The government has ordered an investigation into grounded Jet Airways and its group companies for alleged diversion of funds, indulging in malpractices and other financial irregularities found during an inspection. The Ministry of Corporate Affairs has directed the Serious Fraud Investigation Office (SFIO) to probe the stressed company\u2019s affairs and summon its founder Naresh Goyal next week, a senior official confirmed.<\/p>\n
Jet, with more than Rs 8,000 crore of debt, flew for the last time on April 17 after it ran out of cash. Having failed to revive the airline, the lenders\u2019 consortium, led by the State Bank of India (SBI), sent Jet to the bankruptcy court last month in a bid to recover the dues.<\/p>\n
The MCA has ordered the SFIO probe under Section 212 (1) C of the Companies Act, based on its inspection report. The report indicated \u201cprima facie\u201d that the company was involved in \u201cmalpractices, mismanagement through siphoning of funds\u2026preferential and related party transactions, prejudicial to public interest,\u201d according to the order reviewed by Business Standard.<\/p>\n","protected":false},"excerpt":{"rendered":"
The government has ordered an investigation into grounded Jet Airways and its group companies for alleged diversion of funds, indulging in malpractices and other financial irregularities found during an inspection. The Ministry of Corporate Affairs has directed the Serious Fraud Investigation Office (SFIO) to probe the stressed company\u2019s affairs and summon its founder Naresh Goyal next week, a senior official confirmed. Jet, with more than Rs 8,000 crore of debt, flew for the last time on April 17 after it ran out of cash. Having failed to revive the airline, the lenders\u2019 consortium, led by the State Bank of India […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,167,130],"tags":[],"class_list":["post-280249","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-civil-aviation-business-standard-newspapers","category-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/280249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=280249"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/280249\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=280249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=280249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=280249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}