* IN THE HIGH COURT OF DELHI AT NEW DELHI %

Pronounced on: 28^th March, 2025 + CRL.M.C.2526/2019, CRL.M.As.10049/2019 & 10051/2019 M/S PRAKASH INDUSTRIES LTD & ANR .....Petitioners Through: Mr. Vikas Pahwa, Senior Advocate with, Mr. Gurpreet Singh, Mr. Amir Khan, Mr. Shivam Tandon, Ms. Namisha Samshi, Mr. Shivam Tandon, Mr. Kunal Aggarwal and Mr. Ali Kazi, Advocates.

versus DIRECTORATE OF ENFORCEMENT & ANR ....Respondents Through: Mr. Ripudaman Bhardwaj, SPP with Mr.Kushagra Kumar and Mr. Abhinav Bhardwaj and Mr. Vishal Baliyan, Advocates for CBI.

+ CRL.M.C. 7396/2023 & CRL. M.A. 27609/2023 VIPUL AGARWAL .....Petitioner Through: Mr. Arshdeep Singh Khurana, Mr.

Peeyush Bhatia and Mr. Sulakshan V. S., Advocates versus CENTRAL BUREAU OF INVESTIGATION & ANR. .....Respondents Through: Mr. Ripudaman Bhardwaj, SPP with Mr.Kushagra Kumar and Mr. Abhinav Bhardwaj and Mr. Vishal Baliyan, Advocates for CBI.

CORAM:

CRL.M.C.2526/2019 & one other connected matter Page 1 of 78 Signature Not Verified Digitally Signed By:PRAVEEN HON’BLE MR. JUSTICE CHANDRA DHARI SINGH

J U D G M E N T

CHANDRA DHARI SINGH, J.

1. At the outset, it is stated that by way of both the captioned petitions, the petitioners have sought for common reliefs and have made similar submissions before this Court. Therefore, for the purpose of adjudication, this Court has culled out the facts and submissions from Crl.M.C. 2526/2019 for convenience.

FACTUAL MATRIX

1. The instant petition, CRL.M.C.2526/2019, under Section 482 of the Code of Criminal Procedure, 1973 (hereinafter “CrPC”) [now Section 528 of the Bharatiya Nagarik Suraksha Sanhita, 2023 (hereinafter “BNSS”) has been filed on behalf of the petitioner seeking supply and quashing of ECIR no. 07-DLZO-01/2018; quashing of RC no. – AC- 1/2014/A-0005/CBI/AC-I dated 1^st August, 2014; quashing of final report dated 27^th September, 2017 filed in CC No. 30/2017, arising out of RC no. – AC-1/2014/A-0005/CBI/AC-I as well as quashing of the order of cognizance dated 9^th March, 2018 passed by the learned Special Judge, CBI-05, Patiala House Courts, New Delhi district, New Delhi.

2. It is pertinent to note that vide order dated 16^th August, 2023, in CRL. M.C. 2526/2019, in view of the request made by the petitioner, the Directorate of Enforcement was deleted from the array of parties. It was further recorded that no relief was being pressed against the Directorate of Enforcement, and thus, this Court shall not be delving into prayer „a‟, „b‟ and „f‟ in CRL. M.C. 2526/2019.

CRL.M.C.2526/2019 & one other connected matter Page 2 of 78 Signature Not Verified Digitally Signed By:PRAVEEN

3. Petitioner no. 1 in CRL. M.C. 2526/2019, i.e., M/s Prakash Industries Ltd. (hereinafter “PIL”) is a company incorporated and is engaged in the business of coal mines, iron and steel, power and wind energy. Petitioner no. 2, i.e., Mr. Ved Prakash Agarwal is the Chairman and Managing Director (hereinafter “CMD”) of PIL. The petitioner, in CRL. M.C. 7396/2023, namely Mr. Vipul Agarwal, is a Chartered Accountant and has been working as a Financial Consultant in PIL since 2013. He has been associated with the company for a considerable period of time and was a Director (Finance and Accounts) prior to the year 2013. 4. PIL, vide letter dated 14^th October, 2009, addressed to the State Bank of India, submitted Form 83 for the allotment of loan registration number of their Foreign Currency Convertible Bonds (hereinafter “FCCB”) amounting to USD 50 Million in light of the External Commercial Borrowing (hereinafter “ECB”)/FCCB guidelines of the Reserve Bank of India (hereinafter “RBI”).

5. In furtherance of the aforesaid letter, PIL submitted the details of the transaction pertaining to the issuance of FCCB, which were required to be forwarded to RBI. Subsequently, on 15^th October 2009, RBI, in response to PIL‟s request, allotted Loan Registration Number 2009538 under the applicable, ECB/FCCB guidelines. It is stated that the entire process was handled by one Mr. Pawan Bansal, a