https://www.taxtmi.com/caselaws?id=447572 The Allahabad HC recalled its order directing SFIO investigation into a company in liquidation after an ex-director's application. The court found the official liquidator failed to provide specific evidence of fraud, misfeasance, or fund diversion despite having access to company records and a panel of chartered accountants. The court held that mere allegations without substantiation from balance sheets and books of account were insufficient to warrant SFIO referral. The official liquidator possessed adequate powers and resources to detect irregularities independently, making external investigation unnecessary. The recall application was allowed. en-us Fri, 22 Dec 2023 00:00:00 +0530 Sat, 30 Dec 2023 09:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447572 The Allahabad HC recalled its order directing SFIO investigation into a company in liquidation after an ex-director's application. The court found the official liquidator failed to provide specific evidence of fraud, misfeasance, or fund diversion despite having access to company records and a panel of chartered accountants. The court held that mere allegations without substantiation from balance sheets and books of account were insufficient to warrant SFIO referral. The official liquidator possessed adequate powers and resources to detect irregularities independently, making external investigation unnecessary. The recall application was allowed. Case-Laws Companies Law Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447572