INDIA
The Serious Fraud Investigating Office (SFIO) on Wednesday informed Supreme Court that it would prosecute various Vaishnavi group companies owned by controversial former corporate lobbyist Niira Radia for alleged violation of the Companies Act.
In an affidavit filed before the court, SFIO said that Ministry Of Corporate Affairs (MCA) has granted sanction and filing of prosecution against the companies, that once catered to high-profile clients like Tatas, Unitech and Reliance Industries, is under process. The agency also stated that on the direction of MCA it has also sent its reports to CBI and Income Tax department for taking action on their part.
The ministry has also instructed that standard accounting practice of Tata Realty and Infrastructure in respect of its deal with Unitech Limited should be examined. It has also instructed to investigate deal regarding purchase of News X channel and Eenadu.
SFIO that has the mandate to probe white-collar crimes and frauds stated that the companies have not disclosed long term investment and foreign exchange earnings in notes to account, required as per the law. Vaishnavi group was a major player in corporate communications and public affairs business.
This group of companies came under dock and subsequently stopped operations in 2011, when certain tapped conversations of its owner, Radia with businessmen, ministers, political leaders, journalists and others, were leaked in media. She has been questioned several times by investigative agencies, including CBI and Enforcement Directorate, over such conversations.
SFIO submitted in the apex court that some processes take their own time in order that they are not painted as being hasty or motivated and can withstand the legal tests.
"...attempts of the applicant to surreptitiously obtain confidential documents of processes in their nascent stages to allege and purposely show inaction does not augur well with the clearly laid down principles of a PIL," the affadavit stated.
"The filing of prosecution by SFIO as directed by MCA is under progress. Sanctions have been accorded by the MCA against various Vaishnavi group companies for filing prosecution under the Companies Act," the affidavit read, while detailing about Vaishnavi Corporate Communication Private Limited and eight other companies of same group. The agency has completed the probe against all the companies and the final investigation report was submitted to MCA on January 22.
The apex court was also informed that the SFIO was in the process of lodging a former complaint with ICAI (Institute of Chartered Accountants of India) and ICSI (Institute of Company Secretaries of India) for initiating disciplinary action against the concerned auditors and company secretaries respectively, as per MCA's direction.
According to the affidavit, the MCA in a letter on February 5 issued instructions to SFIO for filing prosecution under various charges under the Companies Act made out in the investigation report. MCA has also directed the SFIO to forward a copy of the report to the IT Department and the CBI for necessary action at their end.
SFIO has further been advised to forward the relevant extract of the report to the Registrar of Stamps, Department of Revenue, Government of Haryana for examination of stamp duty violation.
Apart from Vaishnavi Corporate Communications, other companies which have come under SFIO scanner are — Vaishnavi Advisory Services, Leisure Club India, Claro Consultancy, Magic Airlines, Crownmart International India, Maansi Agro, Vitcom Consulting and Neucom Consulting.
In 2012, then Corporate Affairs Minister Veerappa Moily ordered an SFIO probe into nine Vaishnavi group entities after certain irregularities came to light during a scrutiny by the Registrar of Companies.
DNA TV Show: Conflicting data on Delhi station stampede reveals communication gap
WATCH: Baba Ramdev at 59 takes part in race with horse, netizens say 'Olympics me chalo'
Delhi woman turns auto driver to support daughter, her story goes viral
Viral video declares Rajat Patidar ‘Captain of Captains’ after RCB names him Skipper, here's why
Indian Army havildar loses teen son, saves others’ lives by...
WPL 2025: Smriti Mandhana creates history during RCB vs DC match, becomes first player to cross...
Ronit Roy says he was the first choice for Pardes but he was replaced by...because...
‘Papa killed mummy': 4-year-old's drawing creates suspicion over woman’s alleged suicide
Sunil Mittal gets Rs 8486 crore after selling....; still seeks funds for newer...
How a low cost floor cleaning robot revolutinising home automation – Check details
Harvard Alum Aayush Puri: Move back to India, the future is here
Vicky Kaushal reveals how his fight scene with lion in Chhaava was shot: 'We were all so...'
Shabana Azmi holds her ears, issues public apology to Dabba Cartel co-star Jyotika; here's why
Meet Arvind Kejriwal’s daughter, who cracked IIT-JEE Advanced, went to IIT Delhi, now working as...
'Kohli never said a word': Pakistan's Haris Rauf on Virat Kohli hitting sixes against him in...
Bengaluru to witness hottest summer says IMD, recorded season’s highest temperature at...
Ranveer Singh to venture in production amid box office slump? Here's the truth
Where to Buy Testosterone in the USA? Top 3 Best Brands of Testosterone Cypionate in 2025
Pregnant woman employee gets Rs 1 crore compensation after being fired through...
ELECRAMA 2025: Powering the Future of Energy
Steroids for Sale in the USA: Buy Steroids Online in 2025
How to Choose Trenbolone for Sale Online? Review of Popular Trenbolone Manufacturers
After disrupting Indian market, Mukesh Ambani takes THIS popular brand to...
Remedium Lifecare Lands Rs 182 Crore Multi-Year Contract: Stock Set for Major Upturn
Former ISRO chief AS Kiran Kumar visits Goenka Temple, expresses hope for successful Mars mission
Anil Ambani's Rs 9831 crore company set to enter NEW space, makes key...
347 rooms, Rs 22400 crore worth: India's most expensive wedding venue is located in...
Vladimir Putin's BIG warning to Ukraine, will negotiate only if...
Woman constable carries baby on duty, RPSF says, 'she serves, she...', video goes viral
'Caught Red-Handed': Cognizant accuses Narayana Murthy's Infosys of stealing THIS secret in...
'Bharat Jodo Vivah': Wedding invite of Jammu's daughter, Kerala's son wows internet
Pavitra Rishta fame Usha Nadkarni cries inconsolably as she remembers her brother's death, watch
MASSIVE discount on Apple iPhone 16, iPhone 15, check here how to grab this deal
Juhi Chawla takes holy dip at Mahakumbh 2025, calls it 'most beautiful morning in her life'
Deepinder Goyal's Zomato launches first AI product ‘Nugget,’ says will give it for free to…
Champions Trophy 2025: 5 major records that Virat Kohli can break in this tournament
Shweta Basu Prasad says she was bullied on Telugu film set: 'I was called...'
Gujarat: Lion brings traffic to a halt at Bhavnagar-Somnath highway, watch viral video
India's Got Latent row: SC grants interim relief from arrest to Ranveer Allahbadia
Tesla begins hiring in India after PM Modi-Musk meet, announces multiple job roles in...
Gurugram woman shares interview experience at Zomato, CEO Deepinder Goyal reacts, says...
'Sir ek kiss ho jaye': Paps unleash a horror welcome on Udit Narayan
Salman Khan, Sanjay Dutt REUNITE for Hollywood thriller, filming begins in Saudi Arabia: Report
Gujarat: Videos of women patients leaked on Telegram, YouTube, probe ordered
South Korean actress Kim Sae-ron found dead at home, cause of death revealed
Canada: Delta Airlines plane crashes at Toronto Pearson airport, flips upside down, several injured
Meet Gyanesh Kumar, IIT graduate, who becomes new Chief Election Commissioner
DNA TV Show: RSS' Bihar model ahead of Assembly elections in state
WPL 2025: Renuka, Wareham spark collapse as RCB bowl out Delhi Capitals for 141