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2016 (9) TMI 1602 - HC - Companies LawPrinciples of natural justice - appointment of Chartered Accountants by the IFCI - report of the Chartered Accountants prepared without giving an opportunity of hearing to the respondents - HELD THAT:- In the opinion of this Court, as the gist of the Chartered Accountants’ report prima facie discloses serious allegations of diversion and rotation of funds of a large amount, the matter needs to be investigated - Consequently, the Serious Fraud Investigation Officer (SFIO) is directed to investigate the prima facie allegations which have been referred to in the gist of the report. Needless to state, the SFIO will give an opportunity of hearing to the respondents as well as the petitioner before submitting its report and suggesting the future course of action. Learned counsel for the petitioner-IFCI is directed to forward a copy of this order along with the entire paper book to SFIO. The SFIO is directed to submit its report before the next date of hearing - List on 16th February, 2017.
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