Lok Sabha
The Serious Fraud Investigation Office (SFIO) has recommended to the Government to file criminal cases against M/s Bonanza Biotech Ltd. and M/s Design Auto Systems Ltd. for violation of Company Law and breach of IPC provisions.
Investigation Reports in respect of M/s Design Auto Systems Ltd. and M/s Bonanza Biotech Ltd. were submitted by SFIO on 19.01.2005 and 20.01.2005 respectively. Based on the findings of the Investigation Reports, prosecution/ legal action under the provisions of the Companies Act, 1956 and the Indian Penal Code has been initiated in respect of the above companies before the courts of competent jurisdiction/ Company Law Board, as appropriate and the same are in progress.
This information was given by Shri Prem Chand Gupta, Minister of Company Affairs in reply to the questions raised by Shri Chandrakant Khaire in Lok Sabha today.
BY/SL-07/07
(Release ID :25674)