The Ministry of Corporate Affairs (MCA) is probing Thomas Cook (India) in relation to a ‘suspicious’ money transaction with a Delhi-based forex trader. The ministry’s Western Regional Director has commenced inspection of the world's oldest travel firm.
Delhi’s Registrar of Companies has begun inspection of Delhi-based Aarush Forex Private, which has been struck of the registrar by MCA. A senior MCA official confirmed this development to Moneycontrol.
“Delhi’s RoC, which has been probing Aarush Forex Pvt for a while now, unearthed some suspicious transactions in its books and came across several companies, including Thomas Cook,” a source said.
However, the company denied the report, saying it has “received no intimation from MCA and has no existing relationship with Aarush Forex Pvt.”
In May 2012, Canada's ace investor Prem Watsa Fairfax Financial Holdings acquired Thomas Cook Group's 77 percent stake in its India operations for around $150 million.
Its arm -- Fairbridge Capital -- paid Rs 50 per share of Thomas Cook (India) for a total of Rs 817.4 crore. At that time, the offer was at an 18 percent discount to its closing price of Rs 61.05 on the National Stock Exchange.
It must be noted that Thomas Cook (India) ownership is different from its parent Thomas Cook Group and is not connected to the bankruptcy.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
