( 1 ) THIS appeal is against the order dated 27/10/1998 passed by the Company Judge, on the application of Reserve Bank of India (hereinafter the complainant/rbi) under Section 446 (1) of the Companies Act 1956 read with Rule 117 of the Companies (Court) Rule 1959 (for short the Rules ) granting leave to pursue its criminal complaint for the offences under Sections 58b (5) (aa), 58b (6) read with Section 58c of the Reserve Bank of India Act 1934 (for short RBI Act), against JVG Finance Limited (Respondent company) and directing the trial court to consider the objections raised on behalf of the appellant.

( 2 ) WE have heard Sh. Kapil Sibal and Sh. Rajeev Dhawan, learned Senior Advocates, for the appellant and Sh. Rajeev Nayar, learned Senior Advocate for the complainant/rbi and have been taken through record. Learned Counsel for the parties argued that in the appeal maintainability of the criminal complaint against the appellant is questioned therefore, appeal be finally heard and disposed of at this stage itself. We propose to do so accordingly.

( 3 ) FACTS in brief necessary for the disposal of this appeal are: that on 4/06/1998 complainant-RBI filed the petition un