One-liner: The Supreme Court on Tuesday stayed the criminal proceedings in the FIR lodged by Essel Group against the Yes Bank saying it cannot allow the police sitting in Gautam Buddha Nagar in Uttar Pradesh to freeze voting rights of shareholders of a company.
Bench action: The bench also stayed the operation of two notices issued by Gautam Buddha Nagar police to the stock exchange and the National Securities Depository Limited (NSDL) asking it to not allow any transfer of shares of Essel group held by the bank.
Hearing an appeal: The top court was hearing an appeal filed by the bank against the Nov 25 order of Allahabad High Court refusing to quash the notices under section 102 of the Criminal Procedure Code (CrPC) and FIR lodged by the police.
Scuttling voting rights: During the hearing, senior advocate AM Singhvi, appearing for Yes Bank said, this is one of the most extraordinary cases where mala fide criminal proceedings are initiated to scuttle the voting rights of the largest shareholder of the Essel Group.
No AGM: Sibal asked the court to record his statement that he will not hold the Annual General Meeting (AGM) and if he is able to prove that the shares are tainted, then the police have every right to go after them.
AGM deferred: Singhvi intervened and said that the AGM, which was scheduled for Tuesday, was deferred because Yes Bank had mentioned before the CJI bench on Monday.
Source: PTI