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IN THE HIGH COURT AT CALCUTTA
DEBANGSU BASAK, PRASENJIT BISWAS
Union of India – Appellant
Versus
Prashant Bothra – Respondent
| Table of Content |
|---|
| 1. facts relating to the case and parties involved. (Para 1 , 2 , 3 , 17 , 18 , 19 , 20 , 21) |
| 2. arguments presented by sfio and private respondents. (Para 4 , 5 , 6 , 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15) |
| 3. court's analysis on investigation laws and their implications. (Para 26 , 27 , 28 , 29 , 30 , 31 , 32 , 33 , 34 , 35 , 36 , 39 , 49 , 51 , 52 , 56) |
| 4. confirmation of criminal complaint registration obligations. (Para 106 , 107 , 109 , 110) |
| 5. conclusion and disposal of the appeals. (Para 111 , 112) |
JUDGMENT :
DEBANGSU BASAK, J.
Preface
1. Two appeals have been heard analogously as they emanate out of the same impugned judgment and order dated September 5, 2024 passed by the learned Single Judge in WPA 25668 of 2022.
2. Bank of Baroda has filed MAT 1889 of 2023 while Union of India and its functionaries have filed MAT 1823 of 2023 assailing the same impugned judgment and order.
3. Bank of Baroda had, sought leave to withdraw its appeal on July 17, 2025 when, after observing that Bank of Baroda is the lead banker of a consortium of bankers who lent and advanced various credit facilities to the borrower company, we postponed the decision on the request of Bank of Baroda
The court upheld that the SFIO can issue Look Out Circulars during investigations under Section 212 of the Companies Act, even without prior fraud classification of the borrower's account, emphasizin....
The SFIO has the authority to issue a Look Out Circular during fraud investigations under the Companies Act, and principles of natural justice do not apply to criminal complaints regarding fraud.
The Reserve Bank of India's guidelines do not confer jurisdiction upon the CBI to investigate bank fraud without prior state consent as mandated by the Delhi Special Police Establishment Act.
(1) Loan frauds – Consistent with the principles of natural justice, lender banks should provide opportunity to a borrower by furnishing a copy of audit reports and allow borrower a reasonable opport....
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