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IN THE HIGH COURT OF DELHI AT NEW DELHI
SACHIN DATTA
Nita Puri – Appellant
Versus
Union Of India – Respondent
| Table of Content |
|---|
| 1. background of corporate investigation and insolvency. (Para 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10) |
| 2. arguments against the necessity of investigation. (Para 11 , 12 , 13 , 14 , 15 , 16) |
| 3. court's reasoning and findings on the investigation order. (Para 19 , 20 , 21 , 22 , 23 , 24 , 25 , 26 , 27 , 28 , 29 , 30 , 31 , 32 , 33 , 35 , 36 , 37 , 38 , 39 , 40 , 41 , 42 , 43 , 44 , 45 , 46 , 47 , 48 , 49 , 50 , 51 , 52 , 53 , 54 , 55 , 56 , 57 , 58 , 59 , 60 , 61 , 62 , 63 , 64 , 65 , 66 , 67 , 68 , 69 , 70 , 71) |
| 4. final ruling quashing the investigation order. (Para 72 , 73) |
JUDGMENT :
SACHIN DATTA, J.
1. The present petition has been filed by the petitioner, an ex/suspended director of Moser Baer India Ltd. (hereinafter “MBIL”), assailing the order dated 05.09.2024 issued by the Ministry of Corporate Affairs, Government of India, under Section 212(1)(c) of the COMPANIES ACT , 2013 (hereinafter “Act, 2013”), directing the Serious Fraud Investigation Office (hereinafter “SFIO”) to conduct an investigation into the affairs of MBIL, and its “subsidiaries including joint venture and associate companies as on date”.
2. MBIL, stated to have been incorporated in 1983 by the pet
The formation of an opinion under Section 212(1)(c) of the Companies Act, 2013 must be demonstrably based on established circumstances, failing which the investigation order is invalid.
Court confirms that the assignment of investigation to the Serious Fraud Investigation Office under Section 212 can occur regardless of ongoing inquiries under Section 210, without violating principl....
The Serious Fraud Investigation Office has the authority to investigate under the Companies Act without prior approval under Section 219, and it may also investigate offences under the IPC as per the....
The central legal point established in the judgment is that the provision allowing 'any person concerned' to obtain a copy of the investigation report under Section 212(13) of the Companies Act, 2013....
Investigation into affairs of company – Statute does not contain any specific prescription of time and reference to completion of investigation within a stipulated period is directory and not mandato....
The court determined that a Forensic Audit Report must be authored by a qualified Chartered Accountant, as required by statutory provisions, to constitute valid basis for fraud classification by bank....
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