THE Bombay HC has not quashed the FIR against Delhi-based industrialist Sanjay Dalmia for his alleged attempts to dupe Indiabulls Financial Services but held that he should be given a notice of at least three days, should the investigating authority want to take him into custody.
The division bench of Justice JN Patel and Justice Amjad Sayed observed: “We are prima facie of the view that at this initial stage where investigation is going on, this court should not interfere in the statutory powers vested with the police to carry on investigation,”
The observation came a day after Delhi-based Pramod Jain launched an unsolicited bid for Sanjay Dalmia’s Golden Tobacco (GTL), claiming that he wanted to prevent asset stripping of the maker of Panama and Chancellor brands. GTL also has real estate assets in Hyderabad and Mumbai. Mr Dalmia and his family owns 27% stake in GTL but voting rights on these shares are frozen as they are attached with an arbitrator.
Indiabulls had lent Rs 225 crore to seven companies of the Dalmia group, according to a FIR filed by Indiabulls against Mr Dalmia with the EOW of Mumbai police in July this year. Mr Dalmia is accused of alleged cheating and conspiracy for providing bogus security worth Rs 70 crore.
Any encounter with the Income Tax Department is usually dealt with stress and panic. The notice from the Income Tax Department becomes nerve-racking because most of the people More
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