Judgment

Pattanaik, J.—Leave granted.

The appellants have been arrayed as accused persons along with others in a complaint petition filed by respondent No. 1 alleging offences committed by the appellants under Sections 406, 420, 467, 468 and 120-B of the Indian Penal Code, in respect of transfer of shares effected by Flex Engineering Ltd., a public limited company. The learned Magis­trate on receipt of the petition of complaint examined the complainant on oath and also the witnesses produced by the complainant. On the basis of those material the Magistrate took cognizance of the offence under Sections 406, 420, 467, 468 and 120-B IPC by his order dated 5.2.96 and directed issuance of process against the accused-appel­lants. The appellants then moved the High Court under Section 482 of the Code of Criminal Procedure for quashing the cognizance, inter alia, on the ground that the allegations made in the petition of complaint even being accepted on its face value no offence can be said to have been made out against them. The High Court by the impugned judgment, however, being of the opinion that the allegations having been made that shares have been transferred on the basis of forged