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Subhiksha may be probed for fraud

Chennai, July 17 (IANS) Retail chain Subhiksha may be probed by the Serious Fraud Investigation Office (SFIO) for misleading ICICI Venture on the actual financial condition of the company, union minister Salman Khurshid said Saturday.

The corporate affairs minister said the report of Registrar of Companies (ROC) on the the retail chain may be sent to SFIO.

Speaking to reporters on the sidelines of a seminar here, Khurshid said: ‘Passing something on to the SFIO is not a judgement. The report will reach me once I go back to Delhi.’

Debt-laden Subhiksha was subject to ROC’s investigation on a complaint by ICICI Venture that had invested in the retail chain.

Meanwhile addressing a seminar on ‘Informed Investor – An Asset to Corporate India’, organised by the Southern Chamber of Commerce and ministry of corporate affairs, Khurshid said there is a need to educate the common man on capital market.

According to him, a guide on investing will be published in 14 regional languages so that the common man understands the capital market.

1 thought on “Subhiksha may be probed for fraud

  1. this is too little too late..lives of thousands of families have been ruined and many of them have become destitutes.

    this is the result of greed of R.Subramanian and ICICI(which is now feigning ignorance)..

    They connived to indulge in valuation game so that they could capitalise on retail boom at that juncture to exit.

    But two things..one the other entrants in retail saw thru this and valued Subhiksha for what it was worth, which was not acceptable to rs and ICICI.

    In the meanwhile ICICI which is a lousy and mercenary bank smartly sold its share to azim premji who shockingly naively invested 230 crores without duing any proper due diligence which again speaks of his greed to acquire stake at so called attractive rates in a so called sunrise sector.

    in the meanwhile markets crashed and the bubble of inflated and fudged accounts which rs was building burst and he was left with no money to pay even salaries.

    only gainer in this is ICICI..In fact all the former directors of ICIC renuka ramnath and RS have to be put behind bars..

    and ICICI shud be forced to shell out any profit it made out of this to pay the dues of all the vendors and families as actually what ICICI is enjoying is the BLOOD MONEY

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