SAFAL INVESTMENT LTD. Vs. VIBGYOR LAMINATES PVT. LTD.

JUDGEMENT

(1.) This order will also govern the disposal of M. Cr. C. No. 3785/2013 and M. Cr. C. No. 5350/2013 as the common questions are involved and all the matters were heard together and are being decided by this common order. For the purpose of this order, the facts are taken from M. Cr. C. No. 8129/2012. By this application (M. Cr. C. No. 8129/2012) under Section 482 of Cr. P.C., 1973, the applicants are praying for quashment of impugned order dated 22/08/2012, passed by the learned magistrate and also proceedings initiated in pursuance thereof against applicants in Cri. Case No. 21884/2012.

(2.) Brief facts of the case are that applicant No. 1 M/s. Safal Investment Ltd. is a Registered Company, engaged in the business of share trading, investment, finance etc. The applicant No. 2 Rakesh Akar, applicant No. 3 Dinesh Parasrampuria and applicant No. 9 Anil Agrawal are authorized signatories of applicant No. 1-Company. The applicants no. 4 to 8 are/were Directors of applicant No. 1 - Company.

(3.) M/s. MRK Pipes Limited is a company of Parasrampuria Group of Jaipur. The management of the said MRK Pipes Limited was under Parasrampuria Group. Kalani Group invested in the Company inter-alia by subscribing in the share capital as also by providing interest free loan and supply of plant and machinery on lease etc. The manufacturing units of MRK Pipes Ltd. were situated at faraway places in Gujarat, Rajasthan and Haryana and the company started mis-utilizing the funds invested by the Kalani Group as such Kalani Group proposed to seek an exit option i.e. to withdrew itself from the capacity of an "Investor Group". The aid proposal was accepted by the Parasrampuria Group including the present applicant company-whose Directors are interchangeably the members of Parasrampuria family or employees of Group Companies. Resultantly, Agreement dated 13.09.2010 (Annexure-R/1) was executed whereby the Parasrampuria Group including the present applicant company accepted the liability towards the investment of Kalani Group in equity share of MRK Pipes Limited as also towards share application money, interest free convertible debenture, Interest free loan and lease of machinery etc. The Parasrampuria Group including the present applicant company agreed to repay the lump sum amount of Rs. 10 Crores along with interest @ 18% p.a. for the period beyond 31.03.2012. It was also agreed that the after repayment as aforesaid the Kalani Group will transfer its shares to the nominees of Parasrampuria Group.