Aircel-Maxis case: CBI may quiz finmin officials | ||
Making it clear that no suspects have been identified as of now, CBI sources said the agency is likely to call them to understand the reasons for granting FIPB clearance to the deal which is now facing allegations of corruption. Top sources in the agency refused to give details but said they will look into the clearance given to the take over of Aircel by Malaysian telecom major Maxis in 2006 in which allegations of irregularities have surfaced. The sources said that the first charge sheet in the Aircel-Maxis case will be filed this week against then telecom minister, Dayanidhi Maran and others on charges of criminal conspiracy and provisions of Prevention of Corruption Act. They, however, clarified that if any malafide is found in the clearance, it will be part of further charge sheets which might be filed, if needed. The probe in FIPB clearance will begin after filing of charge sheet in the case and any conclusion will be drawn after going through the documents and examination of officials concerned of the finance ministry. The sources said further probe into FIPB could take CBI knocking on the doors of top echelons of the finance ministry who were at the helm of affairs related to clearance. —PTI |
Published Date: Aug 18, 2014
Tatas under CBI lens over `1,700 cr Unitech land deal |
| New Delhi: The country's apex investigating agency, Central Bureau of Investigation (CBI) has registered a preliminary enquiry (PE) to probe into an alleged Rs 1,700 crore land deal between Tata Realty and Unitech in 2007 to purportedly fund the latter's telecom project. Highly-placed sources in the agency said that the Supreme Court has been informed about the probe that was being conducted to ascertain the actual purpose of the land deal. The CBI has also said that it would be investigating the allocation of dual technology spectrum to Tata Teleservices in February 2008. The sources said these aspects were not probed during the earlier investigation into the 2G scam. Now these aspects will be looked into thoroughly after which a report will be submitted to the Supreme Court. Tata Realty spokesperson said the company was "not aware of any preliminary inquiry. "We have explained our position on this issue in the past. We reiterate that we have comprehensively addressed questions from all government agencies and fully cooperated with all authorities in their investigations. We stress that we are committed to the highest standards of ethics and business conduct," the spokesperson said. The agency will probe whether the advance given by Tata Realty was used by Unitech for real estate projects or for a telecom licence. —PTI |
Published Date: Aug 18, 2014
Auditors raise concerns over Jet, SpiceJet claims | ||
Typically, a company is known as a 'going concern' if it has sufficient resources to continue to operate indefinitely and to avoid any potential bankruptcy risks. While auditors of the now-grounded Kingfisher Airlines have been raising red flags for a long time, auditors of low-cost carrier SpiceJet have pointed out in their latest quarterly review report the airline's total liabilities exceeded its total assets by Rs 1,145.58 crore as on June 30, 2014. "These conditions, along with other matters...indicate the existence of a material uncertainty that may cast doubt about the company's ability to continue as a going concern," SpiceJet's auditor SR Batliboi and Associates LLP said. No provision has been made for interest of Rs 7.5 crore up to June 30, 2014, relating to earlier years on the outstanding inter-corporate deposits taken by SpiceJet. If these amounts had been accounted for, SpiceJet's first quarter net loss, as also accumulated losses, would have been higher, the auditor noted. SpiceJet reported a net loss of Rs 124.10 crore for the April-June 2014 quarter, as against a net profit of Rs 50.56 crore in the year-ago period. Jet Airways' auditors said in their latest report for the quarter ended June 30, 2014 that the company's continuance as a 'going concern' depends on deeper synergies with Etihad Airways and its ability to raise funds in the future. The auditors of all three listed airlines have been saying for last few quarters that the "appropriateness of the going concern basis" is dependent on their ability to generate adequate finance to meet obligations and to operate profitably. However, the management of all three carriers have defended their decisions to prepare their respective financial statements on 'going concern' basis. Kingfisher has faced most adverse auditor comments, while auditors for Naresh Goyal-led Jet Airways and Maran family-run Sun Group's SpiceJet have also been commenting on their 'going concern' status. With regard to Jet Airways' 'management statement' about alliance with Etihad, its auditors said that this has been taken into account by the company for preparation of the financial statement. —PTI |
Published Date: Aug 18, 2014
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