SC directs suspension of Tihar officials for conniving with ex-Unitech promoters

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New Delhi, Oct 6 | After a stormy hearing, the Supreme Court on Wednesday ordered immediate suspension and a full-fledged probe against some Tihar Jail officials, who were identified by the Delhi Police Commissioner in a report for extending undue assistance to ex-Unitech promoters Sanjay Chandra and Ajay Chandra.

On August 26, the top court hadordered shifting of Chandra brothers, in a money laundering case involving Unitech company, to separate jails in Mumbai.

The Delhi Police informed the top court that a criminal case has been lodged against the jail officials under relevant sections of the Prevention of Corruption Act.

A bench comprising Justices D.Y. Chandrachud and M.R. Shah, against the backdrop of Delhi Police chief’s report, said prima facie, it appears jail officials have connived with the accused; therefore, they should be placed under suspension.

The order was passed after Delhi Police chief Rakesh Asthana, in his report, sought permission for a full-fledged criminal investigation against “the person mentioned and also against the unknown persons who are not mentioned”.

“We direct those officials of Tihar Jail, who were prima facie found to be complicit, will be suspended for the time being till the pendency of proceedings,” the order said.

Meanwhile, senior advocate Vikas Singh, representing Chandra brothers, urged the top court to provide them access to forensic auditor Grant Thornton’s report, which is necessary for the accused to defend themselves.

A heated exchange took place between the bench and Singh, as he urged the top court not to proceed in an ex-parte manner in the matter, and cited that his client’s family members have been put behind the bars. Singh reiterated that he should be allowed to defend against the backdrop of Grant Thornton report. However, the bench declined Singh’s plea to access the report.

On August 26, the top court ordered shifting of Chandra brothers following a report by the Enforcement Directorate claiming it has found a “secret underground office”, which was being operated by their father and Unitech founder Ramesh Chandra, and both his sons Sanjay and Ajay visited the office, when on parole or bail. The agency had alleged that it was done in collusion with the Tihar Jail authorities. The top court had observed that attempts were made by the brothers to undermine its jurisdiction.

Source: IANS

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Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Dalal Street found no relief with incessant sell off during the month. Nifty traded on a bearish note and ended at 16025.80 with loss of 99.35 points or 0.62 percent following weak global cues on Wednesday. While Banknifty closed at 34339.50 on the higher side with marginal gain of 49.35 points.

bhaskarlive market closing

The weakness in US stocks is playing out globally with signs of higher inflation, which has spoiled investors’ appetite for the Indian market as well. Rising India VIX to 25.28 has led Indices to big intraday swings on both sides. Sectorally maximum sectors closed on the negative side as Nifty IT and Nifty Media sheds more than 3 percent each. While Nifty Financial Services ended on a positive side gaining 0.68 percent.

In nifty stocks, NTPC, HDFCLIFE, SBILIFE were the top gainers while ASIANPAINT, ADANIPORT and TECHM were the prime laggards. Coming to the OI Data, on the call side highest OI witnessed at 16200 followed by 16300 strike price while on the put side, the highest OI was at 15800 strike price. Technically, Nifty has formed three black crow patterns in the daily chart suggesting bearishness would remain intact. We expect a rise in volatility as well on monthly expiry day.

Riding against the trend may not be beneficial for short term traders. All major moving averages are lying above 16300 levels. Indicators such as MACD and RSI are still struggling to overcome the oversold zone in the daily time frame. Overall, Nifty is having support at 15800 mark while on the upside 16300 may act as an immediate resistance for monthly expiry. While Banknifty has support around 33500 while resistance is placed at 35200 on the daily chart.

Om Mehra
Research Associate
Choice Broking

Source: Choice India

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