The petitioners figure as accused in Cr.No.57 of 2011 on the file of the Police Station, Panjagutta, Hyderabad. The offences alleged against the petitioners are under Sections 120-B, 406, 420 read with Section 34 of the Indian Penal Code, 1860 and 156(3) of the Criminal Procedure Code. The petitioners have filed this petition seeking for quash of the proceedings against them, in the above crime.

2. Heard the counsel for the petitioners, the counsel for the second respondent and the learned Public Prosecutor appearing on behalf of the first respondent.

3. The revocation of bank guarantee, which was taken with the first petitioner bank herein, is the basis of this complaint. From the averments in the complaint, it can be understood, that the complainant is a company incorporated under the Companies Act, 1956. During the course of its business, the complainant entered into a contract with M/s. Orissa Computer Associates (OCA), for construction and implementation of e-books and as per the terms of the contract, the said OCA gave a bank guarantee for Rs.2.2 crores, through the first petitioner and the bank guarantee was executed by the first petitioner and its Manager and Vice Pres