SC Orders Fresh Adjudication in Yes Bank-Dish TV Dispute, Sets Aside Allahabad HC Order read full article at worldnews365.me











Final Up to date: January 24, 2023, 21:42 IST

The top court remanded the case to the high court for fresh disposal on merits within a period of two months after the receipt of the certified copy of its order (File image: ANI)

The highest court docket remanded the case to the excessive court docket for contemporary disposal on deserves inside a interval of two months after the receipt of the licensed copy of its order (File picture: ANI)

The highest court docket was listening to an enchantment filed by the financial institution in opposition to the November 25, 2021 order of the Allahabad Excessive Courtroom refusing to quash the notices beneath part 102 CrpC and FIR lodged by the police

The Supreme Courtroom Tuesday put aside the Allahabad Excessive Courtroom order refusing to entertain the Sure Financial institution plea difficult police investigation into an FIR lodged by the Essel Group in reference to the bank-Dish TV dispute on pledging of shares.

A bench comprising Chief Justice DY Chandrachud and Justices PS Narasimha and JB Pardiwala additionally directed that its earlier order of November 30, 2021 staying police investigation within the FIR shall stay in operation until the excessive court docket has disposed of the Sure Financial institution’s plea in opposition to the FIR.

The highest court docket remanded the case to the excessive court docket for contemporary disposal on deserves inside a interval of two months after the receipt of the licensed copy of its order.

“We are of the considered view that the Allahabad High Court was not justified in not dealing with the petition (of Yes Bank) on the ground that the alternative remedy was available under section 451 and 457 of the CrPC (Code of Criminal Procedure). The high court ought to have addressed itself the merits of the petition which it has failed to do,” the bench stated in its order.

“In the above circumstances, we set aside the impugned order of the High Court …. and restore the proceedings back to the high court for disposal on merits. We request the high court to take up the proceedings for early disposal preferably within a period of two months from the date on which the certified copy of this order is placed on records,” it stated.

The bench clarified that because it has restored the proceedings earlier than the excessive court docket for contemporary consideration, it has not expressed any opinion on the deserves of rival contentions.

The highest court docket was listening to an enchantment filed by the financial institution in opposition to the November 25, 2021 order of the Allahabad Excessive Courtroom refusing to quash the notices beneath part 102 CrpC and FIR lodged by the police.

Sure Financial institution stated this was one of the vital extraordinary circumstances the place “malafide” felony proceedings had been initiated to scuttle the voting rights of the most important shareholder of the Essel Group.

The financial institution stated that it had disbursed a mortgage of Rs 5,270 crore to the Essel Group and its sister issues between 2016 and 2018 and 44.5 crore shares had been pledged in opposition to it.

It had stated the pledge was invoked by the financial institution and it grew to become the most important shareholder of the corporate and to stop the financial institution from voting within the Annual Normal Assembly (AGM), which was earlier scheduled to be held on November 30, 2021 to vary or refuse to reappoint the administrators, these notices had been issued.

The Uttar Pradesh police, after lodging an FIR in opposition to the Financial institution at Gautam Buddha Nagar police, had issued two notices to the inventory trade and the Nationwide Securities Depository Restricted (NSDL) asking them to not enable any switch of shares of Essel group held by the financial institution.

The apex court docket, on November 30, 2021, stayed the police probe and the operation of two notices issued by the UP police to the inventory trade and the NSDL.

“Using criminal procedure to achieve results of civil proceedings will have a dangerous consequence. Tomorrow, anybody will catch a police officer and stall the voting of a shareholder. This will be the easiest thing to do,” it had stated.

“It cannot allow the police sitting in Gautam Buddha Nagar to freeze voting rights of shareholders of a public listed company. Here, the police have done something which the Company Law Tribunal won’t do,” it had stated.

Previous to this, the excessive court docket had refused to entertain the plea of the Financial institution, saying it can’t entertain the petition beneath writ jurisdiction when equally efficacious treatments had been out there to the monetary establishment beneath the provisions of CrPC in opposition to police investigation.

The FIR in opposition to Sure Financial institution was lodged by Essel group founder Subhash Chandra over allegations of fraud within the merger transaction between Videocon D2H and Dish TV India.

Learn all of the Latest India News right here

(This story has not been edited by News18 employees and is revealed from a syndicated information company feed)

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