Mumbai: The Registrar of Companies (RoC), the wing of the Ministry of Corporate Affairs, which is examining the books of accounts of Jet Airways Ltd, has found instances of Companies Act violation and some unexplained fund trail, a government official said.
"The RoC preliminary inspection in the books of Jet Airways was completed earlier this week and the report was submitted to the MCA on 8 May," he said.
"The MCA will have to take a call on whether it is satisfied with the findings for further course of action. If the findings are serious and indicates fund diversion, the report may be referred to the Serious Fraud Investigation Office (SFIO) for a probe of fraud allegations," he added.
Mint could not immediately reach Jet Airways for a comment.
The RoC’s inspection of a company’s books is similar to a preliminary fact-finding exercise and will lay the ground for further action.
The RoC investigation was initiated last August after the company deferred its first-quarter FY19 results the same month. The RoC investigation followed a complaint by Arvind Gupta. Gupta was also the chief complainant in the ICICI-Videocon case.
In the complaint, Gupta alleged that promoters were trying to siphon off ₹5,125 crore from the books of the struggling airline. He added that the audit committee was unable to prevent the fund diversion.
Jet Airways and JetLite brands undertook transactions with companies owned by promoters in the guise of selling and distribution, Gupta alleged.
The income-tax department, in a report in February, had already found tax evasion of over ₹600 crore at Jet Airways.
"There were some transactions concerning a Dubai-based entity, which were found to be of a suspicious nature," an income tax official said on the condition of anonymity. “Commissions were paid to this Dubai-based company, which were excessive in nature."