In a major boost to the real estate sector, the Supreme Court today dismissed a petition filed by the Ex-CEO, Ramesh Sanka against the flagship company of IREO in India, namely IREO Pvt. Ltd.
Ramesh Sanka had filed the petition in the nature of public interest litigation alleging financial irregularities in the affairs of IREO Pvt. Ltd and large scale diversion of funds. Several homebuyers had also approached the apex court for raising their grievances.
The Supreme Court had issued notice to the governmental agencies to look into the allegations made by Mr. Sanka, claiming to be a whistleblower. The agencies filed status reports in relation to the inquiry conducted by them in relation to allegations made before the Supreme Court. The Supreme Court after perusing the status reports had come to the conclusion that this was not a fit case for grant of any relief and has dismissed the petition giving a clean chit to IREO.
The Supreme Court while dismissing the petition observed that personal grievances cannot be allowed to be raised before the apex court and the same are not in the nature of public interest litigation. The Court while dismissing the petition safeguarded the rights of the customers by clarifying that they will be at liberty to pursue their legal remedies before appropriate forum.