Hdfc Securities Ltd.& Ors vs State Of Maharashtra & Anr

The Supreme Court held that the dismissal of the writ petition by the Bombay High Court was justified as it was premature, and there was no necessity to exercise powers under Article 227 of the Constitution or Section 482 of the Cr.P.C. The Court emphasized that the arbitration proceedings initiated by the respondent were a valid alternative remedy, and the FIR registered under Sections 409, 420, 465, 467, 34, and 120-B IPC was not to be interfered with at this stage. The appeal was dismissed, affirming the High Court's order.