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SHREE CHANDRASHEKHAR, GAUTAM A. ANKHAD
GTL Infrastructure Limited – Appellant
Versus
Central Bureau of Investigation – Respondent
JUDGMENT
Shree Chandrashekhar, CJ.—The GTL Infrastructure Limited (in short, GTLIL) which is a public limited company incorporated under the Companies Act, 1956 seeks quashing of the First Information Report registered on 16th August 2023 by the Central Bureau of Investigation (in short, CBI) vide RC2192023E0022 alleging commission of the offence under section 120-B read with section 420 of the Indian Penal Code and section 13(2) read with section 13(1)(d) of the Prevention of Corruption Act, 1988. It has invoked the jurisdiction of this Court under Article 226 of the Constitution of India read with section 482 of the Code of Criminal Procedure, 1973 (corresponding to section 528 of the Bharatiya Nagrik Suraksha Sanhita, 2023). This First Information Report is registered against the GTLIL, unknown public servants and unknown others.
2. On the basis of the information dated 14th July 2021, a Preliminary Enquiry vide PE 2192022E0001 was initiated by the CBI to inquire into the financial impropriety and irregularity by the GTLIL in availing credit facilities from the consortium of 19 banks and financial institutions. The basis for registering the FIR against the GTLIL and the unknown
Financial impropriety and irregularity – Allegation of overpricing of shares and decision of consortium of banks to accept proposal cannot be examined with standpoint of Investigating Agency.
FIR alleging bank loan fraud quashed absent prima facie dishonest intention at inception, forensic audits/bank decisions confirming no diversion, recoveries/repayments evidencing bona fides, preventi....
Criminal conspiracy in terms of Section 120-B of the Code is an independent offence. It is punishable separately.
The court established that the transfer of investigation to the CBI is not routine and should only occur in exceptional circumstances to maintain public confidence in the investigation process.
In tender-related fraud cases, a conspiracy can be inferred from circumstantial evidence, allowing for charge framing even without direct evidence.
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