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
NEUTRAL CITATION
R/CR.MA/10228/2022 ORDER DATED: 18/12/2023
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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.
NEUTRAL CITATION
R/CR.MA/10228/2022 ORDER DATED: 18/12/2023
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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
