9911796707
TMI Blog2013 (4) TMI 135X X X X Extracts X X X X X X X X Extracts X X X X ..... d conducted inquiry and after conclusion of the inquiry it has been found that the misappropriated shares were duly reflected in the Books of Accounts of the petitioner and that some of the shares which were related with some of the clients, have given their confirmation that they have purchased the shares through the petitioner. The stand taken by the Income Tax Department is allowed and the impugned orders passed by the learned Additional Sessions Judge and Presiding Officer, Fast Track Court No.5, Surat passed in Criminal Revision Application No.144 as well as order passed by the learned Additional Senior Civil Judge and Judicial Magistrate are hereby quashed and set aside - It is directed to handover the Instruction Slip Books with r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Track Court No.5, Surat passed in Criminal Revision Application No.144 of 2006 dtd.2/1/2007 and 26/4/2007 as well as order passed by the learned Additional Senior Civil Judge and Judicial Magistrate (First Class), Surat dtd.20/4/2006 passed in Muddamal Application No.94 of 2005 and consequently directing the learned Magistrate to hand over the Instruction Slip Books which are signed by the original accused Nos.1 and 2 and further permission to transfer the shares lying in the Demat Account of the respondent Nos.2 and 3 herein to the petitioner's Demat Account in respect of the Bank along with the Dividend which may be credited in the accounts. 2. That the petitioner is doing business as a Share Investment and Sub-Broker at Surat in the n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Demat Account of the respondent Nos.2 and 3. The respondent Nos.2 and 3 as well as the investigating officer submitted their No Objection for handing over the muddamal shares to the present petitioner, however, the learned Magistrate issued notice to the Income Tax Department. It appears that the Income Tax Department filed reply in response to the said notice and claimed Muddamal for the purpose of inquiry and investigation under the provisions of the Income Tax Act. That thereafter by the impugned order dtd.20/4/2006 the learned Magistrate has rejected the said application preferred by the petitioner as well as claim made by the Income Tax Department. That thereafter, the petitioner preferred Criminal Revision No.144 of 2004 before the l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ooks which are signed by the original accused Nos.1 and 2 and to transfer the shares lying in the Demat Account of the respondent Nos.2 and 3, petitioner herein original complainant has preferred the present petition under Article 226/227 of the Constitution of India. 3. Mr.Chetan Pandya, learned advocate appearing on behalf of the petitioner has submitted that as such the shares in question which were Demated in the account of the original accused are either belong to the clients of the petitioner and in any case they do not belong to original accused. It is submitted that even the subsequently Income Tax Department has conducted inquiry and it has been found that some of the shares belong to other parties are already accounted in thei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstances of the case. 5. Heard the learned advocates appearing on behalf of the respective parties at length. 6. At the outset it is required to be noted that as such the petitioner is the original complainant informant who has lodged the complaint against the respondent Nos.2 and 3 alleging inter-alia that the respondent No.2 herein was serving with him and that instead of crediting the shares in the Demat Account of the concerned clients and/or the petitioner, he misappropriated the same and transferred the said shares in the Demat Account of the respondent No.3 who happens to be his wife and therefore, has committed offences punishable under sections 409, 420, 477A and 120B of Indian Penal Code. It appears that during the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edited in the Demat Account of the accused can be transferred to the account of the petitioner with dividend declared and/or credited, if any, with respect to the said shares in the account of the petitioner on suitable conditions. 7. In view of the above and considering the stand taken by the Income Tax Department, as reflected in the communication dtd.29/2/2012, present petition is allowed and the impugned orders passed by the learned Additional Sessions Judge and Presiding Officer, Fast Track Court No.5, Surat passed in Criminal Revision Application No.144 of 2006 dtd.2/1/2007 and 26/4/2007 as well as order passed by the learned Additional Senior Civil Judge and Judicial Magistrate (First Class), Surat dtd.20/4/2006 passed in Muddamal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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