MCA in the order said that seven companies belonging to Jet Airways group of companies need for a formal fraud probe based on an inspection report.The report would be submitted in 6 weeks. Some of the companies which will face the SFIO probe include Jet Lite (India) ltd, Jet Privilege (India) Ltd. An email sent to Jet Airways, Naresh Goyal did not result in a response immediately. Based on the RoC report the SFIO had requested a Look Out Circular (LOC) against Naresh Goyal, founder of Jet Airways. Jet Airways was grounded on 17 April due to severe cash crunch and for not servicing its debt obligations. The lenders to Jet led by State Bank of India (SBI) tried to resolve the insolvency at Jet Airways through bidding process.

Source: Mint July 04, 2019 16:29 UTC