M/S.Quantum Global Securities Ltd New Delhi v. State By

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED: 06.08.2019

CORAM:

THE HON'BLE MR.JUSTICE N.ANAND VENKATESH CRL.O.P.No.10100 of 2019 and Crl.M.P.No.10936 of 2019 M/s.Quantum Global Securities Limited Regd. Office:

No.608, 6th floor, Pragati Tower, No.26, Rajendra Place, New Delhi 110008 Rep. by its Director Atul Narender Malik ... Petitioner/A1 -vsState by:

1.Inspector of Police, CCB Chennai Team V forgery wing, Vepery, Chennai 600 007.

2.Suresh Venkatachari ... Respondents (2nd Respondent is impleaded as per order in Crl.MP.5899/19 in Crl.OP.10100/19 dated 26.4.19) Prayer: Criminal Original petition is filed under Section 482 of Criminal Procedure Code, to de-freeze the following Bank Accounts of the Petitioner's Company SR.No.

Account No Nature of Account 00990610004489 NSE SETTLEMENT A/C 00030340002515 NSE CLIENT A/C 57500000315146 MUTUAL FUND A/C 57500000175191 BSE SETTLEMENT A/C 00030340069295 NSE BUSINESS A/C 00990650004052 NSE DUES A/C 00030340070638 CURRENCY A/C

in HDFC Bank, Anna Salai, Main branch, Chennai in Crime No.39/2019 on the file of the Inspector of Police, Team V, Forgery Wing, CCB, Vepery, Chennai.

For Petitioner : Mr.B.Kumar, Senior Counsel for M/s.T.NC.Kaushik For Respondents: Mr.M.Mohamed Riyaz (for R1) Additional Public Prosecutor Mr.A.D.Janarthanan (for R2) for M/s.C.Iyyanar

ORDER

This petition has been filed for a direction to the respondent police to de-freeze the bank accounts and the de-mat account of the petitioner company and its Directors. 2.It is seen from records that in the course of investigation in Crime No.39 of 2019, the respondent police have freezed the bank accounts and the de-mat account of the petitioner company and its Directors.

3.Mr.B.Kumar, learned Senior Counsel appearing on behalf of the petitioner submitted that this Court by an order dated 26.04.2019, had already permitted the company to open a new account and do the business transactions through that account. Pursuant to the orders passed by this Court, a new bank account was opened and the business transactions are taking place in the new bank account. The learned Senior Counsel submitted that the personal bank account of the Directors have been freezed by the respondent police and the de-mat account of the company has also been freezed and such freezing of accounts is not warranted in the facts of the present case, since the offence itself has not been made out and the other accused persons have already approached this Court seeking to quash the F.I.R. and this Court has also entertained the petitions.

4.The learned Additional Public Prosecutor on instructions submitted that the account was freezed on 08.04.2019 and the same was informed to the concerned Court on 09.04.2019 and therefore the respondent police have strictly complied with the mandatory provisions under Section 102 of Cr.P.C. 5.Taking into consideration the facts and circumstances of the case, liberty is granted to the petitioner to approach the Court below and file an appropriate petition seeking for defreezing the accounts. The Court below will be better placed to

consider the entire case, since all the materials will be available before the Court below and the Court below can take a decision as to whether freezing of accounts is warranted in the facts of the present case. This exercise cannot be done by this Court, in exercise of its jurisdiction under Section 482 of Cr.P.C.

6.This Criminal Original Petition is disposed of by giving liberty to the petitioner to file a petition before the Court below seeking to de-freeze the bank accounts and the de-mat accounts of the company and its Directors and the Court below shall complete the proceedings and pass orders on the said applications within a period of four weeks from the date on which the application is filed by the petitioner. Consequently, connected miscellaneous petition is closed.

s/d- Assistant Registrar(J) True Copy Sub-Assistant Registrar vs To 1.The Inspector of Police, CCB Chennai Team V forgery wing, Vepery, Chennai 600 007.

2.The Public Prosecutor, High Court, Madras.

+1 CC to Mr.T.N.C. Kaushik, Advocate sr 67204. CRL.O.P.No.10100 of 2019 and Crl.M.P.No.10936 of 2019 SP(16/08/2019)