SFIO report on Kingfisher Airlines at least 6 mths away

SFIO is expected to take at least six months to complete its investigation into alleged fund diversions by the now defunct Kingfisher Airlines to other Vijay Mallya group companies. As part of its investigation into the grounded carrier, the Serious Fraud Investigation Office (SFIO) has sought information from United Spirits Ltd (USL), which is now controlled by British liquor major Diageo.

Sources said that SFIO has started probing the matter of alleged fund diversions by Kingfisher Airlines to other group companies and is in the process of gathering information. It would take at least six months for the agency to complete its investigation, they added. SFIO comes under the Corporate Affairs Ministry.

Last year, the ministry had asked for a scrutiny of the financials of Kingfisher to ascertain whether the company had violated any provisions of the companies law, especially with regard to its accounting practices. On September 15, United Spirits Ltd (USL) had informed stock exchanges that the SFIO has sought information from it about alleged fund diversions by Kingfisher Airlines.