The bench said Civil and Criminal Procedure Codes envisage arrest and detention as a mean for enforcing financial liability and Roy's submission that “execution of a money decree or enforcement of a financial liability by way of arrest and detention was a procedure unknown to law, is therefore, wholly misconceived”.
It also brushed aside the contentions of the group that money had already been substantially refunded to investors saying the stand has been rejected earlier also and the contention is untenable.
“Sole reliance on general ledger entries without any other authentication, has been held to be insufficient proof of the refunds claimed to have been made by the two companies to the investors, specially because, such cash redemptions have not been affirmed in the certificate issued by the firm of Chartered Accountants, which had audited the accounts of the two companies,” it said.
