V.SUNIL REDDY Vs. STATE OF ANDHRA PRADESH

JUDGEMENT

(1.) This Criminal Revision Case is filed by A2 to A4. A3 died during the pendency of criminal revision. A1 died prior to framing charges. The name of A6 was deleted from the charge sheet since the police did not find any evidence. A5, A7 and A8 were tried and acquitted as co-conspirators. The present revision is argued on behalf of A2 and A4.

(2.) Briefly, the case of the complainant, which is the Andhra Pradesh State Cooperative Bank Limited is that A2/1st petitioner herein was the Managing Director in M/s.Kurnool Petro Products Limited, A1 is the Executive Director, A3 is the Chairman and A4 is the Guarantor. A2 as the Managing Director gave Ex.P1 which is the application for sanctioning of working capital loan for their company. It was agreed that they would furnish 100% collateral security of immovable property. A Board resolution Ex.P2 was passed by the Bank in the month of March, 1996 sanctioning working capital of Rs.76.00 lakhs. The sanction letter Ex.P3 was addressed to the accused. Having accepted the conditions laid down under Ex.P3, A1 and A4 gave collateral security of their agricultural lands in Dinnedevarapadu village, Kurnool. Ex.P20 is the registered sale deed in the name of A1, which was deposited in the Bank. The said document reflects that A1 is the owner of the said property.

(3.) Ex.P22 is the registered sale deed standing in the name of A4. Both A1 and A4 deposited the said sale deeds as security for the loan obtained on behalf of M/s.Kurnool Petro Products by A2 as Managing Director and other Directors.