2007 (9) TMI 400 - SUPREME COURT

Whether the complaint petition, even if given face value and taken to be correct in its entirety, would lead to the conclusion that the respondents herein were personally liable for any offence.?

Whether such a suit was maintainable and/or is ultimately to be decreed or disposed of is a question which had to be gone into in the suit itself?

Held that:- Appeal dismissed. As held bu HC there was no suppression or concealment of any facts and it did not amount to criminal breach of trust and cheating on the part of the bank as alleged by the complainant. The said export bills under L/C were negotiated by the bank under the provisions of UCPDC 500 1995 Revision. The bank has also informed vide its letter dated February 8, 2005, to M/s. SBI Capital Markets Ltd. It was stated therein that the bank has not concealed or suppressed any material fact against the interest of the public at large and investors in particular. The bona fide mis-description in setting out the nature of claim was unintentional. It was further stated that the material particulars like the amount of claim, date of filing and name of the company was correctly mentioned. The mis-description did not materially influence/affect the decision of the investors/public