MCA finds no irregularities and no further action pending pertaining to Vakrangee
Mumbai, May 2, 2019: Vakrangee Ltd. today announced that it has received an update on the Inspection report from Ministry of Corporate Affairs which clearly states that pursuant to Inspection of Books of Accounts of the company for the last three years there are no irregularities and there is no further action pending pertaining to it with respect to the below mentioned matters.
Earlier in September 2018, the Ministry of Corporate affairs (MCA) had ordered the Inspection of Books of Accounts for a period of three financial years to be conducted in terms of Section 206(5) of the Companies Act 2013. The scope, inter alia, included:-
- Resignation of Price Water House and Co Chartered Accountants LLP as Statutory Auditors of the Company
- Abnormal trading of the Company stock and consequent action taken by the Stock Exchanges
- Income Tax Assessment order and Tax Audit report for the last 5 years
- Shareholding structure of the Company
The Ministry of Corporate Affairs finds no irregularities and there is no further action pending pertaining to Vakrangee with respect to the above mentioned matters.
The MCA has however asked for certain routine explanatory information regarding the Amount collected from the Franchisee’s and with regard to disclosure requirement of Other Assets & Liabilities.
