HC dismissed application to recall prior order and directed SFIO ...

Ex-promoters of Three C Shelters face SFIO probe under Section 212(3) for fund siphoning while protecting homebuyers' interests

February 24, 2025

Case Laws Companies Law HC

HC dismissed application to recall prior order and directed SFIO investigation into Three C Shelters Pvt Ltd's ex-promoters for alleged fund siphoning. Court found complex factual issues regarding IRP report and CIRP proceedings should be addressed by NCLT, which has constituted a Monitoring Committee. While preserving NCLT's jurisdiction over CIRP, HC ordered SFIO probe under Section 212(3) of Companies Act 2013 due to slow investigation pace by existing authorities. Investigation scope limited to TCSPL's ex-promoters, excluding ACE Group. ROC to continue examining ACE Group's transactions with TCSPL. Interim orders maintained with modifications exempting certain parties from SFIO investigation. Matter involves stalled construction project affecting homebuyers' interests for over 13 years.

View Source

← Previous Next →

HC dismissed application to recall prior order and directed SFIO ...

Ex-promoters of Three C Shelters face SFIO probe under Section 212(3) for fund siphoning while protecting homebuyers' interests

February 24, 2025

Case Laws Companies Law HC

You may also like:

Seeking direction for an in-depth, thorough and time bound investigation by a SIT into various serious illegalities, violations and siphoning of funds committed by the...

Failure to make repayment of deposit with interest u/s 74(3) - NCLT directed the ROC to initiate prosecution u/s 73(4) - ROC also referred to the SFIO to make an inquiry...

A public listed company (RHFL) was involved in siphoning off funds by structuring them as 'loans' to creditworthy conduit borrowers, resulting in disproportionate...

SEBI amended Alternative Investment Funds (AIF) Regulations to introduce a new Chapter III-D for "migrated venture capital funds" - funds previously registered as...

Service Tax (Third amendment) Rules, 2016 - Amendments in Half Yearly Return - Form ST-3 - Notification

Disallowance of freight expenditure u/s 40A(3) paid in Cash - As enhanced limit of ₹ 35,000/- is applicable for the payment to the transport operators and in other...

Complaint against fraudulent and illegal siphoning of funds- Validity of second complaint / FIR on the same issue which was already pending - There is no doubt about the...

This circular amends the requirement under Chapter 1 at Para 4.3.3.1 of the SEBI Master Circular (Stock Exchanges and Clearing Corporations) dated October 16, 2023,...

Valuation of imported goods - Admittedly, it is evident on the face of the record that deductive value was available before the Court below which have not been rejected...

Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2018

Money Laundering - siphoning of funds - The Adjudicating Authority does not become functus officio on expiry of the period of 180 days from the passing of the order of...

The National Company Law Appellate Tribunal, New Delhi, dealt with a case involving cartelization and bid-rigging in tenders for soil sample testing by the Department of...

Addition u/s 40A(3) - Payment not made in cash but paid to third parties on behalf of supplier of goods – AO was not justified in invoking the section 40A(3) - AT

Grant of anticipatory bail - money laundering - siphoning of funds - Apparently, the money that is alleged to be siphoned off is public money and the offence is grave in...

Cheating - syphoning of money - It is surprising that none of the banks while sanctioning or disbursing the funds have ever checked the background of the...

Quick Updates: