Chandramauli Kr.Prasad, J.

1. In both the applications, common questions of law with little variation on facts arise and as such, they were heard together and are being disposed of by this common judgment.

2. Prayer of the petitioner in Cr. Misc. No. 26515 of 2005 is to quash the order dated 15.9.1998 passed by the Chief Judicial Magistrate, Aurangabad in Aurangabad Mufassil P.S. Case No. 341 of 1995 (G.R.No. 1673 of 1995 whereby it had taken cognizance of the offence u/s. 406 and 420/34 of the Indian Penal Code and directed for issuance of process against the petitioner. In Cr. Misc. No. 32048 of 2005, prayer of the petitioner is to quash the first information report bearing Lakhisarai P.S. Case No. 255 of 2004 registered under Sec. 406, 409, and 420 of the Indian Penal Code, 1860 .

3. Allegations against the petitioners in both the cases are that they had taken loan from the Bihar State Financial Corporation, hereinafter referred to as the Corporation, hypothecated the articles and removed the hypothecated articles fraudulently without any information to the Corporation in breach of its terms and conditions.

4. Mr. Birju Prasad who appears on behalf of the petitioner in C