N. SANKAR Vs. STATE

JUDGEMENT

(1.) The present petition arises due to the registration of FIR by the 1st respondent on the directions of this Court in Crl. O.P. No.30 of 2018 vide order dtd. 11/1/2018 against the petitioners for the alleged offences u/s 120 (B), 409, 420 and 506 (i) IPC, which has been lodged by the 2nd respondent.

(2.) It is the case of the prosecution, as is evident from the FIR registered on the basis of the complaint given by the 2nd respondent is that the petitioners are associated in a senior position with M/s.Chemplast Sanmar Ltd., and they had approached the firm of which the 2nd respondent is a partner and induced the firm to buy 60 lakh shares worth Rs.3.00 Crores, on the premise that the said amount would triple within a very short time. Believing the words of the petitioners, the firm invested Rs.3.00Crores in the shares for which a cheque was issued by the firm from its current account.

(3.) It is the further case of the prosecution that instead of transferring the amount of Rs.9.00 Crores to the defacto complainant's partnership company, which is the profit of the shares purchased from the petitioners' firm, the amount was remitted to the personal account of the father-in-law of the defacto complainant. It is the further case of the prosecution that after transfer of the amount to the personal account of Mr.V.N.Ayyadurai, the petitioners' firm sought reinvesting of the said sum back in the shares, which was acceded to by Mr.V.N.Ayyadurai.