Securities and Exchange Board of India (Sebi) officials are now expected to join the meeting of the high-level inter-departmental coordination committee, looking into the various aspects of the probe against the Mesco group of companies.
The decision to request the securities officials to join the probe was taken at the meeting of the coordination committee last week, revenue department officials said yesterday.
The coordination committee presently comprises members of the Directorate of Revenue Intelligence, Enforcement Directorate, Central Bureau of Investigation and Income Tax.
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The matter was taken up by the committee after Income Tax sleuths carried out countrywide raids at the offices the Mesco and its group companies about two months ago.
All the agencies represented at the coordination committee meeting are said to have already commenced preliminary investigations into the case.
Revenue department sources said that the case of pledging of shares with two financial institutions by the group companies has been referred to the department of company affairs. However, the Reserve Bank of India is looking into whether earnings from exports were not repatriated back to the country within the stipulated 180 days.
The Enforcement Directorate, which has been carrying out preliminary inquiries into helicopter purchases by Mesco Airlines, has also started its probe regarding the overseas operations of the group.
This was done after relevant documents were handed over by the income tax sleuths.
Inc ome tax officials have also written to the Central Bureau of Direct Taxes seeking permission to carry out overseas investigations into the export earnings of the company.
Howev er, it could not be confirmed whether permission has been granted or not.
The donation of Rs three crore made to the Congress party has also been put under the microscope by the Income Tax sleuths.
Under the Companies Act, no donations to political parties should exceed 10 per cent of the average profits of the preceding three years.
The payment on behalf of the Mesco group is shown in the account books to have been made by Mesco Kalinga Steel, a company in operation for three years when the donations were made to the Congress party.