SC agrees to quash charges against Sandesaras in ₹5,100 cr settlement

The Supreme Court has agreed to quash all criminal proceedings against Chetan Jayantilal Sandesara and Nitin Sandesara, fugitive promoters of Sterling Biotech Ltd accused in a multi-crore bank fraud, after the brothers told the court they would deposit an additional ₹5,100 crore to meet the demands of lender banks.

- Utkarsh Anand

The Sandesara brothers must deposit the entire amount by December 17. MINT

A bench of justices J.K. Maheshwari and Vijay Bishnoi said the court had consistently taken the view that once the Sandesaras were willing to pay the amounts settled under their One Time Settlement (OTS) with banks and public money was returning to lenders, continued criminal prosecution would serve “no useful purpose”. The brothers must deposit the entire amount by December 17, for the quashing to take effect even as the bench clarified the order will not be treated as precedent in any other case.

In its detailed order issued last week, the court accepted a proposal placed in sealed cover by Solicitor General Tushar Mehta, under which the brothers agreed to pay 5,100 crore as a full and final settlement of all outstanding dues tied to FIRs filed by the CBI (Central Bureau of Investigation), ECIRs by the Enforcement _ Directorate, attachments under PMLA, proceedings under the Fugitive Economic Offenders Act (FEOA), prosecutions by the SFIO and under the Black Money Act, and Income Tax compiaints.