MCA has probed 38 cos so far this fiscal: Jaitley

The Corporate affairs Ministry has ordered investigation against 38 companies so far this fiscal of which 10 are from Saradha group while at least 14 others are from another Kolkata based entity Rose Valley.
Since 2011-12, the ministry has probed a total of 102 companies while 96 chit fund companies have been investigated separately by SFIO for alleged violations.
As many as 38 firms have been probed by the ministry since the beginning of April 2014, while 22 companies each came under its scanner in 2012-13 and 2013-14. The Ministry had investigated 20 companies in 2011-12.
The details were part of a written reply by Corporate Affairs Minister Arun Jaitley to the Rajya Sabha today.

Of the total 38 companies probed so far in the current financial year 2014-15, 10 firms belong to Saradha Group.
These companies include -- Saradha Realty, Saradha Agro Development, Saradha Exports, Saradha Shopping Mall and Saradha Construction Company.

Besides, investigations were carried out against 14 Rose Valley group companies such as Rose Valley Real Estate & Construction, Rose valley Industries, Rose Valley Hotels & Entertainment, Rose Valley Housing Development Finance Corporation and Rose Valley Airlines.
Other companies probed so far this fiscal include Speakasiaonline, Global Automobiles, ABW Infrastructure, Rose Capital, Bengal Media, Bhasank Food, Tulsiyat Tek, Silver Valley Communications and KNS Infracon.

"Insofar as Companies Act is concerned, cases of violation of the provisions of the Act by Chit Fund companies are dealt with in accordance with the Act," Minister of Corporate Affairs Arun Jaitley said in the written reply.
"So far the Ministry has ordered investigations against 96 such companies by Serious Fraud Investigation Office (SFIO) of this Ministry...," he added.
Some of the companies probed by the Ministry in the previous fiscals are Sesa Industries, Reebok, Ambuja Cements, and Vaishnavi Corporate Communications.