V.K. Jain, J.

1. The appellant No.1 in Crl. A. No.567/2010, Glitter Gold Plantation Limited (hereinafter referred to as ‘the Company‘), came to be incorporated on 31.1.1997 and appellants 2 & 3, Pankaj Jain & Deepak Jain are its Directors. The appellant in Crl. A. No.563/2010, namely Sachin Gupta and the appellant in Crl. A. No.573/2010, Yashwant Jain, are stated to be the subscribers to the memorandum of the aforesaid Company though they are not its Directors. The Company, as per the history provided to Securities & Exchange Board of India (for short ‘SEBI‘), vide communication (Ex.CW1/1), was engaged in Teak plantation activities and it offered opportunity to the members of the public to invest in Teak saplings on the land owned or leased directly or on behalf of others. The Company commenced its business on 9.2.1997. It came out with the schemes named as Glitter Teak Unit 1 and Glitter Teak Unit II and collected Rs.14.06 lakh from the investors till 30.11.1997. It was stated in the Brochure that the Company shall give Teak trees to the unit holders after 20 years and the share per unit, which at the time of offer was 2,500/-, was likely to be Rs.3.00 lakh per unit at th