The Ministry of Corporate Affairs (MCA) has directed the Serious Fraud Investigation Office (SFIO) to investigate Future Retail Limited and its associated companies over allegations of corporate governance violations and irregularities in related party transactions. This action follows intelligence from the Central Economic Intelligence Bureau (CEIB), which flagged certain transactions that warrant thorough scrutiny. The investigation will assess whether these transactions complied with the Companies Act and were properly disclosed. It will also examine the role of key managerial personnel and whether transactions were conducted at arm's length. The SFIO has the authority to summon and question former directors, auditors, and finance executives as part of its inquiry. The focus will be on potential violations of sections 177 and 188 of the Companies Act, which govern audit committee approvals and related party dealings, particularly during a time of financial distress for the group.