ANGEL BROKING LIMITED Vs. STATE OF GUJARAT

JUDGEMENT

(1.) This petition under section 482 of Code of Criminal Procedure, 1973 ('the Cr.P.C.' for short) is filed for quashing of Criminal Case No.7 of 2009 pending in the Court of Chief Judicial Magistrate, Jamnagar. The criminal case is filed for an offenses under Sections 406, 420, 467, 468, 479, 471, 114, 120(B) of the Indian Penal Code and Section 29 of Securities and Exchanged Board of India Act 1992(SEBI). The application is filed by five applicants. Applicant no.1 is a company, applicant no.2 is a Managing Director &Chairmen, applicant no.3 Regional Manager, applicant no.4 Cluster Head and applicant no.5 Sub Broker of applicant no.1 company.

(2.) The brief facts are as under:

(3.) The present application for quashing is moved on several grounds raised in the petition and interalia it was argued on behalf of the applicant that the criminal case deserves to be quashed on the ground that the dispute raised in the F.I.R. is essentially a civil dispute. It is filed as an afterthought to overcome the complainant's own liability and that though the applicant company has conducted the transaction in due course of business as per the agreement entered into between the parties, still the criminal case is filed with an oblique motive, which is an abuse of process of law.