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Home -> Finance -> Full Story
DCA orders prosecution against scam-tainted Cos
Wednesday, October 23 2002 04:44 Hrs (IST)

New Delhi: The Department of Company Affairs (DCA) has ordered prosecution against 84 companies involved in the stock market scam of 2001, including DSQ Software, First Global and Pentamedia Graphics, with a maximum punishment of five years' imprisonment.

"We had carried out inspections on 98 companies, of which 84 reports have come in as far as the stock market scam is concerned. In these 84 cases, DCA has ordered a total of 539 prosecutions," DCA secretary V K Dhall told reporters.

He said 13 of these prosecutions were ordered for serious offences committed during the scam, and these carry a maximum punishment of five years' imprisonment and fine, as decided by the court.

The companies against which the prosecutions have been ordered include Cyberspace, First Global Stockbroking, FirstGlobal Finance, DSQ Software, Adani Exports, Vruddhi Con Finvest (part of First Global), Pentamedia Graphics, Nirmal Bang Securities, Goldfish Computers, Nakshatra Software, Dolat Capital and Shailesh Shah Securities.

PTI



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