TMI Blog2013 (4) TMI 253X X X X Extracts X X X X X X X X Extracts X X X X ..... e first respondent Company. We also make it clear that the appellant shall pass fresh orders as regards the business activity of the first respondent Company as to whether it falls under the category of CIS or not and depending upon the ultimate order to be passed it may proceed further in accordance with law. The appellant shall before taking any future action give prior notice to the first respondent Company. Since the earlier orders of the appellant were of the year 1999 and long time gap has occurred in between, such time gap shall not cause any prejudice to either of the parties - The appeals stand disposed of - Civil Appeal No(s). 6753-6754 of 2004,Civil Appeal No.2864/2006 - - - Dated:- 26-2-2013 - B. S. Chauhan And Fakkir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erged in the order impugned in these appeals, it was suggested to the learned counsel whether the impugned orders of the appellant dated 30.11.1999 and 10.12.1999 themselves can be treated as show cause notices and an opportunity to be extended afresh to the first respondent company before passing final orders on the question as to whether or not the business of the first respondent company will fall within the category of Collective Investment Scheme(hereinafter being referred to as "CIS"). Further, depending upon the outcome of any such fresh orders to be passed by the appellant, further proceedings can be initiated by the appellant in accordance with law. 5. To the above suggestion, the learned senior counsel appearing for the responde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orders. 6. Having heard the learned counsel for the respective parties, we are convinced that the order of the High Court impugned in these appeals should be set aside and the proceedings dated 30.11.1999 and 10.12.1999 can themselves be treated as show cause notices apart from permitting the appellant to issue a comprehensive supplementary show cause notice to the first respondent Company within a period of three months after carrying out necessary inspection, investigation, inquiry and verification of the accounts and other records of the first respondent Company. 7. It is needless to state that the first respondent Company shall permit the appellant to have free access to the records and also the assistance of the Auditors for carry ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order shall be passed by the appellant uninfluenced by whatever stated by the High Court in the order impugned in these appeals as well as its own earlier orders including its order dated 24.6.2002. We also make it clear that we have not gone into the merits of the case of the respective parties. 10. Since the earlier orders of the appellant were of the year 1999 and long time gap has occurred in between, such time gap shall not cause any prejudice to either of the parties. 11. With these directions, the appeals stand disposed of. CIVIL APPEAL NO.2864/2006 Heard Mr. A. Mariarputham, learned senior counsel appearing for the appellant and Mr. Parag P. Tripathi and Ms. Suruchii Aggarwal, learned counsel appearing for the respondent. We ..... X X X X Extracts X X X X X X X X Extracts X X X X
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