AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2018 (10) TMI 376
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.... order. 2 In Writ Petition No. 143 of 2018 the facts are that, the Petitioner before us is a Public Limited Company registered under the Companies Act, 1956. It was incorporated in the year 2002. It is claiming to be a National Commodity Exchange duly recognized on permanent basis by the Government of India in consultation with the Forward Markets Commission, Ministry of Finance, Government of India under the provisions of the Forward Contracts (Regulation) Act, 1952. 3 The Petitioner does not dispute that it was promoted by one Financial Technologies India Limited. That company had a dominant role in the management of the Petitioner. The Petitioner claims that it is the largest Commodity Exchange in India with more than 77% market share ....
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....[ Provided that the Assessing Officer shall not direct the assessee to get the accounts so audited unless the assessee has been given a reasonable opportunity of being heard.] 6 Annexure-A to the Petition is a copy of the notice issued under the above reproduced provision. It is claimed that this Assessing Officer acting on the directions of Respondent No.2 has referred the matter to the special audit by a Chartered Accountant for getting the Petitioner's accounts audited. Annexure-B is a copy of the letter dated 16th October, 2017. 7 It is Respondent No.2 who is the supervisory and administrative authority and his approval has to be obtained before the proposal of the special audit moved by the Deputy Commissioner - Respondent No.1 i....
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.... was regulator for the Commodity Stock Exchange took action against National Spot Exchange Ltd. (NSEL) on the complaints of financial irregularities which resulted into the payment crisis of National Spot Exchange Ltd. as many contracts were not settled in time. The Petitioner states that even though the Petitioner Company had no role or any kind of involvement in the payment crisis of National Spot Exchange Ltd., but as Financial Technologies (India) Ltd. was the Common Promoter Company for National Spot Exchange Ltd. as well as the Petitioner, the Forward Market Commission (FMC) directed the Petitioner to undertake a Special Audit in respect of the financial transactions of the Petitioner Company for the period i.e. 2003 to 20th Septembe....
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....Technologies (India) Ltd. and National Spot Exchange Ltd. was one Mr Jignesh Shah who was also Managing Director and then Vice-Chairman of the Petitioner's Company. The Petitioner says that as per the Special Audit Report the persons associated with Financial Technologies (India) Ltd. and some erstwhile Key Management Personnel and officers of the Petitioner were acting at the behest of the FT Group had conspired to commit a large scale economic scam at the cost of the Petitioner and its shareholders. The main allegations/charges of embezzlement were against the Key Management Persons of the Petitioner Company as well as the Directors of the Financial Technologies (India) Ltd. i.e. Shri Jignesh Shah, Managing Director and Vice Chairman....
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....May, 2014, the Board of Directors discussed the legal actions to be initiated in the form of Criminal as well as Civil against 10(ten) Companies/Entities. In the said meeting, copies of the report were forwarded to the Income Tax Department and SEBI for initiating necessary action, was also discussed. Annexure-L is the copy of the minutes of the Board of Directors' meeting dated 9th May, 2014. The Petitioner further states that Forward Market Commission directed the petitioner to pursue with the criminal complaints with Police (EOW), Mumbai, on the alleged financial fraud and misappropriation of money committed by Key Management Personnel, officers and Employees of the company and specified entities on the basis of the observations in t....
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.... during the course of the assessment which will be undertaken pursuant to the resort by Respondent No.1 to Section 148 of the I. T. Act and when the Petitioner is possessed of a copy of the report of PWC, all contentions in relation to the said proceedings can be raised and orders thereafter can be passed on hearing the Petitioner. The Petitioner stated that they would make appropriate submissions on the report of the PWC. They would also raise other contentions. It is in these circumstances and facts peculiar to the case set up by the Petitioner, in these Petitions that we are of the view that these Writ Petitions can be conveniently disposed off without examining the larger issue. The Petitions can be disposed off with a direction that t....