Writ Petition Against ED, FinMin

New Delhi, May 30: | Updated: May 31 2002, 05:30am hrs
A writ petition has been filed in the Delhi high court against the Enforcement Directorate and the finance ministry seeking prosecution of Rungta Irrigation Ltd for alleged Foreign Exchange Regulation Act (Fera) violations.

The petition has been filed by Parwati and Mangi Lal Aggarwal who had invested Rs 4.5 crore in the public issue of Rungta Irrigation by purchasing 7,54,900 shares at Rs 60 each on March 18, 1995. The company never delivered the shares. The petitioner has alleged that the shares were sold to 75 different purchasers, two of them being finance companies. In 1997, the petitioners had complained to Sebi about not receiving their purchased shares.