MANAPPURAM FINANCE LTD Vs. STATE OF M.P.

JUDGEMENT

(1.) Petitioner has filed this writ petition under Article 226 of the Constitution of India making a prayer for quashing of impugned notice dtd. 29/9/2022 contained in Annexure-P/4.

(2.) Station House Officer, Police Station-Arera Hills, Bhopal has issued a notice to petitioner-company stating therein that one Deepak Sharma on 12/7/2022 had committed theft of gold jewellery belonging to Rajshri Jewelers. Said jewellery was having hallmark of RSJ. List of jewellery was given to petitioner-company. Notice was given to seize aforesaid jewellery by police as it is subject matter of Crime No.347/2022 registered at police station- Arera Hills, Bhopal.

(3.) Learned counsel appearing for petitioner submitted that accused has pledged gold jewellery and petitioner-company had given loan on the pledged jewellery. Company had all requisite permission from Reserve Bank of India to act as non-banking finance company. All necessary legal formalities were completed in accordance with law before loan transaction. Petitioner-company had acted bonafidely. Since, there is no fault of petitioner company, therefore it may not be allowed to suffer wrongful loss. Company has completed KYC formalities and has taken PAN Card, Adhar Card from Deepak Sharma and obtained his declaration regarding ownership of gold. According to agreement between accused Deepak Sharma and company, petitioner-company has power and authority to sell the gold in auction in event of default and non-payment of loan disbursed. It is submitted that even in cases of dispute loan is to be repaid back by the borrower. It is further submitted that in identical cases, Apex Court has granted stay over notice issued under Sec. 102 of the Cr.P.C. vide order dtd. 12/3/2022. Similar interim orders have been passed in WP Nos.18633/2022, 13370/2022, 8515/2022. In these circumstances, impugned notice which has been issued by police stationArera Hills, Bhopal be quashed.