Nishka Srinivas Veluvali
Published On: January 15, 2022 at 18:02 IST
The Bombay High Court had asked for the records of the Case for which the Charge-Sheet was filed in the Special Court in Mumbai but no action was initiated against it for 2 years.
The Charge-Sheet in the Special Court was filed by the Serious Fraud Investigation Officer (SFIO) in the year of 2019.
The Bench of Justice Revati Mohite Dere stated that the Trial Court in the requirement of certain directions while hearing the Plea filed by the former vice – chairman of Infrastructure Leasing and Financial Services (IL & FS), Hari Sankaran.
The Special Court in Mumbai did not take note of the Charge-Sheet filed against Sankaran who was Arrested on April 01, 2019, on this grounds Sankaran had filed a Plea seeking release from the prison.
The Plea was requesting for putting aside all the Orders awarded by the Trial Court so far and grant him release from the illegal detention in the Jail.
Justice Dere was greatly dismayed with the fact that the Case was for 2 complete years. She stated, “A matter pending with no cognizance is a matter of concern for this Court. The reasons for such delay have to be dealt with”.
The Court on inquiring was informed that the other Accused in the Case had filed an application requesting to not take cognizance of the Charge-Sheet on the grounds that the Ministry of Corporate Affairs (MCA) sanction for prosecution was improper. The Court was also told that the Charge-Sheet being voluminous could not be completed as there have been five transfer of Judges since 2019.
In response to this output Justice Dere retorted, “The Magistrate should have decided then and there, where the question of hearing the Accused for cognizance. Those applications have cause prejudice to the other Accused, you are not letting Court take cognizance. This is very very serious matter”.
She also added that after the Charge-Sheet being filed the issue of taking cognizance of same should be sort between the Court and the Investigating Agency.
The Case was initiated by the Central Government through MCA granting an Order of Investigation by the SFIO in to the matters of IL&FS and its affiliated companies under the Sections of Company Act.
Upon Investigating SFIO had Arrested the Accused and other on the charges of executing various modus operandi, misuse of their positions, flouted regulatory stipulations for the Non – Banking Finance Companies and company policies in its lending operations to various external corporate groups.
The former vice – chairman of IL&FS Hari Sankaran was taken into custody in 2019 and is still in the custody as his Bail application was quashed on the grounds of offence being serious despite of the health ailments faced by him due to old age.