N.N.TIWARI, J. - (1.) IN this Cr.M.P. the petitioners have prayed for quashing the order taking cognizance dated 5.3.2003 passed by the learned S.D.J.M. Jamshedpur in Complaint Case No. 364/03 as also the entire criminal proceeding of the said complaint case. By the said order the learned S.D.J.M. has taken cognizance of the offences under Sections 420/468/472/120(B), IPC against the petitioner. It ha? been stated that the allegations made in the complaint do not constitute any penal offence.
(2.) THE short fact leading to the complaint case is that one Revikar Prasad had D. Mat account in Depository Participant Firm M/s. G. Raj and Co. of which the petitioner No. 1 is the Managing Director. The complainant had inquired from the petitioner No. 1 regarding the genuineness of the shares. In reply, the petitioner No. 1 (accused No. 3) had confirmed the position of shares of the accused No. 1 in his D. Mat account and had convinced him for purchasing the shares. On that basis the complainant had purchased the shares. He, thereafter, sold the shares. In the open market on current rate. The accused No. 1 issued transfer slip of his D.P. account of the Firm M/s. G. Raj and Co. In favour of the complainant. But the accused No. 3 stopped the transfer without having any authorization letter from any authority and without any just reason on the pretext that the share belonged to some other and not to the accused No. 1. The petitioner No. 1 (accused No. 3) has stopped transfer of share In favour of the complainant on the alleged telephonic communication from the UTI Bank. The learned Magistrate, on the said allegation, has taken cognizance of the aforesaid offences against the petitioner.
(3.) THE petitioner has stated that M/s. G. Raj and Co. is the Depository Participant of National Security Depository Limited (NSDL) and they only maintain the D. Mat accounts and they are not concerned with the transaction of the shares. The Company being a Depository Participant of NSDL is only authorized to maintain D. Mat accounts where share holders keep their shares in electronic form. They are controlled and authorized by Securities and Exchange Board of India (SEBI). The share was transferred to the account of Ravikar Prasad from the account of one Banke Lal Gupta who had D. Mat account with the UTI Bank. On 5.4.2002 UTI Bank had written to G. Raj and Co. (the company of which the petitioner No. 1 is the Managing Director) that though the shares were transferred to Ravikar Prasad in good faith, the delivery instruction slip did not contain the signature of the account holder Banke Lal Gupta and the same was not valid. The said act was also reported to the Police Station with request for taking action against Ravikar Prasad who had committed the said fraud. The complainant -O.P. No. 2 had also filed a title suit, being Title Suit No. 54/02 in the Court of the Munsif, Jamshedpur praying for permanent injunction restraining the M/s. G. Raj and Co. from transferring the aforesaid shares to any other person except the complainant.;