Whether accused can take defence of market practice in case of prevention of corruption Act?

The accused persons have tried to take shelter behind what they have described as "market practices". Such practices even if existing, cannot take the place of statutory and regulatory functions. There is no public interest involved in such practices and they cannot be a substitute for compliance with the regulatory or statutory prescriptions. An attempt was made to show that there was subsequent disapproval of the market practices; at the point of time when the transactions took place there was no embargo. It is their stand that the practices were a part of accepted norms. We do not find anything plausible in these explanations. A practice even if was prevailing, if wrong, is not to be approved. The subsequent clarifications do not in any way put seal of approval on the practices adopted in the past, on the other hand it condemns it.
SUPREME COURT OF INDIA

Vinayak Narayan Deosthali Vs. Central Bureau of Investigation

[Criminal Appeal No.346 of 2004]

ADARSH KUMAR GOEL, J.
Dated;DECEMBER 2, 2014
Citation;2015 ALLMR(CRI)1277 SC

Print Page