Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Under scanner: Investigation into DDCA accounts begin

Oct 09 2012, 09:21 IST
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SummaryThe SFIO personnel spent around five hours at the DDCA office at the Feroze Shah Kotla and sought replies and clarifications from the officials.

A team of officers from Serious Fraud Investigation Office (SFIO) visited Delhi and District Cricket Association headquarters and began investigation into the charges of alleged financial irregularities levelled by former India cricketer Kirti Azad. The SFIO personnel spent around five hours at the DDCA office at the Feroze Shah Kotla and sought replies and clarifications from the officials.

DDCA Secretary Sneh Bansal said that they would send the replies after internal consultations. “The officers were here for four-five hours and they sought clarifications on some matters. We are providing the clarifications as soon as possible after consultation among us,” Bansal said.

Azad has accused DDCA of financial irregularities, irregular purchases, injudicious spending of funds and payment of honorariums against the provisions of the Articles of Association among other things in the past few years. He had even raised the matter in Parliament and gone to the extent of staging a dharna. This had led to the government ordering an inspection of DDCA account and other related books under Section 209 A of the Companies Act of 1956.

The SFIO officers are expected to peruse the accounts of the last eight years, which roughly coincide with the entire tenure of DDCA’s contentious renovation activities at the Feroze Shah Kotla cricket Stadium.

“I am very happy that the investigations have started though it is a bit delayed as I have been demanding this for some time. The investigations will vindicate my stand,” he said.

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