K. NEELAKANDAN Vs. STATE

JUDGEMENT

(1.) These criminal appeals filed under Sec. 374 of Cr.P.C. are directed against the judgment passed by the XI Assistant City Civil and Sessions Judge for CBI Cases, Chennai in CC.No.225 of 1997 which is a case split up as against D.K.Mukerjee who is one of the absconding accused and later secured and tried along with the main case and CC.No.33 of 2013 which is also a split up case against V.P.Ragavendra Rao, who was secured after abscondence.

(2.) Based on a written complaint dtd. 4/1/1994 given by Mr.P.Gopalakrishnan, the Chief Vigilance Officer of Indian Bank, a criminal complaint was registered by Deputy Superintendent of Police in RC.Nos.1(S) and 2(S), CBI/SCB/Chennai for offences under Ss. 120(b) r/w 420, 468, 471 of IPC against M/s.Austral Plastics Private Limited, A.V.Krushnun and V.Subramaniam and taken up for investigation.

(3.) According to the complaint given by Gopalakrishnan, fraudulent transaction in the account of M/s.Plastimar Products by V.Subramaniam, A.V.Krushnan and others been found and brought to the notice of the Superintendent of Police (CBI) for investigation. In the complaint, it is stated that M/s.Plastimar Product Private Limited, a company incorporated on 27/5/1982 under the Companies Act changed the name of the entity as 'M/s.Austral Plastics Private Limited' on 27/8/1983. As per the memorandum of association of M/s.Austral Plastics Private Limited, one Sri.A.V.Krushnun and Sri.V.Subramaniam and Sri.K.Ramasubramaniam are subscribers to the concern. On and after 27/8/1983, "M/s.Plastimar Products Private Limited" ceased to exist. While so, on 18/5/1991, V.Subramaniam opened current account No.252 with Indian Bank, East Abhiramapuram Branch in the name of "M/s.Plastimar Products" declaring it as a proprietory concern and he as its proprietor. Two days after opening the account, V.Subramaniam applied for bill purchase facility to a tune of Rs.61,00,000.00 (180 days D/A) claiming that he is a trader in chemicals and other allied products required for plastic industries and have supplied material to M/s.Austral Plastics Private Limited suppressing the fact he was one time the Commercial Director of M/s.Austral Plastics Private Limited, he and A.V.Krushnun are brothers. Knowing the fact, Regional Manager, Madras(S) sanctioned bill purchase - BP/DA (DABPI-one time) limit of Rs.60.14 lakhs on 27/5/1991, hundies for Rs.60.14 lakhs all drawn on M/s.Austral Plastics Private Limited were discounted. Even after 180 days, the bills were not honoured and a sum of Rs.53.87 lakhs fallen due. Two cheques, one for Rs.30,61,250.00, another for Rs.29,53,000.00 both drawn on Dena Bank issued by M/s.Austral Plastics Limited on 28/11/1991 and 8/12/1991 respectively were returned for want of fund. While so, at the request of M/s.Plastimar Products (Proprietor V.Subramaniam), additional sum of Rs.24.00 lakhs was released under DA/BP II on 10/10/1991.