NCLAT upholds NCLT’s Power to Refer Fraud Cases to SFIO

M. Srinivas Vs Smt. Ramanathan Bhuvaneshwari (NCLAT Delhi) National Company Law Appellate Tribunal (NCLAT), Delhi, has dismissed an appeal filed by M. Srinivas, a majority shareholder of M/s. Bhuvana Infra Projects, affirming the National Company Law Tribunal (NCLT) Bengaluru’s authority to direct the Central Government to refer corporate fraud allegations to the Serious Fraud Investigation Office (SFIO). The NCLT’s order, dated April 16, 2019, was issued during the Corporate Insolvency Resolution Process (CIRP) of M/s. Bhuvana Infra Projects, following a forensic audit report that...