National Spot Exchange Ltd (NSEL), promoted by Jignesh Shah-led Financial Technologies group, is already being probed by various other regulators and investigative agencies with regard to a Rs 5,600-crore payment default and persistent violations of various regulations.
While the Ministry of Corporate Affairs (MCA) had previously asked Registrar of Companies (RoC) Mumbai to collect details of NSEL, it has now sought details about other group entities as well.
Besides NSEL, FT group has promoted the country's top commodity bourse MCX ( Multi Commodity Exchange), stock exchange MCX-SX, as also entities engaged in the business of clearing corporation and exchange technology solutions, among others.
Asked about the probe into NSEL matter, Corporate Affairs Minister Sachin Pilot today told reporters: " As far as Ministry of Corporate Affairs is concerned, we will look at all companies and all entities in question and we have asked for reports from the registrar of companies for all the numbers, figures, balance sheets, financial statements and to see if there has been any company law violations".
"As soon as we get reports from registrar of companies on all the companies that are under question, we will take action," he added. The Minister also said that so far MCA has not made any recommendation on the NSEL matter.
"If we believe there has been substantial violation on the company law, facts will prevail and we will take action and I can assure you anyone who has done any violation will be taken to task and law will take its course," Pilot said.
Yesterday, Finance Minister P Chidambaram had said that NSEL was violating rules from the day one and the matter was being looked into by MCA, CBI and commodity markets regulator FMC, among others.
Earlier the MCA had sought from RoC a report on NSEL under Section 234 of the Companies Act. Under this section, the RoC has powers to call for any information or explanation from a company.
After receipt of a report from RoC under this section, the central government can appoint one or more competent persons as inspectors to investigate the affairs of a company and submit a probe report.
Pilot said that the Finance Minister has assigned different tasks regarding the matter to different agencies. "As and when we get more details on the matter, concerned agencies would look into it," Pilot said.
He also added that "CBI has got request to register a few cases through the enforcement directorate and income tax wing". Pilot was speaking on the sidelines of an event organised by All India Management Association.