Tuesday, August 16, 2022

Allahabad High Court refuses to quash FIR against Yes Bank officials in multi-crore scam

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The Allahabad High Court on Thursday refused to interfere in the FIR filed against Yes Bank officials in a multi-crore share scam and dismissed the petition related to it.

The Division Bench of Justice Mahesh Chandra Tripathi and Justice Subhash Vidyarthi passed this order while hearing a petition filed by Yes Bank Limited. The petition has been filed inter alia to challenged the FIR dated September 12, 2020, registered at the Police Station in Gautam Buddh Nagar, Noida, Uttar Pradesh under Sections 420, 467, 468, 409, 107, 109, 120-B and 34 of Indian Penal Code, 1860 and notices dated 5th November, 2021 issued by Respondents to the petitioner and the National Securities Depository Limited, under Section 102 of the Code of Criminal Procedure, 1973.

Against the notice dated November 5, 2021 the petitioner bank has a statutory remedy to approach Magistrate Court under Sections 451 and 457 CrPC for appropriate relief, the court observed.

The Court opined that the writ jurisdiction should not be exercised to stifle the legitimate investigation. It is well settled that the High Court should normally refrain from giving prima facie decisions, in cases where the entire facts are incomplete and hazy, more so, when the evidence has not been collected and produced before the Court.

The issues involved whether factual or legal are of magnitude and cannot be seen in their true perspective without sufficient material. In the matter, we lack sufficient material, the court said.

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The Court further observed that disputed facts cannot be examined under Article 226 of Constitution of India and once efficacious statutory remedy is available to the petitioner against the notice impugned, then we decline to exercise our discretionary jurisdiction under Article 226 of Constitution of India.

Accordingly, the Court dismissed the writ petition.

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