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MCA to carry out physical verification of Edelweiss ARC's books on March 26

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MCA to carry out physical verification of Edelweiss ARC's books on March 26

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The Ministry of Corporate Affairs (MCA) will carry out physical verification of the books of Edelweiss Asset Reconstruction Company ARC) on March 26, sources said.

The Ministry of Corporate Affairs (MCA) will carry out physical verification of the books of Edelweiss Asset Reconstruction Company ARC) on March 26, sources said.
The ministry has informed Edelweiss ARC about physical verification of account books, sources added.
It was earlier reported that that the ministry had issued an inspection order following a whistleblower complaint against Edelweiss ARC to the Prime Minister Office (PMO) and the Reserve Bank of India (RBI)
Edelweiss ARC​ has not responded to CNBC-TV18's query on MCA verification.
Whistleblower Paras Kuhad had written to the PMO and the RBI alleging that Edelweiss Group, the controlling shareholder of the ARC along with its partner Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ), diverted at least Rs 1,800 crore from EARC, according to Moneycontrol report.
Kuhad is a former additional solicitor general of India.
As per the report, Kuhad and his family own about 14 percent of Edelweiss ARC, which manages Rs 45,000 crore in assets.
However, Edelweiss ARC had strongly denied all wrongdoings, the report said.
According to the Moneycontrol report, in Kuhad’s letter to the PMO, he revealed that he had written at least thrice to the RBI between July and August 2020 but did not receive a reply. He also wrote that he pointed out the “omissions” to EARC’s board of directors, but did not receive any response.
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