J.B. Pardiwala, J.

1. By this application under Section 482 of the Code of Criminal Procedure, 1973, the applicants, original accused persons seek to invoke the inherent powers of this Court, praying for quashing of the First Information Report being I-C.R. No. 1 of 2010 registered with the Gandhinagar Zone Police Station, Gandhinagar for the offence punishable under Sections 406, 420 and 120B of the Indian Penal Code.

2. The case of the first informant may be summarised as under:

"2.1 The first informant is a businessman and is engaged in the business of trading of Cotton. He is carrying on business in the name of Kirti Corporation and S. Arpan Enterprise. He is engaged in the business of trading of cotton past twenty nine years. The first informant has good relations with one Rajgopalan, a former employee of the G.P.I.L. After resigning from the G.P.I.L. Shri Rajgopalan took up employment as a Manager in the company of the accused persons. The accused persons are carrying on business in the name of Euro Cotspin. It is the case of the first informant that a meeting was arranged by Shri Rajgopalan with the applicant No. 1 namely, Rajeev Khandelwal, sometime in the year 1998-