A.H.JOSHI, J.

1. Rule. Rule made returnable forthwith, by consent.

2. Petitioner herein is named as accused No. 1 in Crime No.147/11, dated 4.5.2011 registered with Bidkin Police Station, District Aurangabad. Offences have been registered under Sections 406, 424, 420 read with Section 34 of the Indian Penal Code.

3. By this petition, the petitioner has moved this court under Articles 226, 227 and 21 of the Constitution of India.

4. Learned Advocate for the Petitioner has urged various points in support of his plea which can be summarized as follows:

(i) The property for which FIR is lodged by the complainant for dishonest misappropriation etc., was of absolute and full ownership of the borrower company, namely, M/s J Square Steels Pvt. Ltd. (hereinafter referred for short as "The company"). Said absolute ownership of the plant and machinery continued with the company in spite of its hypothecation.

(ii) Rights of the Bank whatsoever in the goods, are only by way of security, and rights of the borrower of absolute ownership, possession, use, enjoyment, and its disposal, are not affected / abridged, or taken away by any of the stipulations in the Deed of Hypothecation.

(i