JUDGMENT

D.K. JAIN, J.: Leave granted.

2. These appeals, by special leave, arise out of the judgment and order dated 28th February 2007, delivered by the High Court of Calcutta in CRR No.2898 of 2004 in a common petition filed by the two appellants herein and one Mr. A.K. Mukherjee, who is now deceased, under Section 482 of the Code of Criminal Procedure, 1973 (in short "the Code"). By the impugned judgment, the High Court has declined to quash a private complaint filed by respondent No.1 company against the appellants and Mr. A.K. Mukherjee for offences under Sections 420, 406 and 120B of the Indian Penal Code, 1860 (for short "the IPC').

3. Shorn of unnecessary details, the facts, material for the purpose of disposal of these appeals may be stated thus: Both the appellants in these appeals were senior employees of the Fertilizer Corporation of India Limited (hereinafter referred to as "FCIL"), a government company within the meaning of Section 617 of the Companies Act, 1956.

4. On 20th April 1992, the FCIL's Board of Directors passed a resolution to the effect that the company had become a sick company within the meaning of the Sick Industrial (Special Provision) Companies Act, 19