- (1.) Present petition has been filed under Section 482 of the Code of Criminal Procedure for quashing FIR No. RCSIA2000E0002 dated 12.05.2000, under Sections 120-B read with Section 420 of the Indian Penal Code and Section 13(2) read with Section 13(1)(d) of the Prevention of Corruption Act, 1988 and also for quashing of all proceedings relating to the said FIR.
(2.) Brief facts of the case as mentioned in the FIR are to the effect that during the year 1994 to 1998 Sh. Baldev Maudgil and Sh. V.K. Khullar then Branch Managers of Oriental Bank of Commerce (hereinafter referred to as "OBC"), Mandi Gobindgarh Branch, Punjab entered into criminal conspiracy with the petitioners. Petitioner nos. 3, 5 and 6 are Directors of petitioner No.2. Petitioner No.4 is a Proprietor of M/s Jain Steels Industries, GT Road, Khanna, and respondent Nos. 2 and 3 are partners of M/s Anand Steel and Allied Industries. Similarly Sharda Indu, Usha Rani, Rajesh Verma, Munish Kumar, Deepak Kumar and Satpal Goel, respondent Nos. 4 to 10, are either partners or Directors of various companies/firms. They have cheated the OBC, Mandi Gobindgarh to the tune of Rs. 11,64,75,053-53 in connivance with the Branch Managers of the relevant time who have misused their official position and released limits without security and issued discounting cheques which were later on returned unpaid. It has been further alleged in the FIR that M/s Jain Steel Industries was sanctioned CC Hypothecation limits of Rs.90 lacs and guarantee limit of Rs.250 lacs by the HO of the bank. Subsequently, at the request of party CC Hypothecation limits were raised from Rs.90 lacs to Rs.120 lacs and guarantee limits from 250 lakhs to 300 lakhs. However, the then Branch Manager, Gobindergarh Branch of Oriental Bank of Commerce, Mr. Baldev Maudgill, unauthorisedly permitted over-drawings in CC Hypothecation upto Rs.212.89 lacs against sanctioned limit of Rs.120 lacs to M/s Jain Steel limits even though the drawing power was nil. It is further alleged in the FIR that regarding guarantees worth Rs.1.85 crores favouring MSIC Ludhiana, party has availed bill discounting facility in which alleged bogus bills have been suspected to be involved.
(3.) I have heard learned counsel for the parties.;