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2020 (3) TMI 1441 - HC - Indian LawsCheating - siphoning off of funds - Seeking attachment of assets of the group companies and personal properties of respondent nos.1 to 10, till the investigation is completed by respondent nos.13 to 17 (police and income tax authorities) - it is alleged that the directors of the Development have siphoned off the monies collected from the petitioners and in doing so, have cheated them - approaching multiple forums seeking same relief - HELD THAT:- It is apparent from the averments made in the present petition that there are serious allegations regarding siphoning of funds. In view of the above, SFIO is required to examine whether a forensic audit is required to be conducted into the affairs of the Ireo Group of Companies. If the concerned officer is of the view that such an audit is required to be conducted SFIO shall forthwith take steps, if not already done, for conducting a forensic audit of the companies. However, in the event the officer is of the view that no such forensic audit is necessary, he shall record his reasons for taking such a view - This Court does not consider it apposite to issue any directions in this regard as it is expected that SFIO shall conduct the enquiries/investigation and take all such necessary steps that it is required to take for the effective investigation in the matter. In so far as the petitioner’s prayer that the properties of the Ireo Group of Companies be attached is concerned, this Court does not consider it apposite to pass any such orders for two reasons. First, the petitioner is unable to point out the legal framework within which such orders are required to be passed. And, second, that a Coordinate Bench of this Court has passed an interim order, restraining certain companies from creating interests in any third parties or parting with possession of their immovable properties. It is relevant to note that petitioners in the present petition are also the petitioners in that petition. Clearly, the petitioners cannot approach multiple forums seeking the same relief. Petition disposed off.
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