- (1.) In this writ application the petitioners have, inter alia, prayed for issuance of writ of certiorari for quashing the proceedings being C. D. F. Case No. 94 of 1994 (Sarita Agarwal v. ANZ Grindlays Bank) pending before the respondent No. 1.
(2.) The fact of the matter lies in a very narrow compass. The respondents Nos. 2 and 3 opened an account for availing banking services under the Cashette Scheme of the petitioner-bank (hereinafter referred to as 'the Bank'). In terms of the said scheme credit limit/ overdraft limit is allowed to the extent of 50% of the market value of the shares kept with the bank. The respondents Nos. 2 and 3 made a request to the bank for withdrawal of shares of Tube Investment of India Ltd. on 20-9-93. It is admitted that the sanctioned credit limit of the respondents Nos. 2 and 3 was Rs. 73,600.00- and out of the said amount they utilised a sum of Rs. 61,939.00.
(3.) The respondent No. 3 on or about 24-9-93 stated that the sale proceeds would be deposited in the bank account as the respondents were in the process of closing the account in view of the deteriorating quality of services of the bank. The said shares, however, were not released.;