The Ministry of Corporate Affairs (MCA) is probing into Jet Airways over alleged mismanagement of funds.
The MCA has ordered India’s Serious Fraud Investigation Office (SFIO) to carry out the investigation.
- The ministry has appointed the Serious Fraud Investigation Office (SFIO) to carry out the probe.
- The prime reason for the investigation is to search for manipulation of funds and unspecified financial irregularities.
- Naresh Goyal, the former chairman and founder of Jet Airways had to step down from the Board and reduce his stake in the airline.
- Goyal was stopped from leaving India at Mumbai airport in May.
- Now he has approached Delhi High Court seeking to travel abroad.
- Goyal has been asked to appear before the SFIO next week, according to the Reuters report.
- Creditors of Jet Airways had already initiated the plan last month to begin insolvency proceedings.
- Meanwhile, its lenders were searching for new investors but were unable to find any.
With all the crisis surrounding debt-ridden Jet Airways, this allegation has deteriorated the situation.