PRAN MURGAI Vs. STATE OF U P

JUDGEMENT

(1.) HEARD Sri P.N. Mishra, Senior Advocate Assisted by Sri Apul Mishra, learned Counsel for the applicant and the learned AGA.

(2.) THE applicant was one of the Directors of the Finance Company M/s. Schematic Finance Ltd. The deposits were taken from various persons by the Company and agreed to return with interest and issued post dated cheques. However, the company closed the office of Meerut and flee away from the city. Therefore, the opposite parties filed similar complaints for offence under Sections 406 and 420 IPC against the applicant and other Directors of the company in which they have been summoned.

(3.) FIRSTLY , it is contended that the applicant is member of the Delhi Stock Exchange and according to the terms of membership the applicant cannot work as whole time Director. However, there is no bar in becoming part time Director of the Finance Company and even if he was part time director, it is not material.