JUDGMENT :

B.C. Das, J. - The Petitioner stands convicted u/s 409, Indian Penal Code and sentenced to undergo R.I. for two years and to pay a fine of Rs. 5, 000/-. He stood his trial in the Court of the Assistant Sessions Judge, Cuttack. Hill appeal before The Additional Sessions Judge, Cuttack stands dismissed.

2. The Petitioner was the Mg. Director from 25-1-1963 till 14-7 -1964 of the Orissa Trunk and Enamel Works Ltd., Dargah bazar, Cuttack which is a Pilot Project Company of the State Government incorporated under the Companies Act and manufacturers steel trunks, suit cases and enamel works. The authorised capital is Rs. 3,00,000/- out of which Rs. 1,33,500/- has been subscribed by the Government of Orissa and Rs. 32,000/- by the private enterpriser, the father of the Petitioner. A sum of Rs. 1,45,500/- has been paid up comprising Rs. 1,33,500/- by the Government and Rs. 12,000/- by the Petitioner?s father. The Petitioner had first taken over charge as General Manager from his father with effect from 20-7-1961 and thereafter was appointed the Mg. Director with effect from 22-1-1963.

3. The Board of Directors consist of five members. The director of Industries, Dy. Director of Ind