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What is the story about?
The Ministry of Corporate Affairs (MCA) has ordered an investigation into Shree Cement and sought information from the company.
The Bangur family-promoted firm said in a regulatory filing that it received the letter on January 1 from the Office of the Regional Director, North-Western Region, Ministry of Corporate Affairs, Ahmedabad.
Without sharing the nature of the investigation, the cement maker said the information "will be provided in due course".
"The company has received a communication from the Office of the Regional Director, North-Western Region, Ministry of Corporate Affairs, Ahmedabad, vide which they have informed that the Ministry has ordered an investigation under Section 210(1)(c) of the Companies Act, 2013, and accordingly, they have sought certain information from the Company," the filing said Section 210(1)(c) of the Companies Act allows the government to conduct an investigation into the affairs of a company in the public interest.
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For this purpose, the central government may appoint one or more persons as inspectors to investigate into the affairs of the company and to report thereon in such a manner as the central government may direct.
The Kolkata-based company further stated that the development will have ”no impact on financial, business operations or other activities”.
Shree Cement is the third-largest player in the sector, with an installed cement production capacity of 50.4 MTPA and power generation capacity of 742 MW, including from renewable energy sources.
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The Bangur family-promoted firm said in a regulatory filing that it received the letter on January 1 from the Office of the Regional Director, North-Western Region, Ministry of Corporate Affairs, Ahmedabad.
Without sharing the nature of the investigation, the cement maker said the information "will be provided in due course".
"The company has received a communication from the Office of the Regional Director, North-Western Region, Ministry of Corporate Affairs, Ahmedabad, vide which they have informed that the Ministry has ordered an investigation under Section 210(1)(c) of the Companies Act, 2013, and accordingly, they have sought certain information from the Company," the filing said Section 210(1)(c) of the Companies Act allows the government to conduct an investigation into the affairs of a company in the public interest.
Also Read: Adani Enterprises launches ₹1,000-cr NCD issue with green shoe option, subscription opens Jan 6
For this purpose, the central government may appoint one or more persons as inspectors to investigate into the affairs of the company and to report thereon in such a manner as the central government may direct.
The Kolkata-based company further stated that the development will have ”no impact on financial, business operations or other activities”.
Shree Cement is the third-largest player in the sector, with an installed cement production capacity of 50.4 MTPA and power generation capacity of 742 MW, including from renewable energy sources.
Also Read: DSM Fresh Foods acquires majority stake in Avyom Foodtech
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