Aircel, two sister entities under SFIO lens for financial irregularities

The Serious Fraud Investigation Office (SFIO) is probing alleged financial irregularities at debt-laden Aircel as well as two group entities -- Aircel Cellular and Dishnet Wireless, according to a senior official. The official said the Corporate Affairs Ministry has ordered a probe by the SFIO into the affairs of the three companies. 

In February, Aircel announced filing for bankruptcy as the company was facing "troubled times" in "highly financially stressed" industry. Intense competition following the disruptive entry of a new player, legal and regulatory challenges, high level of unsustainable debt and increased losses had together caused significant "negative business and reputational impact" on the company, it had said. The SFIO is a multi-disciplinary organisation, under the ministry, which probes white-collar crimes and frauds that are in violation of Companies Act.

Karti Chidambaram in CBI custody till Mar 6; Swami calls it right decision

While businessman Karti Chidambaram was on Thursday remanded in CBI custody for five days by special CBI judge Sunil Rana, it emerged that CBI might also soon question Karti’s father, former finance minister P Chidambaram, in the INX Media bribery case. Meanwhile, BJP leader and Chidambaram critic Subramanian Swamy called the court decision the right move.

“Former finance minister P Chidambaram will be summoned to the agency headquarters here and questioned soon. Although he is not named as accused, his role in the grant of irregular FIPB (Foreign Investment Promotion Board) clearance to INX Media is part of the FIR,” a New Indian Express report quoted a senior CBI official supervising the probe as saying.

In the hearing of the INX Media case, the agency accused Karti earlier in the day of being the ‘prime conspirator’ and the ultimate beneficiary in the payoff scandal.
Appearing for Karti Chidambaram in the hearing, lawyer and Congress party member Abhishek Manu Singhvi attacked CBI for relying on the statement of controversial INX media founders Peter and Indrani Mukerjea, the latter in jail as an accused in the murder of her daughter Sheena Bora.