M/s. Prudential Capital Mkt. Ltd. & Anr. Vs. State of Bihar & Ors.
EmailAppeal: Petition(s) for Special Leave to Appeal (Crl.)….1722/2000
(From the Judgment and Order dated 27.08.1999 in CRLM 8403/99 of the High Court of Patna)
(From the Judgment and Order dated 27.08.1999 in CRLM 8403/99 of the High Court of Patna)
Petitioner: M/s. Prudential Capital Mkt. Ltd. & Anr.
Respondent: State of Bihar & Ors.
Apeal: Petition(s) for Special Leave to Appeal (Crl.)….1722/2000
(From the Judgment and Order dated 27.08.1999 in CRLM 8403/99 of the High Court of Patna)
(From the Judgment and Order dated 27.08.1999 in CRLM 8403/99 of the High Court of Patna)
Judges: G.B. PATTANAIK & U.C. BANERJEE, JJ.
Date of Judgment: Mar 04, 2000
Appearances:
Mr. M.P. Jha, Mr. Ram Ekbal Ray, Mr. Ashok K. Thakur, Mr. Anil K. Chopra Advocates for Petitioner(s).
Head Note:
CRIMINAL LAW
Reserve Bank of India Act, 1934
Section 45-QA with Penal Code, 1860 – Sections 420, 120-B and Negotiable Instruments Act, 1881 – Section 138 – Bar to proceed-ings – Criminal proceedings under Penal Code and Negotiable Instruments Act – If barred by Section QA. Held that said bar applies only to offences under the Act and not to criminal pro-ceedings.
(Para 3)
JUDGEMENT:
ORDER
1. Delay condoned.
2. An order of cognizance taken by the Criminal Court under Sections 420, 120B IPC as well as Section 138 of the Negotiable Instruments Act not having been quashed by the High Court on an application being moved under Section 482 Cr.P.C., the present application has been filed in this Court.
3. We see no provision under the Reserve Bank of India Act which prohibits any criminal proceeding to be continued. The provision of Section 58(E) bars taking cognizance of offence committed under the said Act, namely, Reserve Bank of India Act. The power of Company Law Board under Section 45-QA of the R.B.I. Act, as amended, does not in any way take away the power of the criminal court to continue with the criminal proceedings.
4. In course of his arguments, the learned Counsel points out that several High Courts have stayed the criminal proceedings. We do not know under what circumstances, the High Courts have stayed the criminal proceedings, nor any provision has been shown to us. Be that as it may, we are not inclined to interfere with the impugned order. The Special Leave Petition stands accordingly dismissed.
Court Masters.
1. Delay condoned.
2. An order of cognizance taken by the Criminal Court under Sections 420, 120B IPC as well as Section 138 of the Negotiable Instruments Act not having been quashed by the High Court on an application being moved under Section 482 Cr.P.C., the present application has been filed in this Court.
3. We see no provision under the Reserve Bank of India Act which prohibits any criminal proceeding to be continued. The provision of Section 58(E) bars taking cognizance of offence committed under the said Act, namely, Reserve Bank of India Act. The power of Company Law Board under Section 45-QA of the R.B.I. Act, as amended, does not in any way take away the power of the criminal court to continue with the criminal proceedings.
4. In course of his arguments, the learned Counsel points out that several High Courts have stayed the criminal proceedings. We do not know under what circumstances, the High Courts have stayed the criminal proceedings, nor any provision has been shown to us. Be that as it may, we are not inclined to interfere with the impugned order. The Special Leave Petition stands accordingly dismissed.
Court Masters.
