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Home » Finance Events » Elder Pharma under MCA scanner for IPC violation: Sources

Elder Pharma under MCA scanner for IPC violation: Sources

Event Date: 12/9/2009

Location: Delhi

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Elder Pharma under MCA scanner for IPC violation: Sources

The Serious Frauds Investigation Office (SFIO) has submitted its investigation report on Elder Pharma to the Ministry of Corporate Affairs (MCA). Sources tell CNBC-TV18 that a show-cause notice has also been issued on the basis of the report. Pranshu Sikka reports on the development.

The investigation really finds its roots in the last year's income tax disclosure by the company. Since then, we are given to understand the company has been under the scanner of the Ministry for alleged funds siphoning as well as balance sheet manipulation. As far as this development is concerned, SFIO submitted its report on August 10 it is learnt that SFIO has alleged violations of multiple companies' law as well as violations of Indian Penal Code.


The Ministry has sent a notice to the company although it is still studying the report to ascertain whether it should file for prosecution on the IPC charges.

When contacted, Elder confirmed the investigation and said it has forwarded the information sought by the investigating agency but added it had no information on the alleged IPC violation. The next development will come over the next couple of weeks when the Ministry makes up its mind whether it wants to go ahead and prosecute the company for the IPC violations.

The company has meanwhile applied for compounding of the offences under the Company's Law.

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