TUSHAR R. DESAI Vs. STATE OF TELANGANA

JUDGEMENT

(1.) This Criminal Petition is filed by the petitioner/A3 seeking to quash the proceedings in CC No.931 of 2015 on the file of VI Additional Chief Metropolitan Magistrate, Nampally, Hyderabad.

(2.) The 2nd respondent, who was the Managing Director of Andhra Pradesh State Financial Corporation, Hyderabad filed a criminal complaint which was investigated by the Economic Offences Wing, Crime Investigation Department, Hyderabad. The complainant alleged that this petitioner being one of the Directors of M/s.Asia Pacific Investment Trust Limited failed to return the fixed deposit amount of Rs.80.00 lakhs to the Sainik Welfare Department. The promoters who are Directors of the accused company approached Sainik Welfare Department with a request to invest Government funds in their Non-Banking financial institution. They suppressed the fact that they did not have required permission from the RBI to accept such deposits. After obtaining deposits to the extent of Rs.80.00 lakhs in the shape of fixed deposits, the company defaulted in repayment.

(3.) It is further alleged that there was a sale agreement in between Nagarjuna Investment Trust Limited and M/s.Asia Pacific Financial Services Limited, Kolkata and the name was changed to M/s.Asia Pacific Investment Trust Limited on 15/9/1994. The funds of Sainik Welfare Department were transferred into M/s.Asia Pacific Investment Trust Limited on 20/10/1994. The said amounts were allegedly misappropriated. Accordingly, the company M/s.Asia Pacific Investment Trust Limited and all its Directors were charge sheeted for the offence under Ss. 409, 420 r/w Sec. 34 of IPC. The petitioner worked as Director from 28/4/1994 to 10/2/1996. He along with other accused are responsible for misappropriation of the funds.