JUDGMENT

Dr. ARIJIT PASAYAT, J.

1. Leave granted.

2. Challenge in these appeals is to the order of learned Single Judge of the Punjab and Haryana High Court. Though the appellants had filed application under Section 482 of the Code of Criminal Procedure, 1973 (in short the `Code) praying for quashing the proceedings in FIR No.73 dated 15.4.2008 registered in respect of offences punishable under Sections 406, 420 and 120B of the Indian Penal Code, 1860 (in short the `IPC) in Police Station, Sector 3, Chandigarh, in essence the prayer was for grant of protection under Section 438 of the Code.

3. Background facts, highlighted by the appellants, are as follows:

Citibank and Citigroup Wealth Advisors (in short `CWA) are two separate legal entities. Citibank carries on banking activities and is incorporated under the Banking Regulations Act, 1956 and is guided by the directions and guidelines of the Reserve Bank of India; whereas CWA is a wealth advisory body incorporated under the Companies Act, 1956 and is regulated by the directions and guidelines as set out by SEBI and the Stock Exchanges.

Appellants (who are employees of Citi Bank) prayer for anticipatory bail are based on the premise