V.P. SHRIVASTAVA vs INDIAN EXPLOSIVES LTD. .

The Supreme Court upheld the High Court's decision to not quash a private complaint against the appellants under Sections 420, 406, and 120B of the Indian Penal Code, 1860. The Court emphasized that the complaint was maintainable despite the company's status as a sick company under the Sick Industrial Companies (Special Provisions) Act, 1985, as the allegations involved serious offences of fraud and criminal conspiracy. The Court clarified that the provisions of SICA do not provide immunity to individuals from criminal liability arising from their actions in the course of their employment.