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TMI Blog2023 (9) TMI 1433X X X X Extracts X X X X X X X X Extracts X X X X ..... DA/Respondent No. 3 and Sri Zahib Hussain, learned Special Counsel for the Enforcement Directorate/Respondent No. 4 (through video conferencing). Sri Vedaug Mishra, Legal Consultant, Directorate of Enforcement (ED) has appeared in person to handover compilation on behalf of the Respondent No. 4. The instant writ petition has been filed for declaring Section 420 I.P.C. manifestly arbitrary and ultra vires on the vice of Article 14 & 21 of the Constitution of India as also for quashing qua the petitioners, their Officers, Representatives and Managers, the impugned F.I.R. bearing No. 0197 of 2023 dated 15.04.2023 under Sections 420, 467, 468, 471 and 120-B of I.P.C., Police Station Beta-2, District Greater Noida, registered at the instance of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0% equity shares of the Petitioner No. 2 to secure the loan advanced by Indiabulls Housing Finance Ltd. (IHFL) to the Shipra Group. Later on, Indiabulls Housing Finance Ltd. exercised its right under the share sale and purchase agreement sold the pledged equity shares with the Petitioner No. 1, M3M India Pvt. Ltd. as confirming party for a consideration of Rs. 900 Crores. It is the case of YEIDA/Respondent No. 3 that the transfer of share holding of M/s Kadam Developers Pvt. Ltd. is in violation of the law and has caused financial loss of Rs. 200 Crores to YEIDA. The impugned F.I.R. dated 15.04.2023 has consequently been lodged by YEIDA/Respondent No. 3. The Directorate of Enforcement has registered an ECIR being ECIR/HIU-I/06/2023 treatin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the proceedings before the Apex Court. We have heard the respective Counsels and have given our thoughtful consideration to their submissions. From the records, we find that the impugned F.I.R. dated 15.04.2023 lodged at the instance of the Respondent No. 3 and the consequent registration of ECIR against the present petitioners is the subject matter of Criminal Misc. Writ Petition No. 10893 of 2023. The said writ petition has already been entertained and an interim protection .has been granted to the petitioners therein. Though, a recall of the order dated 04.07.2023 passed by the Apex Court, which order forms one of the basis of our order, is stated to be pending, or for that matter a SLP is also stated to have been filed against our ..... X X X X Extracts X X X X X X X X Extracts X X X X
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