- (1.) Heard learned counsel for the petitioner and the learned counsel for the respondent State, as also learned counsel appearing on behalf of the respondent Bihar State Financial Corporation.
(2.) This writ petition has been filed for quashing the F.I.R. and investigation in Giridih (M) P. S. Case No. 373 of 1999 registered under Sections 406, 120B of the Indian Penal Code against the petitioner.
(3.) The petitioner, being the Director of M/s. Triveni Polytex Ltd. Danidih, Tundi Road, Giridih had taken loan from the Bihar State Financial Corporation (hereinafter referred as 'the Corporation') to the tune of Rs. 21.78 lakhs. The loan was availed by the petitioner, which could not be repaid and ultimately, on 11.08.1997 the officers of the Corporation took over the possession of the said factory in presence of Executive Magistrate and Police under the provisions of 29 and 30 of the State Financial Corporation Act 1951. While making the inventory, it was found that about 92 motors and almost all electrical equipments had been removed from the factory and as such, the F.I.R. was lodged by the Branch Manager, Bihar State Financial Corporation, Giridih, on the basis of which Giridih (M) P. S. Case No. 373 of 1999 was instituted and the investigation was taken up. The petitioner has challenged lodging of the said F.I.R. and has prayed for quashing the same.;