In CRIMINAL APPEAL NOS.538-539 OF 2019, Serious Fraud Investigation Office vs Rahul Modi, the respondents had filed writ before the Delhi High Court claiming that the time within which the investigation was supposed to be completed has expired and that all further proceedings including the arrest of the respondents were illegal and without any authority of law and also prayed for writ of Habeas Corpus directing release from illegal arrest made. The said petition was allowed by the High Court against which the SFIO appealed to Supreme Court.
The Supreme Court allowed the appeal stating that there is no stipulation of any fixed period for completion of a Serious Fraud investigation, the Supreme Court has observed that the stipulation in sub-section (3) of Section 212 of the Companies Act, 2013, in relation to the submission of the report, is not mandatory, but directory.
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