R N SHARMA Vs. CBI

JUDGEMENT

(1.) By this, I propose to decide above referred two revision petitions raising similar questions of law and fact.

(2.) Petitioners R.N. Sharma and Harish Jain through above referred petitions under Section 482 Cr.P.C. have sought quashing of the charge sheet in case RC No.7(A)/93 CBI New Delhi under Section 420, 468, 471 IPC titled CBI Vs. A.C. Jain and Ors and setting aside of the order dated 06.01.1997 of learned C.M.M. whereby he took cognizance of the offence in the aforesaid case qua them and others.

(3.) Briefly stated, the facts giving rise to the present petition are that on 04.11.1993 case RC No.7(A)/93 CBI New Delhi was registered by the CBI wherein the petitioner is arrayed as an accused. It is alleged in the FIR that in April, 1965, the Industrial Development Bank of India (IDBI) floated a scheme with the objective that manufacturer of indigenous machinery/capital equipment could push up their sales on deferred payment facility availed by prospective users. Under this scheme, the purchaser/user of the machinery could purchase the machinery and repay its costs over a period of time generally within five years whereas the manufacturer/seller could get the payment for the machinery supplied within few days by discounting the bills with its bankers.