VIJAYRAJ SURANA Vs. C.B.I

JUDGEMENT

(1.) The registration of the first information report in No.RC0782020E005 dtd. 8/9/2020 by the respondent No.1 - Central Bureau of Investigation for the offences punishable under Ss. 120B read with Ss. 420, 468 and 471 IPC and under Ss. 13(2) read with 13(1)(d) of the Prevention of Corruption Act is impugned in this petition by the accused No.4.

(2.) The respondent No.2 lodged the first information report with the respondent No.1 stating that the accused No.1 - Surana Power Limited, and the Promoter Director including the petitioner, who was one of the Promoter Directors, were involved in all the important decisions of the company, especially as the company was setting up the project. The total power project value was Rs.2,400.00 crore. The respondent No.2 indicated Rs.1,800.00 crore in September, 2010 based collaterals. The promoter infused Rs.350.00 crore. PE Investor Sycamore Ventures, USA who agreed to bring Rs.300.00 crore failed to infuse resulting in delay and halt.

(3.) The lenders (Banks) independent engineers were monitoring and reporting the project status to the lenders and according to their 10th monitoring report 58% of the project work was completed. Due to the delay, there was cost overrun and the respondent No.2 after securing further guarantee agreed to lend further sum of Rs.72.30 crore, however, did not disburse as the other consortium Bank failed to release their part of the amount. The project was stalled in November, 2013 due to the failure on the part of the private equities.