Law board orders probe into firm

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By Staff Reporter
  • Published 12.05.14

Guwahati, May 11: The Company Law Board has directed the Centre to appoint a team of inspectors of unimpeachable integrity to investigate the affairs of Worship Impex Pvt Ltd, a company that had recently pumped Rs 150 crore into a private television company, Positiv TV Private Limited, which has operations in the Northeast.

“It is absolutely necessary that an investigation is carried out by the Centre into the affairs of Worship as regards the membership of the company, its board of directors and the source from which it had obtained a sum of Rs 150 crore to be granted initially as loan to Positiv,” Justice D.R. Deshmukh, chairman of the board, said in his order on Friday.

The board’s order came on a plea by Manoranjana Sinh against Positiv, Congress MP and Jindal Steel and Power Limited chief Navin Jindal, Matang Sinh and others.

Manoranjana has alleged that the funds have come from Jindal’s firm and its associate companies.

Justice Deshmukh in his order also asked the government to determine the “true persons who are or have been financially interested in gaining control of Positiv and its group companies through Worship”.

The inquiry report on the money trail will have to be sent in a sealed cover to the board within 60 days.