UNITED SAVINGS AND FINANCE CO. PVT. LTD. Vs. DEPUTY CHIEF OFFICER, RESERVE BANK OF INDIA

JUDGEMENT

(1.) THESE two Rules are for quashing the proceedings of two cases initiated against the petitioners and others under Section 58B(2) of the Reserve Bank of India Act, 1934 (hereinafter referred to as the Act) in the Court of the Sub -divisional Judicial Magistrate Ranaghat, on complaints filed by the Deputy Chief Officer, Department of Non -Banking Companies, Reserve Bank of India.

(2.) THE material allegations in the complaints are as follows:

(3.) TWO points were canvassed by the petitioners in support of the Rules. It was firstly contended that as the complainant, the Deputy Chief Officer of the Bank, was not duly authorised by the Bank under Section 58E of the Act to file the complaints, the Sub -divisional Judicial Magistrate erred in law in taking cognisance thereupon, f he second contention was that the cognisance was barred by limitation under Section 468 of the Code of Criminal Procedure. In refuting the above two contentions, it was submitted that the complainant was generally authorised in writing, by the Bank, to file complaints under Section 58B of the Act and as such the cognisance was legal and valid. It was next submitted that the offence under Section 58B(2) was a continuing one and in view of the provisions of Section 472 of the Code of Criminal Procedure the cognisance was not barred by limitation.