HC breather for Indiabulls officials

Written By Rakesh Bhatnagar | Updated:

The brokerage house Indiabulls Financial Services Ltd received some breather following the Delhi High Court on Tuesday

NEW DELHI: The brokerage house Indiabulls Financial Services Ltd received some breather following the Delhi High Court on Tuesday restraining the police from harassing the top officials during the ongoing investigation against them.

The officials have been accused of resorting to illegal transactions from its investors’ accounts.

Refusing to stall the investigations, Justice Sanjay Kishan Kaul said, “I cannot pass the order (to quash the FIR) at this stage. I would have to go through the case.... The petitioner (Indiabulls) and its officials would join the investigation, but they would not be harassed.”

The company moved to the HC court seeking quashing of an FIR against its top officials, including the vice-president, on a direction of Delhi city court.

According to the investors’ complaints, the brokerage firm and its officials allegedly duped them of lakhs of rupees by carrying out illegal transactions from their accounts.

The city court asked the Economic Offence Wing (EOW) of Delhi Police to book Indiabulls vice-president Vijay Babbar, executive director Gangan Banga, and vice-president (legal) Vikas Saxena, executive manager Lokesh Ahuja and register cases under the Information Technology Act and IPC.

The city court had heard the arguments of both the sides and directed action by the police. The complaint said Indiabulls was allegedly carrying out illegal transactions from the accounts of investors registered with it.

Indiabulls lawyer Mukul Rohatgi argued that the complaints by some investors were baseless and there was no case of cheating or criminal transaction.

“FIR has been registered against my officials,” Rohatgi said. “If it is not stayed then tomorrow many others might approach the court and my officials would be picked up and harassed. My office is situated all over the country,” he said.

If the FIR could not be quashed then at least the court should provide protection to the officials, the counsel pleaded.

b_rakesh@dnaindia.net