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Corporate Feb 15, 2013

Did Finmeccanica's six registered cos in India violate Companies Act?

New Delhi: Italian group Finmeccanica, which is in the centre of controversy over alleged kickbacks in the VVIP chopper deal, has at least six companies registered in India.

So far, no reports or allegations about the six firms violating the Companies Act have come up before the Corporate Affairs Ministry.

Going by documents made public by Finmeccanica, there are at least six companies registered in India, where the Italian group indirectly has 100 per cent investments.

Reuters

Reuters

The entities are AgustaWestland India Private Ltd, WIN Bluewater Services Private Ltd, Fata Hunter India Private Ltd, Asia Power Projects Private Ltd, Ansaldo STS Transportation Systems Private Ltd and Selex Galileo India Private Ltd, according to Finmeccanica's Interim Financial Report as on September 30, 2012.

"We (Ministry) cannot chase companies just like that... We will look into the (affairs) of registered companies only if there is a substantial case of violations of Companies Act.

"It will be too premature to say whether (those) companies have violated the Companies Act," sources said.

They were responding to queries on whether the Ministry is looking into Finmeccanica companies in India in the wake of controversy over the chopper deal. Nothing has come to the Ministry so far, sources said.

As per records available with the Ministry, AgustaWestland, Fata Hunter, Selex and WIN Bluewater Services are registered in Delhi while Ansaldo STS Transportation Systems and Asia Power Projects are registered in Bangalore.

According to Finmeccanica website, the group has about 224 employees in India.

In the wake of allegations of payment of kickbacks worth Rs 362 crore in the Rs 3,600 crore VVIP chopper deal, the Defence Ministry has threatened to take legal action against Finmeccanica, including cancellation of the contract and recovery of money paid for the deal if it was proved that bribes have been paid.

PTI

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