Books of Educomp, six PSUs come under Govt lens

Inspections against more cos likely.

On the heels of the Satyam fraud, a number of companies both from the public and private sectors have come under the Ministry for Corporate Affairs scanner.

Apart from education company Educomp Solutions Ltd, which has been in the public eye in the recent past, there are six public sector undertakings against whom inspections have been ordered.

`I would not like to comment on individual cases but we are committed to bring to book all those who have tried to betray the faith reposed in them,` Mr Prem Chand Gupta, Minister for Corporation Affairs, told Business Line.

`There are certain companies where inspections will be done soon,` the Minister said. He, however, did not give the names of the companies.

Official sources said based on adverse comments made by the auditors and non-filing of balance sheet and annual account by these companies, the Ministry last week ordered inspections.

The six public sector undertakings were Bharat Coking Coal Ltd, Hindustan Copper Ltd, Central Coalfields Ltd, Bihar Rajya Pul Nirman, Bihar State Tourism Development Corporation Ltd, Bengal Chemicals and Pharmaceuticals Ltd.

Sources indicated that inspections are being considered against more companies across sectors, and a number of them may be sent to the Serious Fraud Investigations Office. Sources, however, declined to disclose the names of these companies.

Educomp has been in the public glare following allegations that its accounts were fudged. This was even as the company had lodged a complaint with the Economic Offences Wing also seeking a Securities and Exchange Board of India probe.