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1993 (3) TMI 251 - SC - Companies LawWhether on the materials produced on behalf of the prosecution it is established that the appellants had issued the prospectus inviting applications in respect of shares of the company aforesaid with a dishonest intention, or having received the moneys from the applicants they had dishonestly retained or misappropriated the same? Held that:- Appeal dismissed. That exercise cannot be performed either by the High Court or by this court. If accepting the allegations made and charges levelled on their face value, the court had come to the conclusion that no offence under the Indian Penal Code was disclosed the matter would have been different. This court has repeatedly pointed out that the High Court should not while exercising power under section 482 of the Code usurp the jurisdiction of the trial court. The power under section 482 of the Code has been vested in the High Court to quash a prosecution which amounts to abuse of the process of the court. But that power cannot be exercised by the High Court to hold a parallel trial, only on the basis of the statements and documents collected during investigation or enquiry, for purpose of expressing an opinion whether the accused concerned is likely to be punished if the trial is allowed to proceed. The trial court should proceed with the case in accordance with law. We make it clear that we have not expressed any opinion on the merits of the charges levelled against the appellants.
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