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TMI Blog2013 (4) TMI 365X X X X Extracts X X X X X X X X Extracts X X X X ..... that at the stage of issuing the process, the Magistrate is not required to record detailed reasons. Moreover, it is very well settled that inherent powers under Section 482 of the Code though very wide have to be invoked sparingly and with circumspection only (i) to give effect to an order under the Code, (ii) to prevent abuse of the process of the Court and (iii) otherwise to secure the ends of justice. At this stage, the prospectus deposited with the Delhi Stock Exchange Association Ltd. has to be presumed to be meant for the public at large which was signed by the Petitioners. Thus, the order dated 07.06.2002 taking cognizance of the offence under Sections 63 and 628 of the Act of 1956 against the Petitioners cannot be faulted. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel for the Respondent (ROC) urges that although the prospectus deposited with the ROC was not signed by the Petitioners, but the prospectus which was in force and in circulation at the time the public issue was open and which was deposited with the Delhi Stock Exchange was duly signed by all the directors including the three Petitioners and, therefore, at this stage this Court acting under the powers under Section 482 of the Code could not make any inquiry whether the Petitioners authorised the issue of prospectus or not as this matter has to be gone into only during the course of the trial. 3. Section 62 of the Act of 1956 deals with the civil liability for making mis-statements in prospectus whereas Section 63 of the Act of 1956 deals ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the allegations made in the complaint even if admitted do not disclose any offence. The relevant part of the report in Satish Mehra is extracted hereunder: 15. The power to interdict a proceeding either at the threshold or at an intermediate stage of the trial is inherent in a High Court on the broad principle that in case the allegations made in the FIR or the criminal complaint, as may be, prima facie do not disclose a triable offence there can be reason as to why the accused should be made to suffer the agony of a legal proceeding that more often than not gets protracted. A prosecution which is bound to become lame or a sham ought to interdicted in the interest of justice as continuance thereof will amount to an abuse of the process o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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