The Andhra Pradesh High Court on Tuesday quashed an FIR registered by the state Crime Investigation Department (CID) alleging insider trading in land dealings i
Andhra Pradesh High Court strikes down insider trading in Amaravati cases
It was alleged that some people with the prior knowledge of location of the capital, purchased lands at cheaper rates in Amaravati.
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| A+A A- By Express News Service
VIJAYAWADA: The Andhra Pradesh High Court on Tuesday struck down the cases registered by the Crime Investigation Department (CID) alleging insider trading in purchase of lands by some people in Amaravati.
The concept of the offence of insider trading which is essentially an offence in the field of stock market relating to selling and buying the securities and bonds cannot be applied to the offences under Indian Penal Code and cannot be read into Section 420 IPC or into any provisions in the scheme of Indian Penal Code. The said concept of offence of insider trading is totally alien to IPC and it is unknown to our criminal jurisprudence under the Indian Penal Code. So, it cannot even contextually or relatively applied
HC quashes FIR by Andhra CID alleging insider trading of land in Amaravati ANI | Updated: Jan 20, 2021 09:38 IST
A bench of Justice Cheekati Manvendranath Roy on Tuesday, while quashing the FIR, observed that right to acquire property was a constitutional and legal right and since the lands were purchased from the sellers who willingly and voluntarily sold them to the petitioners, the said private sale transactions cannot be criminalized. The said private sale transactions cannot be criminalized and no criminal liability can be attributed to the petitioners in the facts and circumstances of the case to prosecute them for any offences much less for the offences punishable under Sections 420, 406, 409 and 120-B of IPC.