This is the first time that the Centre has invoked the powers under Section 130 of the Compa-nies Act, 2013, to reopen ledgers of a company.
Grandchildren of late Maharani Gayatri Devi have won the control of Jaipur-based iconic property Jai Mahal Hotel as the National Company Law Tribunal (NCLT) has restored their majority holding in the company which controls the erstwhile royal palace.
Mumbai: The corporate affairs ministry on Thursday moved the National Company Law Tribunal (NCLT) seeking to reopen the books of IL&FS Group and its subsidiaries for the past five years under Section 130 of the Companies Act, to ascertain financial mismanagement.
This is the first time that the government has invoked the powers under Section 130 of the new Companies Act of 2013 to reopen ledgers of a company.
The government wants to check the balance-sheets of crippled group and the two listed subsidiaries — ITNL and IL&FS Financial Services for the past years and the move comes after the Serious Fraud Investigation Office has found shocking details of corruption, personal enrichment and other opaque deals.
( Source : PTI )
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