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2021 (12) TMI 1465 - RAJASTHAN HIGH COURTFraud/cheating - Impleadment as a party - Generation of funds through forgery and criminal offences - Locus standi to be heard - HELD THAT:- The applicants who have moved applications for impleadment were heard. However, it is a settled law that such persons cannot be made a party in misc. petition where the complainant seeks invoking of inherent powers of this court for directing firm investigation and for seeking supervision of a proper investigation in a case relating to fraud and cheating. The applicants although may not be necessary party but they have a right to be heard and recognizing their locus standi the counsels have been heard. In the case of MADHU LIMAYE VERSUS STATE OF MAHARASHTRA [1977 (10) TMI 111 - SUPREME COURT] and in the case of SIMRANJIT SINGH MANN VERSUS UNION OF INDIA (UOI) AND ORS. [1992 (9) TMI 381 - SUPREME COURT], the principle has been recognized that even if a person may not be directly connected in a criminal case and any order passed in a criminal case affects his rights, he has a liberty to move appropriate applications for questioning the legality and validity or correctness of the order which has affected his rights. Keeping the said principle in mind, this court finds that essentially all the applicants who have been named above are those who have purchased share/shares from BSE and NSE relating to the companies which have been mentioned by the complainant in his complaint to the Investigating Officer. The shares were purchased earlier they are liable to be unfreezed. However, if the same were purchased in between and if it is found that such shares were originally purchased by way of proceeds of crime, they would be liable to be confiscated. The petitioner as well as the applicants before this court can always submit their stand before the concerned SFIO who shall look into the entire case and reach to its own independent conclusion. If it is found that the shares as purchased by the applicants are in no manner connected, the SFIO shall be free to unfreeze the shares - petition disposed off.
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