Kolkata, June 26 : The Calcutta High Court has turned down a plea by financial services company India Infoline Ltd (IIL) to quash proceedings under Sections 163(4)/196(3)/301(5)/372A (6) of the Companies Act and Sections 467/120B of the Indian Penal Code pending against it in the court of the Chief Judicial Magistrate, Purba Midnapore.

On March 9, 2012, Patra purchased two debentures of India Infoline Finance Ltd (IIFL), a subsidiary of IIL. He was subsequently paid interest for the two debentures.  On October 3, 2012, Patra lodged a complaint alleging that IIFL and IIL entered into a criminal conspiracy and manipulated the records of IIFL to deny him his rights. This was done to deny any pecuniary benefit due to him from the profits of the company, it was alleged in the complaint by Patra.