T.V. Ramanathan, J. - (1.) Leave granted.
(2.) The appellants have preferred this appeal against the impugned order dated 19.10.2006, passed by the High Court of Jharkhand in Cr. M.P. No. 659 of 2006, dismissing the said petition filed under section 482 of the Code of Criminal Procedure, 1973 (for short, the 'Cr.P.C.') for quashing the criminal proceedings and setting aside the order dated 5.4.2006 passed the learned Magistrate who took the cognizance of offence under sections 406 and 420 read with section 120B of the Indian Penal code (for short, the 'IPC') against the appellants.
(3.) In brief, the relevant facts of the case are as follows : The complainant who was the C &F agent of M/s Standard Batteries Limited (hereinafter referred to as 'SBL') is said to have made a security deposit for a sum of Rupees ten lakh with SBL. There appears to be a dispute among the complainant, the SBL, and M/s Exide Industries Limited (hereinafter referred to as 'EIL') for refund of the said amount. It is undisputed that the amount of security deposit was only given by the complainant to the SBL. EIL to which the present appellants belong, came into the picture because under an agreement dated 21.11.1997, SBL was sold to EIL on 'slump sale basis'. At the time of this sale, SBL executed an indemnity deed dated 28.11.2000, in favour of EIL. The said indemnity deed contains a specific stipulation to the effect that SBL would continue to be responsible and liable in all matters which have been subsequently mentioned in the indemnity deed for the past period. On 20.02.1998, SBL terminated the C &F agency of the complainant on the ground that SBL had sold/transferred its undertaking to EIL.;