TaxTMI 
TaxTMI 
2023 (7) TMI 1368
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....heir officers, representatives and managers, the impugned F.I.R. No.0197 of 2023 dated 15.04.2023, under Sections 420, 467, 468, 471 and 120-B I.P.C., Police Station Beta-2, Greater Noida, Gautam Buddh Nagar, registered by Respondent No.3 with all the consequential proceedings arising therefrom together with the consequent proceedings initiated by Respondent No.4 in E.C.I.R. bearing No.ECIR/HIU-1/06/2023. 3. The petitioners, by way of interim relief, have prayed for stay of the summoning of the petitioners, its Officers, Representatives and Managers by the Officers of Respondent Nos.2 & 4 as also the proceedings qua them arising from and consequent to the institution of the impugned F.I.R. No.197 of 2023 dated 15.04.2023 and ECIR/HIU-1/06/2023 registered by Respondent No.2 and 4 respectively. 4. Sri Rakesh Dwivedi, learned Senior Counsel appearing for the petitioners has addressed this Court on the question of Section 420 I.P.C. being manifestly, arbitrary and ultra vires of the Constitution of India on the vice of Articles 14 and 21 of the Constitution by submitting that there are mainly two provisions in the I.P.C. providing for punishment for cheating concerning delivery of pr....
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....020 whereby approximately Rs.1763.00 Crores was sought to be recovered. Ultimately, Petitioner No.2, Indiabulls Housing Finance Ltd., under the share sale and purchase agreement dated 01.07.2021 sold the pledged equity shares to one M/s Finalstep Developers Pvt. Ltd. (earlier known as Creative Souls Technology India Pvt. Ltd.) with M3M India Pvt. Ltd., as confirming party for a consideration of R.900.00 Crores. The fact of the sale was informed to YEIDA/ Respondent No.3 by M/s. Kadam Developers within 45 days of the sale. Besides the sale of the shares of M/s Kadam Developers, the Petitioner No.2 also sold a property mortgaged by Shipra Group namely "Shipra Mall" after favourable orders were passed in favour of Petitioner No.2 by Debt Recovery Tribunal, Lucknow, this Court as also the Delhi High Court. It is also contended that between 2021 to 2023, various civil proceedings were initiated by the Shipra Group but it failed to get any protection from any Court. 8. In the aforesaid backdrop, the impugned F.I.R. dated 15.04.2023 has been lodged at the instance of Respondent No.3, YEIDA, alleging that the transfer of share holding of M/s Kadam Developers Pvt. Ltd. was in violation of ....
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....rl.) No.166 of 2023 and SLP (Crl.) Nos.4639-4641/2023 before the Apex Court. The Apex Court disposed off the petitions by making observations as regards the impugned F.I.R. and E.C.I.R. that no coercive steps would be taken against the petitioner financial institution and its Officers, Representatives and Managers till final disposal of the writ petition before the High Court and it would be open for the petitioners to seek stay of the proceedings which would be considered by the High Court on its own merits. 10. In the light of the above, it is submitted that the interim relief prayed for be granted. Reliance has been placed upon the decision of the Apex Court in the case of Vijay Choudhary versus Union of India reported in 2022 SCC Online 929. 11. The application for interim relief has been opposed by the counsel for Respondent No.4 on the ground that E.C.I.R. bearing No. ECIR/HIU-I/06/2023 has been registered at Delhi and since the Apex Court while disposing off the contempt proceedings has permitted the petitioners therein to approach the respective High Courts to challenge the F.I.R.'s and the E.C.I.R, it would be appropriate for the present petitioners to invoke the jur....
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....s order dated 28.4.2023 passed in Writ Petition (Crl.) No. 166 of 2023 stayed the criminal proceedings in the three F.I.Rs. including the F.I.R. No. 427 of 2023 dated 9.4.2023 registered at Police Station Indirapuram which F.I.R. has reference in the impugned F.I.R. and at the same time has directed that no coercive steps would be taken against the petitioner financial institution and its Officers, Representatives and Manager till final disposal of the writ petition. The protection granted by the Apex Court is operative in favour of the petitioners herein. The order dated 28.4.2023 reads as under: "Issue notice returnable on 16.05.2023. Dasti service, in addition, is permitted. There shall be stay of all proceedings in the impugned three FIRs filed in three different States." 18. Further, on 4 July, 2023, in the case Ganga Banga vs. Samit Mandal & Anr. (Contempt Petition (Civil) No.774 of 2023), the Supreme Court has passed the following order: "6. In the circumstances, as it may also involve adjudication on facts, we deem it appropriate to permit the petitioners to approach the respective jurisdictional High Courts to challenge all four FIRs and the ECIR within two weeks ....