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50 more Saradhas under lens.

THE ministry of corporate affairs is monitoring investigations in another 50- odd companies in West Bengal apart from the Saradha Group for alleged siphoning of funds collected from investors as part of Ponzi schemes.

According to ministry documents available with M AIL T ODAY , these companies have been divided into category A, in which action has already been initiated by the Registrar of Companies ( RoC) for violation of the Companies Act.

In the case of category B companies, notices have been sent calling for information on money collected from investors.

Apart from the Saradha Group, there are seven other companies that have been pulled up for violation of the Companies Act.

These include MPS Greenery Developers Ltd, Prayag Infotech Hi- Rise Ltd, Ramel Industries Ltd, Rose Valley Real Estates, Tower Infotech, Vibgyor Allied Infrastructure Ltd and Waris Healthcare.

In some of these cases, the matter has been referred to the economic offences investigation wing of the state government, the income tax ( I- T) department or the Securities and Exchange Board of India.

Violation of Sebi norms appear to be on the lines of Sahara Group as these companies have sold a large number of debentures or shares illegally without the permission of the market regulator.

Normally, capital in this manner can be raised only by listed companies which these firms are clearly not.

In the case of MPS Greenery, apart from action being initiated under the Companies Act, the issue has been referred to the state government's economic offences investigation wing and the I- T department.

Similarly, Prayag Infotech has been hauled up for alleged violation of the Companies Act and the matter has been referred to Sebi. Besides, funds were raised from large number of investors in the form of shares.

Ramel Industries is in the dock as apart from other alleged violation like not filing its annual balance sheet, which is mandatory under the Companies Act.

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Publication:Mail Today (New Delhi, India)
Date:May 16, 2013
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