Bombay HC Quashes FIR Against Indiabulls
The Bombay High Court on Wednesday quashed a FIR registered against Indiabulls on claims of cheating and criminal breach of trust.
Complainant had invested certain amount in the shares of Indiabulls. As per his case, Indiabulls played the mischief and with an oblique object caused the loss to its shareholders. Kamle claims that the company is guilty of siphoning of funds. He further alleged that he suffered devaluation in shares owing to accounting irregularities on part of the comapany.
The Court, however, found merit in Senior Counsel Mukul Rohatgi's argument that complainant Ashutosh Kamble has failed to provide any material evidence in support of his claim. The senior counsel also argued that it is the reasonable and bona fide impression of the Petitioner Company that that some disgruntled business rivals provoked some private persons for filing complaints.
Siding with the submissions of the petitioner company, the Court said, "We are of the opinion that the lodgment of the complaint against the Petitioners and continuity of the proceedings, is an abuse of process of law said the court."
"It is a fit case for exercising inherent powers of this Court under Section 482 of Code of Criminal Procedure, 1973 to secure the ends of justice. Accordingly, both Writ Petitions are allowed", it added.
