SUBHASH CHANANA Vs. STATE

JUDGEMENT

(1.) Mr. Subhash Chanana who is proprietor of Sai Nath Traders having offices at Delhi and Bombay has sought anticipatory bail under section 438 of the Code of Criminal Procedure.

(2.) Before I proceed to deal with the arguments advanced let me give a brief resume of the facts necessary for the appreciation of the whole matter.

(3.) On January 27, 1992 the firm of the petitioner sold two exim scripts toM/s. Indian Acrylics Ltd. The first exim script was dated January 2, 1992. Its number was AO 23086 and its value was Rs.93,50,000.00 . The premium charged was 20% making the total amount of premium come toRs.l8,70,000.00 . I need not deal with the second exim script as the dispute relates only to the exim script noticed above. It may be noticed here that exim scripts are of two categories. The first category is GCA and the second category is RPA. In February, 1992 the Govt. of India stopped issuing exim scripts against export. After the scrapping of the policy of exim scripts the Govt. of India asked the exporters to surrender their exim scripts with State Bank of India and receive 20% of the value of the exim scripts as compensation. This compensation was payable only against the GCA exim scripts. As far as the RPA scripts are concerned no compensation was announced by the Government of India. It so happened that after the announcement of the said policy when M/s. Indian Acrylics Ltd. lodged the exim script inquestion for receipt of compensation it was revealed that the document was forged. Consequent thereupon M/s. Indian Acrylics Ltd. lodged a First Information Report claiming that not only the exim script had been forged it had also been cheated of Rs.l8,70,000.00 which amount had been paid towards premium.