2018 (2) TMI 2119 - HC - SEBI

Charge sheet filed pursuant to the F.I.R.s - Offences punishable u/s 420, 467, 468 and 471 read with 34 of the IPC. The said F.I.R.s have been lodged by the SEBI - The gravamen of the allegations is relating to the cornering of the shares meant for retail investors in the IPO of YES Bank - petition has been filed in January 2018 challenging the charge sheets which have been filed on 02/03/2009. HELD THAT - Petitioner endeavoured to demonstrate to us that there is no complicity of the Petitioner in the offences alleged. In our view, it is not possible to accept the said contention at this stage. Having regard to the facts as aforestated, we do not deem it appropriate to exercise our writ jurisdiction under Article 226 of the Constitution of India. The Writ Petition is accordingly dismissed. Needless to state that the Trial Court would try the case in question on its own merits and in accordance with law.

Summary

The Bombay High Court dismissed a Writ Petition seeking to quash a charge-sheet related to allegations of cornering shares in the IPO of YES Bank meant for retail investors. The charges included offenses under Sections 420, 467, 468, and 471 of the IPC. The court found that it was not possible to accept the petitioner's contention of non-complicity at that stage. The Writ Petition was dismissed, allowing the Trial Court to proceed with the case according to law.