CHANDA DEVI DUGAR Vs. NATIONAL HOUSING BANK

JUDGEMENT

(1.) The petitioners in the above Criminal Original Petitions are accused in C.C.No.4331 of 2010. The petitioners in Crl.O.P.No.10570 of 2011 are the accused No. 1 to 3 and the petitioners in Crl.O.P.No.1593 of 2011 are accused No. 4 to 7. All of them have filed the aforesaid two quash petitions to quash the proceedings in C.C.No.4331 of 2010, on the file of the 2nd Metropolitan Magistrate, Egmore at Chennai.

(2.) The crux of the case is that the petitioners are arrayed as accused in the aforesaid C.C.No.4331 of 2010 for the alleged offence under Section 29(A)(i), r/w 50 National Housing Bank Act punishable under Section 41 of the said Act. According to the averments in the petitions that the 1st accused is the company, the 2nd accused is the Managing Director of the company and the 3rd to 7th accused are the Directors of the company. Further, all the petitioners are family members.

(3.) The case of the petitioners is that the 1st accused is the Housing Finance Limited Company and the said company is to promote Housing Finance Institutions in providing financial and other support to housing finance institution by regulating the activities and issued directions/guidelines to protect public interest while permitting such company to accepts deposits from them in order to avoid exploitation of the depositors. The allegation of the complaints are that the 1st accused company continued business without obtaining the certificate of registration as per Section 29(A)(i) of the National Housing Bank (Amendment Act 2000) and the 1st accused did not follow the directions as given in Para Nos.4 and 5 of the order dated 11.02.2005 and the 1st accused raised funds by public issues. With these allegations, the complainant instituted the complaint under Section 200 of the Code of Criminal Procedure for the alleged commission of offence as stated above.