JUDGMENT :

ALTAMAS KABIR, J.

1. The issue which has been raised in this writ petition is whether an offence which is not compoundable under the provisions of the Criminal Procedure Code, 1973, hereinafter referred to as the "Cr.P.C.", can be quashed in the facts and circumstances of the case.

2. The writ petitioner No.1, Ashok Sadarangani, opened a Current Account No.314 in the name of his proprietary concern, M/s. Internat Impex, Mumbai, with the Bank of Maharashtra, Overseas Branch, Mumbai. The said account was subsequently converted by the Bank into Cash Credit Account No.3 and Cash Credit facility of Rs.125 lacs, Import Letter of Credit facility of Rs.100 lacs, Bank Guarantee facility of Rs.20 lacs and Forward Contracts upto a limit of Rs.300 lacs, were sanctioned and such decision was conveyed to the Petitioner No.1 by the Bank by its letter dated 7th July, 1999. On 16th October, 1999, the Bank sought additional collateral security of Rs.56 lacs from the Petitioner No.1, who, on 29th December, 1999, submitted a Lease Deed dated 29th December, 1999, in respect of an immovable property leased to M/s. Nitesh Amusements Pvt. Ltd. by Shri Homi D. Sanjana and his family members, thro