Quashing of FIR against ex-director of ILFS cannot be presumed as a ‘Clean Chit’

Ravi Parthasarthy and Ors. vs. State of Tamil Nadu Conclusion: The FIR against the ex-director of IL&FS was quashed as when SFIO was probing the case, no other investigative agency was empowered to investigate into the affairs of IL & FS and its subsidiary companies for any offences under the Companies Act but the same did not allow a clean chit to assessee herein, as persons who was beyond a pale of doubt. Held: Assessee contended that he could not be proceeded with under the TNPID Act in view of the bar u/s 212 of the Companies Act relating to investigation by SFIO and once investig...