For the purpose of obtaining previous sanction from the appropriate Government under Section 197 CrPC, it is imperative that the alleged offence is committed in discharge of official duty by the accused.

JUDGMENT

(Prayers: Criminal Original Petition has been filed under Section 482 of Cr.P.C., to call for the records in C.C.No.554 of 2023 on the file of the learned Additional Chief Metropolitan Court, Egmore, Chennai and quash the same.

Criminal Original Petition has been filed under Section 482 of Cr.P.C., to call for the records in C.C.No.554 of 2023 on the file of the learned Additional Chief Metropolitan Court, Egmore, Chennai and quash the same.

Criminal Original Petition has been filed under Section 482 of Cr.P.C., to call for the records in C.C.No.554 of 2023 on the file of the learned Additional Chief Metropolitan Court, Egmore, Chennai and quash the same as in so far as the petitioner is concerned.

Criminal Original Petition has been filed under Section 482 of Cr.P.C., to call for the records in C.C.No.554 of 2023 on the file of the learned Additional Chief Metropolitan Court, Egmore, Chennai and quash the same as in so far as the petitioner is concerned.

Criminal Original Petition has been filed under Section 482 of Cr.P.C., to call for the records and quash and set aside the C.C.No.554 of 2023 as against the petitioners, pending on the file of the learned Additional Chief Metropolitan Court, Egmore, Chennai.)

Common Order

1. The crime and investigation of financial fraud to a tune of INR 600 crores involving officials of IDBI Bank and the Directors of Siva Industries and Holding Ltd and its subsidiary companies, is the subject matter of C.C.No.554/2023 pending on the file of Additional Chief Metropolitan Magistrate Court, Egmore, Chennai.

2. A complaint from Shri.Praveen Sinha, Additiaonal Secretary, Central Vigilance Commission triggered the registration of FIR on 13/04/2018 against 39 F.I.R named accused which includes Companies, Public Servants, private individuals, and also unknown public servants and others.

3. The complaint of the CVC Commissioner in short was about the conspiracy between the Senior Management IDBI Officers with the Promoters/Directors of Siva Group of Companies to cheat IDBI bank under the garb of restructuring the loan of M/s Win Wind Oy (a company incorporated in Finland) by granting loan of 83 million USD to M/s Axcel Sunshine Limited (ASL) a company based on the British Virgin Islands, which is an associate company of Siva Group of Companies.

4. The scheme of conspiracy runs as below:-

Initially, ICG, Chennai IDBI in the month of October 2010 sanctioned loan to M/s Win Wind Oy (in short ''M/s WWO'' ) to the extent of 52 million EUR (INR equivalent 322.40 crores), taking security of M/s.Siva Industries and Holding Ltd (SIHL) as corporate guarantee. After sanction of loan, the facilities were operated through the Dubai Industrial Finance Centre (DIFC) Branch, Dubai. Later, M/s WWO defaulted in repayment. It was granted voluntary bankruptcy by a Court in Finland in the month of October, 2013. Bankruptcy Estate Administrator (BEA) was appointed by the Finland Court for liquidation of the assets of M/s.WWO. In spite of knowing the bad financial position of Siva Groups of Company and about the voluntary bankruptcy of M/s.WWO, the Senior Officials of IDBI Bank granted loan to M/s Axcel Sunshine Limited, for non-productive purpose to a tune of 83 Million USD to use the same for repaying the loan of M/s WWO and other associate companies of Siva Groups. In contrary to RBI regulations and guidelines, for the loan to M/s Axcel Sunshine Limited (a Foreign Company). Unlisted shares of Tata Tele Services (Indian Company) was taken as primary security. As collateral security, pari-passu charge of third party immovable property worth Rs.38 crores along with the corporate guarantee of Siva Industries & Holdings Ltd (SIHL) was obtained. The order sanctioning loan to M/s ASL vide letter dated 05/03/2014 was modified within 20 days i.e., on 25/03/2014 by the Executive Committee Members of IDBI by classifying the facility as Medium Term Loan with modified rate of interest and the Corporate Guarantee of Siva Ind