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State-owned firms may be able to dodge the Rs 2.4L cr AGR bullet

Telcos Airtel and Vodafone Idea are legally bound to comply with the payment timelines stipulated by the SC.

Serious Fraud Investigation Office

Jan 19, 2020, 10.44 PM IST

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SERIOUS FRAUD INVESTIGATION OFFICE

NCLAT asks investigative agencies to clarify over JSW Steel's immunity in BPSL matter

A three-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya asked the agencies to file their reply affidavits by January 20 stating whether after insertion of section 32 A in the Insolvency and Bankruptcy Code (IBC) last month, JSW Steel has immunity from the alleged fraud committed by the previous BPSL managemet.

Birla house can be sold to repay BPSL depositors’ dues: Court

Birla Power Solutions (BPSL) has allegedly defaulted on repayment of deposits i...

Bhushan Steel case: HC to hear next week ED's plea to modify order directing 'no coercive steps'

The ED had issued summons to Bhushan Steel e...

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  • Leading agencies including Income Tax, Enforcement Directorate, Serious Fraud Investigation Office and representatives of RBI and SEBI have suggested integration of core banking systems of all banks through data analytics and artificial intelligence thereby tracing the flow of black money through RTGS in different accounts before reaching actual beneficiaries.

    They are seeking risk premium in the form of hikes and special bonuses, following actions Sebi and others.

    The manufacturer of power and distribution transformers is valuing its global assets at around $250 million. “CG Power has held talks with some Japanese and European companies for the same,” said a person with direct knowledge of the development.

    The company had in August said that an investigation instituted by its board had found major governance and financial lapses, including some assets being provided as collateral and the money from the loans siphoned off by "identified company personnel, both current and past, including certain non-executive directors".

    The SFIO and the CCI are among the institutions under the ministry that are well short of their respective sanctioned strength. In a report tabled in Parliament on Tuesday, the Standing Committee on Finance noted that the ministry's various regulatory entities are critically important for a smooth-functioning economy.

    Investigators specifically probing the role of Goyal in alleged irregularities at what was once the country’s largest airline are looking into more than 5,000 bills raised by operation creditors, including aircraft lessors, maintenance agencies and general sales agents (GSAs). They suspect most were bogus and raised through entities related to Goyal or associates.

    Independent directors fear that they may be implicated in a fraud even in cases where they have no visibility as independent directors are increasingly held personally liable for actions of promoters and management, experts said. Many even take legal opinion before taking a stand at board meetings as a safeguard

    IT said they had conducted search action in Mumbai and Surat on November 6 on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly BMC.

    “The probe had found certain instances of funds being transferred to the promoter's company. When Thapar was confronted with the same, he refused to give satisfactory replies,” added one of the officials cited above. There was no response from Thapar or the company to a query on this matter from ET.

    The Inter-Creditor Agreement (ICA) is in place for the resolution of the account and banks are looking at it, the senior banker said. The resolution would be reached by December 31, the banker expressed hope amidst SFIO probe of alleged financial irregularities committed by DHFL.

    Dewan Housing Finance Ltd (DHFL) came under the scanner in the wake of allegations that the company had siphoned off Rs 31,000 crore worth bank loans through layers of shell entities. DHFL, the third largest mortgage lender in the country, had sought a Rs 15,000-crore lifeline from the lenders as they finalise the resolution plan.

    The central government may order an SFIO probe on financial irregularities at DHFL. The RoC has said after submitting its report on DHFL to MCA that There is good enough reason to refer the matter of DHFL to SFIO.

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