Judgement

BHAGWATI, C.J.I. (On behalf of himself and Oza, J.) (Minority view) : - This case has had a chequered history and it is necessary to state the facts in some details in order to appreciate the questions which arise for determination before us. The principal actor in the drama in this case is Dr. Jagannath Mishra, one time Chief Minister of the State of Bihar. The main controversy around which all questions revolve is whether the prosecution launched against Dr. Jagannath Mishra at a time when he was not in power has been rightly allowed to be withdrawn by the Chief Judicial Magistrate or whether such withdrawal is invalid and must be set aside so that the prosecution can continue against Dr. Jagannath Mishra.

2. The fact-situation out of which this case arises relates to the affairs of a Co-operative Bank called the Patna Urban Co-operative Bank (hereinafter referred to as the a Co-operative Bank). The Co-operative bank was registered in May 1970 and it commenced its banking business with Nawal Kishore Sinha as its Chairman, K. P. Gupta as its Honorary Secretary, M. A. Hydari as its Manager and A. K. Singh as a loan clerk. It was not seriously disputed that most of the membe