New Delhi: The government on Thursday said that a probe into the affairs of textile major S Kumars Nationwide Ltd (SKNL) has not found any irregularities.

The corporate affairs ministry had directed the office of Registrar of Companies (RoC), Mumbai, to examine the complaint received through Serious Fraud Investigation Office (SFIO) into the affairs of SKNL.

“The report of RoC revealed that the allegations are not substantiated (against S Kumars Nationwide)," corporate affairs minister Sachin Pilot said in a written reply to the Lok Sabha.

The minister was replying to questions on whether SFIO had received complaints of violations of corporate governance myriad transactions involving demergers, etc., by SKNL.

Earlier in September last year, the company had said that it had received a letter from the RoC, Mumbai, asking for comments and clarifications on certain issues raised by an individual.

The company had, however, termed the allegations as “frivolous and baseless".

Pilot also said the ministry has not ordered any investigation into the affairs of Loop Telecom for alleged violations of companies law.

In a separate query, the minister said that the Centre for Monitoring Indian Economy has not made any assessment indicating that dividends of companies is likely to reach 26% in the third quarter ended 31 December 2012.

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