( 1 ) THIS is acomposite petition, under Section 482 of the Code, by P. N. B. Finance and Industries Ltd, for short, the Company, its Chairman, Director, and Secretary, to quash 220 complaints against them by the Income-tax Officer, Company Circle, respondent herein, for an offence under Section 276b of the Income-tax Act 1961, for short, the Act, and the orders summoning the petitioners in the complaints to stand their trial not only for an offence under the Act but also for an offence under- Section 409 of the Indian Penal Code.

( 2 ) PRIOR to July 19, 1969, the Company, which was then known as The Punjab National Bank Ltd. , was a banking company, and the banking business of the company was transferred to and vested with the Punjab National Bank, a Corporation, wholly owned by the Government, with effect from the aforesaid date by virtue of an Ordinance, which was later replaced by the Companies (Acquisition and Transfer of the Undertakings) Banking Act 1970. The Company was paid a sum of Rs. 10. 20 crores as compensation for the take over of its banking business. The Company, which has since chanaged its name and objects, has been carrying on other undertakings. Pur