Ujjal Bhuyan, J.

1. This petition under Section 482 of the Code of Criminal Procedure, 1973 seeks quashing of the proceedings in Special Case No. 4792/2003 pending in the Court of Special Judicial Magistrate, Kamrup at Guwahati. Petitioners have been named as accused in Special Case No. 4792/2003. The criminal case was set in motion on a complaint lodged by respondent No. 2 which was investigated by respondent No. 1. On completion of investigation, respondent No. 1 filed charge-sheet alleging commission of offence u/s. 120B/420 IPC by the petitioners.

2. The case of the prosecution according to the charge sheet submitted is that the Central Bureau of Investigation (CBI) registered a case on 6th May, 2002 bearing No. RC SIA 2002 E 002 under Section 120-B read with Sections 420, 467 and 471IPC and Section 13(2) read with Section 13(1)(d) of P.C. Act, 1988 and substantive offences under Sections 420, 467, 469, 471IPC and Section 13(2) read with Section 13(1)(d) of the P.C. Act, 1988 against Sri Motilal Kothari, Sri Raichand Kothari, Smti. Kushum Kothari, Smti. Barji Devi Kothari, Smti. Sampat Devi Kothari, Sri Pramod Kumar Kothari, Sri D.S. Kothari and Sri Anil Kothari alongwith some unknown Bank officials of the State Bank of India, Guwahati.

3. The further case of the prosecution is that the aforesaid accused persons entered into a criminal conspiracy to cheat the State Bank of India (SBI) to the tune of Rs. 72.43 crores on the basis of forged and fabricated powers of attorney and thereby caused pecuniary loss to the SBI and corresponding gain to themselves. It is also alleged that the Kothari Group deliberately diverted the funds and also utilized the funds for purposes other than for which the loans were sanctioned resulting in enhancement in letters of credit and loss to the Bank; that the SBI had sanctioned/enhanced credit facilities to the Kothari Group in the year 1991 and the Kothari Group of Companies allegedly submitted forged powers of attorney of Sri Nauratanmal Kothari and Smt. Sayar Devi Kothari, which were executed in favour of Sri Kundanmal Kothari and Sri Motilal Kothari.

4. Further, Smt. Sayar Devi Kothari and Sri Nauratanmal Kothari denied execution of said powers of attorney and accordingly, the case was registered on 6th May 2002 on the basis of such letters of denial issued by them to the SBI. But by letter dated 25th June 2002, Sri Nauratanmal Kothari and Smt. Sayar Devi Kothari confirmed that they had executed the powers of attorney and in support thereof they also executed affidavit dated 31st July 2002. As the said Smt. Sayar Devi Kothari and Sri Nauratanmal Kothari could not be examined during investigation and in view of their admission of execution of power of attorney, the alleged forgery in respect of their powers of attorney could not be established.

5. It is the further case of the prosecution that the Kothari Group of Companies defrauded the Bank to the tune of Rs. 33 crores; that the SBI, Guwahati have filed suits for recovery of the dues in the Debts Recovery Tribunal at Guwahati; that there is sufficient oral and documentary evidence on record to prove that the accused in criminal conspiracy with each other cheated the Bank gaining wrongfully to the extent of Rs. 72.43 crores to themselves and corresponding loss to the Bank and that the accused committed the offence punishable under Section 120-B read with Section 420 IPC. The charge-sheet concluded as under:-

"The above facts and circumstances of the case disclosed the commission of offences punishable u/s.120-B r/w 420 IPC against S/Shri Motilal Kothari, Bimal Singh Kothari and Nirmal Kumar Kothari and for commission of substantive offences u/s. 420 IPC against M/s. Mahalchand Motilal Kothari Pvt. Ltd., M/s. D.S. Kothari Pvt. Ltd., M/s. Sampat Industrial and Construction Company Ltd. and M/s. Kothari Vegetable Products Ltd. through their MDs/representatives. It is, therefore, prayed that cognizance of the charge sheet may be taken and the