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TMI Blog2025 (5) TMI 934X X X X Extracts X X X X X X X X Extracts X X X X ..... payout for sale of certain shares in his favor on superdari subject to him furnishing a Guarantee of the same amount, before the Magistrate Court. 3. The appellant and respondent no. 2 are both companies engaged in the trade of shares/securities and are registered with the BSE. On 07.08.2015, on a complaint made by the appellant (through its Managing Director), under Section 156(3) CrPC, an FIR was registered under Section 420, 120B of the Indian Penal Code (hereinafter 'IPC'). In this FIR, it was alleged that on 01.04.2013 the appellant received a phone call by a person impersonating himself as their client 'Brij Mohan Gagrani', to purchase 1 lakh shares of a company named 'Ashutosh Paper Mills Ltd. After the purchase was executed, the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s observed that the release of the funds will impact the rights of the appellant. The investigation was however, directed to be expedited. 7. Being aggrieved by the order of the revisional court, respondent no. 2 filed a Section 482 CrPC petition before the High Court. The High Court allowed this petition by impugned order dated 25.02.2025, and directed the release of the sale value of the shares in favor of respondent no. 2. Now the appellant is before us, assailing the above order. 8. We have heard both the sides and perused the material on record. 9. While allowing respondent no. 2's Section 482 petition, the High Court observed that the role of respondent no. 2 as being party to the fraud cannot be ascertained as of now. It was held ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ruled out. The role of respondent no. 2 has yet to be ascertained and a clear picture would emerge only after the investigation. It is therefore premature to give a clear chit to respondent no. 2 and hold that he is entitled to the sale value of the shares sold by him, especially when the market value is negligible. When the investigation is still underway, releasing the sale value of the shares will frustrate the investigation. Both the Magistrate Court as well as the Revisional Court, have rightly held that the funds in question cannot be released at this stage. The High Court should not have disturbed these findings. 13. Thus, in our opinion, the order dated 25.02.2025, passed by the High Court deserves to be set aside. 14. We make it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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