This petition is filed, seeking for a direction to call for the records relating to C.C.No.3055 of 2006 on the file of the learned III Metropolitan Magistrate, George Town, Chennai and quash the same.

.2. The petitioner is the sole accused in a private complaint which was taken as C.C.No.3055 of 2006 on the file of the learned III Metropolitan Magistrate, George Town, Chennai for the offences punishable under Secs.420, 406 and 408 r/w 120(b) IPC. The learned Magistrate, after taking cognizance of the offence, issued process to the petitioner/accused to take up the proceedings. Aggrieved against that, the present petition to quash the proceedings has been filed before this Court.

.3. The allegation in the private complaint is that the petitioner is the Managing Director of T.T.G. Industries Limited, that the Industries availed a loan of Rs.12 lakhs under Hire PUrchase Agreement No. 710001 dated 6. 95 and that because of non-payment of principal and interest, the petitioner/accused, being the Managing Director of the Industries, authorised the complainant to adjust the proceeds against the dues payable under the H.P agreement whereupon, the complainant had adjusted the l