The Ministry of Corporate Affairs will look into possible violations of companies law by the National Spot Exchange Ltd (NSEL), which is engulfed in a payment crisis.
“We have got a request from the Consumer Affairs Ministry to seek our inputs on the whole episode. I will be having a meeting with officers to see what stand we need to take keeping the Company Law angle” said Sachin Pilot, Minister of Corporate Affairs.
“If there is any issue of non-compliance, we will take action” Pilot said adding that the endeavour of the Government was to ensure that the people don’t lose money and that investors are protected.
Pilot was speaking to reporters after presenting the 10{+t}{+h} National Award for Excellence in Cost Management instituted by the Institute of Cost Accountants of India.
Probe into Reebok
Meanwhile, the Serious Fraud Investigation Office has completed its probe into the alleged irregularities at Reebok India and has submitted a report to the Ministry of Corporate Affairs.
“The final report on the Reebok probe has come to us. We will share the details within a day or two,” Pilot said.
The Corporate Affairs Ministry had ordered a probe into the affairs of Reebok India on May 29 last year following reports of alleged financial irregularities.