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2019 (1) TMI 388 - HC - Companies LawJurisdiction - power of respondent nos.2, 3 and 4 to carry out investigation in terms of Section 212(3) of Companies Act, after expiry of the time period as provided in Section 212(3) Companies Act - illegal arrest - time limit to complete investigation by SHIO - applicability of judgment of a coordinate Bench of this Court in Rahul Modi v. Union of India & Ors. [2018 (12) TMI 1549 - DELHI HIGH COURT] - Held that:- Reliance by the petitioner on the said judgment may not be dispositive of the present case as there are certain issues which arise additionally in the present case, both factual and legal, which were not raised in that case and were accordingly not considered inter alia that the provisions of Sections 212(3) and 212(8) of the Companies Act operate in two different fields and the power of investigation and power of arrest are independent of each other; that the stipulation as to time-frame for investigation may not necessarily apply to the time period for which a person may be placed under arrest; that it is the prerogative of the SFIO to submit even an interim report at any stage of the investigation; that the petitioner in the present case is in Judicial Custody and not SFIO custody; that the Companies (Amendment) Act, 2015 making the offence of fraud under Section 447 of the Companies Act a cognizable offence may have retrospective application. It is deemed appropriate that a formal notice is issued, calling upon the respondents to file a detailed counter-affidavit answering the various issues arising in the present petition - List the matter for hearing on 9th January, 2019 before the Roster Bench.
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