Description
Bombay High Court order regarding transfer of investigation in FIR No.120 of 2019 against Highbrow Market Research Investment Advisor Pvt. Ltd. and its Directors, with CBI investigation concluded and SIT constituted.
Summary
Bombay High Court order dated August 22, 2025 in Writ Petition No. 4101 of 2022 filed by Debaprasad Nanda and others against the State of Maharashtra and SEBI. The court clarified that the petitioners’ prayer for CBI investigation transfer has been satisfied following Supreme Court order dated February 24, 2025 and subsequent SIT constitution on April 8, 2025. The matter relates to FIR No.120 of 2019 registered at D.N. Nagar Police Station under sections 420 & 406 r/w 34 IPC against Highbrow Market Research Investment Advisor Pvt. Ltd. and its Directors.
Key Points
- Petitioners sought transfer of investigation to CBI and consolidation of all FIRs against Highbrow Market Research Investment Advisor Pvt. Ltd.
- High Court’s January 12, 2024 order transferring investigation to CBI was set aside by Supreme Court on February 24, 2025
- Supreme Court directed High Court to consider appointing Special Investigation Team (SIT)
- SIT was constituted by High Court vide order dated April 8, 2025
- CBI has concluded its investigation
- Petitioners clarified no request for clubbing of matters pending at their behest
- CBI sought liberty to hand over investigation papers to Kudal Police Station which independently investigated FIR No.231 of 2018 dated September 29, 2018
Regulatory Changes
No new regulatory changes introduced. This is a judicial order addressing investigation procedures in an ongoing criminal matter.
Compliance Requirements
No specific compliance requirements. The order addresses procedural aspects of ongoing criminal investigation.
Important Dates
- September 29, 2018: FIR No.231 of 2018 registered at Kudal Police Station
- 2019: FIR No.120 of 2019 registered at D.N. Nagar Police Station
- January 12, 2024: High Court order transferring investigation to CBI
- February 24, 2025: Supreme Court set aside High Court order and directed consideration of SIT
- April 8, 2025: High Court constituted SIT
- August 22, 2025: Current order passed by Bombay High Court
Impact Assessment
This order has limited direct market impact as it deals with procedural matters in ongoing criminal investigation against Highbrow Market Research Investment Advisor Pvt. Ltd. and its directors. The investigation relates to offenses under sections 420 (cheating) and 406 (criminal breach of trust) of IPC. The constitution of SIT and conclusion of CBI investigation represents progress in the matter. The order clarifies the procedural status and indicates coordination between different investigating agencies. No immediate compliance actions required for market participants.
Impact Justification
Court order on procedural matters regarding ongoing investigation into investment advisory firm, CBI investigation concluded and SIT constituted as per Supreme Court directions