JUDGMENT

N.V. Ramana; CJI.

1. Leave granted.

2. This appeal is filed against the impugned order dated 28.03.2022, passed by the High Court of Judicature at Bombay in Criminal Interim Application No. 1945 of 2021 in Criminal Revision Application No. 209 of 2020.

3. Brief facts necessary for disposal of this appeal are that a complaint was filed on 21.01.2002 by one Shri S. Gurumurthy, with the Securities and Exchange Board of India [for short ‘the SEBI’] against Reliance Industries Ltd. [for short ‘RIL’], its associate companies and its directors, alleging that they fraudulently allotted 12 crore equity shares of RIL to entities purportedly connected with the promoters of RIL, which were funded by RIL and other group companies in 1994. It was alleged that the company and its directors were in violation of Section 77 of the Companies Act, 1956. Based on the aforesaid complaint, the SEBI appointed an investigating officer to inquire into the aforesaid complaint. Accordingly, a report was submitted by the said investigating officer on 04.02.2005.

4. It may be necessary to note that SEBI chose not to take any action with respect to the aforesaid letter. The appellant alleged that a note was