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Vedanta subsidiary under investigation


Mumbai : Sesa Goa, an Indian unit of the Britain-based metals and minerals giant Vedanta group, Thursday said the company and its subsidiary Sesa Industries were being investigated by the Serious Frauds Investigation Office for malpractices, financial and other irregularities.

The SFIO, at the instructions of the ministry of corporate affairs, initiated the enquiry after one of the shareholders of Sesa Industries lodged a complaint against the company with the registrar of companies, who in turn recommended such an investigation.

“The investigation originates from the complaint filed by one of the shareholders prior to the acquisition of the company by Vedanta in April 2007,” said Sesa Goa in a regulatory statement.

The Sesa Goa scrip has fallen more than 9.2 percent in a week and was Thursday afternoon trading at Rs.291.80.