The Hindu Business Line : DCA probing 6 Reliance cos

THE Government has ordered the inspection of books of accounts and other records of six Reliance group companies, including the flagship Reliance Industries Ltd (RIL), based on a complaint by Mr Rashid Alvi, Member of Parliament, according to senior officials.

The complaint relates to allegations of misuse of public issue funds raised by Reliance Petroleum Ltd (RPL) for its refinery project in 1993-94.

The Department of Company Affairs (DCA) has confirmed that it has ordered an inspection under Section 209 A of the Companies Act, 1956 against Reliance Industries Ltd, Reliance Petroleum Ltd, Lavanya Holdings and Trading Pvt Ltd, Reliance Industrial Infrastructure Ltd, Reliance Filaments Ltd and Reliance Enterprises Ltd.

The inspection report is expected to be ready by March 31. Mr Alvi, who belongs to the Bahujan Samaj Party (BSP), had complained in December 2000 to the Prime Minister, the Finance Minister, DCA, SEBI, CBI and other Government agencies about the "misuse" of funds aggregating Rs 934 crore raised through a public issue in 1993-94 by RPL.

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DCA probing 6 Reliance cos