TMI Blog2018 (3) TMI 1067X X X X Extracts X X X X X X X X Extracts X X X X ..... taking that their agency would not order attachment of the bank accounts of ICRMS, affairs of which are under investigation by the SIT. As during the course of proceedings that the various constituents of the SIT, somehow or the other, are not working in unison and in tandem with each other and are trying to carry on individually which is quite contrary to and in violation of the directions of this Court contained in order (Annexure P1) dated 16.09.2015 thus, necessitates issuance of directions to the constituents of the SIT to follow investigations and carry on the same strictly in accordance with all the orders of this Court enumerated above and to ensure that all these agencies so formed part of the SIT, act cohesively in unison towards attaining the purpose and goal of the orders of this Court, else there is every likelihood if these agencies are allowed to carry on individually would certainly defeat the very intent and purpose for which the SIT has been constituted. These constituents are directed not to go beyond the directions of this Court issued from time to time . Thus, it necessitates and flows from it that the SIT and its constituents in the light of orders (Anne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resent petition and taking plea that during the course of investigations being conducted by the ED under the provisions of Prevention of Money Laundering Act, 2002 (in short, PMLA ), prima facie evidence has been collected as to the role of certain individuals as well as their business associates/companies/firms regarding misuse of funds from ICRMS. Besides this, it is stand of this respondent denying that the ED has transgressed its limits and acted in violation of the orders of this Court (Annexure P1) dated 16.09.2015 and has sought to level insinuations against the petitioner with regard to certain acts and conduct not directly connected with ICRMS and has termed each and every allegation to be statement of lies and termed the assets acquired by the petitioner to be out of the proceeds of crime in respect of funds drawn from ICRMS and claimed that the investigations conducted by it were on the basis of evidence collected and sought dismissal of the petition. Similarly respondent No.2 Central Bureau of Investigation (CBI), in its reply besides taking usual objections has denied each and every allegation raised by the petitioner claiming that after investigations were hande ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entire records shall be handed over to them and with directions to the Authorities concerned to fully cooperate with the SIT so formed. Subsequently, another application in the same very petition by way of CRM No.37905 of 2015 was disposed off by this Court vide orders dated 27.11.2015 wherein the following observations were delivered by this Court:- Since the dispute inter-se the parties has arisen over the affairs of a Company which is governed by the provisions laid down in the Companies Act, as amended from time to time, the Legislature in its wisdom has introduced Section 210 of the Companies Act (in short, the Act ) making provisions for investigation into the affairs of a Company under which by virtue of exercise of powers under Section 211 of the Act, the Central Government by its notification has constituted Serious Fraud Investigation Office (SFIO) under the Ministry of Corporate Affairs vide resolution dated 02.07.2003. The SFIO is headed by a Director and in terms of Section 212 of the Act, is empowered to solely investigate into the affairs of the Company and the Investigating Officer so appointed by the Director shall exercise the powers of Inspector in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll report and the CBI shall look into the investigations to facilitate collection of evidence, recording of statements and similar functions to enable the SIT to collect and compile the evidence and to ensure that the same is speedily done, as it is holding expertise in investigating the criminal aspects of the crime. All these members of the SIT shall share the information amongst themselves to facilitate proper investigations and would follow rules of protocol as per those followed by the Union of India/Government. From this, it is abundantly clear in the light of unison shown by the learned counsel representing various parties that the officer from CBI would be heading the SIT to look into the investigations, facilitate collecting of evidence, recording of the statements and similar functions to enable the SIT to collect and compile the evidence, and subsequently this Court vide orders dated 31.05.2017 had disposed off another petition bearing CRM-M No.18479 of 2017 wherein following directions were issued: (I) The SIT would not act beyond what has been assigned to it by virtue of orders dated 16.09.2015 and 27.11.2015 of this Court and would thereby concentrate and i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted above and to ensure that all these agencies so formed part of the SIT, act cohesively in unison towards attaining the purpose and goal of the orders of this Court, else there is every likelihood if these agencies are allowed to carry on individually would certainly defeat the very intent and purpose for which the SIT has been constituted. These constituents are directed not to go beyond the directions of this Court issued from time to time which have been well discussed herein above and also to ensure that there is smooth running and working of the SIT and not to carry on the policy of pick-and-choose. It be ensured by the SIT that the running of the affairs of ICRMS is not stalled in any manner and the very object and purpose for which the Company has been established is allowed to be achieved through legal means. Thus, it necessitates and flows from it that the SIT and its constituents in the light of orders (Annexure P1) shall ensure by all means that their investigations do not go haywire and rather than following and pursuing the policy of pick-and-choose, the goals for which it has been constituted are achieved by all means and shall not in any manner plunge into third ..... X X X X Extracts X X X X X X X X Extracts X X X X
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