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Company Law Board orders probe into investment in Worship Impex Limited

Sunday, 11 May 2014 - 7:00am IST | Place: New Delhi | Agency: dna

The Company Law Board (CLB) has ordered a probe into functioning of Worship Impex Limited (WIPL) to find out the faces who pumped in Rs 150 crore into it.

It also ordered the government to focus the investigation into, true purpose of "reconstituting board of WIPL" with Shekhar Sharda and Amit Kumar Jha, who were not only once employed by Jindal Steel and Power Limited (JSPL) and its chief Navin Jindal but also held vital positions in JSPL.

Justice DR Deshmukh, who is chairman of CLB, in his order on Friday directed the centre to "appoint a team of inspectors of unimpeachable integrity for investigating the affairs of WIPL for the purpose of determining the true persons who are or have been instrumental in providing funds to WIPL to the extent of Rs 150 crores."

The CLB order came on a plea by Manoranjana Sinh against Positiv Television Private Limited (PTPL), Congress MP and JSPL chief Navin Jindal, Matang Sinh and others.

During the case, it was apparently found that WIPL had no capital to be eligible for a loan and therefore it was obvious that somebody while hiding his identity had pumped money into WIPL for a complete takeover of PTPL.

Justice Deshmukh in his order also asked for government, in its investigation, to determine, the "true persons who are or have been financially interested in gaining control over PTPL and its group companies through WIPL and the success or failure of such strategy whether real and apparent of WIPL or who are or have been able to control or materially to influence the policy of WIPL."

He further directed that investigation to be, "focussed, while ascertaining such true persons, on the purpose in reconstituting the board of WIPL with Shekhar Sharda and Amit Kumar Jha, who were not only at an earlier point of time in the employment of JSPL and Navin Jindal but also held vital positions in JSPL."

Justice Deshmukh directed sending of copy to secretary of the ministry of corporate affairs by a special messenger and ordered central government to ensure that the team of inspectors comprises of inspectors with "unimpeachable integrity" and send investigation report in sealed cover within two months.

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