BANK OF RAJASTHAN LIMITED Vs. STATE OF BIHAR

JUDGEMENT

(1.) In this application filed under Section 482 of the Criminal Procedure Code, 1973, the petitioner has prayed for quashing the entire criminal proceeding including the order of cognizance dated October 6, 1997, passed by the Chief Judicial Magistrate, Ranchi, in Complaint Case No. 437 of 1997, under Section 113(2) of the Companies Act, 1956, now pending before the Judicial Magistrate, First Class, Ranchi.

(2.) The prosecution case, in a nutshell as per the complaint petition, is that the complainant-opposite party No. 2 had purchased 100 shares of the petitioner-Bank of Rajasthan by investing Rs. 25,000 at the price prevalent at that time. The details of the shares have been given in the plaint. It is alleged that on May 22, 1996, the complainant sent the aforesaid 100 shares along with transfer deed duly filled up, stamped and signed as required under law for transfer of his name on those shares to accused No. 4, namely, the secretary of the bank which was duly received by him on May 27, 1996. It is alleged that the limitation of time for issuing such certificate as has been prescribed under Section 113 of the Companies Act, is two months after the date of application for registration of the transfer of shares. The allegation is that till date neither have the share certificates been sent by the accused persons evidencing transfer of the shares in the name of the complainant nor has he received any reply in spite of reminders and, thereby the accused persons have committed an offence as prescribed under Section 113(2) of the Companies Act.

(3.) The complaint was filed on September 24, 1997. The learned Chief Judicial Magistrate transferred the case for inquiry under Section 192 of the Criminal Procedure Code. Thereafter the complainant was examined and then summons was issued to the accused persons for answering the charge punishable under Section 113(2) of the Companies Act.