JUDGMENT

Madhumati Mitra, J. - Petitioners have prayed for quashing of the criminal proceedings being G.R.Case No.4105 of 2011, pending before the Learned Chief Metropolitan Magistrate, Calcutta.

2. The background aspects of the matter, so far relevant for the present purpose, may be narrated, in brief, as follows:-

Opposite party no.2, Textile Agency Pvt. Ltd., a company incorporated under the Companies Act being represented by one Bal Krishna Garodia on 22.11.2011 lodged an FIR with Hare Street Police Station, alleging that they were share-holders of M/s. East India Cotton Mfg. Co.Ltd. holding 1000 equity shares of the said company and the said company was employing about 2500 workers in its plant of Faridabad. It was alleged in the said F.I.R. that the company shut down its operations in 1995 with ulterior motive to defraud the share-holders. It was further alleged that the company had approached the Board for Financial and Industrial Reconstruction (BIFR) for reducing the loans payable by it to the financial institutions, Haryana Government, Canara Bank, Oriental Bank, etc. as well as to its creditors in the market. It was also alleged in the said FIR that the company with a vie