HC refuses to stay investigation against Indiabulls officials

NEW DELHI: The Delhi High Court on Tuesday refused to stay the ongoing investigation against the top officials of brokerage firm Indiabulls for allegedly resorting to illegal transactions from its investors' accounts, but restrained the police from haras sing the company executives.
"I cannot pass the order (to quash the FIR) at this stage. I would have to go through the case.... The petitioner (Indiabulls) and its officials would join the investigation but they would not be harassed," said Justice Sanjay Kishan Kaul.
India Bulls Financial Services Ltd approached the high court after the FIR was registered against its top officials, including the Vice-President, on the direction of a city court for allegedly carrying out illegal transactions from the accounts of inves tors registered with the company.
Pleading for quashing the FIR, senior advocate Mr Mukul Rohatgi appearing for the company contended that the complaints of the investors were baseless and there was no case of cheating or criminal transaction.
"FIR has been registered against my officials," Mr Rohatgi said, adding that, "if it is not stayed then tomorrow many others might approach the court and my officials would be picked up and harassed. My office is situated all over the country."
He further submitted that if the FIR could not be quashed then at least the court should provide protection to its officials. - PTI
Tuesday, April 8, 2008
THE HINDU; BUSSINESS LINE