Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Insolvency Laws - Legislative history of legislation relating to indebtedness |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Allowed |
Headnote | Panama Paper Leaks Case- Tax evasion by some individuals/ entities by way of offshore bank accounts/business - Petitioner sought direction to the CBI to conduct an investigation/inquiry against the Indian offshore bank account holders, revealed in "Panama Papers" and further to register FIR and conduct investigation against Securities and Exchange Board of India (SEBI) Chairman, his associate directors, share brokers and companies - Averments made in the Petition that "Panama Paper Leaks" report (information relating to tax evasion by some individuals/entities posted on a website) were not acted upon by the concerned authorities, particularly SEEi resulting in serious financial loss to the general public and protection of black money hoarders - Held: In instant case, the Special Investigation Team(SIT) has already been constituted under the orders of the Supreme Court - The terms of reference of the SIT covers the subject matter of this petition which is also clear from the notification issued by the Ministry of Finance - Further, the Government of India, Department of Revenue vide office memorandum has constituted Multi Agency Group(MAG) to go into issues arising out of "Panama Papers" - Reports of MAG to be submitted to the SIT and MAG to carry out any direction which SIT or Supreme Court may give in tlie other pending writ petition being WP(C) No.176 of 2009 - Writ petition disposed of - Prevention of Money Laundering Act, 2002 (PMLA, 2002) - Unlawful Activities (Prevention) Act, 1967 (UAPA, 1967)-s.51A- SEBI (Foreign Portfolio Investors) Regulations, 2014 (FPI Regulations) Public Interest Litigation - Scope of- Held: Public Interest Litigation is a mechanism by which Court can initiate action for protection of rights of public on account of inaction of any public .Aauthority or to oversee any abuse of power by the publicauthority-At the same time, the PJL weapon is to be used with great.caution keeping in mind the fact that governance is the basic functionof the Executive - Unless there is a clear abuse of power or.failureof governance, the Court may not interfere. |
Judge | Hon'ble Mr. Justice R.F. Nariman |
Neutral Citation | 2017 INSC 975 |
Petitioner | Mobilox Innovations Private Limited |
Respondent | Kirusa Software Private Limited |
SCR | [2017] 10 S.C.R. 1006 |
Judgement Date | 2017-09-21 |
Case Number | 9405 |
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