Govt finds serious financial irregularities in Burnpur Cement accounts

Ministry recommends further probe 'to safeguard interests of public shareholders'

A preliminary inquiry by the Union ministry of corporate affairs (MCA) has found serious financial irregularities in Kolkata-based Burnpur Cement.
 
According to sources in the ministry, the inquiry was conducted by the MCA’s regional director. In a communication to the head office in Delhi, viewed by Business Standard, the regional director said,“ After a close perusal of financial statements and other related documents, serious irregularities and anomalies were observed.”
 
The regional director has recommended a further probe of the listed company, to safeguard the interests of public shareholders. The communication — recommending that Section 208 of the Companies