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May 30, 2001
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Money > Business Headlines > Report May 30, 2001 |
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JPC takes Department of Company Affairs to taskBS Economy Bureau Members of the joint parliamentary committee on the stock scam on Tuesday came down heavily on the Department of Company Affairs for what they called its inability to take follow up action against companies indicted by the earlier JPC on the 1992 scam. Sources said the members were unhappy with the answers given by the DCA officials and asked them to reappear before the committee with details of the punitive steps they have taken so far against tainted companies. They also asked for the list of cases where action is pending. The members wanted to know what measures would be taken by the DCA in the wake of the latest scam. Briefing reporters after Tuesday's session of the JPC, chairman PM Tripathi confirmed that the DCA has been asked to appear again. He said, "Members had a lot of questions for which they wanted further clarifications from the DCA". He said today's technical briefing on the role of the DCA was important because it had been controlling the capital markets till Sebi took over. Tripathi said the members were particularly interested in the role of the Registrar of Companies. Sources said while the department had prepared a dossier on the functioning of the department, members were not satisfied with its contents. The chairman also said the technical briefings meant to educate the members will continue for a few more days. It was supposed to end today. He said, "we are deliberately taking a lot of time to ensure that all the MPs are conversant about the issues". Powered by YOU MAY ALSO WANT TO READ:
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