The Supreme Court on Tuesday stayed the criminal proceedings initiated by UP police on FIR lodged by Essel Group founder Subhash Chandra against Yes Bank and expressed concern over criminal procedure being invoked in a dispute of civil nature between two companies.
A bench said that invoking criminal proceedings in matter of civil dispute would have very serious consequences. Senior advocate Abhishek Singhvi, appearing for the bank, contended that proceedings against the bank by UP police was abuse of law as the UP police took steps to freeze the voting rights on Yes Bank’s stake held in Dish TV.
(With inputs from agencies)