A V JOGLEKAR Vs. WAMANDEO MAHADEO DEOSTHALE

JUDGEMENT

(1.) The petitioners are the accused in Criminal Complaint Case No. 49 of 1986 pending on the file of the Judicial Magistrate, First Class, Nasik and instituted by respondent No. 1 Wamandev against them. Complainant respondent No. 1 alleges that the petitioner accused have committed offences under sections 409, 157, 120-B or under section 34 of I.P.C.

(2.) Brief facts on the basis of which the complaint has been initiated by the respondent may be stated as follows : That the complainant is a partner of the Firm Shree Ganesh Ferrocastings and the said firm was given various facilities by the Central Bank of India, Satpur Branch. Petitioner No. 1, accused No. 1 was Regional Manager of Nasik Region, Petitioner No. 2, accused No. 2 was the Branch Manager of the Satpur Branch. Petitioner No. 3 was Divisional Manager of the Nasik Division. Petitioner No. 4 was the General Manager of the Central Bank of India, Bombay. According to the complainant, the firm had negotiated with the General Manager of the Central Bank some time in August 1984 and Petitioner No. 4 on behalf of the Central Bank of India had agreed to advance a loan of Rs. 2,50,000/- on certain conditions. The agreed conditions were that the advance loan sanctioned for Rs. 2,50,000/- was to be used for payment of wages due to the workers of the firm. The complainant was to furnish a security by depositing fixed deposit receipts of Rs. 50,000/- each of the Federal Bank Ltd. with the Central Bank of India, till the Bank loan was duly discharged. The repayment of the loan was also to be done from the sale proceeds of sundry papers, scrap etc.

(3.) In pursuance of the said arrangement the certificates owned by the complainant were entrusted to accused No. 1 and the Central Bank of India was to hold the same till the amount of Rs. 2,50,000/- was paid. According to the complainant on repayment of the said loan the said certificates were to be returned to the complainant.