THE HON’BLE SRI JUSTICE N.R.L. NAGESWARA RAO CRIMINAL PETITION No. 9871 of 2009 ORDER: The present Criminal Petition is filed by the petitioners under Section 482 of the Code of Criminal Procedure, 1973 to quash the proceedings in Crime No. 221 of 2009 on the file of Bhimavaram I Town Police Station, West Godavari District. A private complaint has been filed against the petitioners, who are accused Nos.2 and 3 said to be the Vice-President and Managing Director of Karvy Stock Broking Limited, Hyderabad and also against the Branch Manager of the Company at Bhimavaram for some fraud and cheating with regard to the transactions of shares. The offences that were charged are under Sections 420, 406, 448, 506, 292 and 323 read with Section 34 of the Indian Penal Code, 1860. The said complaint has been forwarded to the police and the police have registered it as a case in Crime No.221 of 2009. The learned counsel for the petitioners contend that the petitioners reside at Hyderabad and whatever fraud or any criminal acts are said to have been committed is without the knowledge of the petitioners and if anything is attributable it is only against the local branch manager and in fact an arbitration is said to have been initiated by the Company against the complainant and the arbitration proceedings have ended in favour of the petitioners. All these facts can be brought to the notice of the Investigating Officer, who shall determine the same and at this stage, when serious offences are alleged and when 1st accused is no other than the branch manager of the company managed by the petitioners, it is not a case for quashing of the proceedings. But, however, the arrest of the accused is stayed till the completion of the investigation. Accordingly, the petition is disposed of. ________________________ N.R.L. NAGESWARA RAO, J Date: 13-10-2011 MR THE HON’BLE SRI JUSTICE N.R.L. NAGESWARA RAO CRIMINAL PETITION No. 9871 of 2009 DATE: 13-10-2011 MR