City
Epaper

Bhushan steel case: SC notice to PNB, others on pleas of SFIO

By IANS | Updated: November 2, 2022 22:25 IST

New Delhi, Nov 2 The Supreme Court on Wednesday issued notice to Punjab National Bank (PNB) and two ...

Open in App

New Delhi, Nov 2 The Supreme Court on Wednesday issued notice to Punjab National Bank (PNB) and two others on pleas by the Serious Fraud Investigation Office (SFIO) in connection with alleged siphoning-off funds of Bhushan Steel Ltd.

A bench of Chief Justice U.U. Lalit and Justices S. Ravindra Bhat and Bela M. Trivedi said: "Issue notice. Since the concerned respondents (Rajesh Kumar Yaduvanshi and Ajoy Kumar Deb) appear on caveat through Pinaki Mishra, senior counsel, instructed by Manikya Khanna, in SLP(Crl.) No.3252/2021, and R. Basant, senior counsel, instructed by Sanjay Kapur, counsel, in SLP(Crl.) No.7720/2021, service of notices upon the said respondents is dispensed with."

"Let notice be issued to other respondents in the matters. The respondents are at liberty to file their response to these special leave petitions within three weeks. Rejoinder affidavits, if any, be filed within two weeks' thereafter. List the matters for disposal before the appropriate Court on December 6."

The top court considered the SFIO's submissions that the accused were complicit in the case connected with the fund embezzlement. The SFIO moved the apex court challenging the Delhi High Court order to quash the summons issued to Yaduvanshi in the case.

Allegations were made that promoters of Bhushan Steel Ltd in connivance with their employees and several other entities fraudulently siphoned off funds from the company.

Yaduvanshi was PNB's nominee on the Board of Directors of Bhushan Steel Ltd. and the question was regarding his prosecution for the alleged fraud committed by the company and others. In August 2019, the trial court summoned Yaduvanshi to appear in the complaint case lodged by the SFIO against Bhushan Steel Ltd and others, but the high court said Yaduvanshi cannot be summoned solely for the reason that he was a nominee director of Bhushan Steel Ltd.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: The Twilight Saga: New MoonAjoy kumar debPinaki MishraSupreme CourtSeveral supreme courtSupreme court and high court level
Open in App

Related Stories

NationalPuja Khedkar Case: Supreme Court Directs Ex-IAS Probationer to Appear Before Police on May 2

NationalViral Video Claims Supreme Court Parking Area Is Filled With Luxury Cars of Top Lawyers

NationalWaqf Act Hearing: Supreme Court Directs Centre To File Response Within a Week, Next Hearing on May 5

Politics‘No Injustice to Muslims’: Shiv Sena Leader Manisha Kayande Slams Opponents of Waqf Amendment Bill

NationalKrishna Janmabhoomi Dispute: Supreme Court to Hear Plea on ASI, Center Involvement In Shahi Eidgah Case April 8

International Realted Stories

InternationalHamas delegation arrives in Cairo for Gaza ceasefire talks

InternationalPresident Murmu attends Pope Francis' funeral in Vatican City

InternationalAlbanese warns Australians to take rise of far-right 'seriously' ahead of election

InternationalYemen's Houthis take responsibility for fresh missile attack on Israel

InternationalAnti-Pakistan protests erupt in Nepal over ghastly Pahalgam terror attack