K.C. PALANISAMY Vs. STATE

JUDGEMENT

(1.) This criminal original petition has been filed to quash the proceedings in CC.No.3200 of 2019 pending on the file of the CCB and CBCID Metropolitan Magistrate, Egmore, Chennai, therey taken cognizance for the offence under Ss. 406, 420 r/w 120(b) IPC as against the petitioner.

(2.) The second respondent lodged complaint alleging that his company M/s.Kasturi and Sons promoted company by name M/s.Sporting Pastime India Limited(hereinafter called as 'SPIL') as its wholly owned subsidiary company with an intention to set up golf course of international standards. For the said purpose, SPIL acquired nearly 340 acres of land on the East Coast Road in Odhiyur Hamlet of Mudaliar Kuppam and Nainar Kuppam Village, Cheyyur Taluk. Since the project required the expertise and constant infusion of huge funds and manpower etc in the year 2004, the complainant decided to sell the said company along with land and other assets to top buyers. While being so, the accused persons induced the complainant and entered into an agreement with the SPIL company for a total sale consideration of Rs.36.00 crores and the accused paid a sum of Rs.2.43 crores towards price of shares and also violated the agreement entered between them and by not having paying Rs.36.00 crores. The accused paid Rs.2.43 crores towards price of shares and also violated the agreement entered between them by not having paying remaining sale consideration Rs.27.00 crores to the creditors liability of the complainant company and received original document by showing the Form 29 of other Directors of Companies signature. Later the two foreigners' signature were forged and without consulting them he purchased the land and thus cheated. After the said complaint was not considered, the complainant was constrained to file petition under Sec. 156(3) of Cr.P.C. before the XI Metropolitan Magistrate and as directed by the learned Magistrate, the first respondent registered FIR in crime No.246 of 2008 for the offence under Ss. 403, 406, 418, 420 read with 120B of IPC. The first respondent after completion of investigation filed final report and the same has been taken cognizance in CC.No.3200 of 2019 on the file of the CCB and CBCID Metropolitan Magistrate, Egmore, Chennai.

(3.) Mr.P.S.Raman, the learned Senior Counsel appearing for the petitioner submitted that the petitioner is arrayed as first accused. He is a businessman established various companies, educational institutions, etc. A joint venture agreement was entered into between ORE Holdings Limited represented by the defacto complainant, C.G. Holdings Private Limited Company, in which the petitioner was a Director and one, N.Athappan, a Singapore citizen for construction and development of a hotel project and shopping complex and an IT park in the properties owned by the Cheran Properties Limited(hereinafter called as 'CPL') and Vasantha Mills Limited(hereinafter called as 'VML') Companies held by the petitioner. The said ORE invested Rs.75.00 crores and the said N.Athappan invested Rs.2.71 crores and in consideration for the investment, they have got 45% of shareholding in Cheran Enterprises Private Limited. The petitioner has transferred the shares of CPL and VML which has got immovable assets worth about Rs.135.00 crores instead of bringing money into CEPL and has got 53.3% shareholding in CEPL. The ORE had also assured that they will arrange a loan of Rs.300.00 crores in addition to the share invested of Rs.75.00 crores as per the joint venture agreement. In pursuance of the joint venture agreement entered into with the defacto complainant on 13/1/2004 for taking over the SPIL to set up golf course of international standards. The SPIL had acquired approximately 340 acres of land in ECR in Idhiyur Hamlet of Mudaliarkuppam and Nainarkuppam village. The petitioner agreed to take over the said company as per the agreement dtd. 19/7/2004.