HC orders SEBI probe into functioning of Kolkata firm

Registrar of Company had alleged Tower Infotec collected money from the public by not complying to legal formalities.

Written by Express News Service | Kolkata | Published: September 21, 2013 2:33 am

Calcutta High Court Friday directed SEBI to investigate into the functioning of a Kolkata-based company,which allegedly collected money from the public without complying to proper legal formalities.

Delivering the order,Justice Sanjib Banerjee,directed Tower Infotec to produce the balance sheet of the 2011-12 and draft balance sheet of the 2012-13 in court.

According to the ruling,the firm will also have to produce the list of assets to HC .

Registrar of Company had alleged Tower Infotec collected money from the public by not complying to legal formalities.

Tower Infotec challenged these allegations in High Court. Hearing the arguments,HC directed SEBI to conduct a probe against the firm.

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