G.S.CHAHAL,J - (1.) ROSHAN Lal who is the Managing Director of Vishav Kiran Savings & Finance Limited and Pawan Kumar Aggarwal have come in this petition under Section 482 Cr.P.C. for quashing of FIR 262 dated June 29, 1991 registered at police station Central Chandigarh for offence under Section 420 IPC.
(2.) THE impugned FIR was registered on the basis of an application moved by Gurajan Singh and so far as relevant, it reads as under : "To the SSP, UT Chandigarh, Sub: Complaint against M/s. Vishav Kiran Savings and Finance Ltd., SCO No. 2433-34, Sector 22-C, Chandigarh. With due respect I beg to submit that I am the subscriber No. 21443/Hr. of said firm and have paid instalments thus 31.360 of due from the said firm. When they made me their member (Subscriber) they told me that I can demand my deposit money as and when required by me. Now when I have asked them to return/release my money they have flatterly refuse to return my money. I also came to know from reliable sources that they are not paying huge amount to other subscribers and making false promises and are putting them off on the one pretext or other the reasons best known to them. It is pertinent to mention here that they have misappropriated our amount which we have deposited to them for our benefit and to return on our demand, but now they are playing teckets (tricks ?). Thus they have mis-appropriated my amount and thus have further cheated. It is therefore, respectfully prayed that necessary action under Indian Penal Code may kindly be taken against him/them and case be registered against them and my money be got returned to me. Photostat copies of 6 receipts are attached herewith for your kind perusal. Thanking you." The petitioner claims that M/s. Vishav Kiran Savings and Finance Limited is a company registered with Registrar of Companies, Jalandhar and has registration No. 4594 of 1981. The company is being run under the directions of the Reserve Bank of India from time to time and as per Memorandum and Articles of Association of the Company, it runs the following business : "(1) To carry on and undertake any business, contracts undertaking transactions, operation commonly or usually carried on by Financiers, promoters, Capitalist, Concessioners, Contractors, Merchants, Importers and Exporters of other like business. (2) To carry on the business of financiers for constructions of roads, buildings, houses, flats, factories, offices, dams, canals, tanks, reservoirs, syphons, bridges, hydel projects, power houses, tunnels, culverts, drains, channels, sewerage, gardens and pleasure gardens and all sorts of contracts for procurement and supply for local, Municipal, State, Central authorities, Govt. Departments, Railways, Universities or for any other person, firms or companies. (3) To receive money on deposits accounts or current or otherwise with or without interest and to receive in deposits on safe custody any title deeds or other securities but the company shall not carry on banking business as defined in Banking Companies Act, 1949. (4) To carry on the business of lending money and to procure or negotiate loans of every description." That one of the objects of the company is to issue certificate to certificate-holders for a period of five years and maximum of 10 years in the fixed deposit and recurring deposits and bonus is also paid @ 12% to these certificate-holders and this payment is made on maturity. Collection centres had been opened at various places in Haryana, Punjab, Delhi, Himachal Pradesh and UP and complete record is being maintained and work is being done like that of a banking institution. That the dispute referred to in the FIR only makes a civil dispute and no offence under Section 420 IPC is made out. It is also claimed that the FIR has been lodged with a malafide intention.
(3.) THERE is no allegation made in the petition as to the conditions on which the complainant made the deposit with the company. If the complainant is able to establish making of a deposit and a demand for withdrawal of the amount then unless there was a contract between the parties that the amount is to be returned only after a specific period of time then the refusal to pay the amount left in trust with the company will amount to a criminal offence. The petitioners cannot get away with the plea that the dispute was purely of a civil nature and no case could be registered. From the facts stated in the FIR all ingredients of criminal offence are made out. If the petitioners have a defence, they shall have to show it to the trial Court. I may also add that in these proceedings, no inquiry is to be made to find out the truthfulness or otherwise of the FIR. If any authority is needed, a reference be made to State of Haryana v. Ch. Bhajan Lal, JT 1990(4) SC 650 . No case is, thus, made out for quashing the FIR. This petition is hereby dismissed. Petition dismissed.;