New Delhi, Sep 27 (PTI) The Delhi High Court has quashed the ECIR registered by the Enforcement Directorate against Indiabulls Housing Finance Ltd. and several of its employees, and directed that no further coercive action be taken against them in a case in which the Bombay High Court has already quashed the FIR.The high court, in an order passed on Monday, also set aside the Look Out Circulars (LOC) issued against those employees and said there shall be no search, seizure or summons arising out of the Enforcement Case Information Report (ECIR).Regarding the challenge to certain provisions of the Prevention of Money Laundering Act (PMLA) by the accused, the high court bench of Justices Mukta Gupta and Anish Dayal said it has already been decided by the Supreme Court in an earlier judgement.Refering to the SC verdict, the high court said,"....this court finds no reason for the said ECIR to be sustained against them, without there being any evidence of a predicate offence or an FIR against them which is in existence or is legally alive.” The high court was dealing with a batch of petitions by Indiabulls Housing Finance Ltd (IHFL), Indiabulls Asset Management Company Ltd and several of their employees challenging the ECIR registered by the ED and proceedings emanating thereafter.They argued that they have been arraigned by the ED in the ECIR without there being any underlying predicate offence registered against them.They said the Bombay High Court has already quashed the FIR registered at Maharashtra"s Palghar police station in relation to the alleged predicate offence on a complaint by one of the shareholders that he sustained losses owing to the devaluation of his shares as a result of suspected siphoning of money and misdealing by IHFL.The high court said once the predicate order under section 156(3) CrPC and the FIR stood quashed there would be no residue left in the matter against the accused as regards the allegations made in the complaint and crystallised in the FIR.“In all these cases therefore, both of the employees against whom no complaint was ever filed for the scheduled offences and those against whom it was filed and has been quashed subsequently by a court of competent jurisdiction, it would only be appropriate that the said ECIR against them under PMLA be quashed and all proceedings consequent thereto undertaken or directed by the respondents or any authority are set aside,” it said. PTI SKV SK SK