The Allahabad High Court has quashed the Enforcement Case Information Report (ECIR) and two FIRs against M3M India, a major real estate company. The ruling, delivered on December 20, 2024, ends the legal proceedings against the company, stating the allegations lacked legal merit.
Earlier in September 2024, the court had stayed the PMLA proceedings against the company. In another positive development, the Trial Court has reserved orders on an application to stay trial proceedings, with a favorable outcome expected.
The FIRs, filed in 2023 under the Indian Penal Code, accused M3M India and other stakeholders of causing financial harm through undervaluation of property assets in transactions involving Indiabulls Housing Finance. These charges led to the Enforcement Directorate (ED) initiating the ECIR.
The High Court ruled that the allegations were commercial disputes, better suited for civil or arbitration proceedings. It also found no evidence of criminal intent, noting the dispute stemmed from contractual disagreements. The court pointed out the delay in filing the complaints, further weakening the case against M3M India.
Stay informed on all the , real-time updates, and follow all the important headlines in and on Zee News.
