IFCI moves high court against RoC notices

The country's oldest financial institution IFCI has moved the Delhi High Court requesting to quash two notices issued by the Registrar of Companies (RoC) directing it to furnish details.

In its petition filed before the court, IFCI, along with its subsidiary IFCI Infrastructure, has requested the court to quash notices issued by RoC on April 22 and April 23, seeking various details including disbursement of loans, list of non-performing assets, perks of its top officials etc.

"RoC has asked certain information/explanations on the grounds that IFCI has granted loans to leading business houses of this country against shares pledged by the promoters of those companies," submitted IFCI in its petition.

Moreover, it further submitted that RoC in their notices was hinting some kind of fraudulent activity going in the company. "There is no nexus in the decision of granting loan and in fact, the business of the company is not conducted by the management for fraudulent/unlawful purpose," submitted the company.

The matter would come up for hearing on Monday before Justice S Ravindra Bhat.

RoC had also directed IFCI to furnish information as to whether E Sreedharan, MD of Delhi Metro Rail Corporation, had expressed dissatisfaction on the functioning of the company in at a recent board meeting in the capacity of a director.