B L DALMIA Vs. STATE OF HARYANA

JUDGEMENT

(1.) Petitioners have filed this petition under Section 482 of the code of Criminal Procedure for quashing F.I.R. No. RC/1/78-CIU(E) lodged at police Station SPE/CBI/CIU(E)(I), New Delhi, and the order dated 24/03/1990 passed by the Special Judge, Ambala, by which charge has been named.

(2.) The prosecution case in nutshell is as follows: - M/s. Keeran Vegetable Products Ltd. (KNPL) was incorporated as a company on 20-7-1990 with the registered office and factory at Bhiwani, B.L. Dalmia, Mahabir Prasad Dalmia, Ryani Ram Aggrawal and Dali Chand Jain were its Directors. The Board of Directors Vide resolution Dated 2-12-1971 decided that Central Bank, Bhiwani be requested to accommodate by loan advances, hypothecation of securities on all or raw material or finished goods both present and future. B. L. Dalmia was authorised by the said resolution to negotiate with the Bank on behalf of the Bank and was also authorised to give a guarantee, etc. with regard to the loan, etc. All the four Directors were authorised to sign the documents of the Bank in their present capacity and requirement of the Company with respect of the loans is shown herein under:- 1. Hypothecation a) Raw material b) Stock in Process c) Finished goods Rs. 30,00,000/- d) Inward Railways Receipts. 2. Pledge(Lock and key basis) Finished goods viz. Vanaspati, Tin Containers Soap Rs. 20,00,000/- 3. Documentary bills Rs. 10,00,000/- 4. Clean bills and hundies. Rs. 5,00,000.00 Rs. 65,00,000 @@@ The Head Office of the Central Bank of India, Bombay vide their telegram dated 27-10-1972 to the Zonal Manager, Chandigarh sanctioned as below :- 1) Key loan Rs. 20,00,000/- 2) Open loan Rs. 20,00,000/- 3) Advance against stock in process Rs.10,00,000/- 4) Inward R.C. Rs. 10,00,000/- 5) Documentary bills Rs. 10,00,000/- @@@ with the condition that total commitment was not to exceed Rs. 50,00,000.00 or margin 50% to the company.

(3.) However the Head office of the Central Bank modified the sanction vide letter No. 00/ADV/CAS/NSZ/72/1034 dated 1-11-1972 subject to Joint/Several guarantee of the Directors of the company as under:- 1) Key loan limit Rs. 20,00,000/- 2) Cash credit open loans Rs. 30,00,000/- @@@ subject to security of raw oil, such ground nut oil, tin oil, (sic) seed oil, Soyabean in tanks, chemicals, stores of spares and finished goods such as Vanaspati Ghee, Soap, tins and tin plates, colour etc. Sub limits were fixed as under : 1) Advance against raw material should not exceed Rs. 20,00,000/- 2) Advances against stocks in process should not exceed Rs. 10,00,000/- 3) Advances against RR should not exceed Rs. 10,00,000/- 4) Documentary bill against truck receipt of approved transport Co. up to Rs. 10,00,000/- subject to Rs. 5,00,000.00 against transport company. @@@