The administrator of Srei Equipment Finance Ltd has filed an application before NCLT Calcutta on February 14 indicting Hemant and Sunil Kanoria, Srei Infrastructure Finance Ltd (SIFL) and Delhi International Airport Ltd (DIAL) for being involved in a fraud arising from round-tripping of funds worth Rs 223.49 crore (excluding interest).

The charge is that certain suspicious transactions took place between 2018-19 and 2021-22. First, a sum of Rs 150 crore was paid as a security deposit to SIFL at 18 per cent interest per annum; second, inter-corporate deposits worth Rs 73.49 crore was received from DIAL and after alleged round-tripping the funds were given as a security deposit to SIFL.

Administrator Rajneesh Sharma had filed the application before the NCLT under section 60(5) and section 66 of Insolvency and Bankruptcy Code.

“The application inter alia impugns the security deposit paid to SIFL (Srei Infrastructure Finance Limited) and ICDs (intercorporate deposits) received from DIAL (Delhi International Airport Limited) by the company (Srei Equipment Finance Limited) under the erstwhile management, which is subject to adjudication by the NCLT,” according to an exchange filing.

The administrator had obtained assistance from transaction auditor BDO India LLP to carry out investigation into the affairs of the company under various section of the IBC, the filing said.

Based on the transaction auditor report, several suspect transactions had already been flagged off through various disclosures to the stock exchanges since 2022.

Sources close to the erstwhile promoters said that communication has been sent to the Srei administrator to withdraw the intimation and not to issue such notices further to the stock exchanges as they are premature and violative of principles of natural justice.

According to the erstwhile promoters, the transaction auditor report is yet to be validated by the tribunal and disclosing information pending adjudication is being accordingly objected.

Close watch

■ Srei Equipment pays Rs 150 crore to Srei Infrastructure

■ Srei Equipment receives Rs 73 crore from Delhi International Airport

■ Transaction auditor alleges the deals to be a case of round-tripping