The High Court had passed the order stating that the investigation would violate provisions of the Companies Act.
Arguing for SFIO, Solicitor General (SG) Tushar Mehta apprised that the High Court had noted in its order that investigation could not be completed in 3 months and instead took 3 years because the total money involved was ₹1 lakh crores and there were layers of companies involved.
Subsequently, Lookout Circulars were issued against the company’s top officials so that they do not flee the country, he pointed out.
“There is no such mandate under the act that if probe is not completed within 3 months , the probe itself will come to an end,” the SG emphasized before the Bench.
Source: Barandbench
