J C T LIMITED Vs. STATE DELHI ADMINISTRATION

JUDGEMENT

(1.) This order is to dispose of an application by the petitioner with a prayer that exercising the powers under Sec. 482 of the Code of Criminal Procedure (for short the Code) the Court may set aside the order dated 8th November, 1990 passed by a Metropolitan Magistrate, New Delhi vide which instead of releasing the amount of Rs. 13,03,000.00 in favour of the petitioner the same has been ordered to be frozen.

(2.) Briefly stated the facts leading to the filing of this petition are as under.

(3.) In June, 1989 the petitioner issued shares to be subscribed by the public to increase its capital base for which the terms and conditions were approved by the Controller of Capital Issues, Ministry of Finance, New Delhi. There was overwhelming response from the public as a result of which the issue was over subscribed resulting in not making available shares at all or the requisite number of sh ires to numerous persons. The issue was of a magnitude of Rs. 50.40 crores and the petitioner availed the services of M/s Magnum Business Associates as Registrar to the Issue. In order to issue refund vouchers M/s Magnum Business Associates were given blank refund orders for computer printing and mailing to various applicants. These blank refund orders were duly signed were made payable at Allahabad Bank, Parliament Street Branch, New Delhi and the American Express Bank Limited, Connaught Circus Branch, New Delhi, and were of date 29th August, 1989.