2003 (12) TMI 330

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....t. ORDER 1. These five revision petitions under section 397/401 of the Code of Criminal Procedure are directed against the order of the Additional Chief Judicial Magistrate (Fast Track), Bikaner whereby on different dates he has read over the accusation to the petitioners for offence under section 138 of the Negotiable Instruments Act. 2. It appears that "Esskay Remedies Ltd." (hereinafte....

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....are hereinafter referred to as "the accused company". It is averred that accused company by executing the agreement dated 26-11-1998 engaged the complainant company as C & F Agent. As per the terms and conditions, the complainant gave a demand draft to the accused company for a sum of Rs. 8,00,000 as a cash security. However, the accused company did not indulge into the business with them and term....

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....ions 22 and 22A of the Sick Industrial Companies (Special Provisions) Act, 1985 ('SICA'). 4. The learned counsel has placed reliance on the decision of the Apex Court in Kusum Ingots and Alloys Ltd. v. Pennar Peterson Securities Ltd. [2000] 34 SCL 88. On the other hand, it is submitted by the learned counsel for the complainant that the contention is premature as it will be open for the accused....

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....nt of the learned Single Judge of this Court in World Tex Limited v. State of Rajasthan (2004 Cri LJ 420) (Raj.). It will be relevant to acquaint with the section 22A of the SICA, which reads as follows :- "22-A. Direction not to dispose of assets.-The Board may, if it is of opinion that any direction is necessary in the interest of the sick industrial company or creditors or shareholders or in....