Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
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The HC allowed the appeal and set aside the impugned order dated 5 Sept 2024. It held that the Central Government validly activated SFIO pursuant to a representation by the resolution professional appointed by the NCLT, and that on 2 Aug 2021 Respondent Nos. 1-2 were legitimately subject to SFIO criminal investigation under s.447 of the Companies Act, 2013, satisfying clause 6(h) of the memorandum. The HC further held that a bank need not await declaration of an account as "fraud" under the Master Directions on Frauds before issuing a Look Out Circular; a bank may issue an LOC to preserve criminal prosecution, and there were no grounds to restrain Bank of Baroda.
The HC allowed the appeal and set aside the impugned order dated 5 Sept 2024. It held that the Central Government validly activated SFIO pursuant to a representation by the resolution professional appointed by the NCLT, and that on 2 Aug 2021 Respondent Nos. 1-2 were legitimately subject to SFIO criminal investigation under s.447 of the Companies Act, 2013, satisfying clause 6(h) of the memorandum. The HC further held that a bank need not await declaration of an account as "fraud" under the Master Directions on Frauds before issuing a Look Out Circular; a bank may issue an LOC to preserve criminal prosecution, and there were no grounds to restrain Bank of Baroda.
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