1. This Criminal Petition has been taken out under Section 482 Cr.P.C. by accused-Lakshmi Prabhakar in C.C.No.164 of 2012 on the file of III Special Magistrate, at Hasthinapuram, Ranga Reddy District to quash the proceeding therein.

2. The 1st respondent is the complainant in C.C.No.164 of 2012. It is the case of the complainant that he was one of the Directors of M/s.Vision Heights Limited (VHL) from July 2009 to 14-11-2011. He shouldered the responsibilities as Secretary and Correspondent of M/s. Vision Education Society (VES) at Rajahmundry till 14-11-2011. His wife Smt. Indira Priyadarsini served as member of M/s. Vision Education Society as well as the Director of the school maintained by the said society till 14-11-2011. He and his wife resigned from their respective positions on 14-11-2011 and settled their claim in regard to their share application money, salaries, consultancy fees and severance fee etcetera pertaining to M/s. Vision Ventures Limited, Vision Heights Ltd and Vision Education Society for a total sum of Rs.1.75 Crores as per the terms and conditions specified and arrived at by them on 14-11-2011 under an Agreement dated 14-11-2011. He and his wife sto