This is in regards with an old case. MCX-SX, set up by FTIL and its commodity exchange arm MCX, began functioning as a full-fledged stock exchange in 2013 after a prolonged battle with capital markets regulator Securities and Exchange Board of India (Sebi).Read more: Jignesh Shah and his journey so far
CBI had registered a preliminary inquiry in March 2014 to probe the grant of a licence to MCX-SX. The inquiry was turned into an FIR in August 2014 which named Shah, FTIL and four Sebi officials who were involved in the deal, out of which one Sebi official was no longer serving at Sebi. Jignesh Shah was out on bail after he was arrested Rs 5600 crore NSEL scam.
Talking about the above development, Criminal Lawyer, Satish Maneshinde said one does not know why it took the CBI so long to catch up with Jignesh Shah but if the CBI has arrested him, then they must surely be having proof with them.
This also brings to light the fact that investigating agencies are coming down heavily on offenders who do not comply with legal requirements.
It clearly shows that nobody is above law, which has been proven by arrests made in 2G case, Colgate case etc.
However, reacting to the news, MP & Senior Advocate Majeed Memon said Shah will plead before the court tomorrow and contend that a person cannot be arrested with regular interval for same incident or offences. One should also understand that arrest is not a part of punishment and he could be kept in custody for some time for the purpose of facilitating further investigation. So, Jignesh Shah would not have much difficulty in securing bail in this case, said Memon.
In the same interview, KTS Tulsi, Senior Advocate, Supreme Court said he could not say more about the case in point because he did not have the details of the case. However, he did share few aspects of law on why the arrest may not have been the right action.
Watch video for more.
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