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2013 (4) TMI 135 - GUJARAT HIGH COURTArticle 226/227 of the Constitution of India - Criminal Revision Application - Respondent No.2 has transferred shares into his wife's Demat Account with Peoples Cooperative Bank instead of transferring the shares to respective client's Demat Account - He has further transferred the shares from his wife Demat Account with Peoples Cooperative Bank to the Demat Account with ICICI Bank - Also sold some of the shares from ICICI Damat Account - Held that:- the learned Magistrate issued notice upon the Income Tax Department with respect to the shares in question. - It appears that thereafter the Income Tax Department has inquired into the case and conducted inquiry and after conclusion of the inquiry it has been found that the misappropriated shares were duly reflected in the Books of Accounts of the petitioner and that some of the shares which were related with some of the clients, have given their confirmation that they have purchased the shares through the petitioner. The stand taken by the Income Tax Department is allowed and the impugned orders passed by the learned Additional Sessions Judge and Presiding Officer, Fast Track Court No.5, Surat passed in Criminal Revision Application No.144 as well as order passed by the learned Additional Senior Civil Judge and Judicial Magistrate are hereby quashed and set aside - It is directed to handover the Instruction Slip Books with respect to the shares which are alleged to have been misappropriated by the original accused Nos.1 and 2, and thereafter the petitioner is permitted to transfer the alleged misappropriated shares in question lying in the Demat Account of the respondent Nos.2 and 3 – original accused Nos.1 and 2 to the Demat Accounts of the petitioner in the respective Banks. It is further observed that after transfer of the shares in his Demat Account, if the petitioner wants to transfer any of the shares in question for which the complaint is filed, the petitioner shall submit an appropriate application before the concerned Magistrate - And on undertaking that in case ultimately at the conclusion of the trial any adverse order is passed against the petitioner he will deposit the said amount and such a transfer shall be subject to ultimate outcome of the trial - Rule is made absolute to the aforesaid extent
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