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Ministry of Corporate Affairs initiates inspection of books of Edelweiss ARC

Ministry of Corporate Affairs initiates inspection of books of Edelweiss ARC

Finance
The ministry of corporate affairs (MCA) has initiated the inspection of the books of Edelweiss Asset Reconstruction Company (EARC) Ltd, a senior government official said. The action came after Paras Kuhad, former additional solicitor general of India, had written to the Reserve Bank of India (RBI) and the Prime Minister’s Office (PMO) alleging financial irregularities within the firm. EARC said it has not received intimation of any inspection being conducted by the MCA, in a statement on Thursday. According to reports, the MCA initiated the probe under section 206 of the Companies Act, which permits the Centre to inspect the books of a firm if it feels that circumstances warrant it, but this does not imply guilt. Shares of , EARC’s parent firm, opened at a lower circuit of Rs 76.5 on F...