ORDER :

1. This Criminal Original Petition has been filed seeking to quash the proceedings in C.C. No. 6430 of 2004 on the file of the learned XXIII Metropolitan Magistrate, Saidapet, Chennai.

2. The brief facts leading to filing of this Criminal Original petition is that the 1st petitioner is a company. The petitioners 2 and 3 are the Directors of the Company. The Securities and Exchange Board of India (SEBI) has preferred a complaint under Section 200 of the Code of Criminal Procedure, 1973 read with Section 24 ad 27 of Securities and Exchange Board of India Act, 1992 read with Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999 as amended, alleging therein that the Accused Company has been operating a collective investment scheme and had collected an aggregate amount of Rs. 14 lakhs from the General public. 1st Petitioner/Company filed information details with SEBI regarding its collective investment Schemes pursuant to SEBI's press release dated 26th November, 1997 and Public Notice dated 18th December, 1997 issued by the Board.

3. Chapter IX of the said regulations, any person who had been operating as collective investment Scheme at the time