2024 (2) TMI 1569

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....v., Mr. Anukalp Jain, Adv., Mr. Rajat Nair, Adv., Mr. Ishaan Sharma, Adv., Mr. Zoheb Hussain, Adv., Mr. Annam Venkatesh, Adv.,, Mr. Suryaprakash V Raju, A.S.G., Mr. Mukesh Kumar Maroria, AOR, Mr. Pademsh Mishra, Adv., Mr. Arkaj Kumar, Adv., Mr. Anukalp Jain, Adv., Mr. Rajat Nair, Adv., Mr. Ishaan Sharma, Adv., Mr. Annam Venkatesh, Adv., Mr. Zoheb Hussain, Adv. ORDER MEHTA, J. 1. The petitioner who is a practising advocate has invoked the jurisdiction of this Court under Article 32 of the Constitution of India raising an important issue regarding failure of the concerned agencies to address the humongous fraud allegedly committed by M/s. Amtek Auto Limited (hereinafter being referred to as 'AAL') and its associate companies in its banking....

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....the Court. 6. Today, during the course of the hearing, the status reports on behalf of the SFIO and CBI have been presented in the Court. A perusal of these reports would indicate that the Central Government issued a supplementary order dated 22nd April, 2020 to investigate affairs of the companies, namely, M/s. Amtek Auto Limited, ARGL Limited and Metalyst Forgings Limited. These directions were given on the representation made by the Insolvency and Bankruptcy Board of India. 7. The SFIO has appointed a Chartered Accountant firm on 3rd June 2022, but owing to the voluminous record and complex transactions and large number of entities involved in the affairs of the Companies Under Investigation (hereinafter being referred to as 'CUIs'), t....

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....g public confidence. 12. Mr. Kavin Gulati, learned Amicus Curiae also submitted that the investigation conducted so far has not yielded any tangible results. For reaching to the root of the humongous fraud and for ensuring speedy and fair investigation, further investigation may be assigned to the specialized agency i.e. the Enforcement Directorate (hereinafter being referred to as 'ED') who has available, a comprehensive mechanism tailor made to conduct the investigation into the fraud of huge proportions which has come to light after preliminary investigation by the SFIO and the CBI. 13. Learned ASG-Mr. Sanjay Jain also does not oppose the said prayer. It is not disputed that the ED is armed with extensive mechanism to conduct investiga....