Srinagar (Jammu and Kashmir): In a significant development, the Central Government has initiated a thorough investigation under the Companies Act 2013 into the affairs of the Kashmir Chamber of Commerce and Industries (KCC&I).
The government, through an order signed by Inquiry Officer Syed Haamid Bukhari, has invoked stringent sections of the Companies Act, directing the Registrar of Companies in Srinagar to conduct a comprehensive inquiry.
The notice issued by the officer mandated the KCC&I to provide detailed information and documents within a span of 15 days. The order stated, "The undersigned, in exercise of power by virtue of section 206(4) of the Companies Act, 2013, orders to furnish the information and documents within a period of 15 days."
Among the extensive list of documents required, the KCC&I has been directed to submit board meeting statements from the last 5-6 years, bank statements, all account statements, details of donations and funding sources, credentials of office bearers since 2010, and minutes of all meetings during the past 7-8 years.
The notice further cautioned the company, stating, "The company is directed to serve the notice to all the Directors and key managerial persons of the company and has been cautioned to show utmost compliance failing which penalty under relevant Sections of the Companies Act can be imposed."
The KCC&I is obligated to furnish the documents before the Inquiry Officer within the stipulated 15-day period. The requested documents include a copy of the Company’s Memorandum and Articles of Association as amended to date, two sets of Annual Accounts, particulars of directors and key managerial persons, details of members, office details, financial powers delegation, minutes of board meetings, and more.
The inquiry also demands information on the company's financial transactions, bank accounts, contributions, donations, and the details of the Database Management System used for maintaining electronic records since the financial year 2015-16. This development has raised eyebrows within the business community and the general public, as the KCC&I plays a crucial role in representing the business interests in the region. The outcome of the inquiry could have far-reaching implications for the organization and its members. The KCC&I has yet to make an official statement regarding the initiation of the inquiry.
Read More
