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2023 (1) TMI 1300 - SC ORDERTransferring the investigation triggered off by a complaint of Respondent No.3 to the Serious Fraud Investigation Office (SFIO) - generation of funds through forgery and criminal offences - the funds invested in shares of several companies - HELD THAT:- Though the allegations are against individuals, before the High Court, plea of the respondent no.3 was that the accused persons (one of them being petitioner before us) ran several companies and investigation of those companies and other companies of which the accused persons were directors could unfold the truth. It is also the allegation against the accused persons that they are involved in parking of black money and indulging in other illegal activities relating to the share market. Thus, though the allegations are against individuals, they also run several companies and investigation into those companies might be necessary to unravel the illegalities, if any. The regular police force may not be best equipped to deal with offences of this nature. Attention has been drawn to the provisions of subSection(2) of Section 210 of the 2013 Act, which stipulates that where an order is passed by a Court or Tribunal in any proceeding before it that the affairs of a company ought to be investigated, the Central Government shall order an investigation into the affairs of that company. This provision applies to proceedings arising out of complaints of illegalities of corporate entities, and the requirement that it would be for the Central Government to order investigation would not apply to cases of this nature - The SFIO would come within the ambit of power of that Constitutional Court, as an investigating agency, upon whom such direction could be issued. The statutory provisions containing the manner of engaging such agency would not bind the Constitutional Court in issuing directions for investigation to reach at the root of the offences alleged before it. The High Court has given adequate reason for directing investigation by the SFIO and these reasons are not inadequate. Petition dismissed.
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