SUSHIL SURI Vs. C B I

JUDGEMENT

(1.) THIS order shall dispose of a petition filed by the petitioner under Section 482 Cr.P.C. seeking quashing of an FIR bearing no. R.C.5(E) 2002/SIU/VIII, P.S./CBI/SPE/SIU-VIII registered by Central Bureau of Investigation (CBI) and the proceedings arising therefrom against the petitioner on 23.07.2002 under Sections 120B/420/409/468/471 IPC. It is the case of the petitioner that the present dispute is between the petitioner and the second respondent regarding paying the dues of the second respondent which has been settled in full and final and now there is no dispute left between them. It is submitted that in these circumstances no useful purpose shall be served in continuing with the proceedings/investigations in the aforesaid FIR registered by the CBI as aforesaid.

(2.) BRIEFLY stating, the facts of the present case are that M/s. Morpen Laboratories Ltd. is a public limited company engaged in manufacture of pharmaceutical products having manufacturing units in District Solan of Himachal Pradesh. To run the affairs of the company various types of advances were taken by the company from different banks/ financial institutions and the money was also raised from the open market from time to time in the form of shares, etc.

(3.) ON a source information received by the CBI the FIR subject matter of this petition was registered and investigated. During the course of investigation it was revealed that the machinery for which the loan was obtained was not purchased by the petitioners and in fact to defraud the bank with ulterior motives the photograph of already existing/ some other machinery (false security) was taken by affixing label of PSB and the same was provided by the borrower to the PSB, New Delhi fraudulently in confirmation of having purchased the machinery in question. It was further revealed that hire purchase advance taken by the borrower has been repaid to the PSB, New Delhi but the petitioner accused had not purchased any machinery from the fund obtained from the PSB. The purchase of machinery by utilizing the funds obtained from PSB was reflected by the petitioner in the balance sheet. They also claimed depreciation in the income tax/ minimum alternate tax (MAT) amounting to Rs. 52,33,066.00 in the year 1998-99 without the existence of any such machinery.