BIKRAM SINGH Vs. STATE

JUDGEMENT

(1.) Whether the petitioner, who was the Managing Director of Elite Finarciers (P) Ltd., can he said to have dominion over the moneys paid to the Company by members of the Chit Fund series issued by the Company in terms of Section 405, Indian Penal Code ?" is the question to be decided in these four revisions.

(2.) In all the revisions the facts are similar. I will, therefore discuss the complaint of R.L. Malhotra in Criminal Revision No. 63 of 1969. Elite Financiers (P) Ltd., were issuing various chits of different denominations. R.L. Malhotra became a subscriber of a chit of Rs. 1.250 in Series III Class 'C' issued by the Company. His ticket number was '50'. He was regularly paying the instalments on the prescribed date of each month. On the maturity of chit he was entitled to receive the payment of Rs. 1,250 in September, 1965. The Company, however, did not make any payment on one pretext or the other, but ultimately the complainant succeeded in getting a post-dated cheque of Rs. 1,187.50 P. in the month of December, 1965. The cheque was payable on 12-2-1966. When presented it was dishonoured. The complainant's efforts to contact the Directors of the Company did not succeed. Having come to know that a case has been registered against the Company and its directors he sent his complaint to the Superintendent of Police, Crime Branch, on 23-5-1966. The complainant had been issued a pass book by the Company which is Exhibit P.I, and shows that the complainant had paid all his dues.

(3.) After completing the investigation the police filed a Challan against the petitioner and the trial Magistrate framed a charge under Section 406, Indian Penal Code, against him. It is in the following words:-