Supreme Court issues notices on Panama Papers
New Delhi: The Supreme Court on Monday issued notice to the Centre and CBI seeking their response on a PIL seeking a probe into the revelations of media reports on ‘Panama paper leaks’ relating to over 500 accounts in offshore banks.
A Bench of Justices Dipak Misra and Shiva Kirti Singh also issued notice to the Sebi on the PIL filed by advocate M.L. Sharma, who sought a direction for a CBI probe against the Indian’s offshore account holders, stock market regulators, brokers and others with the supervision of this court and to file their status report for further action in accordance of law.
The petitioner said as per Panama Paper leaks more than 500 Indians had their offshore accounts since 2007 and used to funds to the tune of $5.5 million. But despite having information, Sebi and other regulators did not take any action.
The petitioner said the PIL raised important questions of law, viz. Whether favouring to circulate black money and price rigging/ fraud in stock market attract the provisions of Preve-ntion of Corruption Act; Whether concerned persons who protect black money circulation and price rigging in stock market are not liable to be prosecuted under the PC Act; whether holding offshore accounts is not an offence punishable under Fema?