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MCA orders account reviews of 5 cos: Sources
February, 06th 2010

The Ministry of Corporate Affairs has asked the Registrar of Companies (RoC) to look into alleged accounting discrepancies in five companies, which include Grasim, Adani Exports, Vickers Systems, Gwalior Chemical Industries and Metrochem Industries.

The MCA order is on the basis of an Institute of Chartered Accountants of India (ICAI) reference in November 2009, it is learnt, and that RoCs of Mumbai, Ahmedabad and Gwalior have been asked to submit a report.

The ICAI President, sources said, told the MCA that a Financial Reporting Review Board (FRRB) review hints at a possible mismatch in the financial reporting of these companies.

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