The Bombay High Court declined to provide immediate relief to Raj Bansal, the Managing Director, and Chief Executive Officer of Edelweiss Asset Reconstruction Co. Ltd., as well as Rashesh Shah, the Chairperson, both of whom are currently facing accusations of abetting the suicide of art director Nitin Desai.
Bansal and Shah, the petitioners, approached the High Court seeking the annulment of the FIR lodged against them for their alleged involvement in abetting Desai’s suicide.
Senior Advocate Amit Desai appeared implored the Court to grant protection from arrest to the CEO and chairperson of Edelweiss until the subsequent hearing.
However, the Court was disinclined to provide any form of relief, stating, “Wait for a week. Next week we will consider.”
The Court stated, “Wait for a week. Next week we will consider.”
The division bench of Justices Nitin Sambre and RN Laddha issued notice to Desai’s wife, who had lodged the FIR against the CEO, chairperson, and two other members of the Edelweiss group.
As Chief Public Prosecutor Aruna Pai informed the Court that Desai’s wife was a party to the petition, her response in the matter was solicited.
Pai contested the plea for the FIR’s dismissal while asserting that only 8 days passed since the FIR was filed. The Court was informed that the investigation in this case was still in a nascent stage.
Additionally, Jitendra Kothari, the Interim Resolution Professional overseeing insolvency proceedings initiated for Desai’s company, ND Art World, also engaged the Court.
Kothari, represented by Senior Advocate Abad Ponda, requested the Court to issue directives ensuring the seamless continuation of his duties as the resolution professional.
The next hearing is scheduled on August 18.
