1. This petition is filed under Section 482 Cr.P.C to quash the private complaint in E.O.C.C.No.128 of 1999, pending on the file of the learned Additional Chief Metropolitan Magistrate (Economic Offences No.1), Egmore, Chennai, filed by M/s.Granttrust Finance Limited represented by its Authorised Agent and Credit Officer Mr.M.Prabhakar against the petitioners, along with two other accused, who are not before this Court, for offences under Section 68 and 628 of the Companies Act, 1956 and under Sections 409, 420 read with 120-B of the Indian Penal Code.

2. At the outset, I may state that neither of the parties have brought to the notice of the court that under what Section the Magistrate has taken cognizance of the complaint. However, the fact remains that the complaint is only at the initial stage and moreover, this being a private complaint, evidence has to be recorded and only then charges has to be framed by the Magistrate. Therefore, admittedly witnesses have not been examined and charges has not been framed yet. At this stage, the petitioner who are A-1 and A-2 have come forward with the present petition.

3. The gist of the complaint is as follows:

(a) The first acc