Supreme Court takes a tough stand, summons CBI-SEBI-ED response, directs FIR to be filed, stocks fall sharply:

News Topical, Digital Desk : During a hearing today, the Supreme Court strongly questioned the approach of central investigative agencies regarding the investigation into allegations related to IHFL. The court objected to the "cosy approach" of the CBI and the Ministry of Corporate Affairs (MCA), stating that the investigation into the allegations appeared to lack seriousness.

SEBI's Hesitation
The Supreme Court also questioned SEBI's reluctance to investigate and said it appeared to be adopting "double standards." The court clearly stated that it was granting SEBI the authority and jurisdiction to investigate the matter.

Directing CBI to File an FIR The Supreme Court directly questioned the CBI, stating that the agency should not shy away from filing an FIR. The court stated that filing an FIR would strengthen the ED's investigation. The court also directed the CBI to file a reply clarifying its position.

ED Provides Information on Joint Meeting The Enforcement Directorate (ED) informed the Supreme Court that a joint meeting of officials from ED, CBI, SEBI, and SFIO will be held within the next two weeks to strengthen coordination related to the investigation.

ED Questions Complaint with EOW The ED also stated that it had filed a complaint with the Economic Offenses Wing (EOW) of the Delhi and Mumbai Police, but no cognizance was taken of it. The Supreme Court will next hear the case on December 17.