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2009 (9) TMI 573 - HC - Companies LawOffences and prosecution - cognizance of offences under sections 420 and 409, read with section 34, of the Indian Penal Code, 1860 - Held that:- So far as the offence of "criminal breach of trust" is concerned, it is imperative to note that the complainant, nowhere, claims that he either entrusted the vehicle or any money with the accused company or its authorised agents or representatives inasmuch as the vehicle was, admittedly, taken possession of by the accused company and as far as the payments of money were concerned, the same were made by the complainant against his own outstanding dues. The complainant was, even according to the complaint, a defaulter and, in such circumstances, the mere fact that the accused-petitioners had taken possession of the vehicle and disposed of the same, in terms of the loan agreement, cannot be stretched, to hold, even tentatively, that the accused company has committed offence of "criminal breach of trust". In the result and for the reasons discussed above, the order, dated 7-8-2008, cannot, to the extent that it directs issuance of processes against the two accused-petitioners, be sustained and the same shall, accordingly, stand set aside and quashed.
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