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IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD
E.V.VENUGOPAL, J
Perala Srinivas Rao – Appellant
Versus
State of Telangana – Respondent
ORDER :
E.V.VENUGOPAL, J.
1. Heard Sri Mayur Reddy, learned senior counsel appearing on behalf of Sri Saini Aravind, the learned counsel for the petitioner and Sri M.V.Hanumantha Rao, the learned counsel for the second respondent and Mr.E.Ganesh, learned Assistant Public Prosecutor for the first respondent – State.
2. This criminal petition is filed seeking to quash the proceedings against the petitioner in C.C.No.27 of 2022 on the file of the Court of Principal District and Sessions Judge, Hanumakonda registered for the offences under Sections 420, 406, 506 IPC and section 5 of Telangana Protection of Depositors of Financial Establishments Act, 1999.
3. The case of the prosecution is that the 2nd respondent herein filed a report dated 06.01.2021 before the Commissioner of Police, Warangal stating inter alia that she and her husband are subscribers of Chits in Akshara Chit Funds Pvt. Ltd. and its branches at Hanumakonda, Ramnagar, Warangal, Kazipet, Jangaon, Siddipet, Jammikunta and Mahabubabad. The Head office of M/ s.Akshara Chit Funds Pvt. Ltd., is located at Nakkalagutta, Hanumakonda. It is alleged that Akshara Chit Fund Company Pvt. Ltd. has removed the 2nd respondent and her hus
The Chit Fund Act, 1982 governs chit fund operations, and its provisions prevail over general laws, limiting the liability of company directors for operational misconduct.
The Chit Funds Act, 1982 prevails over general laws, and allegations of cheating under IPC must demonstrate fraudulent intent from inception.
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