MS. RENUKA RAMNATH AND OTHERS Vs. R. SUBRAMANIAN

JUDGEMENT

(1.) The batch of criminal original petitions have been filed seeking quashing of the proceedings in C.C.No.2985 of 2012, 1986 of 2012, 2987 of 2012 and 1988 of 2012 on the file of the XIV Metropolitan Magistrate, Egmore, Chennai.

(2.) This batch of petitions have been filed by the ICICI Venture Funds Management Company Limited and its two non executive external nominee Directors.

(3.) The petitioner's company is a private Equity and Asset Management Company managing funds in excess of 2 Billion US dollars. They also have stake in the company floated by the complainant. According to the respondent/complainant, who has filed the criminal complaints under section 200 of the Code of Criminal Procedure, 1973 against the petitioners in C.C.No.2985 of 2012, 2986 of 2012, 2987 of 2012 and 2988 of 2012 on the file of the XIV Metropolitan Magistrate, Egmore, Chennai for the offence punishable under Section 500 of the Indian Penal Code, the petitioners company had made false averment's with ulterior motive and malice in the representation dated 27.01.2009 and 29.01.2009 to the Registrar of Companies, Commissioner of Provident Fund, Chief Commissioner of Income Tax, Director General of Service Tax and Employees State Insurance Corporation and Regional Director, Ministry of Corporation affairs, Southern Region, Chennai which was defamatory and causing damage to the complainant's reputation'. The other two petitioners were also implicated, since they were nominee directors of the company till September 2009. According to the complainant, his company Subiksha Trading Services Limited was a pioneer in organised retailing, catering to the middle class by offering day to day use items at a lesser price than other retailers. Being the promoter and the key architect of Subiksha Trading Services Limited, he himself had excellent academics to his credit and also his company was enjoying a very high reputation in the market and therefore, the contents of the representation made by the petitioner company to the Registrar of Companies, Chenni were all with malafide intentions to tarnish the reputation and image of the complainant and his company.