PRUDENTIAL CAPITAL MKT LIMITED Vs. STATE OF BIHAR

JUDGEMENT

(1.) Delay condoned.

(2.) An order of cognizance taken by the Criminal Court under Sections 420, 120B IPC as well as Section 138 of the Negotiable Instruments Act not having been quashed by the High Court on an application being moved under Section 482 Cr.P.C., the present application has been filed in this Court.

(3.) We see no provision under the Reserve Bank of India Act which prohibits any criminal proceeding to be continued. The provision of Section 58-E bars taking cognisance of offence committed under the said Act, namely, Reserve Bank of India Act. The Power of Company Law Board under Section 45-QA of the R.B.I. Act, as amended, does not in any way take away the power of the criminal court to continue with the criminal proceedings.