1. These seven petitions are directed against the order of the learned Metropolitan Magistrate dated 27th September, 2008, whereby the petitioners have been summoned to face trial under Section 415/409/34/120B of IPC, on a complaint filed by the respondent. The petitioner in Crl.M.C. No. 1892/2009 is a company India Infoline Limited. Petitioner in Crl.M.C. No.819/2009 is the Managing Director of the company, petitioner in Crl.M.C. No. 801/2009 is the Secretary of the company and the petitioners in other cases are the Directors of India Infoline Ltd.

2. A complaint alleging commission of offences under Section 406/409/420/477A/34/120B IPC was filed by the respondent against the petitioners.

It was alleged in the complaint that the respondent/complainant opened a Demat account with accused No.1-India Infoline Ltd. on 11th September, 2007 and placed orders from time to time for purchase of shares and also made payments, from time to time, against its running account with the company. The accused company claimed that there was an outstanding debit of Rs.10.48 crores against the complainant, in its Demat account with it. Accused No. 1 was having lien on 20,46,195 shares purchased by the complainant in that account. Vide letter dated 30th April, 2008, accused No. 1 informed the complainant about the aforesaid debit. The complainant cleared the amount outstanding against it, by making payment of Rs. 10.48 crores, by a cheque. Later on, it transpired that the correct debit against the complainant was Rs. 10,22,77,522/- only and the accused dishonestly received a sum of Rs.25,22,477.53 from the complainant by making false demand. It was stated in the complaint that on receipt of the amount of Rs. 10.48 crores, the accused were under legal obligation to transfer the shares purchased by the complainant, from the Pool Account to its Demat Account, but, instead of doing that and refunding the excess amount of Rs.25,22,477.53/they vide letter dated 14th May, 2008 asked the complainant to clear the debits of five companies, namely, (i) Carissa Investments Pvt. Ltd. (ii) Altar Investments Pvt. Ltd. (iii) Oval Investments Pvt. Ltd. (iv) Dalmia Housing Finance Ltd. (v) Dear Investment Pvt. Ltd. in terms of its letter dated 1st March, 2008 failing which, they would regularize the aforesaid five accounts by selling the stock of the complainant. Since no letter dated 1st March, 2008 had been written by the complainant to the accused, it refuted the averments made in their letter dated 14th May, 2008. It has been further alleged that on numerous occasions, the complainant met accused Nos. 2 to 7 and requested to refund the excess amount and transfer its shares to Demat Account, but those meetings failed to bring any result. The accused, according to the complainant, thus committed criminal breach of trust and also the offence of cheating. The accused sold off 876668 shares of the complainant on 23rd June, 2008 and misappropriated the sale proceeds.

3. The bone of contention between the parties is a letter dated 1st March, 2008 purporting to have been written by Shri Bhuwneshwar Mishra, Trustee of the respondent to the Director, India Infoline Ltd. referring to its debit balance of Rs.7,99,29,681/-in the account of the complainant with the company and requesting the company to clear the same by selling the shares in the same account. The letter also contained a request that the account could be clubbed with Promoter Group Companies of GHCL, mentioned in the letter, for the purpose of margin requirement. These are the five companies referred in the complaint. The case of the respondent is that neither any such letter was written by Shri Bhuwneshwar Mishra nor the Trust had the authority to allow its funds to be used towards clearance of the liabilities of any other company or person.

4. During the course of arguments, it was contended by the learned counsels for the petitioners that the complainant is also an associate organization of GHCL