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Tata Fin to submit Ferguson report on 14th

Under attack for alleged financial irregularities, Tata Finance said on Tuesday that it will submit books of accounts for the last five years as well as the Ferguson report to the Department of Company Affairs by Wednesday.

Tata Finance has been in the thick of a controversy, first after large-scale irregularities to the tune of Rs 500 crore (Rs 5 billion) were discovered last year and again this year when accounting firm A F Ferguson "withdrew" its report after the Tatas differed over some of its contents.

Investigating agencies, including DCA, market watchdog Securities and Exchange Board of India as well as the Reserve Bank of India were concerned when Ferguson took the unprecedented step of withdrawing this report besides sacking its author Y M Kale.

The accounting community had also cried foul and the Institute of Chartered Accountants of India had approached DCA asking it to launch an investigation into the affair.

DCA had last week said it may launch inspection of the books of accounts of TFL under section 209A of the Companies Act to determine if the company's management were involved in any financial malpractices.

According to a source, the Tatas had asked Ferguson only for an independent probe into the TFL scam and that the report by Ferguson was not a statutory one.

He said the department asked for all these documents "within three days" and that the company received a letter to this effect on Friday.

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