[IL&FS scam] Madras High Court quashes TNPID case, but clarifies it is not a "clean chit" [Read Judgment]

The Court cited Section 212 of the Companies Act to hold that TNPID investigation is barred given that the case has been assigned to the SFIO.
IL & FS Headquarters, BKC
IL & FS Headquarters, BKCImage for representative purposes only

The Madras High Court on Tuesday quashed a case registered under the Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act, 1997 in 2020 in connection with the ₹ 91,000 crore IL&FS scam, although the Court clarified that it is not commenting on SFIO probe underway or giving the alleged perpetrators a clean chit (Ravi Parthasarathy and ors v. State and anr).

Loading content, please wait...
Bar and Bench - Indian Legal news