Prosecution Proceedings Against Sesa Goa For Violating Companies Act

On the basis of Serious Fraud Investigation Office (SFIO) recommendation, government has initiated prosecution proceedings against Sesa Goa for violations of certain provisions of the Companies Act.

In a written reply, Minister of State for Corporate Affairs R P N Singh informed the Lok Sabha that prosecutions under Sections 147 and 395 of the Companies Act, have been filed in Court, while prosecution for the violation under Section 211 is being filed.

The Institute of Chartered Accountants of India (ICAI) has also been asked to look into the role of auditors of the company, he stated further.

It may be recalled that the government had asked the SFIO, a probe wing under the Corporate Affairs Ministry, to look into iron trading by Sesa Goa on 23rd October 2009.