SFIO may look into RoC report on Subhiksha: Khurshid | business | Hindustan Times
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SFIO may look into RoC report on Subhiksha: Khurshid

business Updated: Jul 18, 2010 02:37 IST
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Serious Fraud Investigation Office (SFIO) may look into the report of the Registrar of Companies on debt-ridden retail chain Subhiksha, Corporate Affairs Minister Salman Khurshid said on Saturday.

Stating that he was yet to look into the report presented by the Registrar of Companies recently, Khurshid told reporters here that the Ministry would take appropriate action as and when required.

"I was out of Delhi for a week ... These reports (from RoC) will come to me after I reach there. Then we will take appropriate action that need to be taken," he said.

"SFIO is the next level of procedure ... we do through the RoC ... Sending something to the SFIO does not mean like
passing a judgement," he said to a specific query whether the RoC report would be forwarded to SFIO.

"These are routine matters ... they will go to the SFIO in the normal course", he said.

RoC had started investigations into the financials of Subhiksha Trading Services following complaints by ICICI Venture, which has an exposure of around Rs 106 crore in the retail company.

The investor had asked the Chennai RoC to conduct an investigation into the affairs of Subhiksha from April 2007 onwards. ICICI Venture had charged the management of the retail chain with keeping its investors in dark on financial
matters of the company.

To a question on the investigation into alleged irregularities in Indian Premier League (IPL), he said steps would be taken as and when required by the Ministry.

"I will not be able to answer that. Because as far as we are concerned there are some Company Law violations (by some
companies) as per the Company's Act and we will take steps in those matters. However, on the larger issues that lie outside
the mandate of Corporate Affairs, we will help other Ministries," he said.

Earlier addressing a seminar 'Informed Investor An Asset to Corporate India' organised by Southern Chamber of Commerce
and Industries (SICCI) and his Ministry, Kurshid stressed the need for educating the common man on capital markets.

"See there is a trend that Corporate Affairs and Capital Markets are all about English speaking rich people which is
not true and should not be true.. We have to tap the average Indian..'Aam Admi'... and in order to do that we have to speak
out in his/her language but should also ensure that the syntax is easily understood", he said.

He said for tapping the common man, the Ministry has already launched a guide on investing in various regional
languages. "We have planned to launch it in 14 languages", he said after presenting a similar book and website in Tamil