with many complaints from bowen energy shareholders like any of...

with many complaints from bowen energy shareholders like any of us ,i would hope asic looks at bhushan.

http://www.mydigitalfc.com/news/orissa-sponge-bhushan-steel-under-govt-lens-589

The ministry of corporate affairs is scrutinising the accounts of Orissa Sponge Iron and Steel. The Bhubaneswar-based steel company, a takeover target of rival steel firms, recently saw the exit of two of its independent directors.
The ministry is also looking into the books of Delhi-based Bhushan Steel, which is in a tussle with another Delhi-based company, Monnet Ispat, for controlling stake in Orissa Sponge.
Based on media reports, the registrar of companies (RoC) is scrutinising the records of Orissa Sponge under Section 234 of the Companies Act, a government official told Financial Chronicle. He said the corporate affairs ministry is also carrying out an inspection under Section 209A into the books of Bhushan Steel.
“The teams inspecting the two companies will go into the accounts of past two-three years to check whether there has been any violations. The reports will be submitted in the next few days,” the official said.
While two independent directors of Orissa Sponge resigned recently, allegedly citing corporate governance issues and misuse of funds by the promoters to acquire their own shares, Bhushan Steel is facing questions over its dealing in the shares of Orissa Sponge.
Munir Mohanty, additional director of Orissa Sponge, refused to comment on the scrutiny of the company’s accounts. On the exit of the two independent directors of the company, he said they left due to personal reasons.
Bhushan Steel has moved the Supreme Court challenging the order of Orissa high court that had recently asked the Securities and Exchange Board of India (Sebi) to investigate if the group had violated takeover regulations while purchasing the shares of Orissa Sponge.
A top Bhushan Steel executive said, “We are the first ones to invest in the company (Orissa Sponge) and have also showed interest in a strategic tie-up. The company is ready to fight till the finish.”
Another ministry official said Bhushan Steel at present has 15 per cent stake in Orissa Sponge and it wanted to increase it to 26 per cent