Content creators mean business
Social media influencers are flipping the rules by first getting followers and then launching products and ...
A view of Terminal 2 of Chhatrapati Shivaji Maharaj International Airport, Mumbai Istockphoto - Shivendu Jauhari
The board of Mumbai Airport International Limited (MIAL) has asked its audit committee to take legal advice on the future course of action in the matter related to the FIR registered by the Central Bureau of Investigation (CBI).
The investigating agency has filed an FIR against MIAL, its MD Sanjay Reddy, its holding company, GVK Group, and its promoter, GVK Reddy, along with eight other people for alleged financial and other irregularities.
While sources at Airports Authority of India told BusinessLine that the board members at MIAL had recommended an internal audit regarding the allegations, a MIAL spokesperson said that “the board of MIAL decided that the audit committee be entrusted with the task of taking legal advice on this matter and decide the next course of action ”.
The FIR lodged by the CBI claimed that GVK Airports Holding’s alleged modus operandi to siphon off ₹705 crore was to allot bogus contracts, underreport revenues, misuse reserves for the holding company, allowing premium retail spaces to family and relatives at lower rates, booking exuberantly expensive air and train travel for employees and family of those close to GVK Holding, among others.
Simultaneously, the Enforcement Directorate (ED) has filed a preliminary money-laundering case against the said accused to investigate the alleged financial irregularities.
While sources at CBI said that the officials of MIAL and other contractors have been summoned to investigation multiple times over the past fortnight, the promoters haven’t been summoned yet. ED officials said that the documents raided from GVK’s Mumbai and Hyderabad premises are being vetted.
BusinessLine had reported that the AAI had written a letter to MIAL seeking clarity on the said FIR. However, according to AAI sources, MIAL said it was unable to provide any details requested by AAI because the CBI and ED authorities have taken the documents. However, GVK is completely cooperating with the investigating authorities. Nonetheless, once the documents are returned to GVK, the company will respond.
Social media influencers are flipping the rules by first getting followers and then launching products and ...
Paneer, once alien to the South, has found a lucrative market in Chennai
WPP agency Wunderman Thompson has launched its annual Future 100 report, lifting the lid on trends shaping the ...
Carriers claim that all measures — including pre-flight tests, cabin sanitisation and fresh air inflow — have ...
What filters should you apply when mining for under-the-radar small-cap stocks? Read on to find more
High valuation, intensely competitive landscape and small cap nature of the stock are key risks.
Amid choppiness, the benchmark indices slipped marginally; approach the week with caution
SBI Cards (₹1,032.7): Witnesses fresh breakoutBetween September and December last year, the stock of SBI Cards ...
A virus swept aside 2020 plans to mark the 250th year of the birth of Beethoven. We need the German composer’s ...
Marie leaned back in the chair, holding the brandy to her chest, the rain tapping on the windowpanes. She ...
The story of the 21-gun salute goes back a long way
The current India team didn’t just clinch a series in Australia. It also tugged at the heartstrings with ...
Social media influencers are flipping the rules by first getting followers and then launching products and ...
WPP agency Wunderman Thompson has launched its annual Future 100 report, lifting the lid on trends shaping the ...
Paneer, once alien to the South, has found a lucrative market in Chennai
The Flipkart kids playing adults are back — this time to push the home grown e-commerce marketplace’s grocery ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor