with alleged financial irregularities involving Tata Finance and controversy over "withdrawn report'' on TFL by A. F. Ferguson & Co.

"Apart from the RBI, we had discussions with the Securities and Exchange Board of India and the Department would finalise its action plan on TFL including withdrawal of report in the next few days, the DCA Secretary, Vinod Dhal, told reporters here today.

Asked about the joint action and probe against TFL, Mr. Dhal, who was here to attend the SEBI board meeting, said, "We have to take into account various aspects before finalising the future course of action.''

DCA officials indicated yesterday that they might launch an inspection of TFL's books of accounts to determine whether any financial irregularities had taken place. The chartered accountancy firm had withdrawn its "confidential report' on irregularities in the finance company.

Meanwhile, the Economic Offences Wing of Mumbai police has completed its investigations against the ousted TFL managing director, Dilip Pendse, and five others. The Deputy Commissioner, V. Chavan, said the findings had been submitted to the Mumbai High Court where a conspiracy case has been filed against Mr. Pendse and others by the Tatas. — PTI

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