SC stays criminal action on FIR against Yes Bank

New Delhi, November 30

The Supreme Court (SC) on Tuesday stayed the criminal proceedings initiated on an FIR lodged by Essel Group against Yes Bank and pulled up the Uttar Pradesh Police for issuing a notice to the bank to prevent it from exercising its voting rights in Dish TV AGM.

“Using criminal procedure to achieve results of civil proceedings will have a dangerous consequence. Tomorrow, anybody will catch a police officer and stall the voting of a shareholder. This will be the easiest thing to do,” a Bench led by Justice DY Chandrachud said. The Bench said it couldn’t allow the police sitting to freeze the voting rights of shareholders of a public-listed company. “The police have done something which the Company Law Tribunal won’t do,” it said. — TNS