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New Delhi : Satish Kumar Pawa, promoter and shareholder, Saurav Aggarwal, son of promoter, and Suhas S. Paranjpe, Statutory Auditor, were arrested by the Serious Fraud Investigation Office (SFIO) in connection with investigation into the affairs of Jagat Agro Commodities Pvt. Ltd. The arrests were made as part of the investigation into the affairs of Jagat Agro Commodities Pvt. Ltd. by SFIO.
The investigation was assigned by the Ministry of Corporate Affairs to SFIO based on the orders passed by the National Company Law Tribunal, according to a PIB release.
The arrest has been made by SFIO in exercise of the powers under Section 212(8) of the Companies Act, 2013, based on the material in its possession which has revealed that these persons were guilty of indulging in serious corporate fraud punishable under Section 447 of the Companies Act, 2013. They have falsified the financial statements over a period of 3 years by inflating their stock position and falsely induced banks to lend on the strength of the falsified financial statements. The company borrowed funds from public banks viz. SBoP and PNB and diverted/ siphoned through various channels.
They were produced before the court of Competent Jurisdiction in Delhi and transit remand orders were obtained for producing them before the Special Court (Companies Act, 2013), Mumbai. The additional session judge, Mumbai, remanded all the three accused in SFIO custody till March 1,2022. The investigation is currently under progress.