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Interests of each of the parties to an M&A transaction are diametrically opposed.

The Supreme Court of India (“Supreme Court”) in Sujoy Ghosh vs. State of Jharkhand and Anr.1, delivered a significant ruling reiterating that where quashing of criminal proceedings is sought on the ground that the complaint is frivolous, vexatious, or malicious, the court is not confined to the bare averments in the complaint/First Information Report (“FIR”). It may examine the attendant circumstances and materials on record (including undisclosed or exculpatory material) to determine whether a prima facie offence is genuinely made out or whether the proceedings amount to an abuse of process.