JUDGMENT

Jagdish Singh Khehar, J.

1. Investigation into the affairs of the Madhya Pradesh Industrial Development Corporation (renamed as Madhya Pradesh State Industrial Development Corporation, hereinafter referred to as the ‘MPSIDC’) was ordered with effect from 3.1.1996, by the State Government. Thereupon, a first information report bearing no. 25 of 2004 was registered under Sections 409, 406, 467, 468 and 120B of the Indian Penal Code, 1860 (hereinafter referred to as the ‘IPC’) and Section 13(1)(d) read with Section 13(2) of the Prevention of Corruption Act, 1988 (hereinafter referred to as the ‘PC Act’). The allegations levelled in the first information report generally were, that the functionaries of the MPSIDC had permitted investment by way of inter corporate deposits (hereinafter referred to as the ‘ICD’s’) through a resolution of the Board of Directors (of the MPSIDC) dated 19.4.1995. By the instant resolution, the Board (of the MPSIDC) authorized its Managing Director, to extend short term loans (including ICD’s) out of the surplus funds with the MPSIDC, on suitable t