Order:

By these petitions, the petitioners (accused Nos.8, 9, and

10) seek to challenge the orders dated 1 November 2019

passed by the Additional Sessions Judge, Mumbai, in Criminal

Revision Applications No.248 of 2017 and 1496 of 2015,

whereby the orders dated 9 May 2014 and 7 October 2015

passed by the Additional Chief Metropolitan Magistrate, 38th

Court, Ballard Pier, Mumbai, in CC No.10/SW/2012,

discharging the petitioners for the offences punishable under

Sections 420 read with 120B of the Indian Penal Code (‘IPC’)

were set aside and the trial Court was directed to follow the

procedure contemplated under Sections 244 and 245 of the

Code of Criminal Procedure, 1973 (CrPC).

2. Based on the authorisation granted by the Central

Government under Section 621(1) of the Companies Act, 1956

(‘1956 Act’), as per the Notification dated 4 December 2008

issued by the Ministry of Corporate Affairs read with the office

order dated 16 January 2012, a complaint was filed on 26 April

2012 by the Union of India through the Senior Assistant

Director (Investigation) of the Serious Fraud Investigation

Office (‘SFIO’) in the Court of Additional Chief Metropolitan

Magistrate, 38th Court, Ballard Pier, Mumbai. The complaint

was filed against Triumph Securities Limited and ten other accused for offences punishable under Sections 420 read with

120B of the IPC, concerning cheating and criminal conspiracy.

It is alleged that these accused, in collusion with the promoters

of accused No.8 and others, engaged in fraudulent activities to

deceive the genuine investors. The core allegations in the

complaint are that accused No.8 to 10 directly or indirectly

funded certain entities controlled by accused No.2, referred to

as KP entities in the complaint. Of these entities, only accused

No.1 has been arraigned as an accused in the complaint. The

financial assistance rendered by the petitioners was used with

the dishonest intention of purchasing the shares of accused

No.8 and manipulating the capital market, thereby enabling the

promoters of accused No.8 to offload their shareholdings when

the share price was high and reacquire them when the prices

dropped, thus profiting from these unlawful trades. By doing

so, the accused misled the public into believing that the scrip’s

price movement was normal and profited therefrom. The

specific details of these allegations are outlined in paragraphs

25 and 26 of the complaint, which reads thus:

“25. That the presiding facts clearly indicated

that Shri Ketan Parekh entered into criminal

conspiracy with Adani Exports Limited/ Adani

Properties Private Limited and its group/

associates and subsidiaries to artificially and

unlawfully manipulate share price of accused

No.8 (Adani Exports Limited) with dishonest intention of causing unlawful gain to the

promoters of Adani and himself/ his group

companies and causing resultant unlawful loss to

the public during the period of the scam.

26. That promoters of Adani Entities made

unlawful gains by providing funds and shares to

KP Entities for artificially manipulating shares of

the company and offloading their shareholding

when the share price was ruling height. They

were also aware of the manipulation and price

movement of the shares at each stage as they

were controlled with their own finances and

shares by KP Entities through his group

companies. The public was deceived to believe

that the price movement of the scrip was normal

and was induced to acquire the shares offloaded

in the market by the promoters of the company

as its peak price. The KP Entities made unlawful

gain of about Rs.151.40 Crores from transactions

in the Adani scrip and the promoters of Adani

Group made unlawful gain of about Rs.388.11

Crores. The members of the public and other

persons suffered huge losses amounting to

approximately Rs.151.40 Crores plus Rs.388.11

Crores on account of the aforesaid unlawful

activities of the conspirators accused Nos. 1 to 11

mentioned above.”

3. The petitioners in Wr