On May 15, Ruchi Soya had declared to the exchanges that it had received a letter from the SFIO regarding an investigation into its affairs.
The Serious Fraud Investigation Office is looking into a Rs 1420-crore transaction carried out by Ruchi Soya with a Singapore-based company on the suspicion that the latter was a related party and that the nature of the transaction was irregular, a source in the Ministry of Corporate Affairs told Moneycontrol.
On May 15, Ruchi Soya had declared to the exchanges that it had received a letter from the SFIO regarding an investigation into its affairs under Section 212(1) of the Companies Act, 2013. It did not disclose any other details about the probe.
The MCA received a letter from a whistleblower tipping it off about the Singapore company’s relation with the promoter of Ruchi Soya, the source said.
The source told Moneycontrol that the SFIO has suspicions over the nature the transaction with the Singapore-based firm.
Another source, close to Ruchi Soya, told Moneycontrol that the company deals with four to five companies in Singapore for importing palm into India. “The promoter may also have floated some companies in Singapore,” the source said.
Moneycontrol sent a questionnaire to Ruchi Soya asking about the nature of the transaction one week ago but the queries did not elicit a response from the company.
Ruchi Soya was put under insolvency proceedings in December 2017 under India’s bankruptcy code after creditors Standard Chartered Bank and DBS Bank moved the National Company Law Tribunal. Shailendra Ajmera was appointed as interim resolution professional (IRP).
Ruchi Soya has a total debt of about Rs 12,000 crore. It owes around Rs 9000 crore to financial creditors and Rs 3,300 crore to operational creditors.
A company of the Adani Group emerged as the highest bidder for Ruchi Soya, after offering about Rs 6,000 crore for bankruptcy-hit firm. Baba Ramdev-promoted Patanjali Ayurved is the only other qualified player in the race, bidding around Rs 5,700 crore.The company has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.