C.B.I. vs DUNCANS AGRO INDUSTRIES

The Supreme Court upheld the decision of the Calcutta High Court to quash FIRs lodged by the Central Bureau of Investigation against Duncans Agro Industries Ltd. The Court found that the FIRs lacked sufficient grounds as the allegations pertained to transactions that were sanctioned by the High Court under a Scheme of Arrangement. The Court emphasized that the approval of the Scheme by the High Court was binding and that the bank's actions were in accordance with legal advice received, thus establishing that the FIRs were unwarranted.