NAFR HIGH COURT OF CHHATTISGARH, BILASPUR CRMP No. 418 of 2016 Charanjeet Singh Saini S/o Shri Jagdish Singh Saini Aged About 35 Years R/o H.I.G. 10, Tatibandh, Raipur, P.S. Aama Naka, Tehsil And District Raipur, Chhattisgarh.

---- Petitioner Versus State of Chhattisgarh Through Police Station Incharge, Police Station Dharsiwa, District Raipur, Chhattisgarh.

---- Respondent (Cause-title taken from Case Information System)

For Petitioner : Mr. Ankit Singhal, Advocate.

For Respondent : Mr. Ranbir Singh Marhas, Additional Advocate General.

Hon'ble Shri Ramesh Sinha, Chief Justice

Order on Board

18 .03. 2024

1. By this petition under Section 482 of the Code of Criminal Procedure, 1973 (for short, ‘Cr.P.C.), the petitioner seeks to challenge the order dated 15.03.2016 passed by the learned Sessions Judge, Raipur, in Criminal Revision No. 46 of 2016, by which the learned Sessions Judge had rejected the criminal revision filed by the petitioner on the ground that the same is not maintainable.

2. Brief facts of the case are that the petitioner herein is a Director of a company namely Saini Industries Limited, which is duly incorporated under the provisions of the Companies Act, 1956 and is engaged in the business of manufacturing TMT bars. In the financial year 2011-2012, the raw material supplied by the suppliers (Complaints in the present case) was not to the grade which was agreed to supply and therefore the product ie. TMT Bars were not upto the specifications as provided by Bureau of Indian Standards and therefore on verification the ISI certification on the product of the company have been withdrawn and due to which the product lost its original value and sold in market at very meager prices. In the financial year 2011-12, due to recession in the steel sector, number of steel industries suffered heavy losses in their business. It is pertinent to note that number of steel Industries were closed down and the entire economy based on steel sector collapsed in the State of Chhattisgarh. The Petitioner's Company was also one of them being in the same sector and suffered huge loss due to said recession and due to the non-supply or supply of low grade raw material to its plants.

3. Around the same time, the Chhattisgarh Steel Chamber, of which the petitioner's company is also a member, on a complaint by the creditors, forcefully proposed a proposal and introduced one Harishankar Sharma as one of the directors of Saini Industries Limited i.e. Petitioner's Company to look after the management and affairs of the Petitioner's company. At the relevant time of said recession the total outstanding which was to be recovered by the Petitioner's Company namely, Saini Industries Limited was about 27 Crores and which was reduced to Rs. 18,12,60,361/-, During course of business transaction, the amount which was to be recovered by the Petitioner's company from different companies and firm was about 18,12,60,361/- and due to stoppage of payment by the other companies and firms, the petitioner's company suffered huge financial crunch. The same amount was payable to the creditors of Saini Industries Limited. After the proposal, Shri Harishankar Sharma disbursed the amounts to the suppliers, so collected from the market outstanding for which a separate bank account was opened in the Punjab National Bank, Raipur and a total amount of Rs 12,45,51,378/- (Rupees Twelve Crore forty Five lakh fifty one thousand three hundred and seventy eight only) in which Rs. 9,39,36,974/- have been paid to the complainants and Rs.3,06,11,674/- has been paid to non complainants.

4. A complaint was made by the Chhattisgarh Sponge Iron Manufacturing Association on 03.03.2012, wherein the same allegation made that the Petitioner's Company has not made payment to its creditors who have supplied raw material to its plant. The said complaint was investigated and the same was closed after advice of getting it resolved through court. None of the member of the association approached the court