(1.) This is an application for quashing of a proceeding being case No. 390/99 pending in the court of Id. Chief Judicial Magistrate, Howrah under Section 420 of the Indian Penal Code.
(2.) The aforesaid proceeding was initiated on the basis of a petition of complaint filed by the complainant opposite party No. 1 in the court of Id. Chief Judicial Magistrate, Howrah on 28.1.99 alleging commission of an offence punishable under Section 406/420/467/468/471/474/120-B of the Indian Penal Code. The allegations levelled in the petition of complaint are to the effect that the complanant purchased 18000 shares of M/s. Western Paque India Limited at Rs. 3 lacs on 10.2.97 and after purchase aforesaid shares were sent to the office of M/s. Western Paque India Limited situated at Pune, Maharashtra for transferring of the same in the name of the complainant and the said shares were duly received by the said company office.The complainant waited for a reasonable time but received no response from the said company regarding the transfer of shares. The complainant getting no response from the compay personally contacted the accused Nos. 1 and 2 who are the share brokers under Calcutta Stock Exchange, Bombay Stock Exchange and National Stock Exchange, Mumbai several times. But they denied everything. It was also stated in the petition of complaint that finding no other way the complainant intimated the matter to the Chairman, Securities and Exchange Board of India, Nariman Point, Mumbai for redressal but to no effect. It was specifically stated in the petition of complaint that the accused Nos. 1 and 2 in the petition of complaint are the share brokers as aforesaid and accused No. 3 is the Chairman and Managing Director and accused No. 4 is the Director of the Western Paque Indian Limited. The present petitioner has been figured in the petition of complaint as accused No. 4 as the Director of the said company. It was alleged in the petition of complaint that accused Nos. 3 and 4 who are Managing Director and Director of the said company respectively are in-charge of the day-to-day business of the said company and they committed offence along with accused Nos. 1 and 2.
(3.) On receipt of the said complaint the Id. Chief Judicial Magistrate, Howrah by His order dated 13.1.99 took cognizance of the offence and issued process against the accused person under Section 420 of the Indian Penal Code fixing 20.2.99 for service return and appearance. It is at this stage the petitioner came up before this court in revision for quashing of the said proceeding.