LORD KRISHNA BANK Vs. STATE OF KERALA

JUDGEMENT

(1.) THE petitioners are accused 1, 2 & 4 in a prosecution under Section 420 read with 34 I. P. C. THEy are, the Lord Krishna Bank represented by its Managing Director, its Deputy General Manager and the Branch manager, Cherthala. Cognizance has been taken on the basis of a private complaint filed by the 2nd respondent herein. THE complaint was initially got enquired under Section 202 Cr. P. C by the police. THE police had submitted a report though no offence is made out. THEreafter sworn statement was recorded and then cognizance was taken.

(2.) THE learned counsel for the petitioners submits that even if the entire allegations were accepted as gospel truth, there is no justification for issue of process against the petitioners in as much as there is no sufficient ground made out to proceed against the petitioners for any criminal offence. In these circumstances, this is an eminently fit case, where the powers under Section 482 Cr. P. C can and ought to be invoked in favour of the petitioners, contends the learned counsel for the petitioners.

(3.) NON payment of insurance premia on the ground that the assets secured has become non performing, that too after prior intimation to the complainant, can, according to me, by no stretch of imagination, be said to amount the offence of cheating punishable under Section 420 I. P. C. The conclusion in these circumstances is inescapable that there is no valid or reasonable cause to initiate this criminal prosecution against the petitioners. The challenge raised must in these circumstances succeed.