- (1.) By the instant application under Section 482 of the Code of Criminal Procedure the petitioners have sought quashing of the impugned proceeding of Case No. C/4430/2000 under Section 420/120B I. P. C. pending before the learned Metropolitan Magistrate, 13th Court, Calcutta.
(2.) The facts leading to filing of the instant application may briefly be narrated thus.
(3.) The complainant company presently the opposite party filed the complaint registered as C/4430/2000 alleging commission of the offence punishable under Section 420/120B I. P. C. against the present petitioners. Accused No. l is the company and accused Nos. 2 to 5 are the directors of accused No. 1 Company. It has been alleged in the complaint that accused Nos. 2 to 5 who are the directors of accused No. 1 company are incharge of and responsible for the conduct of day-to-day business of accused No. 1 company. As per the case of the complainant, on 6th February, 1996 the EECO Traders Ltd. entered into a contract with the accused company for sale of 10,000 metric tonnes of Nguvu Brand Indian Long Grain Rice (hereinafter referred to the said goods) at the rate of US $ 297 per metric tonne. Pursuant to such agreement, EECO Traders Ltd. opened a letter of credit for US $ 29, 70,000 issued by Habib Bank A. G. Zurich, Loudon for payment of price of the said goods to the accused company. Thereafter the complainant company was nominated and substituted as the purchaser of the said goods in the place and stead of the said EECO and the aforesaid contract stood amended to that effect. The complainant was unwilling to accept and/or agree to purchase the said goods from the accused company. It has been alleged inter alia in the complaint that in order to induce the complainant company the accused persons dishonestly and fraudulently represented to the complainant company that the price of the aforesaid goods originally agreed might be amended to US $ 290.84 per metric tonne which would include cost, insurance and freight. The accused persons further represented to the complainant that they would arrange for obtaining insurance certificates in respect of the said goods and also would pay insurance premium with regard to the insurance of the said goods by the insurance company. Consequently the amendments were effected in the letter of credit dated 8th February, 1996 by a telex message dated 19th February, 1996 of the said Habib Bank, A. G. Zurich. It has been alleged further that the accused persons also represented to the complainant that the said consignment of goods would be shipped within a very short period of time and the same would be shipped in a proper and seaworthy manner. Such representation was false and the accused persons knew the same to be false at the time of making such representation, inasmuch as the accused persons were aware that the said goods were lying stored in the holds of Vessel M. V. Lucky Seven for about a month and had been sufficiently damaged when such representation was made. As alleged by the complainant, the accused persons suppressed the said facts and made false and dishonest representation to induce the complainant company to enter into the transaction with the accused company. Relying on such representation to be true and correct and being induced thereby the complainant company had agreed to purchase the said goods and appropriate directions were issued to Habib Bank A. G., Zurich to alter the said letter of credit. The said goods were covered by Marine Insurance Certificates issued between 29th February, 1996 and 11th March, 1996 by United India Insurance Co. Ltd. of No. 2, Brabourne Road, Calcutta in respect of the said goods covered under seven bills of lading (loading ?). The accused persons assured the complainant that they had paid the requisite premium to the insurance company in respect of the said insurance certificates.;