RAVI RATAN BADLANI Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) This Petition is filed by the petitioner who has been shown as an accused in a complaint filed by one Devichand Jain for the offence punishable under section 420 of the Indian Penal Code.

(2.) Brief facts which are relevant for the purpose of deciding this Writ Petition are as under:-

(3.) A Plantation Company, known as Arrow Global Agrotech Ltd having its Office at Thane, floated a Scheme in the year 1995 known as Arrow Bond and, under the said Scheme, the investor had to invest Rs 5000/- per Bond and it was represented that the investor would get regular income through post dated cheques which were payable quarterly. Number of investors invested in the said Scheme and they were all issued quarterly cheques by the Company. The petitioner was studying in the final year B.Com. and he was appointed as an agent of the Company for mobilising the investments from various investors. As many as three thousand such agents were appointed by the Company and it was agreed that the agents would receive commission based on the business procured by them and their promotion was linked to the volume of business procured by such agents. The petitioner was 20 years old and within a short span of three years, he procured business of Rs 1 crore and was promoted from the lowest post of Business Manager to that of Vice President.