HC notices to CBI, CBDT, Sebi in VLS case

New Delhi, Feb 25 | Updated: Feb 26 2005, 06:04am hrs
The Delhi High Court has issued notices to CBI, CBDT, Sebi, Delhi Police, enforcement directorate, registrar of companies, and income tax department over a petition alleging financial irregularities by VLS Finance Ltd. The company shot to fame in December 1994 when it garnered around Rs 150 crore through its public issue priced at Rs 400 per share. Currently, its share price is around Rs 12. The matter will come up for hearing on April 21.

According to counsel Manish Tewari and Vipin Gogia, appearing for the petitioner, officials of these instituitions not only hatched conspiracies to defraud innocent investors by siphoning off resources of the company for their personal gains, but also prevented every government agency from taking any action against the company, thus causing loss to the state exchequer.

The petition was filed by All India Rajiv Krantikari Sangathan through its national president SH Siddiqui.