Latest news with #PratapVenugopal
Deccan Herald
5 hours ago
- Business
- Deccan Herald
SC lawyers controversy: ED directs investigators to not summon advocates in case against clients
The statement from the federal probe agency came in the wake of the lawyer-client privilege linked controversy that erupted after the ED issued back-to-back summons to senior Supreme Court lawyers Arvind Datar and Pratap Venugopal for giving legal advice to Care Health Insurance Limited (CHIL) on the employee stock ownership plan (ESOP) given to Rashmi Saluja, former chairperson of Religare Enterprises.
India Today
8 hours ago
- Business
- India Today
ED bars summons to advocates, exceptions need director's approval under law
The Enforcement Directorate (ED) on Friday issued a circular instructing its field formations not to issue summons to any advocate in violation of Section 132 of the Bhartiya Sakshya Adhiniyam, 2023. This section states that no advocate, at any point of time, should disclose any communication made to him without the client's circular mandates that any summons under the exceptions to this provision require prior approval from the Director of the Enforcement comes amid the probe agency's investigation into a money laundering case involving Care Health Insurance Ltd (CHIL) concerning the issuance of Employee Stock Options (ESOPs) at significantly undervalued prices. The case centres around the Employee Stock Ownership Plans (ESOPs) issued on May 1, 2022, which were reportedly priced much lower than market value. This issuance allegedly took place despite a formal rejection of the ESOP proposal by the Insurance Regulatory and Development Authority of India (IRDAI).As part of the ongoing probe, the ED summoned Pratap Venugopal, an independent director of CHIL, to ascertain the circumstances surrounding the issuance of the ESOPs and the board's discussions following IRDAI's rejection. However, given that Venugopal is a senior advocate practicing in the Supreme Court, the summons issued to him has now been ED said that any documents required from him in his capacity as an independent director will be requested via July 23 last year, the IRDAI directed CHIL to revoke or cancel any ESOPs that remain unallotted. In addition, the regulator imposed a penalty of Rs 1 crore on CHIL for non-compliance with its Watch
Hindustan Times
9 hours ago
- Politics
- Hindustan Times
Officers told to get director's approval before sending summons to lawyers: ED
NEW DELHI: The Enforcement Directorate (ED) on Friday said it has directed its investigating officers not to issue summons to any advocate in violation of the protection extended to advocate-client privileges under Section 132 of the Bhartiya Sakshya Adhiniyam (BNS) and stipulated that summons could only be issued to lawyers under the exceptions provided in the law after the director's approval. Enforcement Directorate (FILE IMAGE) The circular to the federal agency's field formations came hours after ED withdrew the summons issued to two senior lawyers, Arvind Datar and Pratap Venugopal, after the Supreme Court Advocates on Record Association (SCAORA) asked Chief Justice of India Bhushan R Gavai to take up the case. Section 132 of BNS protects the advocate-client privilege and bars lawyers from disclosing communications between them and their clients. However, the section provides for three exceptions when this protection from disclosure shall not apply. In a statement, ED said Friday's circular was issued for guidance of field formations on Section 132 of BNS. 'Further if any summons needs to be issued under the exceptions carved out in proviso to Section 132 of the BSA, 2023, the same shall be issued only with the prior approval of the Director, ED,' the agency statement said. The agency also clarified that the summons were issued to Venugopal in his capacity as independent director of Care Health Insurance Ltd (CHIL), and not as a lawyer. 'In view of the fact that Pratap Venugopal is a Senior Advocate in the Supreme Court, the summons issued to him has been withdrawn and same has been communicated to him,' ED said. 'In the said communication, it has also been stated that if any documents will be required from him in his capacity as an independent director of CHIL, the same will be requested from him to be submitted by email,' the agency said. The financial crimes probe agency is looking into money laundering allegations in connection with a case in which shares of Care Health Insurance Ltd (CHIL) were issued at a much lower price in the form of ESOPs on May 1, 2022, despite the rejection of the same by Insurance Regulatory and Development Authority of India (IRDAI).
