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TMI Blog2017 (11) TMI 617X X X X Extracts X X X X X X X X Extracts X X X X ..... authority or to oversee any abuse of power by the public authority. At the same time, the PIL weapon is to be used with great caution keeping in mind the fact that governance is the basic function of the Executive. Unless there is a clear abuse of power or failure of governance, the Court may not interfere. In the present case, SIT has already been constituted under the orders of this Court which comprises of two former judges of this Court. The terms of reference of the SIT covers the subject matter of this petition also which is clear from the notification dated 29th May, 2014 issued by the Ministry of Finance . The Government of India, Department of Revenue vide Office Memorandum dated 4th April, 2016, has constituted Multi Agency ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Exchange Board of India (SEBI) Chairman, his associate directors, share brokers and companies. 2. Averments in the petition are that Panama Paper Leaks report (which refers to information relating to tax evasion by some individuals/entities by way of offshore bank accounts/business to evade tax. International Consortium of Investigation Journalists (ICIJ) posted the documents on its website.) have not been acted upon by the concerned authorities, particularly the SEBI resulting in serious financial loss to the general public and protection of black money hoarders. Reference has been made to certain individuals who are said to be having offshore undisclosed bank accounts and who have manipulated the capital market. It is alleged that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s can open offshore accounts only with the general or special permission of the RBI. Further reference has been made to policies and orders issued in this regard. Investigation of Indian foreign assets/bank accounts has been conducted and is still being conducted. 4. Additional affidavit was filed by the Department of Economic Affairs on 6th April, 2017 on the question whether a separate SIT was required, apart from SIT already constituted under the orders of this Court. It was submitted that investigation was being conducted with all seriousness and at the fastest possible pace. Foreign assets are hidden beneath multiple layers of shell companies/trusts. The Department has received information under tax treaties and Mutual Legal Assista ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... public authority or to oversee any abuse of power by the public authority. At the same time, the PIL weapon is to be used with great caution keeping in mind the fact that governance is the basic function of the Executive. Unless there is a clear abuse of power or failure of governance, the Court may not interfere. 9. In the present case, SIT has already been constituted under the orders of this Court which comprises of two former judges of this Court. The terms of reference of the SIT covers the subject matter of this petition also which is clear from the notification dated 29th May, 2014 issued by the Ministry of Finance which inter alia is as follows : 2. The terms of references of the Special Investigation Team will be as per ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Team shall also be charged with the responsibility of preparing a comprehensive action plan, including the creation of necessary institutional structures that can enable and strengthen the country s battle against generation of unaccounted monies, and their stashing away in foreign banks or in various forms domestically. 3. The said Special Investigation Team should be responsible to the Hon ble Supreme Court and that it shall be charged with the duty to keep Supreme Court informed of all major developments by filing of periodic status reports and following of any special orders that Supreme Court may issue from time to time; 4. All organs, agencies, departments and agents of the State, whether at the level of the Union of In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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