TaxTMI 
TaxTMI 
2017 (2) TMI 1530
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....n filed assailing the judgment and order dated 2nd June, 2011 passed by the High Court of Punjab and Haryana at Chandigarh in Criminal Miscellaneous No. M-2829 of 2011, whereby the High Court while relying upon another judgment of the same High Court and on the basis of settlement of dispute, quashed the criminal proceedings against the Respondents, being FIR No. SIA-2001-E-0006 dated 28.12.2001 Under Sections 420 and 471 of Indian Penal Code [in short 'Indian Penal Code'], registered at Police Station, SIU(X)/SPE/CBI, New Delhi and the criminal proceedings pending in the Court of learned Special Judicial Magistrate, CBI, Punjab, Patiala. 3. Brief facts of the case are as follows: M/s. Rom Industries Ltd., Mansa Road, Bhatinda (P....
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....f Indian Penal Code, against the Board of Directors including Respondent Nos. 1 & 2. Charge-sheet was filed before the learned Special Judicial, Magistrate, CBI, Patiala, Punjab, against the Respondents Under Section 420/471 read with Section 120(B) of Indian Penal Code, for having entered into criminal conspiracy between 1995 to 1996 and causing loss to State Bank of Patiala to the extent of Rs. 28.49/- crores through false stock statements, forged bank guarantee and dishonest misuse of funds generated. 5. During the pendency of the proceedings before the Court of learned Special Judicial Magistrate, CBI, Patiala, Punjab, a compromise was arrived at between the Bank and the Respondent-company under a One Time Settlement scheme of the Ba....
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....Under Section 482 of Code of Criminal Procedure on the basis of the settlement arrived at between the complainant and the Respondents-accused. Since the question before us revolves around Clause 9 of Section 320 of Code of Criminal Procedure, the same is reproduced herein as follows: 320. Compounding of offences.- (1) xxx xxx xxx (9) No offence shall be compounded except as provided by this section. 8. We have heard learned Additional Solicitor General appearing for the CBI and learned senior Counsel appearing for the Respondents at length and carefully examined the materials placed on record. We have also taken notice of the fact that the counsel for the Appellant in High Court had sought time for filing the r....
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....nt delivered by this Court in the case of State of Tamil Nadu v. R. Vasanthi Stanley and Anr. (2016) 1 SCC 376, wherein it was observed: 15. As far as the load on the criminal justice dispensation system is concerned it has an insegregable nexus with speedy trial. A grave criminal offence or serious economic offence or for that matter the offence that has the potentiality to create a dent in the financial health of the institutions, is not to be quashed on the ground that there is delay in trial or the principle that when the matter has been settled it should be quashed to avoid the load on the system. That can never be an acceptable principle or parameter, for that would amount to destroying the stem cells of law and order in many....
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....pon the judgment of this Court in Gian Singh v. State of Punjab and Anr. (2012) 10 SCC 303, learned senior Counsel appearing for the Respondents strenuously urged that the offences in the present case are not heinous offences. He further drew our attention towards the relevant part of Full Bench judgment of the High Court in Kulwinder Singh and Ors. v. State of Punjab and Anr. (supra), which was reproduced in the impugned judgment and the same is reproduced hereunder: 26. In Mrs. Shakuntala Sawhney v. Mrs. Kaushalya Sawhney and Ors., (1980) 1 SCC 63, Hon'ble Krishna Iyer, J. aptly summed up the essence of compromise in the following words: The finest hour of justice arrives propitiously when parties, despite falling ap....