Partner Channels: Bill Pay | Health | IT Education | Jobs | Travel
August 16, 2001
|
|
|
|
|
|
||
|
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Wedding | Women Partner Channels: Bill Pay | Health | IT Education | Jobs | Travel |
||
|
|
||
|
Home >
Money > Business Headlines > Report August 16, 2001 |
Feedback
|
|
|
RBI assures probe into Tata Finance issueThe Reserve Bank of India has assured a probe into the alleged financial irregularities in the Tata Finance Limited. The Investor Grievances' Forum GF delegation led by general secretary Shailesh Ghedia and the vice-president Bharat Kotecha raised the issue of alleged financial irregularities in the Nishkalp Investment and Trading, the NBFC arm of the TFL, during their meeting with RBI chief general manager L P Fonseca, in-charge of the department of NBFC (supervision). Fonseca pointed out limited power is one of the lacunae in monitoring or keeping direct check on the NBFC. However, the RBI official assured the IGF, that it will initiate probe into the alleged irregularities in the NBFCs referred by the IGF. Thursday's meeting of the IGF was the forum's second meting with RBI since July 12. The IGF during their earlier meetings provided a list of at least 34 NBFCs against whom the court has issued winding up orders and sought their current status. However, the RBI could trace out the current status of only 8 companies out of 34, IGF sources said. The IGF urged RBI authorities for a co-ordinated effort with the Company Law Board to monitor the activities of NBFCs. The IGF suggested that independent audit should be compulsory for small NBFCs having collection below Rs 20-30 million. Kotecha said that there are total 36,000 NBFCs have applied for registration to the RBI, while RBI has offered registration to 750 out of 36,000 NBFCs. According to him there are more than 100,000 NBFCs in existence posing a severe threat to the investors' interest. In the case of Nishkalp, there are also allegations of insider trading in which the Securities and Exchange Board of India is ascertaining the facts. The economic offence wing of the Bombay police have also initiated investigations into the case following a receipt of a complaint from the National Association of Small Investors in this connection. TFL, has suffered major financial losses due to mismanagement of funds. The TFL also filed an FIR against TFL's former managing director Dilip Pendse and four others with the EOW of Bombay police. UNI YOU MAY ALSO WANT TO READ:
|
||||
