Harnam Singh, J.

1. On 11-6-1953. Provisional Liquidator. Simla Banking and Industrial Company, Limited, hereinafter called the banking-company, reported to the Superintendent of Police that Shri Ram Narain had committed an offence under Section 420. I. P. C. In that report the provisional Liquidator stated that in 1947 Shri Ram Narain had pledged with the Banking-company scrips of five hundred shares of the East Indian Coal Company, Limited, Calcutta, as security for the repayment of the amount payable by him in the cash credit account. Shri Ram Narain obtained duplicate scrips of the five hundred shares of the East Indian Coal Company, Limited, Calcutta, on the representation that the original scrips had been lost. Shri Ram Narain sold the scrips but failed to deposit the proceeds of the shares with the banking-Company. In this manner Shri Ram Narain, it was stated in the report, had diminished the security for the repayment of the amount payable by him. in the cash credit account. In the report it was stated that the fraud practised on the banking company was a consequence of the deception practised on the East Indian Coal Company, Limited, Calcutta.

2. As a result of th