{"id":337928,"date":"2024-12-25T11:00:36","date_gmt":"2024-12-25T05:30:36","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=337928"},"modified":"2024-12-26T09:56:11","modified_gmt":"2024-12-26T04:26:11","slug":"sc-upholds-decision-refusing-to-quash-fir-under-pc-act-involving-sbi-employees","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/12\/25\/sc-upholds-decision-refusing-to-quash-fir-under-pc-act-involving-sbi-employees\/","title":{"rendered":"\u2018Economic offences stand on different footing, have wider ramifications\u2019; SC upholds Bombay HC\u2019s decision refusing to quash FIR under PC Act involving SBI employees"},"content":{"rendered":"<style>\n.animate-charcter{background-image: linear-gradient(-225deg, #231557 0%, #44107a 29%, #ff1361 67%, #fff800 100%); background-size: 200% auto; -webkit-background-clip: text; -webkit-text-fill-color: transparent; animation: textclip 0s linear infinite;}\n@keyframes textclip {to {background-position: 200% center;}}\n<\/style>\n<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">Supreme Court:<\/span> In a set of two criminal appeals against Bombay High Court&#8217;s decisions, wherein the accused persons&#8217; petitions under Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001519791\" target=\"_blank\">482<\/a> of <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002726935\" target=\"_blank\">Code of Criminal Procedure, 1973<\/a> (&#8216;CrPC&#8217;) seeking quashing of the FIR for offences punishable under Sections <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001561745\" target=\"_blank\">409<\/a>, <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001561758\" target=\"_blank\">420<\/a> and <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001561375\" target=\"_blank\">120-B<\/a> of the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002726960\" target=\"_blank\">Penal Code, 1860<\/a> (&#8216;IPC&#8217;) along with Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001564434\" target=\"_blank\">13(2)<\/a> r\/w <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001564434\" target=\"_blank\">13(1)(d)<\/a> of the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002825997\" target=\"_blank\">Prevention of Corruption Act, 1988<\/a> (&#8216;PC Act&#8217;) were dismissed, the Division Bench Vikram Nath and Prasanna B. Varale, JJ. upheld the High Court&#8217;s decision holding that it was justified in not exercising its jurisdiction under Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001519791\" target=\"_blank\">482<\/a> of <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002726935\" target=\"_blank\">CrPC<\/a>.<\/p>\n<h3>Background<\/h3>\n<p style=\"margin-bottom: 3%;\">The accused persons are the Directors of Sun Infrastructure Pvt. Ltd. (&#8216;Company&#8217;) and employees of respondent 3- State Bank of India. On 15-02-2014, respondent 3- Bank sanctioned a loan of Rs.50 crores to the Company. The Company opened a collateral security and mortgaged the commercial land. Timely payments were made till 2017, and on 28-11-2017 the bank declared the Company&#8217;s loan account as a Non-Performing Asset with an outstanding amount of Rs. 23.86 crores. The Bank filed an application before the Debt Recovery Tribunal. The Company and respondent 3 filed consent terms before the DRT amounting to Rs. 15 Crore according to which the Company paid Rs. 20 lacs and the Rs. 14.88 crore was to be paid with interest, and the loan account would be closed as per the one-time settlement.<\/p>\n<p style=\"margin-bottom: 3%;\">Later, the Bank lodged a complaint with the Central Bureau of Investigation, against the accused persons for diverging the funds from the loan account of respondent 2, SICOM Ltd. from whom they had allegedly availed a loan of Rs.25 Crores in 2013; and against the Company for changing the building plans of the project which resulted in the reduced value of the collateral security, without the Bank&#8217;s consent of the Bank. Subsequently, the CBI filed an FIR. The accused persons preferred a petition before the High Court under Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001519791\" target=\"_blank\">482<\/a> of the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002726935\" target=\"_blank\">CrPC<\/a> seeking to quash the FIR and chargesheet observing that the accused persons had a substantive alternative remedy under the provisions of the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002726935\" target=\"_blank\">CrPC<\/a> before the High Court.<\/p>\n<h3>Analysis and Decision<\/h3>\n<p style=\"margin-bottom: 2%;\">The Court noted that in <span style=\"font-style: italic;\">Parbatbhai Aahir<\/span> v. <span style=\"font-style: italic;\">State of Gujarat<\/span>, <a href=\"http:\/\/www.scconline.com\/DocumentLink\/6BR4h9Yi\" target=\"_blank\">(2017) 9 SCC 641<\/a> it was observed that, economic offences involving the financial and economic well-being of the State have implications which lie beyond the domain of a mere dispute between the private disputants. The High Court would be justified in declining to quash the proceeding or FIR where the offender is involved in an activity akin to financial or economic fraud or misdemeanour.<\/p>\n<p class=\"animate-charcter\" style=\"margin-bottom: 3%; text-align: center; font-weight: bold; font-style: italic;\">&#8220;Economic offences by their very nature stand on a different footing than other offences and have wider ramifications. They constitute a class apart. Economic offences affect the economy of the country as a whole and pose a serious threat to the financial health of the country. If such offences are viewed lightly, the confidence and trust of the public will be shaken.&#8221;<\/p>\n<p style=\"margin-bottom: 3%;\">The Court relied upon <span style=\"font-style: italic;\">State of T.N.<\/span> v. <span style=\"font-style: italic;\">R. Vasanthi Stanley<\/span>, <a href=\"http:\/\/www.scconline.com\/DocumentLink\/FiAit894\" target=\"_blank\">(2016) 1 SCC 376<\/a> wherein the Court declined to quash the proceedings in a case involving alleged abuse of the financial system, observing that- <span style=\"font-style: italic;\">&#8220;A grave criminal offence or serious economic offence or for that matter the offence that has the potentiality to create a dent in the financial health of the institutions is not to be quashed on the ground that there is delay in trial or the principle that when the matter has been settled it should be quashed to avoid the head on the system. That can never be an acceptable principle or parameter, for that would amount to destroying stem cells of law and order in many a realm and further strengthen the marrow of unscrupulous litigations. Such a situation should never be conceived of.&#8221;<\/span><\/p>\n<p style=\"margin-bottom: 3%;\">In the instant case, the Court noted that consent terms were submitted by the parties before the DRT. The Court also noted that the bank suffered losses to the tune of Rs. 6.13 Crores approximately, causing a substantial injury to the public exchequer and consequently public interest was hampered. Also, considering that a special statute i.e. PC Act was invoked, the Court opined that quashing of offences under the PC Act would have a grave and substantial impact not just on the parties involved, but also on the society at large. Hence, the Court upheld the High Court&#8217;s decision of declining to exercise its inherent powers in the present case, thereby refusing to quash the criminal proceedings.<\/p>\n<p><!--\n\n<p style=\"margin-bottom: 3%;\">[<span style=\"font-weight: bold; color: #632423;\">Anil Bhavarlal Jain v. State of Maharashtra, <a href=\"http:\/\/www.scconline.com\/DocumentLink\/TVzg7qQa\" target=\"_blank\">2024 SCC OnLine SC 3823<\/a>, decided on: 20-12-2024<\/span>]<\/p>\n\n\n\n\n<hr\/>\n\n\n\n\n<p>Advocates who appeared in this case :<\/p>\n\n\n\n\n<p style=\"margin-left: 18pt;\"><span style=\"font-weight: bold;\">For Petitioner(s):<\/span> Ms. Malvika Trivedi, Sr. Adv.; Mr. Mahinder Singh Hura, Adv.; Mr. Jasmeet Singh, AOR; Mr. Saif Ali, Adv.; Mr. Pushpendra Singh Bhadoriya, Adv.; Mr. Vijay Sharma, Adv.; Mr. Pranav Menon, Adv.; Mr. Saurav, Adv.; Mr. Siddharth Bhatnagar, Sr. Adv.; Ms. Ranjeeta Rohatgi, AOR; Mr. Vivek Punjabi, Adv.; Ms. Shrika Gautam, Adv.<\/p>\n\n\n\n\n<p style=\"margin-left: 18pt;\"><span style=\"font-weight: bold;\">For Respondent(s):<\/span> Mr. Samrat Krishnarao Shinde, Adv.; Mr. Siddharth Dharmadhikari, Adv.; Mr. Aaditya Aniruddha Pande, AOR; Mr. Mukesh Kumar Maroria, AOR; Mr. Sanjay Kapur, AOR; Mr. Surya Prakash, Adv.; Mr. Arjun Bhatia, Adv.; Ms. Divya Singh Pundir, Adv.; Mr. Devesh Dubey, Adv.; Ms. Mahima Kapur, Adv.; Ms. Shubhra Kapur, Adv.<\/p>\n\n--><\/p>\n<div style=\"text-overflow: ellipsis; background-color: #92A8D1; text-align:justify; clear:both; text-size-adjust: auto; overflow: auto;\">\n<p style=\"font-size: 18pt; margin-top: 5px; text-align: center;\">CASE DETAILS<\/p>\n<table width=\"100%\" style=\"word-wrap: break-word; border-collapse:collapse; table-layout: fixed; margin-top: 10px;\">\n<colgroup>\n<col width=\"41%\"\/>\n<col width=\"59%\"\/>\n<\/colgroup>\n<tbody>\n<tr>\n<td valign=\"top\">\n<p><span style=\"color: #D4E4F7; font-weight: bold;\">Citation:<\/span><br \/><span style=\"color: #D4E4F7; font-size: 10pt;\"><a href=\"http:\/\/www.scconline.com\/DocumentLink\/TVzg7qQa\" target=\"_blank\" rel=\"noopener\">2024 SCC OnLine SC 3823<\/a><\/span><\/p>\n<p><span style=\"color: #D4E4F7; font-weight: bold;\">Appellants&#160;:<\/span><br \/> Anil Bhavarlal Jain<\/p>\n<p><span style=\"color: #D4E4F7; font-weight: bold;\">Respondents&#160;:<\/span><br \/> State of Maharashtra<\/p>\n<\/td>\n<td valign=\"top\">\n<p style=\"color: #D4E4F7; font-weight: bold;\">Advocates who appeared in this case<\/p>\n<p><span style=\"color: #D4E4F7; font-weight: bold;\">For Petitioner(s):<\/span><br \/> Ms. Malvika Trivedi, Sr. Adv.; Mr. Mahinder Singh Hura, Adv.; Mr. Jasmeet Singh, AOR; Mr. Saif Ali, Adv.; Mr. Pushpendra Singh Bhadoriya, Adv.; Mr. Vijay Sharma, Adv.; Mr. Pranav Menon, Adv.; Mr. Saurav, Adv.; Mr. Siddharth Bhatnagar, Sr. Adv.; Ms. Ranjeeta Rohatgi, AOR; Mr. Vivek Punjabi, Adv.; Ms. Shrika Gautam, Adv.<\/p>\n<p><span style=\"color: #D4E4F7; font-weight: bold;\">For Respondent(s):<\/span><br \/> Mr. Samrat Krishnarao Shinde, Adv.; Mr. Siddharth Dharmadhikari, Adv.; Mr. Aaditya Aniruddha Pande, AOR; Mr. Mukesh Kumar Maroria, AOR; Mr. Sanjay Kapur, AOR; Mr. Surya Prakash, Adv.; Mr. Arjun Bhatia, Adv.; Ms. Divya Singh Pundir, Adv.; Mr. Devesh Dubey, Adv.; Ms. Mahima Kapur, Adv.; Ms. Shubhra Kapur, Adv.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"font-size: 12pt; margin-top: -20px; margin-left: 5px;\"><span style=\"color: #D4E4F7; font-weight: bold;\">CORAM&#160;:<\/span><\/p>\n<div id=\"banner\" style=\"overflow: hidden; display: flex; justify-content: space-between; padding-left: 3%;\">\n<div class=\"\" style=\"max-width: 100%; max-height: 100%; font-size: 9pt; text-align: center;\">\n<p><a><img decoding=\"async\" height=\"100px\" width=\"100px\" src=\"https:\/\/www.scobserver.in\/wp-content\/uploads\/2021\/10\/26.-Nath-modified.png\" alt=\"Vikram Nath, J.\" style=\"border-radius: 50%;\"><br \/><span style=\"color: black !important;\">Vikram Nath, J.<\/span><\/a><\/p>\n<\/div>\n<div class=\"\" style=\"max-width: 100%; max-height: 100%; font-size: 9pt; text-align: center;\">\n<p><a><img decoding=\"async\" height=\"100px\" width=\"100px\" src=\"https:\/\/www.scobserver.in\/wp-content\/uploads\/2024\/01\/Justice-PB-Varale-modified.png\" alt=\"Prasanna B. Varale, J.\" style=\"border-radius: 50%;\"><br \/><span style=\"color: black !important;\">Prasanna B. Varale, J.<\/span><\/a><\/p>\n<\/div>\n<div class=\"\" style=\"max-width: 100%; max-height: 100%; font-size: 9pt; text-align: center;\">\n<\/div>\n<div class=\"\" style=\"max-width: 100%; max-height: 100%;\"><\/div>\n<div class=\"\" style=\"max-width: 100%; max-height: 100%;\"><\/div>\n<div class=\"\" style=\"max-width: 100%; max-height: 100%;\"><\/div>\n<\/div>\n<\/div>\n<h3 style=\"color: #000080;\">Buy Code of Criminal Procedure, 1973 &nbsp;<a href=\"https:\/\/www.ebcwebstore.com\/product_info.php?products_id=1031\" target=\"_blank\">HERE<\/a><\/h3>\n<p style=\"margin-bottom: 3%;\"><a href=\"https:\/\/www.ebcwebstore.com\/product_info.php?products_id=1031\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/code-of-criminal-procedure-300x200.jpg\" alt=\"Code of Criminal Procedure\" width=\"300\" height=\"200\" class=\"aligncenter size-large wp-image-294422\" srcset=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/code-of-criminal-procedure-300x200.jpg 300w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/code-of-criminal-procedure-768x511.jpg 768w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/code-of-criminal-procedure-440x293.jpg 440w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/code-of-criminal-procedure-650x433.jpg 650w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/code-of-criminal-procedure.jpg 886w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/code-of-criminal-procedure-60x40.jpg 60w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<h3 style=\"color: #000080;\">Buy Penal Code, 1860 &nbsp; <a href=\"https:\/\/www.ebcwebstore.com\/product_info.php?products_id=1158\" target=\"_blank\">HERE<\/a><\/h3>\n<p style=\"margin-bottom: 3%;\"><a href=\"https:\/\/www.ebcwebstore.com\/product_info.php?products_id=1158\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/penal-code-1860-300x200.jpg\" alt=\"penal code, 1860\" width=\"300\" height=\"200\" class=\"aligncenter size-large wp-image-294601\" srcset=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/penal-code-1860-300x200.jpg 300w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/penal-code-1860-768x511.jpg 768w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/penal-code-1860-440x293.jpg 440w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/penal-code-1860-650x433.jpg 650w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/penal-code-1860.jpg 886w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/penal-code-1860-60x40.jpg 60w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<h3 style=\"color: #000080;\">Buy Prevention of Corruption Act, 1988 &nbsp; <a href=\"https:\/\/www.ebcwebstore.com\/product_info.php?products_id=1170\" target=\"_blank\">HERE<\/a><\/h3>\n<p style=\"margin-bottom: 3%;\"><a href=\"https:\/\/www.ebcwebstore.com\/product_info.php?products_id=1170\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/prevention-of-corruption-act-1988-300x200.jpg\" alt=\"prevention of corruption act, 1988\" width=\"300\" height=\"200\" class=\"aligncenter size-large wp-image-295972\" srcset=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/prevention-of-corruption-act-1988-300x200.jpg 300w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/prevention-of-corruption-act-1988-768x511.jpg 768w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/prevention-of-corruption-act-1988-440x293.jpg 440w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/prevention-of-corruption-act-1988-650x433.jpg 650w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/prevention-of-corruption-act-1988-60x40.jpg 60w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/prevention-of-corruption-act-1988.jpg 886w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">SBI suffered losses of Rs. 6.13 Crores approximately, causing a substantial injury to the public exchequer and consequently, hampering the public interest&#8230;&#8220;Economic offences affect the economy of the country as a whole and pose a serious threat to the financial health of the country. If such offences are viewed lightly, the confidence and trust of the public will be shaken.&#8221;<\/p>\n","protected":false},"author":67517,"featured_media":337935,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,9],"tags":[32394,3764,3067,44796,64492,76853,76852,44635,13021,5363],"class_list":["post-337928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-supremecourt","tag-corruption-charges","tag-economic_offences","tag-FIR","tag-pc-act","tag-quash-fir","tag-quash-pc-act-proceedings","tag-sbi-bank","tag-sc","tag-section-482-crpc","tag-supreme-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SC upholds decision refusing to quash FIR under PC Act involving SBI employees | SCC Times<\/title>\n<meta name=\"description\" content=\"\u2018Economic offences have wider ramifications\u2019; 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