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Business News » Companies News

More trouble for debt-laden Aircel; company under SFIO scanner

Debt-laden Aircel has again come to news after Serious Fraud Investigation Office (SFIO) is probing alleged financial irregularities committed by the firm. The two other group entities -- Aircel Cellular and Dishnet Wireless are also under the SFIO lens.  

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More trouble for debt-laden Aircel; company under SFIO scanner
Aircel, which has announced filing for bankruptcy in February, has been facing "troubled times" in "highly financially stressed" industry. Image source: Inhouse
Written By: ZeeBiz WebTeam
Updated: Thu, Jun 14, 2018
02:42 pm
ZeeBiz WebDesk
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Debt-laden Aircel has again come to news after Serious Fraud Investigation Office (SFIO) is probing alleged financial irregularities committed by the firm. The two other group entities -- Aircel Cellular and Dishnet Wireless are also under the SFIO lens.
 
Aircel is already under the lens of the CBI and the Enforcement Directorate, and now the SFIO scanner has further added to the company's woes. 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.
 
According to a senior official, cited by PTI, the Corporate Affairs Ministry has ordered a probe by the SFIO into the affairs of the three companies.
 
Aircel, which has announced filing for bankruptcy in February, has been facing "troubled times" in "highly financially stressed" industry.
 
According to the report, 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.
 
The SFIO is a multi-disciplinary organisation, under the ministry, which probes white-collar crimes and frauds that are in violation of Companies Act.

Watch this Zee Business video here:

 
Former Finance Minister P Chidambaram and his son Karti Chidambaram are also under the scanner of CBI and  Enforcement Directorate, with regard to the Aircel-Maxis case. 
 
The Supreme Court, in March, 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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TAGS:
Aircel
RELATED NEWS
IDBI Bank gave ex Aircel promoter C Sivasankaran another loan to recover an earlier one IDBI Bank gave ex Aircel promoter C Sivasankaran another loan to recover an earlier one
Aircel files for bankruptcy, American Tower suffers $140 mn hit Aircel files for bankruptcy, American Tower suffers $140 mn hit
Big relief, Aircel subscribers set to get their money back Big relief, Aircel subscribers set to get their money back
Aircel bankruptcy: At NCLT door, telco fails to pay 6000 employees over a whopping unpaid debt Aircel bankruptcy: At NCLT door, telco fails to pay 6000 employees over a whopping unpaid debt
Aircel files for bankruptcy at the National Company Law Tribunal Aircel files for bankruptcy at the National Company Law Tribunal

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