Investigation proceeding under the provisions of the Companies Act, 2013 is being carried out against XYZ Limited (the company). During the investigation, the Tribunal has a reasonable ground to believe that a removal, t

Investigation proceeding under the provisions of the Companies Act, 2013 is being carried out against XYZ Limited (the company). During the investigation, the Tribunal has a reasonable ground to believe that a removal, transfer or disposal of funds, assets or properties of the company is likely to take place in a manner that would be prejudicial to the interest of the company. In this connection, the Tribunal requested the company's legal advisers and the bankers respectively to disclose and furnish a copy of the relevant communication made by them to the company. But they refused to share any document or disclose any information relating to their clients under investigation. Under the circumstances, the Tribunal wishes to pass an order to: Punish the company for the contravention, if any, of the order of the Tribunal. In the light of the provisions of the Companies Act, 2013 analyses, whether the Tribunal has the power to do so in respect of the above situations.