Sanjay Singh/ New Delhi
The government may order a probe by India’s fraud investigator,Serious Fraud Investigation Office (SFIO) on alleged diversion of funds by the promoters of Jet Airways, as its books of accounts are being examined to determine the quantum of funds diverted.
The Registrar of Companies had detected alleged violations of Companies Act as well as unexplained fund trails at Jet Airways, according to officials. Consequently, the government asked Jet Airways’ lenders to also share their audit report. The audit report on Jet Airways pointed at deals with entities concerning Naresh Goyal.
The government had sought the audit report when former promoter and co-founder of Jet Airways, Naresh Goyal quit from all posts at the airline. Besides, the lenders of Jet Airways too were asked to share findings of a audit report of the airline in March this year.
On May 25, Naresh Goyal and his were de-boarded while they were leaving India in an Emirates flight to Dubai by immigration department officials. This was following a Look-out Circular issued by the Intelligence Bureau at the request of the Ministry of Corporate Affairs (MCA).
The lead banker of the lenders’ consortium, State Bank of India had ordered a forensic audit of the books of Jet Airways to examine the feasibility of restructuring its debts and identify accounting problems.
The Enforcement Directorate is also looking into the preliminary findings and is studying the case of alleged violation of the Foreign Exchange Management Act at Jet Privilege.
Till date, Naresh Goyal hasn’t been declared as a willful defaulter by the lenders and banks. He has been cooperating with the lenders and the investigators to find new investor for the beleaguered carrier, Jet Airways.
It may be mentioned here that in November 2018, Tata Groupwas in talks to buy a controlling stake in Jet Airways. It had however sought a change of almost all of the airline’s existing vendors as, one of the precondition for raising any potential investment in the carrier. This apart from seeking a removal of Naresh Goyal from all executive roles at the Jet Airways.