SFIO Seeks SAAN Popular Finance Winding Up

Case Details

Case Name: Union of India Ministry of Corporate Affairs through Serious Fraud Investigation Office (SFIO) vs M/s SAAN Popular Finance Private Limited

Court/Authority: National Company Law Tribunal (NCLT), Kochi Bench

Case Number: CP(C/ACT)/20/KOB/2026

Presiding Member: Shri Vinay Goel, Hon'ble Member (Judicial)

Order Date: 25 May 2026

Next Hearing Date: 05 June 2026

Sections Involved: Section 272(1)(e) read with Section 271(1)(c), (d) & (e) of the Companies Act, 2013 read with Rule 11 NCLT

Company CIN: U67190KL1994PTC007793

Parties Involved

Petitioner: Union of India, Ministry of Corporate Affairs through Serious Fraud Investigation Office (SFIO)

Petitioner's Advocate: Mr. Renjith R

Respondent: SAAN Popular Finance Private Limited

Respondent's Advocate: Not represented in this hearing

Issues / Allegations / Violations

The Petition has been filed seeking winding up of the Respondent Company based on the following allegations:

• The Respondent Company was incorporated for unlawful purposes

• The affairs of the company have been conducted in a fraudulent manner

• The company's operations have been conducted in a manner prejudicial to public interest

• The company has failed to file its financial statements and annual returns for five consecutive financial years

• The investigation report dated 27.02.2025 necessitated the filing of the present Petition

Findings & Observations

The Tribunal made the following observations in its interim order:

• At this stage, it would not be appropriate to record any conclusive findings without affording an opportunity of hearing to the other side

• The principles of natural justice warrant issuance of notice to the Respondent

• The Tribunal is satisfied that a prima facie case is made out in favour of the Petitioner

• Observations made are purely prima facie in nature and shall not have any bearing on the merits of the case

Penalties / Settlements / Directions

Interim Directions Granted:

• The Respondent Company is restrained from creating any third-party interest

• The company is prohibited from transferring, alienating, encumbering, or mortgaging any of its movable and immovable assets without prior permission of the Tribunal

Interim Reliefs Not Granted:

• Prayer for appointment of a Provisional Liquidator was not granted at this stage

Service Directions:

• Petitioner directed to serve copy of Order and notice of Petition upon Respondent through registered post and all other available modes within 24 hours

• Petitioner must file an affidavit of service thereafter

• Default penalty: Rs. 5,000/- to be deposited with the National Defence Fund

• Registry directed to issue notice to Respondent forthwith

Final Ruling & Enforcement

The case has been adjourned to 05 June 2026 for further hearing. The interim asset freeze remains in effect until the next hearing. The final reliefs sought in the petition include:

• Winding up of the Respondent Company under provisions of the Companies Act, 2013

• Appointment of Official Liquidator as Liquidator of the Respondent Company

• Direction to Official Liquidator to take possession of assets and properties

• Awarding costs of the Petition in favour of the Petitioner

Supporting Documents

The Petitioner annexed the following relevant documents with the Petition:

• Copy of Order No. F.No.35/13/2025-Legal dated 24.09.2025

• Copy of Letter of Authority dated 29.04.2026

• Copy of Investigation Report dated 27.02.2025

• Certificate of Incorporation of the Company

• Copy of the Articles of Association of the Respondent Company