VISHNUDEO NARAYAN, J. - (1.) HEARD the parties.
(2.) ABA Nos. 54, 58 and 63 of 2003 arise from R.C. 2(A)/96 (D) and as such they are disposed of by this order. All the petitioners are being prosecuted for the offence punishable under Sections 120B and 420, IPC as well as under Sections 13(2) read with 13(l)(d) of the P.C. Act, 1988. The petitioners, namely, Ramesh Gandhi and Rajesh Gandhi are the Directors of M/s Continental Transport and Construction Corporation, Dhanbad (in short "CTCC") and petitioner S.N. Bhattacharjee was the officiating Branch Manager of Vijaya Bank, Dhanbad on 19.3.1994 in the absence of Senior Branch Manager Ratnakar Hegde B got the 4th running account bill dated 3.3.1994 of the said firm discounted on that day and the said bill was for Rs. 22,40,106/ -. The allegation is that Ratnakar Hegde B, the Senior Branch Manager, Vijaya Bank, Dhanbad (who is not sent up for trial) during the period of 1992 to 1994 entered into a criminal conspiracy with the Directors of M/s CTCC and in pursuance of the same dishonestly and fraudulently by abusing his official position allowed credit facilities to M/s CTCC beyond his delegated powers and the established norms of the Bank and issued Bank guarantees in excess of the financial limits and also allowed payments to the tune of Rs. 20,16,086.72 paise against the bill discounted of M/s CTCC and allowed the Directors of M/s CTCC to realize the bill proceeds directly from BCCL which was encashed and deposited in the different account at S.B.I., Ramgarh Cantt of M/s CTCC thereby caused wrongful loss of the said amount to the Bank and corresponding wrongful gain to themselves. It is alleged that M/s CTCC is a private company and petitioners, Ramesh Gandhi and Rajesh Gandhi are the Directors of the said Company which is doing a contract job for installation of one Feeder Breaker Complex at Golakdih Open Cast Project, Bastacolla Area, BCCL, Dhanbad and in course of execution of work the 4th running account bill was prepared in the office of Area Civil Engineer, Bastacolla Area, BCCL, Dhanbad and it was passed for Rs. 22,40, 106.72 paise by co -accused M. P. Sinha, the then Dy. Finance Manager, Bastacolla Area, BCCL, Dhanbad on 19.3.1994. The prosecution case further is that petitioner S.N. Bhattacharjee, the then officiating Branch Manager of Vijaya Bank, Dhanbad, on 19.3.1994 has intentionally, fraudulently and dishonestly discounted the said bill under Supply Bills Purchase Overdraft (SBPOD) No. 19/94 for Rs. 20,14,576.72 paise by way of crediting its amount in the account of M/s CTCC and he has also sent a letter on that very day to the Area Finance Manager, Bastacolla Area, BCCL, Dhanbad informing about the same and requesting him to make arrangement to pay the amount of the bill through cheque drawn in Dhanbad at an early date. The further allegation is that the cheque against the 4th running account bill in question was prepared in favour of M/s CTCC instead of Vijaya Bank, Dhanbad and the said cheque was deposited in the account of M/s CTCC in the S.B.I., Ramgarh Cantt. Lastly it is alleged that the petitioners have caused wrongful gain to themselves and wrongful loss to Vijaya Bank intentionally and fraudulently.
(3.) IT has been submitted by Mr. Dipankar Gupta, learned Sr. Advocate for the petitioner Ramesh Gandhi that it is a case of commercial transaction in which as per the norms the bills are discounted by the Bank under SBPOD and accordingly the 4th running bill amounting to Rs. 22,40,106/ - was discounted by Vijaya Bank and the said amount was credited in the account of M/s CTCC and the officiating Branch Manager i.e., petitioner S.N. Bhattacharjee informed the Area Finance Manager, Bastacolla Area, BCCL, Dhanbad regarding the discounting of the said bill and also requested him to pay the amount of the bill through cheque drawn in favour of Vijaya Bank, Dhanbad but the Area Finance Manager, Bastacolla Area, BCCL, Dhanbad committed an irregularity in drawing the cheque of the discounted 4th running account bill in the name by M/s CTCC and deposited in its account at SBI Ramagarh Cantt. It has also been submitted that when the said irregularity was detected the entire amount under the 4th running account bill was deposited in the Vijaya Bank, Dhanbad not only along with interest but also with penal interest several years prior to the institution of the FIR. It has also been submitted that now nothing is due of Vijaya Bank against M/s CTCC in respect of the discounted 4th running account bill aforesaid and annexure -5 which is the letter of Vijaya Bank shows that nothing is due of the Bank in respect of the 4th running account bill as the entire amount has been paid between 1.10.1994 to 22.11.1994 and M/s CTCC had themselves deposited the said amount and after this date no amount remained payable by M/s CTCC to the Bank against the said bill purchased under SBPOD limits of the said firm. The said letter, annexure -5, further discloses that the credit limit of M/s CTCC, Dhanbad is Rs. 824.95 lakhs out of which SBPOD limit is Rs. 50.00 lakhs.The said letter, annexure -;