Rajeev Balkrishna Bakshi v. Yes Bank Limited
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED 06.07.2016
CORAM
THE HONOURABLE Mr.JUSTICE P.N.PRAKASH CRL.OP.Nos.26474 & 26465 of 2015 and CRL.M.P.Nos.1 to 1 of 2015 Rajeev Balakrishna Bakshi Director, 3, Club Drive, Ghitorni, New Delhi-110 030.
and also at Habib Complex, 6th Floor, No.5, Durgabai Deshmukh Road, R.A.Puram, Chennai-28.
... Petitioner in Crl.OP.26474/15/Accused No.7 Kannan Srinivasan Director, 1056, Old Orchard Drive, Gibsonia, U.S.A.
and also at Habib Complex, 6th Floor, No.5, Durgabai Deshmukh Road, R.A.Puram, Chennai-28.
... Petitioner in Crl.OP.26465/15/Accused No.9 Vs Yes Bank Limited Nehru Centre, 9th Floor, Discovery of India, Dr.Annie Besant Road, Worli, Mumbai-400 018.
Rep herein by its Authorised Agent Gurpreet Singh ... Respondent in both Crl.OPs/Complainant Common Prayer : Criminal Original Petition filed under Section 482 of Cr.P.C., to call for records and quash the proceedings in C.C.No.1916 of 2010 pending on the file of learned XIV Metropolitan Magistrate Court, Egmore, Chennai.
For Petitioner :Mr.Krishna Srinivas for in both Crl.OPs M/S.S.Ramasubramaniam & Associates C O M M O N O R D E R These petitions have been filed to quash the proceedings in C.C.No.1916 of 2010 pending on the file of the XIV Metropolitan Magistrate Court, Egmore, Chennai.
2. Heard the learned counsel for the petitioners and perused the materials placed on record.
3. For the sake of convenience, the parties will be referred to by their name.
M/s.Yes Bank Limited has initiated prosecution against M/s.Subhiksha Trading Services Ltd. and eight others including Rajeev Balakrishna Bakshi [A7]/petitioner in Crl.OP.No.26474 of 2015 and Kannan Srinivasan [A9]/ petitioner in Crl.OP.No.26465 of 2015 for an offence under Section 138 of Negotiable Instruments Act before the learned XIV Metropolitan Magistrate, Egmore, Chennai, in respect of a dishonoured cheque that is said to have been issued by M/s.Subhiksha Trading Services Ltd. [A1]. Notice was ordered to M/s.Yes Bank Limited and private notice has been served on them and their name has been printed in the cause list. They have not chosen to enter appearance and therefore, this Court perused the records and passed orders.
4. It is seen that in respect of the same prosecution in C.C.No.1916 of 2009, one Renuka Ramanath [A5] had filed Crl.O.P.No.19393 of 2010 before this Court, contending that she is only a Nominee Director in the board of the 1st accused company nominated by M/s.ICICI Venture Funds Management Company Ltd. and therefore, she cannot be fastened with criminal liability for an offence under Section 138 of Negotiable Instruments Act. This Court accepted the submissions and quashed the prosecution as against Renuka Ramanath [A5] by order dated 18.07.2012 reported in [2013]1 Comp LJ 297 [Mad].
5. Learned counsel for the petitioners submitted that these petitioners are also on the same footing as Renuka Ramanath [A5] and that both of them are nominees of M/s.ICICI Venture Funds Management Company Ltd. in the 1st accused company and produced unimpeachable documents, in support of his plea.
6. This Court finds sufficient force in the submissions of the learned counsel for the petitioners and in the light of the judgment of this Court in Renuka Ramanath Vs Yes Bank Limited
reported in [2013]1 Comp LJ 297 [Mad]. It is also seen that the impugned cheque in C.C.No.1916 of 2010 was issued after the resignation of these petitioners from the position of Nominee Directors.
7. In view of the above, these petitions are allowed and the proceedings against these petitioners in C.C.No.1916 of 2010 pending on the file of the XIV Metropolitan Magistrate Court, Egmore is hereby quashed. Consequently, connected Miscellaneous Petitions are closed.
Sd/- Assistant Registrar(CS VI) //True Copy// Sub Assistant Registrar To The XIV Metropolitan Magistrate, Egmore, Chennai.
+2cc to M/S.S.Ramasubramaniam, Associates, Advocate Sr.38079,38080 CRL.OP.No.26474 & 26465 of 2015 msm[co] srg 23/074/2016