These two Rules are for quashing the proceedings of two cases initiated against the petitioners and others under Section 58B (2) of the Reserve Bank of India Act, 1934 (hereinafter referred to as the Act) in the Court of the Sub-divisional Judicial Magistrate Ranaghat, on complaints filed by the Deputy Chief Officer, Department of Non-Banking Companies, Reserve Bank of India.

2. The material allegations in the complaints are as follows :-

The accused No. 1 is a limited company within the meaning of the Companies Act, 1956 and the other three accused persons are its Directors and are responsible for all the acts and affairs of the business and accounts of the company. In exercise of its powers under Sections 45J and 45K of the Act, the Reserve Bank of India (hereinafter referred to as the Bank) issued certain directions to Non-Banking institutions, receiving deposits, to control and regulate different activities of such institutions as contained in the Bank's Notification No. DNBC. 21/DG(S)-73 dated August 23, 1973. In terms of paragraph 11 of the said directions, the petitioner company, as a Non-Banking institution receiving deposits, is bound to submit to the Bank its statu