T R DEVARAJAN Vs. C HARINARAYANA

JUDGEMENT

(1.) This is an application to quash the proceedings in C C No. 12 of 1987 which was taken cognizance by the 11th Metropolitan Magistrate, Secunderabad on the basis of a complaint filed by Del. Credere Bank of India, represented by its Manager, against Sri R Devarajan Joint Chief Officer, Reserve Bank of India Hyderabad under Section 500 I P C. It is alleged by the complainant that the complainant-bank is a bank in operation under trust scheme decree passed by the Calcutta High Court under Section 92 of the C P C and that the management of the Bank has been vested in the joint administrators, and the Reserve Bank of India is also a party in collateral and contested the judicial proceedings on the file of the Calcutta High Court. While so, the Reserve Bank of India have published a news item in the Indian Express and other news papers making imputations concerning the complainant-bank which has harmed its reputation and that the said publication has been made with an ulterior motive. The sworn statement of the complainant was also recorded.

(2.) In this application, the learned counsel for the petitioner submits that even all the allegations both in the complaint and in the sworn statement, are taken, still the offence under section 500 I P C. is not made out inasmuch as exception No. 10 is squarely attracted. Before we proceed to examine the ingredients of the relevant provisions of law, the press publication which is not in dispute, may usefully be extracted: - "R B I CAUTIONS ABOUT NEW BANK Express News Service. Hyderabad, Nov. 22 - The Del Credere Bank of India which has recently advertised in a local daily has not been licensed to conduct banking business according to the Reserve Bank of India Office here. The Bank has advertised inviting applications for managerial and other posts and also announced the opening of its branch at Park Lane, Secunderabad on October 19. An R B I. Press release, cautioned the Public against dealings with this bank, and added that anyone dealing with the Del Credere Bank of India", would be doing so at their own risk." NEWS TIME. 24-11- 1986

(3.) It is submitted that this only amounts to a caution to the public made in good faith and for the public good and hence even if all the allegations made by the Reserve Bank of India are accepted, still an offence is not made out.