TaxTMI 
TaxTMI 
2017 (11) TMI 617
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....ir, Adv. Mr. Ritin Rai, Adv. Mr. Mukesh Kumar Maroria, AOR Mr. H. S. Parihar, AOR ORDER WRIT PETITION (CRL.) NO.65 OF 2016 1. This petition seeks a 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. 2. Averments in the petition are that "Panama Paper Leaks" report (which refers to information relating to tax evasion by some individuals/entities by way of offshore bank accounts/business to evade tax. Int....
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....tion in the cases of persons whose names have appeared in "Panama Paper Leaks". The MAG is monitoring the progress of various investigating agencies. Till the filing of the affidavit dated 27th September, 2016, six reports had been submitted to the MAG. The SIT on black money constituted by this Court was regularly updated on such issues. Holding of offshore bank accounts is regulated by Notification dated 21st January, 2016, Indian residents can open offshore accounts only with the general or special permission of the RBI. Further reference has been made to policies and orders issued in this regard. Investigation of Indian foreign assets/bank accounts has been conducted and is still being conducted. 4. Additional affidavit was filed by ....
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....commendations, as per which the FPIs are categorized in Category (I), Category (II) and Category (III). 7. We have heard the petitioner in-person, learned Additional Solicitor General Shri P.S. Narasimha, learned senior counsel for the SEBI Shri Chander Uday Singh and perused the record. 8. 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 ....
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....It is also the responsibility of SIT to ensure that the matters are also investigated, proceedings initiated and prosecutions conducted with regard to criminality and/or unlawfulness of activities that may have been the source for such monies, as well as the criminal and/or unlawful means that are used to take such unaccounted monies out of and/or bring such monies back into the country, and use of such monies in India or abroad. (iv) The Special Investigation Team shall also be charged with the responsibility of preparing a comprehensive action plan, including the creation of necessary institutional structures that can enable and strengthen the country's battle against generation of unaccounted monies, and their stashing away in f....