Extraordinary jurisdiction under Article 226 of the Constitution is not to be exercised for directing criminal investigations unless compelling reasons are demonstrated.

JUDGMENT :

Shree Chandrashekhar, CJ.

The petitioner seeks a direction to the State of Maharashtra, Union of India, Serious Fraud Investigation Office, Securities and Exchange Board of India, Reserve Bank of India, Commissioner of Police, Mumbai, Senior Inspector of Police, Enforcement Directorate, Central Bureau of Investigation and Economic Offences Wing, Mumbai to register a First Information Report/ECIR or to institute other appropriate proceedings for an independent expeditious, effective and meaningful investigation into the various crimes committed by the respondent nos.11 to 25 and 28 to 46 and their accomplices and agents under sections 406, 409, 420, 421, 120-A read with section 34 of the INDIAN PENAL CODE , 1860, Prevention of Money Laundering Act, 2002, Prevention of Corruption Act, 1988 and Foreign Exchange Management Act, 1999. He seeks a further direction to the SEBI, RBI and other government Agency to take appropriate action for preventing further fraud and siphoning off public money. He has made a specific prayer for causing an investigation against 25^th respondent-Bhagvanji Raiyani who instituted a Public Interest Litigation through “Janhit Manch” for illegal and unlawful gains and extortion.

2. The petitioner who states that he is engaged in the business of iron and steel trading for 33 years seeks enforcement of his rights to bring to book the accused persons who, according to him, were involved in enormous financial frauds causing severe financial loss and injury to him and others. He makes specific allegations against Indiabulls Housing Finance Ltd., Honest Shelters Pvt. Ltd., Ashdan Developers Pvt. Ltd. and 31 other Corporate entities and individuals who floated shell companies, laundered money and filed a Public Interest Litigation to extort money. The petitioner states that a residential project “Palais Royale” was launched by 26^th respondent-Shree Ram Urban Infrastructure Ltd. (in short, “SRUIL”) with an estimated cost of Rs.10,000 crores. The petitioner and his companies, namely, A. Navinchandra Steel Ltd. and Akai Steels Ltd. were major suppliers of steel to the SRUIL which had certain disputes with a real estate competitor. The respondent no.25 filed Public Interest Litigation No.43 of 2012 alleging violations of the building rules by the SRUIL. The order passed in the said PIL was challenged before the Hon’ble Supreme Court and the said PIL was dismissed on 24^th October 2019. But, in the meantime, the Project was stalled due to the stoppage of work direction issued by the Bombay Municipal Corporation. As a consequence thereof, the SRUIL suffered financial difficulties and committed defaults in payment of Rs.30 crores to the petitioner’s company for supply of steel. The petitioner’s company instituted Summary Suit No.626 of 2014 which was decreed in its favour by a judgment delivered on 7^th October 2015. However, the petitioner’s company suffered handicaps in executing the decree dated 7^th October 2015 on account of a series of orders passed in Company Petition No.1066 of 2015 which was filed by the respondent no.17-Action Barter Private Limited. The petitioner makes allegations against the respondent no.13-Atul Chordia, the respondent no.38-Himanshu Lohia and the respondent no.24-Avi Agarwal who, according to him, are financial mafias and operate under the facade of the Indiabulls Housing Finance Ltd. These individuals and the Corporate entities are responsible for ruining the SRUIL through Janhit Manch and floated the Honest Shelters Pvt. Ltd., a shell company, which was registered in 2014. The petiti