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In its order, the court noted that the protest was peaceful and the police lacked evidence to prosecute the accused in the case.
The senior lawyer and activisalso welcomed the apex court's directions to the CVC to complete an inquiry into the corruption allegations against Verma within two weeks.
The apex court on Wednesday had agreed to hear on October 26 a separate plea filed by the CBI chief challenging the Centre's decision to divest him of powers and send him on leave.
The government’s decision to send top CBI officials, including its director, on a forced leave is akin to removal and sets a bad precedent, according to legal experts.
Bhushan stated that appointment and removal of the probe agency director is done by a high powered committee that includes Prime Minister, Leader of Opposition and the Chief justice of India.
The bench, also comprising Justice S K Kaul, said the PIL, filed in 2015 by one Anoop Baranwal, required "close look" and "interpretation" of Article 324 of the Constitution.
Last week, Shourie and Bhushan had met the CBI Director, submitted documents and demanded a probe into alleged corruption in the Rafale aircraft deal and offset contract.
In the 33-page complaint to the CBI, Bhushan and Shourie claimed that Anil Ambani-led Reliance group had incorporated its own subsidiary Reliance Defence barely a few days before the deal.
A five-judge Constitution bench headed by Chief Justice Dipak Misra was unanimous in striking down Section 497 of the Indian Penal Code dealing with the offence of adultery.
Bhushan also stressed on how every institution established to stop corruption had been weakened internally in the country.
Bhushan questioned how Anil Ambani's Reliance Defence, the Indian offset partner of French firm Dassault Aviation, could be involved in the project as "most of his companies are in debt."
Shourie said that in just two days Prime Minister Modi completely overturned a process that was in progress for years.
Centre using military brass to defend Rafale scam: Arun Shourie, Yashwant Sinha and Prashant Bhushan
Shourie, Sinha and Bhushan said they wondered why Modi had reduced the number of aircraft from 126 to just 36, 'disregarding' IAF's strategic needs.
The opposition parties and many activists have been questioning the change in the deal for the purchase of the Rafael fighter jets by the present government.
Bhushan said Finance Minister Arun Jaitley attributed the increased cost to India-specific add-ons, but no tenders were called for the add-ons