JUDGMENT

SUDHANSU JYOTI MUKHOPADHAYA, J.

These two appeals under Section 10 of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 (hereinafter referred to as the ‘Act, 1992’) are preferred by accused Nos.1 and 3 against the judgment and order dated 6th September, 2001 passed by the Special Court in Special Case No. 8 of 1994 in [RC5(BSC)/93-Bom], convicting and sentencing them.

2. The case of the prosecution, briefly, is as follows:

In September, 1991, an investment of Rs.65 crores came to be made by four subscribers, who applied for purchase of CANCIGO units floated by (Canbank Mutual Fund (hereinafter referred to as ‘CMF’), a fund created by Canara Bank. The Andhra Bank and Andhra Bank Financial Services Limited (‘ABFSL’ for short) made an investment of Rs. 33 crores. Two other transactions were made by the Sahara India and Industrial Development Bank of India (‘IDBI’ for short) worth Rs.32 crores.

3. During the said period, accused No.1-B.Raghuvir Acharya was the Trustee and General Manager, accused No.2- T.Ravi was the Fund Manager and accused