More trouble seems to be brewing for Gujarat Heavy Chemicals (GHCL) Ltd. The Sanjay Dalmia led firm is now facing charges from a director in the company, accusing it of serious corporate governance and other irregularities. Worse, investigating agencies are now looking into the matter.

Dalmia is asking for more trouble, that too, after Sebi's whip on his misconduct in disclosing essential corporate information.

NDTV learnt from sources that the enforcement directorate is probing overseas acquisitions by GHCL.

It suspects that Rs 1000 crore may have been siphoned off from within the company in the garb of an overseas acquisition.

The ED is also in touch with other federal agencies on the issue.

However, when contacted Dalmia declined to comment on the story.

Moreover, a director of GHCL has also raised questions on several corporate governance issues.

Pramod Jain a director GHCL said that he has raised issues of disclosure requirements and the corporate governance with GHCL Board.

“I have also raised the issue of investor protection with GHCL board,” he said.

Jain has also demanded that a board meeting be called on the issues but is yet to get a response from the board.

Meanwhile experts say this is just a beginning of the fight for ultimate control of GHCL with the round two of this corporate war about to begin.