S K MITTAL Vs. STATE

JUDGEMENT

(1.) THIS is a petition under Section 482 Cr.PC for setting aside the summoning order dated 18.01.20011 passed by the learned ACMM for an offence under Section 120-B and Section 420 IPC and impugned order of the learned ASJ vide order dated 24.03.2012, dismissing the revision petition of the petitioner.

(2.) THE brief facts necessitating the disposal of the present petition are that M/s Ramkrishan Kulwant Rai Agencies Pvt. Ltd ("RKKRAL"), one of the promoters of Koshika Telecom Ltd. (KTL) approached the complainant bank namely "IFCI" for grant of various term loans and other facilities. KTL was sanctioned various loans for doing business of mobile telephony in UP, Bihar and Orissa, under license from Department of Telecommunication (DOT). On the request of KTL, the complainant bank IFCI issued "Bank Gaurantee" to the tune of Rs. 92.86 Crore in favour of DOT. As per the terms of the agreement, RKKRAL pledged its 22,65,000 shares held by it in M/s ITIL and entered in pledge agreements with the complainant bank dated 11.12.1995 , which was reconfirmed vide another pledge agreement dated 21.09.2000. THE aforesaid shares were pledged on its face value of Rs. 10/-. It is alleged that M/s KTL, M/s RKKRAL and ITIL being group companies, conspired together and converted the 22,65,000 of Rs. 10/- each to Rs. 5/- each and transferred the said shares in violation of the power of Attorney. It is alleged that the directors and officers of ITIL, KTL and RKKRAL knowing fully aware that the shares were pledged to IFCI as security delivered 22,65,000 shares of Rs. 5/- each to IFCI and dishonestly retained 22,65,000 shares of Rs. 5/- each and/or passed on to RKKRAL who in collusion with ITIL and KTL misappropriated them. It is alleged that the petitioner was a Director Finance of ITIL and was entrusted with the substantial power of management and was appointed by the Board of Directors to supervise the day-to-day functioning of the company. He used to look after all the matters of M/s Usha Group with financial institutions. This fact stands substantiated from the letter which he wrote to CJM of IFCI on 16.3.1998 in respect of proposal for sanction of term loan of Rs.90 crores as group director. It is alleged that though the affairs of the Usha Group of companies were centrally managed by Rai family, but in this specific case of loan/bank guarantee in favour of M/s KTL by RKKRAL, the petitioner after having entered into conspiracy with M/s Vinay Rai committed the offence of cheating of total 22,65,000 shares of the face value of Rs.5/- of M/s ITIL on the pretext of demineralization. It is specifically alleged that the companies i.e. M/s ITIL and RKKRAL, in active complicity of Vinay Rai, the petitioner and Mr. Pathak committed the offence of cheating of total 2265000 shares of the face value of Rs.5/- of M/s ITIL thereby causing wrongful loss to IFCI Bank.

(3.) I have heard the learned counsel for the petitioner and the learned APP and perused the impugned judgment of the learned ASJ.