Sunday, October 08, 2017

Kingfisher probe: Officials, directors under lens for violations

Mumbai/New Delhi: The role of bank executives, directors and government officials has come under the scanner for alleged violations at the now-defunct Kingfisher Airlines+ as multi-agency probes against fugitive liquor baron Vijay Mallya gather steam, regulatory and banking sources said.
With the Serious Fraud Investigation Office (SFIO) submitting a detailed report on the misdoings at Kingfisher Airlines+ , which went belly up in 2012, the government, regulators and banks are set to initiate strict actions to zero in on the guilty.
Sources said the probe agency has red-flagged a slew of violations of companies law by Mallya, Kingfisher Airlines and officials, including serious corporate governance lapses.
The role of independent directors and whether they failed in discharging their duties during their tenure at the airline has come to the fore, they added.
Besides, sources said the role of bank executives in extending loans without requisite due diligence to the airline as well as the possibility of some government officials conniving with Mallya are being looked into in detail.
Indian authorities have been working on ways to bring back Mallya, wanted for Kingfisher Airlines' default on loans worth nearly Rs 9,000 crore and some other matters, back from the UK, where he has been based for a long time.
08/10/17 PTI/Times of India

0 Comments: