9911796707
TMI Blog2020 (12) TMI 1408X X X X Extracts X X X X X X X X Extracts X X X X ..... 0-B of the IPC registered with PS Safdarjung Enclave and all proceedings emanating therefrom be quashed. 4. Mr Kumar, learned counsel appearing for the petitioner submits that the said FIR in question ought to be quashed, essentially, on three grounds. First, he submits that the FIR does not disclose any cognizable offence. He submits that there is no allegation in the FIR that the petitioner had entered into transactions with the complainant (respondent no.2) with the intention of cheating him. He states that the transactions relate to a DEMAT Account which was opened in 2016 and it is admitted in the FIR that the complainant had been receiving regular dividends and assured returns, which were in terms of their understanding. He sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fee of 0.1% would be charged on the sale and purchase of securities as per recorded instructions in accordance to National Stock Exchange (NSE) rules. In addition, Modex International also agreed to pay 6.7% per annum as monthly payments on the securities held in the DEMAT Account. It is also alleged that all appreciation in asset value and dividends on securities would also be transferred to the complainant as and when the securities are sold. According to him, it was also represented by Modex International and its Directors that the securities would be kept safe in the DEMAT Account and the complainant would not be liable for any losses. According to the complainant, it was agreed that all losses would be borne by the said company (Modex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso investigating a similar compliant, is also unmerited. SEBI's jurisdiction extends to investigate complaints and take appropriate action for violation of Securities and Exchange Board of India Act, 1992 (SEBI Act) and the Rules and Regulations made thereunder. It does not extend to prosecuting offences under the IPC. The fact that SEBI is investigating or prosecuting the petitioner for offences under the SEBI Act, or the relevant regulations made thereunder does not in any manner warrant quashing of the present FIR. It also does not preclude the investigating agency from investigating the allegations regarding offences punishable under the Indian Penal Code, 1860.
12. The petition is, accordingly, dismissed. X X X X Extracts X X X X X X X X Extracts X X X X
|
