SC agrees to quash charges against Sandesaras in Rs.5,100 cr settlement
New Delhi, Nov. 25 -- 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 Rs.5,100 crore to meet the demands of lender banks.
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 ef...
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