The Supreme Court on Tuesday expressed strong dissatisfaction with the response of investigating agencies while hearing a petition seeking a court-monitored Special Investigation Team (SIT) probe into allegations of siphoning of funds, round-tripping, large-scale corporate irregularities and violations of the Companies Act by Indiabulls, its promoters and related entities.

During the hearing, the Bench led by the Chief Justice questioned the apparent inaction of the investigating agencies despite the seriousness of the allegations placed before the Court.

“What is shocking to us is that agencies are quiet. Definitely this is a case for quid pro quo. You are completely silent… What is coming on record is about respondent No. 8. What about respondent No. 7 and others? File a status report,” the Chief Justice observed.

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Appearing for the investigating agencies, Additional Solicitor General SV Raju denied that the agencies had remained inactive and assured the Court that their position would be explained on affidavit.

“Not at all. I will put it in my affidavit,” the ASG submitted.

The Bench nevertheless expressed serious reservations regarding the manner in which the investigation had progressed.

“The conduct of the CBI and the Economic Offences Wing of Delhi Police is highly questionable. The way they have worked is shocking,” the Chief Justice remarked.

Justice Bagchi also questioned the pace of the investigation, observing that in an ordinary criminal case a report would ordinarily be ready within two weeks.

“In a regular crime case your report will be ready in two weeks. Please register a regular crime case,” Justice Bagchi observed.

The Chief Justice further noted that the conduct of the investigating agencies in the present matter was difficult to reconcile with the manner in which they routinely seek relief before the Supreme Court.

“CBI and ED have repeatedly approached this Court. But now the conduct cannot be explained,” the Chief Justice observed.

At the conclusion of the hearing, the Supreme Court modified its earlier order after noting that no status report had yet been filed. Recording the assurance given by the ASG, the Bench granted the agencies one final opportunity to comply.

The Court observed that, had it not been persuaded by the submissions of the ASG, it would have summoned the heads of the concerned agencies. Instead, it granted one last opportunity to file the status report before taking any further course of action.

The matter will be listed for further hearing after the investigating agencies place their status report on record.

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