MCA will probe management and auditors of 12 listed companies, including Raj Television Network and Surya Lakshmi Cotton Mills, for allegedly providing false information about the shareholding pattern. "Ministry of Corporate Affairs (MCA) believes the 12 companies under scanner furnished false info regarding their share breakup to Regional Directors (RDs)," an official said. The ministry is likely to soon ask the Regional Directors concerned to probe role of auditors of the companies and also of their top management. "If found guilty, top officials of the companies could face jail term of up to two years and the auditors could lose their licence," the official said. Examination of these companies, he said, showed "abnormal" number of shareholders. Two companies had only one shareholder each, while another firm showed it has 29.20 crore shareholders, he said. The companies, which are under scanner are Deevee Commercials, Greenearth Resources & Projects and Karuna Impex Enterprises (all Kolkata based). Naturite Agro Products (Hyderabad), Raj Television Network (Chennai), Suryalakshmi Cotton Mills (Secunderabad) and Turbotech Engineering (Mumbai). Welterman International (Vadodara), Karmath Leasing & Holdings, Parv Holdings, Eastern Fibre Industries and Mahan Eximp. - www.financialexpress.com
1 Replies
CS JOSEPH CHERIYAN, ACS
(COMPANY SECRETARY)
(107 Points)
Replied 16 June 2011
Dear All,
There are certain technical difficulties in filing E-forms. Especially annual return form There is no option for revision of the same if any error is occurred during the form filling up. It is one of the reason for wrong data base with MCA.
In the case of Raj Television Network Limited, the fact is as follows.
The company had submitted the Annual Return – Schedule V – in Form 20B vide SRN P55192462 on 20/10/2010 and the CD containing the shareholders details on 2nd November 2010. On realizing the clerical error in the original return regarding the shareholders number, the Company had filed corrected Annual Return – Schedule V in Form 20B on 10/11/2010 with the correct details vide SRN P59356766.The clerical error was in the annual return Part III column, the total number of shareholders was wrongly filled in with the total number of shares.
The MCA has to consider the real facts before generalizing the issue and making such statement over media.
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