Corporate fraud probe agency SFIO will soon seek response from Vedanta Group-owned Sesa Goa on its final investigation report that has allegedly found proofs of mismanagement and financial irregularities in the company.
Sesa Goa has to respond to the SFIO charges within 10 days of the agency sending them the report, sources said.
The Serious Fraud Investigation Office (SFIO), an arm of the Corporate Affairs Ministry, had begun its probe in October 2009. It will move the court with the consent report (equivalent of a charge sheet) based on the response from Sesa Goa.
The investigation body had last year sought extension for submitting report on Sesa Goa. SFIO is normally given six months by the ministry to submit its findings, but extensions can also be sought.
The SFIO enquiry follows a probe by the Registrar of Companies (ROC), which has been looking into Sesa Goa’s case since 2003 when the company was majority-owned by Mitsui Co.
Sesa Goa was ‘prima facie’ found guilty by the RoC of fudging invoices. Allegations against the company also included diversion of funds.
London-based Vedanta Resources had acquired 51 per cent controlling stake in Sesa Goa in 2007 from the Japanese company for USD 981 million.