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M/S. Jermyn Capital LLC Dubai vs Central Bureau of Investigation & Ors. (Criminal Appeal No. 1434 of 2023)

Criminal Appeal · 2023 INSC 509Decided 9 May 2023
Criminal Appeal No. 1434 of 2023
Krishna Murari · Sanjay Kumar · Bela M. Trivedi as the second judge · Sanjay Kumar's signature

Background

Jermyn Capital, a foreign institutional investor, had shares and funds frozen by the CBI in 2006 and again in 2010 under Section 102 CrPC, in connection with a criminal investigation against one Dharmesh Doshi: a person who was never an employee, shareholder, or director of the company. Although the Supreme Court had earlier allowed the company to repatriate part of its funds without a bank guarantee, the trial court and Gujarat High Court insisted that repatriation of the remaining approximately Rs. 38.52 crores be conditioned on furnishing a bank guarantee, and the company challenged this condition.

Decision Breakdown

The Supreme Court noted that Dharmesh Doshi, the individual whose alleged crime justified the freeze, had since been discharged by the trial court, and that he had never held any position in the appellant company, meaning the company was never actually implicated in the FIR or chargesheet. Since the CBI's own counsel confirmed no criminal proceedings were pending against the company, the Court held that a freeze order in place for 17 years, causing the company substantial losses, could no longer be justified as necessary for any ongoing investigation. The Court set aside the requirement of a bank guarantee and allowed the company to withdraw the frozen amount along with 4% simple interest from 2006.

Lesson Learnt

An asset freeze imposed under criminal procedure to aid an investigation cannot be kept in place indefinitely once it becomes clear that the person or entity holding the assets has no real connection to the alleged crime: prolonged, purposeless freezing of funds is not sustainable.

Official source (sci.gov.in)View Judgment (PDF)

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