15-Day Countdown: KCC&I Faces Rigorous Probe as Central Government Directs Registrar of Companies to Investigate Financial and Administrative Affairs

Srinagar, 17-01-2024 : The Central Government has taken a significant step by initiating an inquiry under the Companies Act into the affairs of the Kashmir Chamber of Commerce and Industries (KCC&I). In accordance with the stringent Sections of the Companies Act 2013, the government has directed the Registrar of Companies in Srinagar to conduct a comprehensive investigation into the workings of the KCC&I.

The order, signed by Inquiry Officer Syed Haamid Bukhari, reveals that both the Central Government and the Directorate General of Corporate Affairs, Government of India, have mandated the inquiry. The notice specifies a 15-day timeframe for the company to furnish essential information and documents.

The Inquiry Officer has mandated the submission of crucial documents, including board meeting statements from the last 5-6 years, bank statements, and all account statements of the company. Additionally, the company is required to provide details regarding donations and their sources of funding. The credentials of office bearers in the company since 2010 are also under scrutiny, along with minutes of meetings held during the past 7-8 years, especially those during annual meetings.

Furthermore, the company has been directed to serve notices to all Directors and key managerial persons, emphasizing the importance of compliance. The order warns of potential penalties under relevant Sections of the Companies Act for non-compliance.

The KCC&I has been given a 15-day deadline to submit various documents, including a copy of the Company’s Memorandum and Articles of Association, annual accounts, particulars of directors, details of the company’s main business activities, and more. The exhaustive list covers a range of aspects such as the company’s financial history, contractual obligations, pending matters, and details of loans and advances.

The government’s inquiry seeks to delve into the intricate details of the company’s financial and operational activities since the financial year 2015-16. From the opening and closing of bank accounts to the nature of transactions and database management systems used, the inquiry aims to gather comprehensive information.

This development reflects the government’s commitment to transparency and accountability in corporate affairs, as it closely scrutinizes the KCC&I’s operations and financial dealings over the past several years. The outcome of this inquiry is anticipated to shed light on the company’s compliance with regulatory frameworks and its overall governance structure.

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