The government has asked the Department of Company Affairs to make a detailed examination of allegations of economic frauds raised by Janata Party leader Subramanian Swamy against the Reliance group of industries.
In a recent letter, Finance Minister Jaswant Singh said he has instructed DCA for a detailed examination of the issues raised by Swamy.
Swamy had written to Singh on May 19 complaining about the alleged "misappropriation of public funds" by Reliance Industries Ltd in violation of Companies Act and Securities and Exchange Board of India.
"Recently, the government has decided to constitute a Serious Frauds Cell under DCA. This complaint is fit for consideration of such a cell," Swamy said in his letter to the finance minister.
Swamy demanded special audits and probe by regulators Sebi, Reserve Bank of India, Central Vigilance Commission and professional bodies like Institute of Chartered Accountant of India and The Institute of Company Secretaries of India.
There were no comments from Reliance Industries despite several attempts.