KAMAL KHANNA Vs. STATE

JUDGEMENT

(1.) THIS is an anticipatory bail application filed by the petitioners Kamal Khanna and his son Sandeep Khanna in respect of FIR No.474/2006 for an offence under Section 406/420/120B IPC registered at P.S. Srinivaspuri.

(2.) BRIEFLY stated the facts of the prosecution case against the accused persons are that on 26.8.2006, a complaint was made by the National Agricultural Co-operative Marketing Federation of India Ltd. (hereinafter referred to as complainant) having its head office at NAFED Building, Sidharth Enclave, Ashram Chowk, Ring Road, New Delhi to the effect that they were introduced by one Sh. Adarsh Bhushan Mitra, Director of M/s Pylon Traders Pvt. Ltd. to one M/s Kripa Overseas, a proprietor concern of Sandeep Khanna- petitioner no. 2 herein doing business in khari Baoli. It was represented that they are carrying business of trading in agricultural and non-agricultural items like food grains, edible oils, dry fruits, spices, metal ore, metal scrap, chemicals, petroleum products etc. and that they have a licence to import Asafoetida (Heeng) and Pistachio (Kaju) and they expressed their desire to become business associate of the complainant for import of these items from CIS countries. For this purpose, they invited financial support from the complainant. On the basis of this representation, the complainant is purported to have entered into a Memorandum of Understanding on 20.9.2004 with M/s Kripa Overseas for the purpose of import of Asafoetida (Heeng) and dry fruits from CIS countries and accordingly, gave an advance of Rs. 10 crores to M/s Kripa Overseas Company. This advance was to carry an interest @7% per annum upto four months, 7+1% for next four months and 7+2% for more than eight months. The said rates of interest were to be enforced till the revision was made by the complainant. There were various other clauses in the agreement but one notable clause was that M/s Kripa Overseas was to give a bank guarantee/cash deposit of 10% amounting to Rs. 1 crore for the release of the advance money of Rs. 10 crores. It is alleged that after obtaining the amount of Rs. 10 crores, the said advance was utilized by the accused persons for their own private and personal benefit and it was not put to any use for business dealings. Out of the said advance, a cheque for a sum of Rs. 1 crore was also given by way of deposit to the complainant but the said cheque got dishonoured. It is alleged that since there was no licence in favour of the accused M/s Kripa Overseas or its proprietor Sandeep Khanna, therefore, they had dishonest intentions of cheating the complainant company right from inception. It is also alleged that the amount of advance was also diverted to various private and personal accounts including one company named M/s Pylon Traders and its Director Sh.Adarsh Bhushan Mitra therefore, an offence under Section 406 IPC of breach of trust apart from cheating was committed. This is in sum and substance of the allegation of the prosecution against the petitioners and against M/s Pylon Traders & its Director, Adarsh Bhushan Mitra.

(3.) ON the very first date i.e. 25.10.2007, the learned counsel for the petitioner had expressed his willingness to pay a sum of Rs. 50 lacs by way of bank draft to the respondent no.1 and further a sum of Rs. 1 crore after Diwali in order to show his bonafides to settle the dispute. The learned counsel for the complainant had made a statement that as on that particular date, a sum of Rs. 60 crores was due and payable and one of the properties at Noida in Special Economic Zone which was furnished as the security has been sold by the petitioners surreptitiously and all proceeds have been appropriated by them without payment of single penny to the complainant.