ASHOK KUMAR SINGHAL Vs. STATE OF PUNJAB

JUDGEMENT

(1.) This is a petition under Section 482, Cr. P.C., filed by the petitioner, seeking quashment of FIR 286 dated 13-12-1999 under Sections 406/420, IPC, registered at Police Station, Focal Point, Ludhiana.

(2.) In the petition, it was alleged that the Firm known as M/s. Ludhiana Industrial Corporation, of which the petitioner was one of the partners, had taken loan facility from Punjab Financial Corporation for the construction of factory and purchase of machinery. Subsequently, the Firm entered into an agreement of hypothecation with the Punjab Financial Corporation. It was alleged that the petitioner had withdrawn from the partnership of the said Firm in the year 1994 and that due intimation was also sent to the said Corporation in this regard. It was further alleged that the said Corporation had lodged an FIR against all the partners of the said Firm, including the petitioner. It was alleged that as per the FIR the partnership Firm was advanced a loan of Rs. 23.43 lakhs by the said Corporation for the construction of the factory premises and purchase of machinery, on the terms and conditions duly mentioned in the mortgage deed, duly executed by all the partners on 6-10-1998. It was alleged that the entire machinery purchased out of the loan amount was installed at the factory premises and was charged and assigned to the said Corporation under the said mortgage deed. It was further alleged in the FIR that one of the terms and conditions of the said mortgage deed was that the borrower shall not sell, transfer or otherwise part with or remove from the said factory premises, the said plant and machinery, without the prior permission, in writing, of the said Corporation. It was alleged that when the representative of the said Corporation visited the factory premises on 23-8-1999, it was found that all the machinery was without motors and approximately 50 electric motors had been removed from thefactory premises. It was alleged that the accused had dishonestly misappropriated and disposed of the said items, in violation of the terms and conditions of the said mortgage deed and had committed the offence punishable under Section 406, IPC. In the petition filed by the petitioner, Ashok Kumar, one of the accused, it was alleged that no offence under Section 406, IPC, was made out and as such the FIR was liable to be quashed.

(3.) I have heard learned counsel for the petitioner and gone through the record carefully.