INDIA BUSINESS WORLD OCTOBER (1^st - 20^th) 2007
The Month that was ...

APEX COURT HOLDS HIGH COURT ORDER IN CRB CAP CASE

THE Supreme Court has refused to vacate a stay granted by the Delhi High Court on criminal proceedings initiated by CBI against CRB Capital Markets, which had allegedly duped 1.35 lakh small investors and many financial institutions of Rs 1,200 crore in the 1990s.

A bench headed by Justice Ashok Bhan dismissed CBI's plea on the ground that the investigating agency had delayed in filing the appeal against the High Court order. Additional Solicitor General Mohan Parasaran on behalf of CBI then sought permission of the court to withdraw the petition which was granted.

Mr. Parasan said that the CBI will move to the Delhi HC. CBI had came to the apex court saying that the High Court did not have the jurisdiction to stay criminal charge sheets filed under the Prevention of Corruption Act pending before the special Judge, Mumbai.