Bengaluru: Karnataka High Court rejects Exalogic’s plea to quash SFIO probe. With this, the investigation conducted by the Serious Fraud Investigation Office (SFIO) in the financial transaction with the private black sand company CMRL can continue. Justice Nagaprasanna’s order pointed out that there was no reason to interfere in the investigation.
Exalogic had argued in court that the SFIO inquiry would not stand. Exalogic maintained that the Registrar of Companies is continuing its investigation under Rule 210 of the Companies Act and is cooperating with it. Meanwhile, Exalogic’s lawyer argued that the order announcing the investigation by the Serious Fraud Investigation Office under Rule 212 of the same Act is invalid. However, the central government has clarified that the investigation of the Registrar of Companies has ceased after the SFIO investigation began.
