MANISH GUPTA Vs. STATE OF UTTARANCHAL & ANOTHER
LAWS(UTN)-2012-3-113
HIGH COURT OF UTTARAKHAND
Decided on March 21,2012

MANISH GUPTA Appellant
VERSUS
State of Uttaranchal and another Respondents

JUDGEMENT

Servesh Kumar Gupta, J. - (1.) PETITIONER Manish Gupta has come up, by means of this petition, seeking to quash the proceedings of complaint case no. 392/2006, titled as Ashok Sharma Vs. Karvi Stock Broking Ltd. & others, and summoning order dated 29.9.2006 as well, passed by Special Judicial Magistrate, Tehri Garhwal. Learned Magistrate, after recording the statement of complainant Ashok Sharma u/s 200 Cr.P.C. and that of his witness H.P. Bahuguna u/s 202 Cr.P.C., has summoned only two accused persons, namely, Devendra Sharma and Manish Gupta, asking them to stand trial for the offences punishable u/s 420/120 -B IPC. With regard to other accused, learned Magistrate was of the view that no such offence, prima facie, has been made out.
(2.) THE background facts, qua controversy, are that petitioner is manager of a company, known as Karvy Stock Broking Ltd., having its branch office at Haridwar and Head office at Hyderabad. Sri Devendra Sharma was the dealer posted in that branch office. This company deals with purchase and sale of shares of different companies at the instruction of the shareholders, and for the purpose, a shareholder is required to open a Demat account in the concerned surrounding branch. Here, in the instant case, the branch was situated at Haridwar, wherein Devendra Sharma and petitioner Manish Gupta were posted, as afore -mentioned. Ashok Sharma, a project engineer, working in Jaiprakash Associates at Tehri, opened his Demat account at Haridwar. In the course of operation of that account, Sri Ashok Sharma asked Devendra Sharma on 9.3.2006 to sell 200 shares of "Reliance Natural" which existed with the complainant Ashok Sharma.
(3.) FOR selling the shares, it is incumbent upon a shareholder to sign a Delivery Instruction Slip (hereinafter will be called as 'Slip') from the cheque book, issued on behalf of Karvy Stock & Broking Ltd., by the concerned branch office to the shareholder. In order to sell these 200 shares, Devendra Sharma approached the complainant at Tehri and asked him to issue the Slip from the chequebook, as desired by complainant. Usually, when this Slip is issued by the accountholder to the dealer, in that case, he is required to issue the same after filling its all columns and putting his signature beneath. But instead of doing so, complainant issued the said Slip, keeping the columns blank and putting his signature beneath. This was done on account of personal relations and faith of complainant with Devendra Sharma.;


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