Judgement

BEG, J. :- On 11-7-1963 Sunilakshya Coudhary a Director of the Metropolitan Industrial Corporation Ltd., Calcutta, having been authorised by its Board of Directors, filed a complaint against the appellant Debendra Nath Bhattacharjee (or Bhattacharya), a former Director, and Banamali Pathak, Cashier of the Bengal Luxmi Cotton Mills Ltd., and Hiren Roy, Chief Accountant of the Bengal Luxmi Cotton Mills Ltd., alleging offences punishable under Sections 408/409/467/471/477A/109 Indian Penal Code.

2. The complainant alleged that when the Life Insurance business was nationalised in 1956 the Metropolitan Insurance Co. Ltd. (hereinafter referred to as the Company ) received a sum of about Rs. 10,25,523/- as compensation, and the Company was transformed into Metropolitan Industrial Corporation (hereinafter referred to as the Corporation ). The business of the Corporation was said to be confined to making of loans, and dealings in stocks and shares. The complainant was Director of the Company in 1957 and the accused appellant D. N. Bhattacharjee was alleged to be its Managing Director with absolute control over the funds of the Company and the only person authorised to operate the