RAKESH GUPTA Vs. STATE OF RAJASTHAN

JUDGEMENT

(1.) By this criminal miscellaneous petition under Section 482 of Cr.P.C., a i prayer is made for quashing of criminal proceedings in case No. 353/2012 for offence under Section 3/4 Chit Fund and Money Circulation Scheme Prohibition Act, 1978 (for short "Act of 1978"). Further prayer is for compounding the offence.

(2.) Learned counsel for the petitioner submits that settlement has been arrived between the parties, thus proceedings may be quashed. It is, however, admitted that offence is not compoundable under Section 320 of Cr.RC. and in view of above, the Court passed an order on 24th April, 2014 for hearing of case for framing of the charges.

(3.) Learned counsel for the petitioner has referred judgment of Hon'ble Apex Court in the case of CBI, ACB, Mumbai v. Narendra Lal Jain and Ors. reported in 2014(1) WLC (SC) Criminal 572. Therein, the case for offence under Section 5(1)(d), (2) of Prevention of Corruption Act, 1947 along with offence under Section 420 and 120B of IPC was settled between the parties. In view of aforesaid, dropping of criminal proceedings by this High Court was held to be proper. The Apex Court did not interfere in the order passed by the High Court in view of the settlement, which was on discharge of liabilities of the Bank.