KARTHIK Vs. STATE

JUDGEMENT

(1.) The petitioners are employees under M/s.Visage Holdings and Finance Pvt Ltd. It is a Non-Banking Financial Company (NBFC) registered under Reserve Bank of India. Mrs.Renuga, Proprietor of M/s.Sri Renuga Engineering and Mr.Kanakaraj borrowed loan from M/s.Visage Holdings and Finance Pvt Ltd, defaulted in repayment. The lender namely Bank M/s.Visage Holdings and Finance Pvt Ltd initiated arbitration proceedings against the borrower namely the proprietorix of M/s.Renuga Engineering and the coborrower. The Arbitrator passed award on 14/06/2018 directing the borrower to pay a sum of Rs.6,21,538.00 with 18% interest to the lender Company. With liberty to the lender Company to repossess the assets and sell it to adjust the due.

(2.) Knowing about the award, Renuga and Kanakaraj conspired and secreted away the machineries. Thereafter, gave a foreclosure proposal dtd. 15/02/2019. When the petitioners being the Executive Officers of the lender Bank went to the residence of the Kanagaraj, he took them to an Advocate Office situated in the next street and asked to negotiate with the Advocate by name Mayilvaganan. Without any provocation, they quarrelled and called police and influenced the police to arrest the petitioners. In spite of producing all the records and the circulars issued regarding procedure for Recovery and their right to reposes the machineries, bound by the undue influence of the Advocate Mayilvaganan, who was holding position in a political party, took the petitioner into custody illegally and remanded them before Judicial Magistrate. After 12 days of Judicial custody, they were granted bail by the Principal District and Sessions Judge, Coimbatore, 28/08/2019.

(3.) Alleging abuse of power and police excess in connivance with one Advocate Mayilvaganan of Coimbatore, the petitioners are before this Court to call for the records and quash the F.I.R in Crime No.260/2019 on the file of the Respondent Police.