In Brief
HDFC Securities and its officers challenged an FIR registered following a complaint of unauthorized share trading by a client. The Metropolitan Magistrate had directed police investigation under Section 156(3) CrPC. The appellants sought to quash the FIR before process was issued, arguing abuse of process and lack of vicarious liability. The High Court dismissed the petition as premature, holding that such challenges must await the investigation report and cognizance stage. The Supreme Court affirmed, ruling that Section 156(3) investigation orders do not cause irreparable injury and inherent powers under Section 482 must be sparingly used. The Court also noted the IPC contains no vicarious liability for companies absent specific statutory provision.
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