Questioning the maintainability of the petition itself, Kamath contended that there is no parallel investigation as the enquiry officers have already handed over the records to the SFIO and no interference of the court is called for in the matter at this stage. The inquiry officers of the Registrar of Companies are not authorised to access the documents with the I-T Department but SFIO is authorised and hence it was preferred to conduct investigation, he argued. Before this, Senior counsel Arvind Datar, representing the petitioner, argued that parallel investigation by SFIO cannot be ordered under Section 212 of the Companies Act, a draconian provision, to investigate the alleged nexus between the petitioner and CMRL when already the Registrar of Companies ordered an inquiry under Section 210 of the Act on January 12, 2024.
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