Heard learned counsel for the petitioners, learned counsel for the State and the learned counsel for the opposite party no.2 and with their consent, this case is taken up for disposal at the stage of admission.

2. Petitioners have filed the present petition for quashing the entire criminal proceeding which has been initiated against them on the basis of an FIR lodged by the opposite party no.2 and registered as Doranda P.S. Case No. 208 of 2010 dated 15.6.2010 corresponding to G.R. No. 2477 of 2010, for the offences under Sections -406,409,420/34 IPC.

3. Facts relevant for the disposal of this case as appearing from the contents of the FIR, are as follows:-

The informant is a reputed well known cricketer having acquired substantial goodwill in this country and abroad.

The petitioners, being the directors of a private limited company namely, M/s Game Plan Sports Private Limited, having their Head Office at Kolkata, approached the informant at his house at Ranchi and by representing themselves to be experts in managing marketing affairs, offered to represent the informant as his Agent in commercial contracts entered into between the informant and the various companies/ advertisers for endorsing their products. Believing the petitioners in bona fide good faith, the informant entered into an agreement with the petitioners on 1st February, 2005 for a period of three years, expiring on 31st January, 2008, under which, the company represented by the petitioners was engaged as the sole Manager-cum-Agent of the informant.

While entering into the agreement with the informant, the petitioners had agreed and undertaken to enter into marketing contracts with the various commercial establishments on behalf of the informant for endorsing and marketing their products and to receive the contract amounts from the various companies and to remit all such amounts received by them to the informant promptly.

Between 1st of February, 2005 to 31st January, 2008, the accused persons had received substantial amounts from the various companies/advertisers.

After expiry of the period of agreement, the petitioners were informed by the informant that the period was not extended and thereby, they had lost their status to represent the informant as his sole Manager-cum-Agent. However, the informant had permitted them to act as his Agent on freelance basis only in connection with three companies with whom contracts were entered into during the subsistence of the agency namely, Bharat Petroleum, M/s Titan Industries and M/s Lafarze Cement.

The informant has alleged that on the basis of the tripartite agreements entered into before 31st January, 2008, the accused/petitioners had received• substantial amounts from the various companies of which a sum of Rs.8,44,20,169/- was payable to the informant, but the petitioners have illegally and dishonestly misappropriated the money. Furthermore, during the period when the petitioners were engaged by the informant as his Manager-cum-Agent on freelance basis after 31st January, 2008, they had received a total sum of Rs.2,02,50,000/- from the three companies, but they had intentionally and dishonestly failed to account for the money and to handover the money to the informant. The failure of the accused petitioners to respond to the numerous calls made by the informant, had led him to institute a money suit for realization of his dues from the petitioners and being aggrieved with the alleged criminal conduct of the accused persons, the present FIR was filed.

4. Petitioners have assailed the FIR and the continuation of the criminal proceeding against them basically on the ground that no criminal offence is made out from the entire allegations in the FIR. Rather, the facts would indicate that the dispute arose on account of non-accounting of the sums received by the petitioners from the various companies and such dispute is exclusively 'a civil dispute and the informant has already instituted a civil proceeding in the High Court