:1: IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPEALLATE JURISDICTION CRIMINAL WRIT PETITION NO.161 OF 2002 Ishwardas Chorida and ors. ..Petitioners. Vs, State of Maharashtra and anr. ..Respondents. None for the Petitioner. Mr.Rajesh More, APP. for the Respondent No.1. None for the Respondent No.2. CORAM : R.S. MOHITE, J. DATED : 15.4.2008. P.C. P.C. P.C. 1. This is a writ petition filed by all the eight accused in Cri.Case No.340/S of 2001 pending in the Court of Metropolitan Magistrate, 27th Court, Mulund, Mumbai. The said complaint has been filed by one Laxmichand M.Shah who is the respondent No.2 in the present petition. It appears that the said respondent No.2 has chosen to remain absent and has not engaged any Advocate though served. On perusing the complainant, it appears that the respondent No.1 had obtained loan from a bank which was then known as Thane Peoples Co.op. Bank Ltd. While obtaining the loan in the name of four firms i.e. M/s.Sanyas Textiles, M/s. Mohan’s Collection, M/s. Piyush Textiles and M/s. Rachana Textiles, Certain shares and debentures were deposited with the said bank as collateral security. By order dated 24.8.1995 passed by the State Government said bank :2: was amalgamated with the Rupee Co.op. Bank Ltd., Pune. The present petitioner No.1 is the Chairman and the present petitioners 2 to 8 are the office bearers of the Rupee Co.op. Bank Ltd. It appears that after amalgamation proceedings, the steps were taken to recover the loan amount and recovery certificates under Section-101 of the Maharashtra Co.op. Societies Act were also obtained. Thereafter, the present petitioner Nos. 5 and 6 who were recovery officers made attempts to recover the amount covered by the recovery certificates. The respondent No.2 had filed a revision. The status of the revision is not known. However, on reading the complaint, it is clear that the same is vague. No details have been given relating to the alleged equity shares and security debentures which were said to have been given to the erstwhile Thane Peoples Co.op. Bank Ltd. as collateral security. There are also no details as to when the said certificates were sold. The petition indicates that such securities as could be sold in the market were sold and as regards securities which could not be sold, offer was made to return them on payment of dues. On reading of the complaint there was no entrustment of these securities to the accused. Needless to say that, if accused persons have sold any securities then, benefit and adjustment of any amount received through sale should be given to the loanee in the recovery proceedings. As far as criminal offence is concerned, since admittedly there :3: is no entrustment to these accused persons, it cannot be said that these persons have committed any offence. The complaint does not make out any offence under Section 409, 114 read with 34 of the I.P.C. 2. In so far as offence under Section 506 is concerned, there is no clear averments in the complaint. In my view, therefore, this petition deserves to be allowed and hence, the same is allowed in terms of prayer clause (a). Rule is made absolute accordingly. Petition stands disposed off. (R. S. MOHITE, J.)