Constitution of India - Where more than one interpretation can be given to Court's order, then benefit has to be given to party against whom contempt is alleged: HC (See 'Legal Desk') SEBI Act - Merely attending board meetings cannot lead to conclusion that appellant is involved in day to day affairs of Company: SAT (See 'Legal Desk') Competition Act - Grievances of Informants like payment of maintenance and electricity charges is in nature of contractual issue and disputes not having any Competition concern: CCI (See 'Legal Desk') India attends G20 Working Group Meeting at Brasilia (See 'Corp Brief') SEBI ICDR Regulations, 2018 - By not locking entire pre-preferential allotment shareholding of two allottees Noticee violated SEBI ICDR Regulations : SEBI (See 'Legal Desk') Arbitration Act - Serving officer of respondent shall act as arbitrator is invalid stipulation which makes it incumbent on Court to appoint independent sole arbitrator to adjudicate disputes : HC (See 'Legal Desk') SEBI Act - Appellant is misleading its investors that it is registered with SEBI as investment advisor and played fraud in violation of IA Regulations : SAT (See 'Legal Desk') CCI okays subscription to CCPS B of API Holdings by MEMG LLP and 360 ONE (See 'Corp Brief') PMLA - Court will not cancel interim bail granted to respondent as interim bail is about to expire within short period of time : HC (See 'Legal Desk') CCI approves 100% acquisition of Lanco Amarkantak Power by Adani (See 'Corp Brief') CGST Act - Case does not fall under ambit of Anti-Profiteering provisions of CGST Act : CCI (See 'Legal Desk') BRO connects strategic Nimmu-Padam-Darcha road in Ladakh (See 'Corp Brief') Arbitration Act - Any party having failed to make substantive claim in arbitral proceedings, cannot seek recovery by way of interim mandatory injunction u/s 17 : HC (See 'Legal Desk') SEBI Act - Trading pattern of appellants with other noticees indicate that there is meeting of mind between appellants and other noticees : SAT (See 'Legal Desk') SARFAESI Act - Respondent shall not take any coercive steps against Petitioner prior to 15th March, 2024 provided Petitioners file appeal before DRAT on or before March 01, 2024 : HC (See 'Legal Desk') Guj Govt sets up Telecom Facilitation Centre to support stakeholders (See 'Corp Brief') SEBI Act - SEBI shall not initiate any enforcement action against Applicant for SAST violations provided representation made in settlement proceedings are subsequently not found untrue : SEBI (See 'Legal Desk') India, Bhutan ink MoUs on clean energy, agriculture & tourism (See 'Corp Brief') PMLA - Surgery of knee cannot be categorized as 'life-threatening situation' and surgery which is to be undergone by applicant is not of such nature which necessitates applicant's release on interim bail only : HC (See 'Legal Desk') NCC, NPCIL ink MoU to raise awareness on peaceful use of nuclear power (See 'Corp Brief') SEBI - Any violation committed by Company which is fraudulent in nature has to be attributed to individual acting as Director at relevant point of time : SAT (See 'Legal Desk') Golden Jubilee Celebration of KVKs held in Puducherry (See 'Corp Brief') PMLA - Court declined to grant bail to Satyendar Jain in money laundering case and also cancelled interim bail granted as there are sufficient material collected by ED to show that he is prima facie guilty of alleged offences : SC (See 'Legal Desk') 42nd IPHE Steering Committee to be hosted by EU (See 'Corp Brief') IBC - Application filed u/s 7 of code can be admitted as debt and default has been established : NCLT (See 'Legal Desk')

Aircel under SFIO lens for alleged financial irregularities

Published: Jun 14, 2018

By TIOLCORPLAWS News Service

NEW DELHI , JUNE 14, 2018: 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.

The Corporate Affairs Ministry had ordered a probe by the SFIO into the affairs of the three companies.

In February, Aircel announced filing for bankruptcy as the company was been 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.

Aircel is already under the lens of the CBI and the Enforcement Directorate. The Aircel-Maxis case pertains to grant of Foreign Investment Promotion Board (FIPB) clearance to firm Global Communication Holding Services in 2006 for investment in Aircel.

With regard to the Aircel-Maxis case, former Finance Minister P Chidambaram and his son Karti Chidambaram are also under the scanner of the two probe agencies.

In March, the Supreme Court had directed the CBI and the ED to complete their probe into the 2G spectrum allocation cases, including the Aircel-Maxis alleged money laundering case, in six months.

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