SFIO to charge Vivo in fund diversion case this month: Report
The Serious Fraud Investigation Office (SFIO) is set to file its chargesheet against Chinese smartphone maker Vivo this month in an alleged fund diversion case, according to a report by Moneycontrol. The report, citing government sources, states that the SFIO has been investigating Vivo and other Chinese smartphone makers, including Oppo and Xiaomi, following a complaint filed by the Registrar of Companies (RoC) alleging fund diversion of around ₹6,000 crore.
The investigation into Vivo and other Chinese smartphone makers was launched after the RoC filed a complaint with the SFIO, alleging that these companies had diverted funds to their parent companies and other related parties. The complaint was filed after the RoC conducted an inspection of the companies’ financial records and found discrepancies in their accounting practices.
The SFIO, which is a specialized agency under the Ministry of Corporate Affairs, has been investigating the matter and has reportedly found evidence of fund diversion by Vivo. The agency is expected to file its chargesheet against the company this month, which will outline the details of the alleged fund diversion and the charges against the company.
The wider probe into Chinese smartphone makers, including Oppo and Xiaomi, is still ongoing, and the SFIO is expected to file its report in the coming months. The investigation has been launched to determine whether these companies have been diverting funds to their parent companies and other related parties, and whether they have been complying with Indian laws and regulations.
The allegations of fund diversion against Vivo and other Chinese smartphone makers have raised concerns about the business practices of these companies in India. The Indian government has been cracking down on companies that have been found to be violating Indian laws and regulations, and the SFIO’s investigation into Vivo and other Chinese smartphone makers is part of this effort.
The investigation into Vivo and other Chinese smartphone makers has also highlighted the need for greater transparency and accountability in the business practices of companies operating in India. The Indian government has been pushing for greater transparency and accountability in the business sector, and the SFIO’s investigation into Vivo and other Chinese smartphone makers is part of this effort.
The chargesheet against Vivo is expected to be filed this month, and it will be interesting to see how the company responds to the allegations. The company has denied any wrongdoing in the past, and it is likely that it will continue to deny the allegations of fund diversion.
The investigation into Vivo and other Chinese smartphone makers has also raised questions about the role of the SFIO in regulating the business practices of companies operating in India. The SFIO has been given the power to investigate companies that are suspected of violating Indian laws and regulations, and it has been using these powers to crack down on companies that have been found to be violating the law.
In conclusion, the SFIO’s investigation into Vivo and other Chinese smartphone makers has highlighted the need for greater transparency and accountability in the business practices of companies operating in India. The allegations of fund diversion against Vivo and other Chinese smartphone makers have raised concerns about the business practices of these companies, and the SFIO’s investigation is part of the Indian government’s effort to crack down on companies that have been found to be violating Indian laws and regulations.
The SFIO’s chargesheet against Vivo is expected to be filed this month, and it will be interesting to see how the company responds to the allegations. The investigation into Vivo and other Chinese smartphone makers is ongoing, and it will be interesting to see how the matter unfolds in the coming months.
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