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MCA orders scrutiny of Reebok books
Thu, 24 May 2012 00:25:00 +0530
Business Standard Economy Policy News

The Corporate Affairs Ministry on Wednesday ordered a scrutiny of the books of accounts of sportswear maker Reebok’s Indian arm over complaints of an alleged Rs 870-crore fraud.

"We have ordered an enquiry under section 234 of the Companies Act, which is a non-invasive scrutiny. The Registrar of Companies has been asked to submit its report in three days. Based on the report, we will order further scrutiny,” a senior MCA official said.

The official said the enquiry was ordered on the basis of a complaint from an investor. Under the Section 234 of the Companies Act 1956, the RoC can call for information or explanation from a company. When contacted, the Adidas Group said: "We are given to understand that our criminal complaint has been registered for investigation by the Indian law enforcement authorities...We shall continue to cooperate with the authorities in their investigation of the matter."
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