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August 9, 2002 | 1900 IST
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DCA discusses TFL issue with RBI, Sebi

Department of Company Affairs has begun consultations with other regulatory agencies like Reserve Bank of India in connection with alleged financial irregularities involving Tata Finance Ltd and controversy over the "withdrawn report" on TFL by A F Ferguson & Co.

"Apart from RBI, we had discussions with 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," DCA secretary Vinod Dhal told reporters in Mumbai on Friday.

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

DCA officials indicated on Thursday that they might launch an inspection of TFL's books of accounts to determine whether any financial irregularities had taken place.

Meanwhile, the Economic Offences Wing of Mumbai Police has completed its investigations against the ousted TFL managing director Dilip Pendse and five others.

Deputy Commissioner V Chavan said the findings have been submitted to the Bombay high court where a conspiracy case has been filed against Pendse and others by the Tatas.

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