SUN PHARAMCEUTICALS INDUSTRIES LTD Vs. STATE OF MAHARAHSTRA

JUDGEMENT

(1.) THIS is an application under sub-section 4 of section 378 of the Code of Criminal Procedure, 1973 (hereafter referred to as the said Code). The applicant (Sun Pharmaceuticals Industries Ltd.) is the complainant. The 1st respondent is a limited company. The 2nd respondent is the Managing Director of the 1st respondent company who is alleged to be incharge of and was responsible for day to day affairs of the 1st respondent company.

(2.) THE case made out in the complaint is that Gujarat Lyka Organics Ltd merged and/or amalgamated with Sun Pharmaceuticals Industries Ltd (applicant) as per the scheme of amalgamation sanctioned by the Board for Industrial Finance and Reconstruction (BIFR) in its hearing held on 27th March 2000. It is stated that the scheme became effective from the month of April 2000. It is contended that by virtue of the said order, all the assets and liabilities of Gujarat Lyka Organics Ltd (for short "Gujarat Lyka") now belong to the applicant company including the right to take legal action on behalf of Gujarat Lyka.

(3.) THE learned counsel appearing for the 2nd respondent submitted that on the date on which the cheque was issued the payee Gujarat Lyka was not in existence. He submitted that the applicant cannot claim to be a holder in due course. He, therefore, submitted that no interference is called for with the impugned order.