ASHISH MAHENDRAKAR Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) A question of seminal importance is raised in this petition under Article 226 of Constitution of India and section 482 of the Code of Criminal Procedure, 1973, namely, whether the inter-corporate deposit/loan, i.e., a loan advanced / deposit made by a company with another company registered under the provisions of the Companies Act, 1956 would amount to a "deposit" within the meaning and for the purpose of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 (Act No.XVI, 2000) (hereinafter referred to as 'the MPID Act').

(2.) The aforesaid question crops up for consideration in the backdrop of the following facts and the challenge raised in the petition :-

(3.) In the light of the aforesaid challenge, we have heard Shri Setalvad, the learned Senior Counsel for the petitioner and Shri Prakash Salsingekar, Special P.P. for the respondent No.1-State at a considerable length. With the assistance of the learned counsels for the parties, we have also perused the material on record especially the charge-sheet and the forensic audit report.