RAYMOND LTD Vs. H V DOSHI PVT LTD

JUDGEMENT

(1.) This revisional application under section 482 of the Criminal Procedure Code (in short the Code) is aimed at quashing the proceeding of complaint case No. C-1024 of 2003 under sections 420/120B of the Indian Penal Code (in short IPC) now pending before the learned 12th Metropolitan Magistrate, Calcutta and for setting aside the orders dated 8.12.03 and 17.1.04 passed by the learned Magistrate thereby taking cognizance of offence and issuing process against the petitioner.

(2.) The aforesaid complaint Case being Case No. C-1024 of 2003 was initiated on the basis of complaint filed by the opposite party (in short O.P.) namely M/s. H.V. Doshi and Bros. Pvt. Ltd. The gist of the complaint may be summarised as follows.

(3.) The accused No. 1 company incorporated under the Companies Act is engaged in manufacturing various products including manufacture of engineering files and tools and also marketing such products. Accused Nos. 2, 3 and 4 are all working for gain in their respective posts under accused No. 1 company. The complainant is acting as an 'Indenting Agent' for and on behalf of accused No. 1 for decades and from time to time whenever renewal of such indenting agency had taken place some changes in the terms, conditions and modalities were introduced. Since November, 2000 accused No. 1 formally started its private office at Calcutta for Eastern Region and accused No. 4 was posted there to conduct and looking after business of accused No. 1. On or about 27th December, 2000 the accused Nos. 2 and 3 while visiting Calcutta for their official business met Sri Sundeep Doshi, Managing Director and Anil Doshi, a Director of complainant company at their office for finalising the modalities of indenting agency for the year 2001 onwards. During the meeting, the accused Nos. 2, 3 and 4 intimated the Managing Director and Director of complainant that since they were accepting collateral securities for indenting agency from other agents and as such, the complainant was also required to pay or provide for collateral securities for such indenting agency. It was decided that the complainant would pay Rs. 25 lacs as collateral securities in equal instalments by cheque or bank draft in favour of accused No. 1 and after encashing the first cheque or bank draft, the accused Nos. 2, 3 and 4 would then initiate to fulfil the obligation by providing a formal agreement for indenting agency in favour of the complainant.