Mumbai: The Supreme Court docket on Friday issued notice to HDFC Financial institution CEO Sashidhar Jagdishan in a petition filed by Lilavati Trust against a current Bombay excessive court docket order that quashed its FIR against him.
The Lilavati Kirtilal Mehta Medical Trust had final 12 months by way of its trustee Prashant Mehta registered a primary data report (FIR) against Jagdishan and others after the financial institution initiated restoration proceedings for Rs 65 crore in dues, alleging that Jagdishan had dedicated offences of dishonest and prison breach of belief. The HC had on Might 5 granted aid to Jagdishan and three others who too had filed quashing petitions against related allegations dubbing the FIR a ‘fallout’’ and a counterblast to restoration proceedings which had “private vendetta writ massive’’.
Against the HC judgment, the Lilavati Trust went to the highest court docket with a particular go away petition (SLP). On Friday, the SC bench of Justices MM Sundresh and NK Singh heard the matter and issued notice after listening to senior counsel Siddharth Luthra for the Trust. Luthra argued that police probe ought to go on within the FIR and that the HC interfered at a nascent stage of investigation, the SC issued notice and sought replies and rejoinders.
The HC division bench of Justices MS Karnik and NR Borkar had additionally dismissed the Trust’s plea to switch the probe to Central Bureau of Investigation (CBI).
The Trust’s SLP raised “substantial questions regarding the permissible limits of judicial interference in ongoing prison investigations involving allegations of large-scale monetary irregularities, diversion of charitable belief funds, abuse of fiduciary place, and financial offences having wider public ramifications.’’
The SC stated the matter could be subsequent heard put up its summer time trip.
The Trust’s case is that in 2006-2023, erstwhile unlawful trustees, allegedly in collusion with Jagdishan siphoned and misappropriated charitable belief funds by way of unlawful monetary transactions. The hospital Trust stated police had taken no motion and registered the FIR solely after a judicial Justice of the Peace directed its registration final Might.
Jagdishan’s case was that the FIR was a gross abuse of the authorized course of and supposed to harass him and tarnish the financial institution’s fame. Senior counsel Mukul Rohatgi representing him opposed the SLP.
The SLP says that the HC had itself referred to as fro investigation report in a sealed cowl by its order neither discusses nor thought of its content material together with documentary compilation witness statements, money register entries, emails, lowered medical payments.
The SLP stated authorized issues of public significance that are being raised embrace whether or not the HC was justified to quash the FIR at nascent probe stage by “nearly conducting a mini-trial’’ at a threshold stage prior to completion of investigation.
The HC had acknowledged the probe was at a nascent stage however noticed that evident try to derail professional debt restoration justified its intervention.
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