RAJENDRAKUMAR AATMARAM AGARWAL Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) Heard. Rule in all these matters. Rule is made returnable forthwith.

(2.) This is a writ petition filed under Article 226 of the Constitution of India read with Sec. 482 of the Code of Criminal Procedure seeking quashment of Crime No.121/2022 registered with Kotwali Police Station, Ahmednagar and subsequently transferred to the Economic Offences Wing, Ahmednagar, for the offences punishable under Sec. 409, 420, 467, 468, 471 read with Sec. 34 of the Indian Penal Code and also under Sec. 3 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 (herein after the MPID Act).

(3.) The substance of the allegations as can be deduced are to the effect that respondent No.2 is a Cooperative Bank registered under the Maharashtra Cooperative Societies Act, 1960 (herein after the Cooperative Societies Act). The Reserved Bank of India (RBI) issued licence to it for banking business by order dtd. 10/12/1986. The petitioner was elected as a Director on the Board of Directors for the tenure from November 2014 to November 2019. The RBI appointed an administrator to manage the affairs of the bank with effect from 1/8/2019. After the tenure of the Administrator was over, the petitioner was elected as a Chairman of the Board of Directors for the tenure 2/12/2021 to December 2026. He is stated to have resigned on 6/7/2022 after noticing the irregularities in the administration of the bank by other directors and the staff.