B JAGADEESH Vs. DEPUTY SUPERINTENDENT OF POLICE

JUDGEMENT

(1.) The petitioners are the accused Nos. 2 and 4 to 8 in C.C. No. 7280 of 2006 on the file of the Chief Metropolitan Magistrate, Egmore, Chennai. Altogether, there are 9 accused. The 1st accused, namely, S.R. Velanandan is not before this Court and this Court is informed that he is absconding. The 3rd accused B.S. Kantharaj Chetty and the 9th accused V. Thangavel are also not before this Court. The 2nd petitioner (the 4th accused) Mr. K.N. Kannan Chettiar died on 12.6.2007. The remaining petitioners 1, 3, 4, 5 and 6 are the accused Nos. 2 and 5 to 8 in the said case. Seeking to quash the said case as against them, these petitioners are before this Court with this petition under Section 482 of Cr.P.C.

(2.) The case of the prosecution in brief is as follows :

(3.) During investigation, it turned out that a total number of 34 depositors had been cheated to the tune of Rs. 39,20,776/-. The Investigating Officer examined those depositors, collected deposit receipts and finally, laid charge sheet against the above stated 9 accused. It needs to be noted that the company against which the case was registered has not been arrayed as an accused in this case. It is alleged in the final report that the Director by name Dwarakanathan resigned from the company and therefore, the accused 1, 5 and 8 were the Directors. It is further alleged that subsequently, the other accused also became the Directors of the company at various points of time. It is, on these allegations it is alleged in the final report that the petitioners are responsible for the conduct of the company, namely, Associated Business Credits Limited. In the final report, it is alleged that these accused have committed offences under Sections 120-B read with 420 IPC and 409 read with 34 of IPC. The learned Chief Metropolitan Magistrate, Egmore, Chennai has taken cognizance on the same. It is this proceedings, that the petitioners want to quash.