SFIO initiates probe into India Power Corporation over Srei Infrastructure investigation

India Power Corporation Ltd (IPCL), which is currently undergoing the corporate insolvency resolution process (CIRP), on Thursday said the Serious Fraud Investigation Office (SFIO) has sought information from the company as part of an investigation ordered by the Ministry of Corporate Affairs (MCA) into the affairs of Srei Infrastructure Finance Ltd and other entities.

"The Serious Fraud Investigation Office (SFIO), Ministry of Corporate Affairs (MCA), Government of India, New Delhi wherein MCA, in exercise of the powers conferred under Section 212(1)(c) of the Companies Act, 2013, has ordered SFIO to investigate into the affairs of SREI Infrastructure Finance Limited and others i.e. the companies under investigation (CUls), thereby calling of information under Section 217(1) of the Companies Act, 2013," India Power Corporation Ltd said in its exchange filing.

In a regulatory filing, the company said it received an email from the SFIO on July 14, informing it that the MCA, through an order dated April 23, 2026, had directed the SFIO to investigate the affairs of Srei Infrastructure Finance Ltd and other companies under Section 212(1)(c) of the Companies Act, 2013. The communication also sought information from IPCL under Section 217(1) of the Act.

"The Company is extending its cooperation with SFIO during investigation by furnishing the relevant information and documents as required by them," the filing said.

IPCL clarified that the notice does not specify any violation or contravention by the company. It added that it is reviewing the contents of the notice and will take all procedural steps, including submitting a timely response to the investigating agency.

The company further said there is no impact on its financial, operational or other activities arising from the SFIO communication.

Separately, IPCL noted that it is currently under CIRP after the National Company Law Tribunal (NCLT), Hyderabad Bench-I, admitted an application under Section 7 of the Insolvency and Bankruptcy Code on May 15, 2026. Consequently, the powers of the company's board of directors remain suspended, with the insolvency resolution professional overseeing the process.