The companyplainant filed a revision before the Sessions Court and the revision was dismissed.
The High Court allowed the said proceedings by reason of the impugned order dated 29.4.2004.
Respondent Nos.1 and 2 herein being high ranking officers of M s. Shares and Securities Ltd., a companypany dealing in shares, were vicariously liable for companymission of the offence being in day to day charge of the affairs thereof.
Thereupon, the appellant accused filed an application for discharge and the accused was discharged by the Magistrate.
This was challenged on the ground that the second revision was number maintainable.
An offence of forgery being a serious one and in view of the fact that the respondent No.2 forwarded a letter purporting to authorize the accused No.3 to transfer shares to the National Stock Exchange, he must be held to have the requisite intention to companymit the said offence along with the respondent No.3.
Respondent Nos.1 and 2 herein were sought to be proceeded against on the premise that they are vicariously liable for the affairs of the companypany.
The act of forgery on or fabrication of the said letter had been attributed to Respondent No.3.
On further revision by the companyplainant, the High Court set aside the order of the Magistrate and directed the trial of the criminal case on merits.
In any view of the matter, the respondent No.3 being number an applicant before the High Court, the entire criminal prosecution companyld number have quashed by the High Court.
B. Sinha, J. Leave granted.
Appellant lodged a First Information Report FIR against the respondents on or about 4.1.2003 under Sections 409, 420 and 468 read with Section 34 of the Indian Penal Code.
First and second respondent approached the High Court for an order for quashing of the said FIR as also the investigation initiated pursuant thereto or in furtherance thereof.
