(1.) These three petitions by the respective accused-petitioners arise out of a common judgment and order dated 9 December, 1997 passed by a Division Bench of the High Court Division rejecting Criminal Reference Nos. 1-3 of 1997 made by the Sessions Judge, Dhaka by his judgment and order dated 1-6-97 under section 438 of the Code of Criminal Procedure recommending quashing of the proceedings of CR Case Nos. 1075, 1076 and 1080 of 1997 pending in the Court of the Chief Metropolitan Magistrate (CMM) Dhaka.
(2.) Facts of the case, briefly, are that, the Securities and Exchange Commission (SEC) constituted under the Security and Exchange Commission Act, 1993 (Act No. 15 of 1993), briefly the Act, filed reports under section 25 of the Securities and Exchange Ordinance, 1969, briefly the Ordinance, through its Executive Director MA Rashid Khan before the Chief Metropolitan Magistrate, Dhaka alleging offences under section 17 read with section 24 of the said Ordinance against the present petitioners on 2-4-97 whereupon the CMM by orders passed on the same date took cognizance of offence under section 24 of the Ordinance and directed issuance of warrant of arrest against the accused petitioners in the following terms:
(3.) The aforesaid CR cases were accordingly registered. In the reports made to the CMM, it was alleged, inter alia, that the accused companies and their directors were involved in fraudulent activities during the month of July to December, 1996 within the meaning of section 17 of the Ordinance and those were detected by an Enquiry Committee formed by the SEC under Section 21 of the Ordinance to enquire into the matter. In the reports filed relevant portions of the findings of the Enquiry Committee were quoted in respect of the petitioners as were relevant in each case.