KANCHI RAJU VENKATA RAMANA Vs. STATE OF AP

JUDGEMENT

(1.) THIS revision case has been filed by the petitioner-A1 questioning the order dated 14. 11. 2007 passed in Crl. MP no. 1372 of 2007 in CC No. 5 of 2007 by the Metropolitan Sessions Judge, Hyderabad, registered for the offences under Sections 420, 406 of the Indian Penal Code and sections 3 and 5 of A. P. Protection of depositors of Financial Establishments act, 1999.

(2.) THE learned Counsel for the petitioner contends that the offence under section 5 of the Act is not attracted since the non-banking financial companies were not included in the definition of 'financial establishment' prior to the amendment Act 17 of 1999. The learned Counsel further contends that the petitioner floated the company in the year 1996 long prior to the amendment Act came into force, therefore, he is not liable to be prosecuted under section 5 of the Act. The learned Counsel also submitted that A2 in the said case filed a quash petition before this Court and the said petition was ordered quashing charge-sheet to the extent of the offence under section 5 of the Act.

(3.) THE learned Counsel for the respondent No. 2 submitted that a learned single Judge of this Court in Gourishetty prabhakar v. State of A. P. , 2002 (1) ALD (Crl.) 613 = 2002 (1) ALT (Crl.) 492, considered the question of prospective or retrospective operation of the Act and held as follows :