JUDGMENT

D.K. JAIN, J.:

1. Leave granted.

2. This appeal, by special leave, arises from the judgment dated 18th November 2008 rendered by a learned Single Judge of the High Court of Calcutta in C.R.R. No. 523 of 2008. By the impugned judgment, the learned Judge has dismissed the petition preferred by the appellants under Section 482 of the of the Code of Criminal Procedure, 1973 (for short "the Code") seeking quashing of a private complaint filed by respondent No.2 in this appeal, for an offence under Section 500 read with Section 34 of the Indian Penal Code, 1860 (for short "the IPC").

3. The facts, material for the purpose of disposal of this appeal, may be stated thus: Appellant No.1 is the President and Chief Executive Officer of the Chartered Financial Analysts Institute (hereinafter referred to as "CFA Institute"), incorporated under the laws of the State of Virginia, United States. Appellant No.2 is the President of the Indian Association of Investment Professionals, who is a member of the society of CFA Institute. CFA Institute is a non stock corporation and confers the designation of Chief Financial Analyst ("CFA" for short) upon its members who fulfil a minimum professional criterion. CFA certification is considered to be a definitive standard for professional competence.

4. In the year 1985, on being approached by the Institute of Chartered Financial Analysts of India (for short "ICFAI"), respondent No.2 herein, a registered society, having its office at Kolkata, CFA Institute entered into a licence agreement with them to conduct its CFA program in India. The agreed arrangement continued for quite some time. However, realising that respondent No.2 was not adhering to the required standards and quality in the said program, CFA Institute decided to wean off its arrangement with ICFAI - respondent No.2. Since, in the meanwhile, respondent No.2 was attempting to get the trademarks of CFA Institute registered in India, in the year 1997, CFA Institute issued a notice of termination of its licence with the said respondent. On receipt of the said notice, respondent No.2 filed a declaratory suit before the District Courts in Hyderabad, seeking a declaration regarding the change of their name "ICFAI" and their use of the designation "CFA". However, they did not succeed in getting any interim or final relief in the said suit. In the year 2004, CFA Institute filed a Civil Suit [C.S.(OS) No.210 of 2004] in the High Court of Delhi for permanent injunction restraining respondent No.2 from using the trade marks, services, service marks or trade name CFA, Chartered Financial Analyst, The Institute of Chartered Financial Analysts of India, ICFA and ICFAI or any other name or mark which may be identical or deceptively similar to these marks and passing off CFA Institute Programs or business as that of CFA Institute. Vide Order dated 4th August 2006, the High Court passed the following order by way of interim relief:

"30. In view of the above, I allow the application under Order XXXIX Rules 1 & 2 CPC and restrain the defendants, during the pendency of the suit from using any of the trademarks or service marks CFA, Chartered Financial Analyst, The Institute of Chartered Financial Analysts of India, ICFA and ICFAI or any other name or mark which may be identical or deceptively similar to these marks and from passing off their programmes or business as that of the plaintiffs. However, this order of injunction will not come into effect till the end of current academic session of the CFA Programme run by the defendants. Nor will anything said herein will mean final expression of opinion of this Court." [Emphasis supplied]

5. On 30th January 2007, respondent No.2, through its sponsored University in Tripura - The Institute of Chartered Financial Analysts of India University, Tripura (hereinafter referred to as "the University"), issued an advertisement inviting applications for fresh enrolments for award of "CFA" certification. According to