Centre moves CLB on DunlopNEW DELHI: The central government has moved the Company Law Board (CLB) for appointment of government directors on the board of Dunlop India for alleged violation of the Companies Act. Industry Minister Sikander Bakht told the Rajya Sabha in a written reply that an inspection of Dunlop's book of accounts by the Department of Company Affairs (DCA) have revealed violations of several sections of the Companies Act.The Registrar of Companies has also filed prosecution for violation of the Companies Act on the basis of DCA inspection, Bakht said. Though the West Bengal government had suggested setting up of a committee of investigation under section 15 of the Industrial Development and Regulation Act, the minister said the proposal has not been found feasible. Meanwhile the management of Dunlop has approached the Board for Industrial and Financial Reconstruction (BIFR) for declaring the company sick under the Sick Industrial Companies (special provisions) Act, 1985.Industrial Development Bank of India (IDBI), which has been appointed the operating agency by BIFR to enquire into the accounts of the company, has already submitted its report to the board, Bakht said.Adfactors retains top slotMUMBAI: Adfactors Advertising, which mobilised the largest volume of funds through public issue in 1995-96 and 1996-97, has once again achieved the top ranking for 1997-98, according the latest report from Prime Database. The agency helped corporates in mobilising a total of Rs 1,978.45 crore, representing 64.6 per cent of the total funds mobilised through public issues and book building issues combined.
