SFIO
Insolvency appeals are time-bound, no leeway beyond 45 days: NCLAT
The NCLAT stressed insolvency proceedings are time-bound and appeals must be filed promptly. An appeal against a revival order was rejected for exceeding the allowed time. The tribunal noted a maximum 15-day condonable period for delayed filings. The suspended director's explanation for delay was deemed insufficient by the bench. Consequently, the appeal was declared not maintainable and dismissed by the NCLAT.
Xi Jinping's India visit to help diplomatic thaw, but business ties bound by suspicion
Xi Jinping’s India visit could signal a diplomatic thaw between India and China, but business ties remain stuck in a maze of investment curbs, visa delays, technology restrictions and stalled equipment supplies. While New Delhi has eased some Chinese investment rules and approved projects, major firms remain cautious. A Modi-Xi meeting could determine whether political warmth finally unlocks economic opportunities.
'Mutually beneficial, win-win in nature': Chinese Foreign Ministry on trade ties with India
China has described its economic ties with India as mutually beneficial and win-win. Beijing has also urged New Delhi to provide "a fair business environment" for Chinese firms. This comes amid both the nations' efforts to rebuild ties following tensions and border clashes in the recent past.
SFIO seeks nod for deeper probe into Xiaomi India
The Serious Fraud Investigation Office seeks permission for a deeper probe into Xiaomi. This investigation will examine fund transfers and mandatory investment approvals. Xiaomi India has stated it has received no notice or communication from the SFIO. The company maintains it fully complies with all Indian laws. Regulations for Chinese investments were tightened after 2020 and recently relaxed.
India's Serious Fraud Office recommends 'detailed' probe into Xiaomi's business in country
India's Serious Fraud Office proposed investigating Xiaomi for alleged business irregularities. The probe would examine fund movements and foreign investment law compliance. This comes amid Xiaomi's ongoing tax and royalty payment disputes in India. The company stated it has not received any official notice from the SFIO. An investigation could further challenge Xiaomi's market position and financial standing.
Quest Net India MD sentenced to 3 months in jail for false company filings
Pushpam Appala Naidu, managing director of Quest Net, has been sentenced to three months of rigorous imprisonment and fined Rs 10,000 by a special court. The conviction is linked to false statements regarding the company's statutory filings during a Serious Fraud Investigation Office (SFIO) probe. While facing these charges, she was acquitted of any wrongdoing related to fund siphoning or oath-taking.
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NCLAT upholds SFIO's power to seek disgorgement of assets in IL&FS-linked case
NCLAT has dismissed appeals by audit firm BSR & Associates LLP and former partner N Sampath Ganesh, upholding SFIO’s authority to pursue asset attachment and disgorgement proceedings in the IL&FS Securities Services Ltd (ISSL) case.
Show under which circular or provision lookout circulars can be downgraded: HC tells SFIO
A division bench of Justices Revati Mohite Dere and Manjusha Deshpande was hearing a petition filed by one Shikha Kapadia, who was seeking to quash an LOC issued against her in September 2019 after the SFIO launched a probe against her and her employer company.
HC dismisses diamond trader's plea challenging LOC issued in SFIO probe against Nirav Modi, Mehul Choksi
A division bench of Justices P B Varale and S M Modak on July 5 dismissed the petition filed by Ramesh Shah seeking a direction to the SFIO to forthwith withdraw the travel restrictions imposed on him. The court in its order, which was made available on Friday, said that the present case was a serious fraud wherein a huge loss has been caused to the public exchequer and certain offenders are yet to be nabbed.
HC allows SFIO to interrogate Singh brothers for two weeks starting Jan 1
The SFIO had moved the high court against a September 22 order of the trial court denying it permission to examine the four who are presently in judicial custody.
SFIO completed investigations against 361 companies last fiscal: Government
The data was provided in a written reply by Minister of State for Corporate Affairs Anurag Singh Thakur. The SFIO, which comes under the corporate affairs ministry, completed investigations in 12 cases involving 361 companies in 2019-20, according to the data.
SFIO asked to probe 469 companies in 12 years
As per data provided by the Minister, SFIO investigation was ordered against 184 companies in 2015-16 -- the highest for any financial year in decade.
Government finalises 20 recruitment rules for SFIO
In a written reply, Corporate Affairs Minister Arun Jaitley said that out of 28 Recruitment Rules (RRs) for various categories of posts in SFIO, two have been notified and six have been sent for notification.
Government aims to revamp SFIO to enlist services of external experts including CBI, NIA
The corporate affairs ministry is planning a makeover of SFIO since the agency has failed to conduct any cutting-edge probes into corporate frauds.
Government's lackadaisical approach a major obstacle for SFIO: Panel
The Serious Fraud Investigation Office (SFIO), which comes under the Corporate Affairs Ministry, has been grappling with acute manpower shortage.
Niira Radia's firms to be prosecuted: SFIO tells Supreme Court
The Serious Fraud Investigating Office (SFIO) has told the Supreme Court that it is all set to prosecute various Vaishnavi group companies owned by controversial former corporate lobbyist Niira Radia.
SFIO to prosecute Niira Radia companies
In a joint affidavit, ministry of corporate affairs and SFIO said, "Sanctions have been accorded by the ministry of corporate affairs against various Vaishnavi group companies for filing prosecution under the Companies Act, 1956."
Saradha scam: Kunal Ghosh meets SFIO officials again today
Suspended Trinamool Congress MP Kunal Ghosh today met officials of the SFIO, which had grilled him yesterday in connection with the Saradha chit fund scam in West Bengal.
Corporate Affairs Ministry seeks SFIO probe status on Tata-Unitech deal
Corporate Affairs Ministry has asked SFIO to provide a status report on a probe that is said to have found 'dubious' transactions between Tatas and Unitech.
SFIO probe report on Saradha group, others in 2-3 months: Sachin Pilot
SFIO is likely to submit its probe report on alleged fraudulent money-collection schemes being run by 54 entities
SFIO detects siphoned funds worth Rs 5,607 cr
SFIO has found siphoning of funds worth Rs 5,607 crore at 18 companies in the past three years, Corporate Affairs Minister Sachin Pilot said.
SFIO to get more powers, act as deterrent to frauds: Sachin Pilot
SFIO is a multi-disciplinary organisation under the Corporate Affairs Ministry and is mandated to investigate white-collar crimes and frauds in the country.
Authority to issue letters rogatory proposed for SFIO
Corporate Ministry has proposed that SFIO should be given powers to send letters rogatory in cases where a company has business in other countries.
No corporate impropriety by Sesa Goa, says new SFIO report
SFIO has said that mining major SGL has not indulged in any corporate impropriety with regard to allegations of over and under invoicing of exports and imports.
SFIO to have power to arrest under new Cos Bill, says Moily
SFIO will have the power to carry out arrests once the new Companies Bill is passed by Parliament, Corporate Affairs Minister Veerappa Moily said today.
Yet to receive investigation report from SFIO : Sesa Goa
Mining major Sesa Goa today said it is yet to receive an investigation report from corporate fraud probe body SFIO.
SFIO to outsource job partly to private sleuths
Ministry of Corporate Affairs has asked investigating agency SFIO to outsource part of its work to private sleuths to overcome problem of staff shortage.
SFIO recommends prosecution Sesa Goa for over and under-invoicing of export/import of over Rs 1,000 crore
The SFIO has also recommended prosecution against the Sesa Goa's Managing Director for violations under the Companies Act, 1956.
Govt considering permanent cadre for SFIO
Govt considering permanent cadre for corporate fraud investigating body SFIO, a move that will enhance the efficiency of the organisation that probed the multi-crore Satyam fraud despite several limitations.
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