Assets' transfer case SC stays criminal proceedings against Azim Premji

NEW DELHI: In a major relief for business tycoon and philanthropist Azim Premji, the Supreme Court on Friday stayed proceedings before a trial court and issued notice on his plea against summonses issued by the lower court on a private complaint about illegal transfer of assets worth crores from three companies to a private trust and a new company. The trial court had issued summons on a private complaint led by Chennai-based NGO India Awake for Transparency.

Senior Advocate Abhishek Manu Singhvi, representing Premji, submitted before a bench headed by Justice Sanjay KishanKaul that it was a bizarre case since the three companies of the AzimPremji group, which are entirely owned by Premji and his mother, were merged into a fourth company of the group.

Justice Kaul asked: "Other than the amalgamation which is approved by the High Court, is there any other material? Allegations against you are beyond the scheme of amalgamation or within?" Singhvi replied in the affirmative.

Singhvi also pointed out that his client was scheduled to appear before the trial court this week, following which the apex court stayed the proceedings. (IANS)

Also Read: Indian business tycoon Azim Premji emerges as the most generous Indian in FY20. Find out more

Alsol Watch: Buyer-Seller Meet in Guwahati to Boost Trade of Assam Weavers