TMI Blog2016 (9) TMI 1602X X X X Extracts X X X X X X X X Extracts X X X X ..... the respondents as well as the petitioner before submitting its report and suggesting the future course of action. Learned counsel for the petitioner-IFCI is directed to forward a copy of this order along with the entire paper book to SFIO. The SFIO is directed to submit its report before the next date of hearing - List on 16th February, 2017. - Cont. Cas(C) 958/2013 & C.M. Nos. 25132-25133/2015 - - - Dated:- 22-9-2016 - Hon'ble Mr. Justice Manmohan For the Petitioner : Mr. P.S. Bindra, Advocate. For the Respondent : Mr. Rajshekhar Rao with Ms. Mani Gupta and Mr. Ayushman Kotwal, Advocates. ORDER Respondent no.2 is stated to have unfortunately expired after the last date of hearing. The said fact is taken on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... honing of the funds of the financial institutions to the accounts of the promoters illicitly. 3. Hon ble High Court in the hearing of the contempt case filed by IFCI had directed CPL to submit the details of the related concerns to the company, its promoters and dependents with the instructions to furnish the financial statements of all the related concerns. The list of related concerns as submitted by CPL and cross verified from the site of MCA revealed deviations which have been included in our main audit report. The information regarding related concern is useful as CPL along with its promoters (including dependents) might own a stake in those related entitles which might be used at the time of settlement of dues outstanding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the account of the promoter Mr.S. Papaya (Father of Promoter). No justification is available either in the financial statements of CPL or elsewhere. (c) An amount of ₹ 20,00,000 has been debited in the account of CPL and credited to the account of the promoter Mr.S. Vishnu Teja. No justification is available either in the financial statements of CPL or elsewhere. All these transactions are an possible indication of diversion of funds being taken place. (d) An amount of ₹ 34,86,49,086 has been withdrawn in cash from the bank accounts of CPL. In our opinion, the end use of the funds cannot be verified and we suspect that these funds have not been put to use for the purpose for which loan was sought. (e) An ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... report prima facie discloses serious allegations of diversion and rotation of funds of a large amount, the matter needs to be investigated. Consequently, the Serious Fraud Investigation Officer (SFIO) is directed to investigate the prima facie allegations which have been referred to in the gist of the report. Needless to state, the SFIO will give an opportunity of hearing to the respondents as well as the petitioner before submitting its report and suggesting the future course of action. Learned counsel for the petitioner-IFCI is directed to forward a copy of this order along with the entire paper book to SFIO. The SFIO is directed to submit its report before the next date of hearing. List on 16th February, 2017. - - TaxTMI - T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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