Bombay HC holds on to FIR against Sanjay Dalmia
The Bombay High Court has not quashed the FIR against Delhi-based industrialist Sanjay Dalmia for his alleged attempts to dupe Indiabulls Financial Services, but held that he should be given a notice of at least three days should the investigating authority want him to take to custody.
The division bench of Justice JN Patel and Justice Amjad Sayed on Friday observed: “We are prima facie of the view that at this initial stage where investigation is going on, the court should not interfere in the statutory powers vested with the police to carry on investigation.”
The observation came a day after Delhi-based investor Pramod Jain launched an unsolicited bid for Sanjay Dalmia’s Golden Tobacco (GTL), claiming that he wanted to prevent asset stripping of the maker of Panama and Chancellor brands. GTL also has real estate assets in Hyderabad and Mumbai. Mr Dalmia and his family owns a 27% stake in GTL, but voting rights on these shares are frozen, as they are attached with an arbitrator.
Indiabulls had lent Rs 225 crore to seven companies of the Dalmia Group, according to a FIR filed by Indiabulls against Mr Dalmia with the Economic Offence Wing (EOW) of Mumbai police in July this year. Mr Dalmia is accused of alleged cheating and conspiracy for providing bogus security worth Rs 70 crore.
The court said Mr Dalmia has to present himself at the EOW office on Monday. It said whether Mr Dalmia’s arrest is required will be considered on the outcome of the investigation. A statement from the Dalmia Group said: “In the event, the police feels that the investigation cannot proceed further without custodial interrogation, they will first have to give a written notice of 72 hours prior and within this period.
Mr Dalmia can approach the court for relief, if desired. The court felt that, if Mr Dalmia co-operates with the police, there is no need for custodial interrogation.”
The case will be heard next on December 10.
Read full article: Economic Times
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