New Delhi, Dec 29 (IANS): Justice Amit Sharma of the Delhi High Court has said that the Serious Fraud Investigation Office (SFIO) is not restricted from probing offences under the Indian Penal Code, or conducting further investigation within the bounds of the law.

The court was addressing a petition seeking annulment of SFIO's investigation report concerning Bhushan Power and Steel Limited and related activities.

The petitioners also sought to invalidate the Ministry of Corporate Affairs' sanction for SFIO's prosecution, and challenged SFIO's complaint and the trial court's summons.

Justice Sharma clarified that the SFIO is not barred from investigating IPC offences and can conduct further investigations within legal parameters.

The court noted that no prior approval from the Central government under Section 219(d) of the Companies Act, 2013 was required for the first petitioner, designated as 'Key Managerial Personnel' under Section 2(51) of the Act.

While acknowledging the absence of prior approval, the court refused to invalidate the summoning order passed by the trial court.

It observed that the investigation report, under the Companies Act, 2013, would be considered a police report, designating the submitting officer as an officer-in-charge of the police station, albeit not expressly stated in the Act.

Justice Sharma also said that if the investigating officer discovers offences under the IPC or other laws during the investigation, it wouldn't give rise to separate proceedings.

Such inquiries can be conducted under Section 4(1) of the CrPC.

The court concluded that, based on the provisions of the Companies Act and the CrPC, the SFIO is not barred from investigating offences under the IPC.