TMI Blog1996 (11) TMI 321X X X X Extracts X X X X X X X X Extracts X X X X ..... JUDGMENT N.C. Kochhar, J. The facts giving rise to this petition under section 482 of the Code of Criminal Procedure, 1973 ("the Code"), are as under : The respondent, Smt. Sarala Devi Rathi, had purchased 100 shares of petitioner No. 1-bank and had forwarded them to petitioner No. 1, by registered post with acknowledgment due on August 23, 1994. The said shares were received by petition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titioners have approached this court by filing this petition. On receipt of notice of the petition, Shri Padam Kumar Khetan has appeared for the respondent. I have heard learned counsel for the parties and have also perused the impugned order. The first contention, raised by learned counsel for the petitioners, is that according to section 621 of the Act, no court can take cognizance of any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceipt thereof and in case of default, the company and any officer of the company, who is in default, has to be punished with fine, which may extend to five hundred rupees for every day during which the default continues. The respondent having purchased the shares by paying the price therefor, had become the owner thereof and no interest in the shares had been left with the person in whose name th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment made in support thereof, the respondent has described petitioner No. 2 as the managing director of petitioner No. 1-bank. There was no reason for the learned Judicial Magistrate, not to have believed the allegations in this regard, mentioned in the complaint, specially when, they were supported in the statement, made by the respondent under section 200 of the Code, and at the stage of issuing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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