The Supreme Court on Tuesday directed Allahabad High Court to consider afresh the plea of Yes Bank in respect of an FIR lodged against the bank under Sections 420, 467, 468, 409, 120 B, 34 of the IPC. The court added that till the High Court disposes the matter, the interim order passed by the Supreme Court on 30th November 2021, staying the operation of notices and proceedings in connection with the FIR, shall continue.
The plea filed by Yes Bank was heard by a bench comprising CJI DY Chandrachud, Justice PS Narasimha, and Justice JB Pardiwala. Yes Bank's SLP was against the November 25 order of the Allahabad High Court which dismissed the bank's writ petition against an FIR and the consequent Section 102 notices. The High Court had stated that the disputed facts cannot be examined under Article 226 and that the petitioner had alternative remedies and that it is not inclined to exercise its writ jurisdiction to stifle a legitimate investigation.
While noting that the High Court ought to have addressed merits of the petition, CJI DY Chandrachud said–
"The proceedings are restored before the High Court for fresh consideration. The High Court is requested to take up proceedings early. Until the High Court takes up the proceedings and disposes it, interim order shall continue."
In today's proceedings, Senior Advocate AM Singhvi had submitted–
"I am receiving the wrong end of the stick from the State of UP. Extraordinarily, passing 102 orders, my case is entirely at the behest of the Zee group. Any protective order, while the matter is continuing in High Court, I can understand. Today, 102 and its language says – proceeds of crime or goods which have been stolen. How can shareholding be that?"
The FIR against Yes Bank was lodged by Essel group founder Subhash Chandra over allegations of fraud in the merger transaction between Videocon D2H and Dish TV India.
Case Title: YES BANK LIMITED v. THE STATE OF U.P. AND ORS. | SLP(Crl) No. 9192/2021 II