SC quashes Sandesaras’ trial in fraud case after ₹5K cr deposit

THE BROTHERS DEPOSITED ₹5,111 CR IN COMPLIANCE WITH AN EARLIER ASSURANCE GIVEN TO THE COURT TO SETTLE CLAIMS OF LENDER BANKS IN A BANK FRAUD CASE

- Utkarsh Anand

The Supreme Court on Wednesday gave final clearance to quash all criminal proceedings against fugitive promoters of Sterling Biotech Ltd, Chetan Jayantilal Sandesara and Nitin Sandesara, after the brothers deposited an additional ₹5,111 crore in compliance with an earlier assurance given to the court to settle the claims of lender banks in a multi-crore bank fraud case.

A bench comprising justices JK Maheshwari and Vijay Bishnoi noted that the deposits were made between December 3 and December 6 in the registry of the Supreme Court, fully satisfying the condition laid down by the court in its November 19 order. On that date, the bench had agreed in principle to quash all criminal proceedings against the Sandesara brothers, subject to their depositing an additional ₹5,100 crore to meet the demands of banks under their onetime settlement.