RAM NARAIN POPLY Vs. CENTRAL BUREAU OF INVESTIGATION

JUDGEMENT

(1.) Notwithstanding my great respect for learned Brother Shah's wisdom and erudition. I am unable to agree that some of the appellants i.e. A-1, A-3 and A-5 deserve to be acquitted. My reasons with which Brother Agrawal also agrees, are as follows:

(2.) The present appeals relate to Special Case No. 6/1994 which was one of the 32 cases filed by the Central Bureau of Investigation (in short the 'CBI') under the provisions of Special Court (Trial of offences relating to Transactions in Securities) Act, 1992 (in short the 'Special Court Act').

(3.) Before constitution of the Court under the Special Court Act several enquiries were made in relating to securities scam which allegedly broke out in May 1992 in various types of transactions relating to government securities. The basic allegation was that these transactions were made in active connivance with the officials of banks, financial institutions and shareholders. One Committee known as Jankiraman Committee was appointed by the Reserve Bank of India (hereinafter referred to as the 'RBI') under the chairmanship of one Shri R. Jankiraman, the then Deputy Governor of the RBI. The Committee submitted its report between May 1992 and April 1993. First report in point of time was submitted by the Committee in May 1992 and it was indicated that the amount involved was estimated to be about rupees 4,300/- crores. The Government first promulgated an Ordinance which was replaced by the Special Court Act on 8th August, 1992.