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The Single Judge Bench, of Justice Cheekati Manavendranath Roy, gave their opinion in a matter related to the Amravati land scam.
The Andhra Pradesh High Court issued an order in an plea against a First Information Report (F.I.R.) that had been registered as Crime No. 49 of 2020 of C.I.D.P.S., A.P, Amaravati of Mangalagiri, against the petitioners.
The FIR was filed under Sections 120 - B, 406 and 420 of the Indian Penal Code (IPC) which include offences such as criminal conspiracy, criminal breach of trust and acquiring property by means of dishonesty.
The Court dismissed the F.I.R. registered against the petitioners on the grounds that it is not maintainable against the petitioners based on the facts and circumstances of this case.
The Court held that in this matter it is within the legal and constitutional rights of the petitioners to purchase land from willing sellers.
The Court further explained that the transaction between the petitioners and the seller is valid as both the parties were willing and had voluntarily entered into the contract and that the consideration was valid and the sale deed had been registered as required by law.
The Court also recognized that the petitioners were under no obligation to inform the sellers about any information that could potentially affect the value of the land.
The Court, further, elucidated that since the transaction is of a private nature, it cannot be criminalized and that no criminal liability can be levied on the petitioners.
Further, the Court explained that the concept of insider trading is not a part of the Indian Penal Code. In fact, the concept of insider trading is only applicable to the stock market. It is an offence when one buys and sells securities based on insider information. Therefore, it cannot be applied to Section 420 of the Indian Penal Code.
The Court stated that because the petitioners have not committed any criminal offence , therefore, they cannot be prosecuted.
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