( 1 ) THIS appeal arose out of interim order dated 6th February, 1997 passed by a learned single Judge of this Court. However, both the parties have prayed before us that the main application itself be disposed of by this bench, pursuant whereto we have heard the parties.

( 2 ) THE order dated 6-2-97 under appeal is in two parts, viz. initiation of a criminal proceeding and interlocutory order issuing certain directions. As the criminal aspect and civil aspect of the matter have nothing to do with each other, intend to pronounce a separate judgment in respect of Criminal aspect of the matter.

( 3 ) FURTHERMORE, the learned counsel for the parties jointly made a prayer that the main petition filed by the Applicants/respondents under the Companies Act be heard by this Bench, pursuant whereto we have heard the parties and in this judgment, dispose of the main application filed by Sri Bajrang Prasad Jalan against the - appellants and other respondents under Sections 155/397/398/399/402/403 and 406 of the Companies Act.

( 4 ) B. P. Jalan for self as Karta of a Hindu undivided family filed an application against 32 persons including Akshay Nidhi Ltd. the respondent No