MCA ready to strike against IL&FS tainted Delolite (IANS Exclusive)

MCA ready to strike against IL&FS tainted Delolite (IANS Exclusive)

New Delhi, April 25 (IANS) The Ministry of Corporate Affairs is ready to strike against Deloitte Haskins and Sells in the murky IL&FS case. IANS learns that MCA has taken an aggressive view over malpractices by Deloitte over the last decade which have led to papering over the large cracks in its finances. Misrepresentation, cooking of books by auditors and malafide practices with respect to the web of subsidiaries are at the kernel of Deloitte’s architecture for IL&FS for which MCA will disbar them.

JM FIN ARC conduct in Leela saga questionable (IANS Exclusive)

JM FIN ARC conduct in Leela saga questionable (IANS Exclusive)

New Delhi, April 25 (IANS) With SEBI stopping the Hotel Leelaventure takeover bid in its tracks, several questions have cropped up. A combination of two minority investors — ITC and LIC — jointly owning a tad over 10 per cent petitioned both NCLT and SEBI to prevent this takeover from going ahead, citing oppression and mismanagement against the company. IANS now learns that a Middle Eastern billionaire along with an Indian arms dealer had jointly bid for Leelaventure company and their bid at $600 million was higher than any other bid.