Gujarat High Court
Reserve Bank Of India Through Nirbhoy ... vs Karamsad Urban Co-Operative Bank ... on 18 December, 2023
NEUTRAL CITATION
R/CR.MA/10228/2022 ORDER DATED: 18/12/2023
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IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
R/CRIMINAL MISC.APPLICATION (FOR LEAVE TO APPEAL) NO. 10228
of 2022
In R/CRIMINAL APPEAL NO. 1108 of 2022
With
R/CRIMINAL APPEAL NO. 1108 of 2022
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RESERVE BANK OF INDIA THROUGH NIRBHOY DEO SHARMA
Versus
KARAMSAD URBAN CO-OPERATIVE BANK LIMITED
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Appearance:
MR AMAR N BHATT(160) for the Applicant(s) No. 1
BAILABLE WARRANT NOT RECEIVED BACK for the Respondent(s) No. 4
DELETED for the Respondent(s) No. 4
MR TEJAS M BAROT(2964) for the Respondent(s) No. 3,5,6
NOTICE SERVED for the Respondent(s) No. 1,2
MS VRUNDA SHAH APP for the Respondent(s) No. 7
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CORAM:HONOURABLE MRS. JUSTICE M. K. THAKKER
Date : 18/12/2023
ORAL ORDER
Order in Criminal Misc. Application Learned advocate, Mr.Bhatt, for the applicant submitted that though the complainant had proved the case beyond the reasonable doubt, learned trial Court had acquitted the respondent-accused on the ground that breach, which is alleged and the directions which are not complied by the respondent- accused, was done in good faith. It is further submitted that learned trial Court has not considered the aspect that transactions of purchase were nothing but a clean advance to the broker Home Trade Ltd. by accused as no securities were Page 1 of 3 Downloaded on : Tue Dec 19 20:46:33 IST 2023 NEUTRAL CITATION R/CR.MA/10228/2022 ORDER DATED: 18/12/2023 undefined given by the broker Home Trade. It is submitted by Mr.Bhatt that accused is bound to follow the provisions of Banking Regulations Act as well as directions and circulars issued periodically by RBI. Learned advocate, Mr.Bhatt submits that judgment and order of the trial Court was only on the base that no any monetary gain was obtained due to the violation of these guidelines and circulars by the accused persons. Learned advocate submits that there was no allegation of the complainant in his complaint with regard to any monetary gain, therefore, learned trial Court erred in acquitting the respondent on that ground. There were certain procedural irregularities, which were committed by the respondent-accused, which led to the commission of alleged offences. However, without considering the same, learned advocate submits that judgment and order of the trial Court was passed acquitting the respondent from the charges.
Considering the submission, this Court deems it fit to allow this application granting leave to prefer an appeal. Hence, this application is allowed.
Order in Criminal Appeal Appeal is admitted.
Learned advocate, Mr.Amar Bhatt, for the appellant seeks permission to withdraw this appeal against Respondent No.4 as he was already deleted pursuant to order dated 11.9.2023. Permission, as prayed for, is granted with liberty to join in case of need arises.
Page 2 of 3 Downloaded on : Tue Dec 19 20:46:33 IST 2023NEUTRAL CITATION R/CR.MA/10228/2022 ORDER DATED: 18/12/2023 undefined Registry is directed to comply with the order dated 11.9.2023.
Learned advocate, Mr.Tejas Barot, for Respondent Nos.3, 5, and 6 waives service of notice of admission and Ms.Vrunda Shah, learned APP waives service of notice of admission for Respondent - State.
Bailable warrant for a sum of Rs.5,000/- be issued against Respondent Nos.1 and 2.
Record and proceedings be sent back so paper book can be prepared and after completion of that procedure, Registry is directed to call for the same.
Matter be listed as per seriatim.
(M. K. THAKKER,J) ASHISH M. GADHIYA Page 3 of 3 Downloaded on : Tue Dec 19 20:46:33 IST 2023