The government on Wednesday said it will not relook at the investigations handled by arrested Company Law Board member R Vasudevan, when he was heading the inspection department of the ministry of corporate affairs.
Her corporate footprint is fading fast.
The 6th additional chief metropolitan magistrate rejected Sebi's plea for taking the Raju brothers into custody for a day and returned as 'not maintainable' the petition filed by SFIO seeking six days custody of Ramalinga and Satyam's former CFO Vadlamani Srinivas. The three were, meanwhile, sent to judicial remand till January 31.
The economic offence investigation wing of the government SFIO would take at least a year to probe the financial fraud at Satyam Computer, a senior official said on Wednesday.
Opposition on Tuesday claimed that Prime Minister Narendra Modi has signalled to Finance Minister Arun Jaitley to quit in the wake of DDCA row.
The government, on January 13, had initiated an SFIO probe into various corporate aspects of the fraud under Section 235 of the Companies Act after getting a report from the registrar of companies, Andhra Pradesh. "The report was submitted to the government on Monday night," said a senior corporate affairs ministry official who declined to reveal the contents of the report.
The government said on Wednesday that Satyam Computer Services' disgraced founder Ramalinga Raju created a network of about 300 companies and diverted funds from one company to another in a complex but carefully planned process. Speaking to Karan Thapar on the CNN-IBN news channel, Gupta said, "Our information is that there was a network of almost 300 compnaies and funds were diverted from one company to (another) and then to (a) third."
Fraud investigation office is yet to get a verdict in any case.
Millions of shareholders would be hurt by the developments as the Satyam management was not fair to them, said the official, who did not want to be named. The SFIO investigation would form part of the coordinated action by all the regulatory and enforcement agencies, the official said.
A good example of just how little comes to light are the series of serious allegations made by the Ambani scions in their fight over the years of wrongdoing by each other - none of these are anything that the MCA came up with, nor have they been seriously investigated afterwards.
Sources said that RoC Hyderabad submitted its report on Monday night to minister of corporate affairs Prem Chand Gupta and this report would be the basis for handing over the case to the Serious Fraud Investigation Office. The SFIO is already assisting the RoC in the probe, but is being formally handed over the investigations.
Deloitte had challenged the jurisdiction of the NCLT to ban it, saying section 140(5) of the Companies Act pertains to auditors who are still auditing the company in question while it has already resigned from the service and thus cannot be banned under the given provisions.
Mallya and his group firms are already facing a probe by Enforcement Directorate for alleged diversion of loans taken by long-grounded Kingfisher Airlines
Thousands of unlisted companies registered with RoCs will soon go under watch on lines similar to the oversight by the Securities and Exchange Board of India of listed companies.
After taking action against 226,000 shell companies last year, the ministry of corporate affairs has now zeroed in on a fresh batch of suspected shell companies.
Independent directors were supposed to safeguard the interest of all stakeholders.
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The National Spot Exchange Ltd, promoted by Jignesh Shah-led Financial Technologies, is facing a Rs 5,600-crore (Rs 56-billion) settlement crisis.
In a major crackdown on domestic shell companies, the government on Friday decided to take "harsh punitive" action, including freezing of their bank accounts used to launder money or evade taxes.
Banking stocks led by SBI, ICICI Bank, Bank of Baroda, PNB, Kotak Bank, HDFC Bank, Axis Bank, Federal Bank and Yes Bank fell as much as 2.77 per cent.
The bids have been invited by Sebi till October 27, while auction for the sale would take place on October 30
However, Jaitley's son-in-law had earlier issued a statement stating that his law firm had returned the retainership the moment they came to know that the company was involved in a scam.
Their bank accounts have been frozen. State governments have been told to restrict sales and transfers of real estate assets these companies own.
Veena Mani reports.
Hitting back at Arvind Kejriwal over the DDCA row, Finance Minister Arun Jaitley on Thursday accused him of spreading "false propaganda", saying he seems to believe in untruth and defamation and delivers a language that borders on hysteria.
According to RBI's circular, cases of frauds involving more than Rs 25 crore and up to Rs 50 crore should be given to the CBI's Banking Security and Fraud Cell
The previous board of Fortis Healthcare had links with Singh brothers and there was an investigation by law firm Luthra and Luthra into Rs 472 crore that was diverted into other companies.
Sources said Mallya has also been asked to furnish documents related to his personal finances
The report concluded that she failed to discharge her fiduciary functions to rescue herself to avoid any conflict of interest.
NPA problem to continue for next 2-3 quarters: banks to FinMin
26 chartered accountants associated with such shell companies have also been identified
The bank has one of the highest current account savings account share, stable credit quality, robust credit growth, adequate capital and low cost-to-income ratio, said PNB chief Sunil Mehta.
The Enforcement Directorate had asked for financial details from both public and private sector banks and a part of these details were submitted last week
The RBI expects the assessment to show if the systemic failure was only in PNB or in the overall banking universe
The summons was issued to Mallya under provisions of the Prevention of Money Laundering Act in connection with the IDBI case.
The agency is also investigating the overall financial structure of Kingfisher Airlines.
The size of corporate fraud in India almost doubled after 2009, and such cases also increased in number, said a report from Thought Arbitrage, a think tank in Delhi.
Sentiment was hurt after market regulator Sebi directed bourses to initiate action against 331 suspected shell companies.
The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or rupees of gullible investors were allegedly swindled.
The Delhi and District Cricket Association again strongly refuted the AAP's allegations of financial bungling by its former chief, Finance Minister Arun Jaitley, saying the charges are completely baseless and without substance.
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