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2017 (11) TMI 617 - SC - Indian LawsPIL - Direction to the CBI to conduct an investigation/inquiry against the Indian offshore bank account holders, revealed in “Panama Papers” and to file their report before this Hon’ble Court - Direction has also been sought to register FIR and conduct investigation against the Securities and Exchange Board of India (SEBI) Chairman, his associate directors, share brokers and companies - Held that:- Public Interest Litigation is a mechanism by which this Court can initiate action for protection of rights of public on account of inaction of any public authority or to oversee any abuse of power by the public authority. At the same time, the PIL weapon is to be used with great caution keeping in mind the fact that governance is the basic function of the Executive. Unless there is a clear abuse of power or failure of governance, the Court may not interfere. In the present case, SIT has already been constituted under the orders of this Court which comprises of two former judges of this Court. The terms of reference of the SIT covers the subject matter of this petition also which is clear from the notification dated 29th May, 2014 issued by the Ministry of Finance . The Government of India, Department of Revenue vide Office Memorandum dated 4th April, 2016, has constituted Multi Agency Group to go into the issues arising out of “Panama Papers”. The reports of MAG are being submitted for consideration by the SIT constituted by this Court. We record the submission made on behalf of learned counsel for the respondents that further reports of the MAG will also be submitted to the SIT and MAG will carry out any direction which SIT may give or this Court may give in pending writ petition. In view of the above, we do not consider it necessary to give any further direction as the concern expressed in the writ petition stands addressed.
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