CLB asks Mukta Arts to respond to government

MUMBAI: Mukta Arts, promoted by Bollywood director-producer Subhash Ghai, has been asked to respond to the application forwarded by the Indian government to the Company Law Board (CLB) seeking permission to investigate the company's affairs.

The Small Investor Protection Forum had filed a complaint against the company in June 2001 alleging that there were certain discrepancies in the IPO, issue of bonus shares, relationships with scam-tainted brokers and other people who were charged with dubious delaings.

The Hindu Business Line dated 26 February 2003 says Mukta Arts has been given a deadline of 15 March by the CLB and the government has been asked to respond to the company by 1 April.

The government has moved the application under section 237 of the Companies Act, 1956. The application says that the company management had conducted business in an inappropriate manner hurting the interests of the shareholders and creditors. The government used the report of the inspecting officer who carried out the inspection as per Section 209A of the act.

Meanwhile, the scrip opened today at Rs 60.9 on the BSE and Rs 60.25 on the NSE.

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