The Supreme Court of India Upholds Madras High Court's Judgment, Quashing the Predicate Offense of the ECIR
Feb 5th, 2024
SecureKloud Technologies, a prominent player in the digital transformation and cloud technology, listed on NSE and BSE, celebrates a landmark achievement in the ongoing legal proceedings concerning its Promoter, Suresh Venkatachari. The Madras High Court's groundbreaking ruling, which unequivocally quashed the money laundering case filed by the Enforcement Directorate (ED) against the promoters of SecureKloud Technologies, was upheld by the Supreme Court of India. The Supreme Court rejected the appeal filed by the Enforcement Directorate, affirming the Madras High Court's judgment and conclusively endorsing the quashing of the predicate offence of the ECIR in this pivotal decision.
SecureKloud has issued an official statement to both the Bombay Stock Exchange and the National Stock Exchange announcing the exoneration of its promoters from any charges, following the conclusive judgments of both the High Court and the Supreme Court.
The genesis of this case dates back to the filing of an Enforcement Case Information Report (ECIR) in 2020. After careful consideration of the arguments presented by both the Enforcement Directorate and the promoters of SecureKloud Technologies, the court concluded, expressing satisfaction in quashing the ECIR against the promoters of SecureKloud. The High Court judgements in favour of the promoters of SecureKloud were delivered by a division bench of the High Court of Madras, comprising Justice S.S. Sundar and Justice Sunder Mohan. The order underscores the fact that SecureKloud is in no way connected to the money laundering charges levelled against them. The Enforcement Directorate's appeal against the quashing of the predicate offense of the ECIR by Madras High court has now been upheld by the Supreme Court, implying Suresh Venkatachari is free of all charges.
Suresh Venkatachari pursued a Writ of Certiorari to annul the case proceedings. The court, exercising its judgement, granted the writ petition and nullified the challenged proceedings. This decision referenced the earlier quashing of the FIR related to the predicate offence, drawing upon the legal precedent established by the Supreme Court in the case of Vijay Madanlal Choudhary and others v. Union of India. Legal representation for the writ petitions were managed by Mr. Sathish Parasaran and Mr. T.N.C. Kaushik , advocating on behalf of Suresh Venkatachari.
In response to the High Court's judgment, Mr. R. Thyagarajan, CFO of SecureKloud Technologies Limited, expressed satisfaction, stating, "We are pleased with the ruling, which affirms our position and dispels any doubts regarding our company's involvement in illicit activities. This decision not only upholds our commitment to integrity but also empowers SecureKloud to move forward with unwavering dedication to innovation and responsible corporate conduct."
The nullification of allegations by the High Court is recognized by the company, underscoring the unfounded nature of accusations against SecureKloud's promoters, which resulted in unwarranted negative publicity attempting to tarnish the hard-earned goodwill of the organization. As SecureKloud moves forward, it remains dedicated to dispelling misconceptions and reinforcing its dedication to ethical business practices and transparency.
The company envisions expanding its footprint in emerging markets, fostering strategic partnerships, and investing in cutting-edge technologies to reinforce its position as a leader in the dynamic landscape of digital transformation and cloud technology. SecureKloud is committed to dispelling misconceptions and reinforcing its dedication to ethical business practices and transparency as it expands its footprint in emerging markets, fosters strategic partnerships, and invests in cutting-edge technologies to reinforce its position as a leader in the dynamic landscape of digital transformation and cloud technology.
About SecureKloud : SecureKloud Technologies is an industry-recognized global leader in digital transformation. With a focus on cloud computing, cybersecurity, and data management, they enable organizations to embrace the digital revolution and unlock their true potential. With a commitment to integrity and innovation, SecureKloud Technologies empowers businesses to thrive in the ever-evolving digital landscape.
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