JITENDRA KUMAR KESHWANI Vs. STATE OF U.P.

JUDGEMENT

(1.) Heard Sri Hitesh Pachori, learned counsel for the applicant, Sri Manish Trivedi, learned counsel for the opposite party no.2 and learned Sri Rajeev Kumar Singh, A.G.A. for the State.

(2.) The instant application under Sec. 482 Cr.P.C. has been filed seeking quashing of charge-sheet dtd. 6/9/2018 and cognizance order dtd. 12/4/2019 as well as the entire criminal proceedings in Case No. 21416 of 2019 (State of U.P. Vs. Jitendra Kumar Keshwani), arising out of Case Crime No. 160 of 2018, under Ss. 420, 409 of the India Penal Code (hereinafter referred to as, 'I.P.C.'), Police Station- Hariparvat, District- Agra, pending in the court of Chief Judicial Magistrate, Agra.

(3.) The brief facts of the instant case are that the opposite party no.2 has lodged an F.I.R. being Case Crime No. 160 of 2018 under Sec. 420 and 406 I.P.C. alleging therein that the applicant herein is the Director/proprietor of M/s LDK Share and Securities Pvt. Ltd., who was the licensed share broker. In the F.I.R. it has been alleged that the opposite party no. 2 and his younger brother Ram Kumar Sharma were having Demat Accounts with the Stock Holding Corporation of the applicant, where the equity shares of differentit companies were deposited by the opposite party no. 2 and his brother. The opposite party no. 2 and his brother used to trade in share equity shares through the applicant, who was the licensed share broker. It is alleged that the applicant herein had contacted the opposite party no. 2 and his brother and asked them to invest and trade in shares through the applicant, whereby he will provide various facilities. On such assurance, the opposite party no. 2 and his brother had invested in equity shares and also subsequently sold the aforesaid shares. When the money of shares sold was asked by the opposite party no.2 from the applicant, he assured that the payment shall be made after sometime. Therefore, the aforesaid amount of shares sold by the opposite party no. 2 was an amount kept in the entrustment of the applicant herein and despite repeated demands made by the opposite party no. 2 the applicant has failed to make the payment of shares amounting Rs.9,69,450.00. When the said payment was not made by the applicant herein, a legal notice dtd. 30/11/2017 was given to the applicant. Despite the said notice the applicant had not paid the amount, therefore, it is alleged that the applicant has committed the breach of trust and misappropriation of the amount of the opposite party no.2.