Congress demands CBI probe into Amtek group insolvency

The Congress on Sunday accused the central government of sheltering promoters of certain companies declaring insolvency through the Insolvency and Bankruptcy Board of India, and demanded a CBI probe into the insolvency of Amtek group.
 

Addressing a press conference, Congress leader Sanjay Nirupam said the government must order a probe into the findings of Ernst and Young's audit report into the insolvency of Amtek Auto.
 

The report states that “Amtek group has carried out preferential transactions, transactions defrauding creditors, and it siphoned off more than 70 per cent of its assets and funds to 129 shell companies,” Nirupam said.
 

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