{"id":212591,"date":"2019-03-28T18:08:52","date_gmt":"2019-03-28T12:38:52","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=212591"},"modified":"2019-04-05T10:49:19","modified_gmt":"2019-04-05T05:19:19","slug":"no-stipulation-of-period-of-completion-of-serious-fraud-investigations-under-companies-act","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/03\/28\/no-stipulation-of-period-of-completion-of-serious-fraud-investigations-under-companies-act\/","title":{"rendered":"No stipulation of period of completion of Serious Fraud Investigations under Companies Act"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Supreme Court<\/strong>: The bench of Abhay Manohar Sapre and UU Lalit, JJ has held that Section 212 of the Companies Act, 2013 does not prescribe any period within which a report has to be submitted by Serious Fraud Investigation Office (SFIO) to the Central Government.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #993300;\">Lalit, J<\/span>, writing for himself and Sapre, J listed down the \u2018basic features\u2019 that were considered while coming to this conclusion:<\/p>\n<ol style=\"text-align: justify;\">\n<li>Absolute transfer of investigation in terms of Section 212(2) of 2013 Act in favour of SFIO and upon such transfer all documents and records are required to be transferred to SFIO by every other Investigating Agency.<\/li>\n<li>For completion of investigation, sub-Section (12) of Section 212 does not contemplate any period.<\/li>\n<li>Under sub-Section (11) of Section 212 there could be interim reports as and when directed.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">He said that in the face of these three salient features it cannot be said that the prescription of period within which a report is to be submitted by SFIO under sub-Section (3) of Section 212 is for completion of period of investigation and on the expiry of that period the mandate in favour of SFIO must come to an end. If it was to come to an end, the legislation would have contemplated it.<\/p>\n<blockquote>\n<p style=\"text-align: justify;\">\u201cIn the absence of any clear stipulation, in our view, an interpretation that with the expiry of the period, the mandate in favour of SFIO must come to an end, will cause great violence to the scheme of legislation. If such interpretation is accepted, with the transfer of investigation in terms of sub Section (2) of Section 212 the original Investigating Agencies would be denuded of power to investigate and with the expiry of mandate SFIO would also be powerless which would lead to an incongruous situation that serious frauds would remain beyond investigation. That could never have been the idea.\u201d<\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\">The Court hence concluded that the only construction which was, possible therefore, was that the prescription of period within which a report has to be submitted to the Central Government under sub-Section (3) of Section 212 is purely directory. It added:<\/p>\n<blockquote>\n<p style=\"text-align: justify;\">\u201cEven after the expiry of such stipulated period, the mandate in favour of the SFIO and the assignment of investigation under sub-Section (1) would not come to an end. The only logical end as contemplated is after completion of investigation when a final report or \u201cinvestigation report\u201d is submitted in terms of sub-Section (12) of Section 212.\u201d<\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\"><span style=\"color: #993300;\">Sapre, J<\/span> in his concurrent opinion said:<\/p>\n<blockquote>\n<p style=\"text-align: justify;\">\u201cIf the submission of the learned counsel for the respondents (writ petitioners) that the compliance of sub-section (3) of Section 212 of the Act in relation to the submission of the report be held mandatory is accepted (which I am afraid, I cannot accept) in our view, the very purpose of enacting Section 212 of the Act would get defeated and will become nugatory.\u201d<\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\">[Serious Fraud Investigation Office v. Rahul Modi, <a href=\"http:\/\/scconline.com\/DocumentLink\/s2A15k93\"><b>2019 SCC OnLine SC 423<\/b><\/a>, decided on 27.03.2019]<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>Supreme Court: The bench of Abhay Manohar Sapre and UU Lalit, JJ has held that Section 212 of the Companies Act, 2013 <\/p>\n","protected":false},"author":121,"featured_media":154914,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,9],"tags":[27634,34595,10141,34593],"class_list":["post-212591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-supremecourt","tag-companies-act","tag-company-law","tag-fraud","tag-serious-fraud-investigation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - 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The use of boilerplate language or extrapolations from third party documents, without consideration of all the \u2018relevant circumstances\u2019, reflects a disregard for procedural propriety.\u201d","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"SFIO probe against Moser Baer's former Director Nita Puri","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/SFIO-probe-against-Moser-Baers-former-Director-Nita-Puri.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/SFIO-probe-against-Moser-Baers-former-Director-Nita-Puri.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/SFIO-probe-against-Moser-Baers-former-Director-Nita-Puri.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/SFIO-probe-against-Moser-Baers-former-Director-Nita-Puri.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":293852,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/06\/05\/delhi-high-court-grants-bail-to-cfo-bpsl-siphoning-of-funds-legal-updates\/","url_meta":{"origin":212591,"position":2},"title":"Delhi High Court grants bail to Bhushan Power and Steel Limited CFO in investigation launched by SFIO","author":"Arunima","date":"June 5, 2023","format":false,"excerpt":"Delhi High Court observed that while grave allegations have been made qua the applicant with regard to connivance\/conspiring with the promoters and other co-accused, no allegation with regard to his receiving benefits has been made.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"delhi high court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/delhi-high-court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/delhi-high-court.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/delhi-high-court.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/delhi-high-court.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":314781,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/02\/21\/can-other-law-enforcement-agencies-take-up-investigations-parallel-to-sfio-investigations-ashish-bhalla-v-state-a-case-comment\/","url_meta":{"origin":212591,"position":3},"title":"Can Other Law Enforcement Agencies Take Up Investigations Parallel to SFIO Investigations? 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