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2017 (4) TMI 1197 - HC - Companies LawInvestigation into the affairs of the Petitioner Company in the public interest to be carried out by the Serious Fraud Investigation Office (‘SFIO’) - Held that:- From a perusal of all, it is patently clear that the impugned order is based upon material that has been prima facie demonstrable before this Court. The facts and circumstances summarised in the preceding paragraphs hereinabove, also reveal that the impugned order cannot be said to have been based on any irrelevant or extraneous considerations. In my view, Respondent No.1 has bestowed sufficient attention to the ample material available before it, before passing the impugned order. The ground on which investigation was found to be warranted is ‘public interest’, within the meaning of the provisions of section 212 of the 2013 Act. The Black’s Law Dictionary, Sixth Edition, defines the expression 'public interest' to mean something in which the public, the community at large, has some pecuniary interest, or some interest by which their legal rights or liabilities are affected. As elaborated in the preceding paragraphs, the argument that the impugned order be set aside, since no public interest has been made out, is baseless, devoid of merit and thus rejected. The opinion formed by Respondent No.1, to order an investigation by the SFIO into the affairs of the Petitioner Company, in the public interest, does not warrant any interference. In view of the foregoing discussion, the issue raised in the present petition is answered in the negative and against the Petitioner Company. It is necessary to refer to the report dated 31.10.2016, submitted by the SFIO. A bare reading of the said report would show that the affairs of the Petitioner Company have been conducted in a manner prejudicial to the public interest, in addition to that of the shareholders. In view of the findings of the SFIO, as satisfied that the recommendation contained therein, warranting prosecution for the offences punishable under the relevant provisions of the 1956 Act, 2013 Act and the IPC, cannot be said to be without any justification.
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