Hon'ble Judges/Coram:
S. Abdul Nazeer and Krishna Murari

JUDGMENT

Krishna Murari, J.

1. Leave granted.

2. This appeal is directed against the judgment and order dated 01.10.2019 passed by the High Court of Calcutta (hereinafter referred to as "High Court") in C.R.R. No. 731 of 2017 filed by the Appellants praying for quashing of proceedings being G.R. Case No. 1221 of 2013 pending before the Court of Learned Chief Metropolitan Magistrate, Kolkata and arising out of Bowbazar Police Station Case No. 168 dated 28.03.2013 Under Sections 420, 406 and 120B of the Indian Penal Code, 1860 (hereinafter referred to as IPC"). By the said judgment, the High Court dismissed the prayer for quashing of the proceedings and held that continuance of criminal proceedings against the present Appellant/Accused would not be an abuse of the process of the court.

3. Brief facts necessary for the disposal of this appeal are as under:

3.1 M/s. Priknit Retails Limited a public limited company having its registered office at BXXV, 539A, 10, Jalandhar, Bye Pass Road, Ludhiana, Punjab was incorporated in the year 2002 and subsequently changed its name to Priknit Apparels in 2007. The company is engaged in the manufacture and trade of apparels through chain of retail stores under the brand name and style of Priknit. Appellant No. 1 is the Managing Director of the Company and Appellant Nos. 2 and 3 are the Directors of the said Company. The company has been arrayed as proforma Respondent No. 3.

3.2 In January 2008, Respondent No. 2 an authorized representative of SMC Global Securities Ltd., Delhi desired to make an investment on its behalf with the Appellants. It was mutually decided between the parties that Respondent No. 2 will invest an amount of Rs. 2.5 crore with the company in lieu of which they will be issued 2,50,000 equity shares of Priknit Apparel Pvt. Ltd. Subsequently, Respondent No. 2 filed their share application form along with the cheque of Rs. 2.5 crore........