VIPUL GUPTA Vs. STATE & ANR

JUDGEMENT

(1.) The aforesaid petitions have been preferred by the petitioners Vipul Gupta, S.P. Gupta and M/s Sunair Hotels Ltd. (herein after referred to as Sunair) under Section 482 Cr.P.C. praying for quashing the FIR No. 99/2002 registered at PS Connaught Place, New Delhi; FIR No. 148/2002 registered at PS Defence Colony, New Delhi, FIR No. 315/2005 registered at PS Naraina, New Delhi; and FIR No. 90/2002 registered at PS Connaught Place, New Delhi; the charge sheets filed in the said cases; the orders taking cognizance/ summoning passed by the Ld. ACMM, and every other proceeding undertaken in the said cases respectively, on the grounds that the FIRs do not disclose commission of any cognizable offence as the dispute between the parties is purely civil in nature. The petitioners are co-accused in the aforesaid cases, in respect whereof they have preferred these petitions. The particulars of each of these cases are tabulated hereinbelow. The names of the respective petitioners have been highlighted for facility, as appearing in the column of "Accused":

(2.) As per the case of the prosecution, the petitioners ? who are the Directors and Promoters of Sunair, and Sunair approached VLS Finance Ltd (VLS, for short), respondent No. 2 herein around December 1994, with a proposal to finance their hotel project. VLS, Sunair, Vipul Gupta and S.P. Gupta entered into an MOU dated 11.03.1995. The petitioners represented that they would invest Rs. 21 Crores towards equity share capital in the company, namely Sunair, in case VLS invests Rs. 7 Crore towards 25% equity share capital in Sunair. As per the prosecution, VLS invested the said amount of Rs. 7 Crores.

(3.) VLS made complaints alleging the commission of offences under various sections of the IPC, including Sections 420, 406, 409, 468, 471 and 120B by the petitioners, on the ground that the petitioners had not made their contribution of Rs. 21 Crores in the equity share capital of Sunair and had manipulated their accounts to show the making of such share capital investment. On the basis of the complaints made by the complainant VLS, the aforesaid FIRs came to be registered and investigated. The last FIR, i.e. FIR No.315/2005 was registered on the basis of a subsequent event/ cause of action under Section 380, 411 read with Section 120B IPC.