Hyderabad: Telangana High Court on Friday gave its nod to the serious fraud investigation office (SFIO) to start a probe against the Karvy Stock Broking Ltd (KSBL) for alleged financial fraud by CMD C Parthasarathy and others in the company.
Chief Justice Satish Chandra Sharma and Justice N Tekaramji noted that the company has created legal obstacles for the SFIO government by the Ministry of Corporate Affairs since it was ordered in February 2020.
HC: Karvy tried Manymethods to stop the backup saying the assessment after hearing two comparative companies The single judge allowed the SFIO probe in August 2020.
Order single judge remained with the HC division bench after the company filed an appeal.
In this appeal Bench currently says his final assessment, dismissing the Karvy petition.
“We found no reason to disturb the command of the single judge,” said the bench, finding a mistake with carvy behavior to ‘create all possible obstacles that might be at each stage with the motif of soles to stop the SFIO’ probe.
“The company accused of adopting several methods to stop the probe.
Writ petition has been submitted, temporary commandments are given and this problem does not go forward at all, meaning thus that the Investigation Agency cannot move forward since the first day,” Bench said.
Getting rid of the technical objections raised by the company on the command Center to investigate, the bench said the record clearly showed that the central decision was based on clear conclusions after going through a company registrant report (ROC).
“Moreover, Karvy cannot show what prejudice that will be caused by it if the probe institution sees the note.
Officials have adopted the transparent process and gave the company the opportunity to deliver its version.
Officials are obliged to provide opportunities for companies based on company laws and therefore they follow it, “Bench said.
There are also other materials considered by the center of public interest before the probe, he said.