CHENNAI, Jan 5: The NEPC group is at it again. This time, it is former directors Madhusudan Khemka and Munish Kumar Khemka charging NEPC chairman Ravi Prakash Khemka with several misdeeds which include foreign-exchange violations and some deals involving share certificates. All these allegations are, however, unsubstantiated.

Responding to the allegations, Tirupathi Khemka, NEPC India director and the spokesperson for the NEPC group, said that all the charges made were baseless and totally false.

The NEPC chairman had registered a criminal case against the above mentioned directors in October 1998 and subsequently had registered another case against the two for threatening him. This could be the reason for the two former directors approaching the media, he said.

The charges levelled against Madhusudan pertain to siphoning off of funds during his stint as the director of NEPC Micon (as it was known then). Madhusudan had resigned from the board in June 1997.

Both sideshave let a good deal of time lapse before coming out with the allegations. While Madhusudan's contention is that he had delayed levelling charges due to reasons of personal safety, Tirupathi says that the case was delayed as the company was waiting for the auditors to finish their review and present a report to the board.

Another point is that while the two former directors have made the allegations to the media, they have not so far registered any case with any authority, the RBI or SEBI in this regard.

While questioned, Madhusudan said that the first step would be to create public awareness and the second would be to register cases with the concerned authorities.