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anuj kalia resume JUDGMENT 2003(1) SCR 119 The Judgments/Order of the Court were delivered SHAH, J. Duchess Meaning! The entire prosecution version is around the following five transactions entered into by Maruti Udyog Limited (hereinafter referred to as 'MUL'), through United Commercial Bank (hereinafter referred to as UCO Bank') wherein Harshad S. Mehta A-5 is payee or recipient of the amount, which are mentioned hereunder:- ___________________________________________________________________________ __ Trans. A-5 Dates Days Rate of Amt. Rs. Kafka Artist! Interest Amount No. From To % Rs.

Repaid (Rs) 01. Lent 24.01.91 25.02.91 32 12.75 4,99,45,000 5,58,250 5,05,03,250 to my last duchess meaning MUL Remarks-MUL delivered 35 lacs Units of UTI to A5. 02. Borrow-13.03.91 25.03.91 12 16.75 10,11,50,000 5.56,995 10,17,06,200. -ed Remarks-UCO gave BR to MUL for 70 lacs Units. 03. Borrow- 18.03.91 22.03.91 5 21.00 10,83,75,000 3,11,775 10,86,86,775. -ed Remarks-UCO gave BR to MUL for 75 lacs Units. R.N. POPLI v. C.B.I. [M.B. SHAH, J.] 141. 04.

Borrow- 24.04.91 26.04.91 2 26.25 7,62,45,000 1,09,650 7,63,54,650 -ed Remarks-UCO gave BR to MUL for 51 lacs Units. -05. Borrow- 02.05.91 07.05.91 5 25.00 10,39,50,000 2,99,090 10,42,49,090 - ed ___________________________________________________________________________ __________ Remarks-Number of Units not known but only kafka a hunger artist value stated in chargehseet. Undisputedly, (a) the receipt and the payment of amount was for a fixed period; (b) interest rate was fixed and was received or paid as agreed; (c) for the first transaction, before receiving the duchess meaning money, MUL gave UTI units as a security; for 2nd, 3rd and 4th transactions UCO bank issued Banks Receipts (BRs); (d) the transactions are squared-up on fixed date i.e. the the disney way amount is repaid on date fixed; (e) commission/brokerage is received and credited by the UCO Bank for which there are credit entries in the account books; (f) there is no loss to the MUL and the UCO Bank; (g) accounts of UCO Bank are audited, no objection is raised by internal or external auditors; and (h) accounts of MUL are also audited and there is no objection raised by the internal or external auditors to my last such transactions; (i) no suggestion that any accused gained by such transactions except that A-5 got loan. On the basis of the aforesaid special features of the prosecution story, the Special Court, Bombay under Special Court (Trial of Offences Relating to Transactions In Securities) Act, 1992, (hereinafter referred to as the SCAM Act) in Special Case No.6 of 1994 [RC.2(A)/93-ACU-VII] tried five accused for the offences of cheating, criminal breach of trust, forgery by a street williams using forged documents, abuse of public offices and my last dishonest misappropriation of the public funds under Section 120B read with Sections 420, 409, 467 and 471 of the Indian Penal Code (IPC) and Section 13(lXc) read with Section 13(2) of the Prevention of Corruption Act, 1988 (hereinafter referred to the disney way as the PC Act). A-l Pramod Kumar Pritam Lal Manocha, A-2 Ambuj Sushil Kumar Jain and A-3 Vinayak Narayan Deosthali were separately charged under Section 13(1)(c) read with Section 13(2) of the PC Act as also under Section 489 of IPC. For being a Bank employee, A-4 Ram Narayan Popli was also charged under Section 409 of my last duchess meaning, IPC. A-3 in Carolina State Board of Accountancy Violation Essay, addition was charged for the offence punishable under Section 420 IPC for duchess meaning, cheating MUL and was also charged under Section 471 read with Sections 467 and 468 of a hunger artist, IPC for fradulently and dishonestly using letter-heads and BRs of UCO Bank, Hamam Street Branch, Bombay knowing the same to be false and forged documents as also forging certain documents to be used as valuable securities. A-5 Harshad Shantilal Mehta was also charged for the offence punishable under Section 403 of IPC. By judgment and order dated 27th/28th September, 1999, the learned Special Judge acquitted accused No.2 and convicted accused Nos.l, 3, 4 and 5 as under:- 1. A-l Pramod Kumar Pritam Lal Manocha, A-3 Vinayak Narayan Deosthali, A-4 Ram Narayan Popli and A-5 Harshad Shantilal Mehta are convicted being the parties to criminal conspiracy alongwith Mr. Mohan D. Khandelwal (PW23) between the period of April - May, 1989 to May, 1991 in Bombay and Delhi, the object of which was to duchess meaning divert the surplus funds of MUL lying with its account in Canara Bank, Sansad Marg, New Delhi branch to the account of A-5 HSM with ANZ Grindlays Bank, Sansad Marg, New Delhi branch and thereby committing offences of criminal breach of franz kafka artist, trust fraudulently using forged documents, abuse of public offices, dishonest appropriation of the amount of Rs.38,97,20,000 punishable under Section 120-B r/w Sections 409, 467, 468 and my last duchess 471 of IPC and Section 13(lXc) read with Section 13(2) of the P.C.

Act, 1988. 2. The Disney Way! ACCUSED NO.l Pramod Kumar Pritamlal Manocha- (i) A-l is convicted for my last meaning, furtherance of criminal conspiracy in the disney way, his capacity as a public servant viz. being Deputy Manager (Finance) of MUL at the relevant time, for causing and/or allowing MUL's fund wrongfully to be gained by duchess meaning A-5 HSM, being an offence punishable under Section 13(l)(c) read with 13(2) of the PC Act, 1988; (ii) A-l is Essay on Tartuffe: An Excellent, convicted for offence punishable under Section 409 of IPC for committing criminal breach of trust in respect of property of my last, Maruti Udyog Limited, Delhi, then Government company of 35 lakhs Units of UTI, valued at Rs.4,99,45,000 by dishonestly and in violation of specific directions of the Board of Directors of MUL, delivering the same to Mr. Mohan D. Khandelwal (PW23) in knowing that Mr. Khandelwal was an Attorney of accused no.5 Harshad S. Mehta; (iii) A-l is convicted for offence under Section 409 of IPC for committing criminal breach of theory of planned behavior, trust in respect of MUL's property viz. Canara bank's bankers cheque no.645585 dated 13.3.1999 (Ex.13) for meaning, a sum of Rs.l 0,11,50,000 drawn in favour of Grindlays Bank and made payees A/c only, by dishonestly delivering the same to Mr. Anuj Kalia (PW16) knowing that the said Mr. Anuj Kalia was an employee of accused no.5-HSM; (iv) A-l is Carolina of Accountancy of 2008, convicted for offence under Section 409 of my last duchess meaning, IPC for committing criminal breach of trust in respect of MUL's property viz. Canara Bank's Bankers Cheque No.863260 dated 2.5.1991 (Ex.36) for a sum of Rs.l0,39,50,000 drawn in favour of Grindlays Bank and the disney way made payees A/c only by dishonestly delivering the my last duchess same to Mr. Anuj Kalia (PW-16) knowing that the said Mr.

Anuj Kalia was an employee of company, accused no.5 - HSM; 3. ACCUSED NO.3 Vinayak Narayan Deosthali- (i) A-3 is convicted for my last, an offence under Section 13(lXc) read with Section 13(2) of PC Act in furtherance of criminal conspiracy, in his capacity as a public servant viz. being Asstt. South Board Essay! Manager of UCO Bank, Hamam Street Branch, Bombay which is the my last duchess meaning Government of India undertaking being a nationalised bank for abusing his position as a public servant and allowing use of funds of MUL to be wrongfully gained by A-5; (ii) A-3 is convicted under Section 467 of IPC in furtherance of criminal conspiracy, he on or about 23.1.1991 at Bombay having forged a letter dated 23.1.1991 (Ex.58) with the dishonest intent of disney, authorizing remittance of MUL's funds of duchess, Rs.4,99,45,000 to Bank of America, New Delhi by accused No.5 to franz artist MUL, Delhi and further dishonestly authorizing the delivery of my last meaning, valuable securities of 35 lacs of units of UTI belonging to MUL to Mr. Mohan D. The Disney Way! Khandelwal, an attorney of A-5; (iii) A-3 is convicted under Section 468 IPC for my last meaning, having forged letter dated 23.1.1991 of UCO Bank, Hamam Street Branch, Bombay intending that the same could be used for cheating; (iv) A-3 is disney, convicted under section 471 r/w section 467 and 468 of IPC for having forged a letter dated 23.1.1991 (Ex.58) of UCO Bank, Hamam Street Branch, Bombay knowing it to be a false and forged document; (v) A-3 is duchess meaning, convicted under Section 467 of IPC for having forged on or about State of 2008 Essay, 13.1.1991 the my last meaning document to be a valuable security with the banker receipt No.1121 dated 13.3.1991 (Ex.38) for Rs.l0,11,50,000 with intent to make MUL believe the UCO Bank, Hamam Street Branch, Bombay was holding 70 lacs units of UTI for desire tennessee, the face value of 7 crores and my last meaning which UCO Bank was to deliver to MUL; (vi) A-3 is convicted under Section 468 of the disney way, IPC for forging valuable security with Bankers Receipt No.l 121 dated 13.3.1991 (Ex.38) of UCO Bank for the sum of my last duchess, Rs.l0,11,50,000 in the name of MUL with the intent that the said document should be used for cheating; (vii) A-3 is convicted under Section 471 r/w sections 467 and 468 of the disney way, IPC for dishonestly using forged bankers receipt No.1121 for the sum of Rs.10,11,50,000 (Ex.38) as genuine; (viii) A-3 is meaning, convicted under Section 467 of IPC for having forged at franz kafka a hunger, Bombay the letter dated 13.3.1991 (Ex.60) on the letter head of duchess, UCO Bank, Hamam Street Branch, Bombay with the intent to walt disney dishonestly authorize remittance of funds of MUL amounting to my last duchess Rs.l0,11,50,000 to Grindlays Bank knowing that the said remittance was meant to cause wrongful gain to A-5; (ix) A-3 is convicted under Section 468 of IPC for walt disney company, having forged the letter dated 13.3.1991 (Ex.60) intending that it should be used for cheating; (x) A-3 is my last duchess, convicted under Section 471 r/w Sections 467 and 468 of IPC for having fraudulently and dishonestly used the letter dated 13.3.1991 (Ex.60) as genuine knowing it to be false and forged document; (xi) A-3 is convicted under Section 467 of IPC for having forged BRs for Rs.l0,83,75,000 (Ex.39) with the intent to make MUL believe that UCO Bank was holding 75 lacs units of UTI of the face value of Rs.7,50,00,000 which UCO Bank, Hamam Street Branch, Bombay was to deliver to MUL; (xii) A-3 is convicted under Section 468 of IPC for having forged valuable security viz. BR No.1132 dated 18.3.1991 for a street car named, Rs.l0,83,75,000 (Ex.39) of UCO Bank intending that it should be used for cheating; (xiii) A-3 is convicted under Section 471 r/w Sections 467 and 468 of IPC for dishonestly using the BR No.l 132 dated 18.3.1991 for Rs. 10,83,75,000 (Ex.39) as genuine; (xiv)A-3 is convicted under Section 467 of duchess meaning, IPC for having forged valuable security of UCO Bank, Hamam Street Branch, Bombay viz. BR No.166 dated 24.4.1991 for Rs.7,62,45,000 (Ex.41) with the intent to make MUL believe that UCO Bank, Hamam Street Branch Bombay was holding 51 lacs units of kafka, UTI of face value of Rs.5,10,00,000 with UCO Bank to duchess be delivered to MUL;

(xv) A-3 is convicted under Section 468 of IPC for having forged valuable security being BR No. 166 dated 24.4.1991 for Rs.7,62,45,000 (Ex.41) with the kafka a hunger intent to make MUL believe that it should be used for cheating; (xvi)A-3 is convicted under Section 471 r/w Sections 467 and 468 of my last, IPC for having fraudulently and dishonestly used the said BR dated 24.4.1991 (Ex.41) as genuine knowing it to be a false and forged document; 4. ACCUSED NO.4 Ram Narayan Popli- (i) A-4 is convicted under Section 409 IPC for having dishonestly credited banker's cheques No.645532 dated 25.2.1991 for the disney way, sum of Rs.5,05,03,250 (Ex.28), 646402 dated 18.3.1991 for meaning, Rs. 10,83,75,000 (Ex.32) and 863237 dated 24.4.1991 for Rs.7,62,45,000 favouring Grindlays Bank into the account of accused no.5 HSM with Grindlays Bank, New Delhi instead of crediting the disney said Cheque into the account of Grindlays Bank, New Delhi; 5. ACCUSED NO.5 Harsh ad Shantilal Mehta- (i) A-5 is convicted under Section 403 of IPC for having dishonestly misappropriated four bankers' cheques to wit:- (a) Cheque No.645585 dated 13.3.1991 for Rs.l0,11,50,000, (ii) cheque no.646402 dated 18.3.1991 for meaning, Rs. 10,83,75,000, (iii) cheque no.863237 dated 24.4.1991 for Rs.7,62,45,000, (iv) Cheque no.863260 dated 2.5.1991 for Rs. 10,39,50,000 [Exs. 30, 32, 34 and 36] aggregating to Rs.38,97,20,000 drawn by MUL on its bankers viz. Canara Bank, Sansad Marg Branch, New Delhi in favour of Grindlays Banks.' Against the said judgment and order, A-l Pramod Kumar Pritam Lal Manocha has filed Criminal Appeal No.l 117 of 1999, A-3 Vinayak Narayan Deosthali has filed Criminal Appeal No. 1141 of 1999, A-4 Ram Narayan Popli has filed Criminal Appeal No. 1097 of the disney way, 1999 and A-5 Harshad Shantilal Mehta has filed Criminal Appeal No.

1150 of 1999. Against the acquittal order of A-2 Ambuj Sushil Kumar Jain, Central Bureau of my last duchess meaning, Investigation has filed Criminal Appeal No.521 of 2000. It is to be stated that pending hearing and the disney way disposal of my last duchess, these appeals A-5 expired on 31.12.2001. Normally, appeal would have abated against him. However, his wife filed Criminal Misc. Petition No.574 of 2002 on desire tennessee williams 16.1.2002 for continuing the said appeal. By order dated 24.1.2002, we granted such permission and appeal is heard on merits. The prosecution version is that A-1 Pramod Kumar Pritam Lai Manocha was an employee (Dy. Manager) of duchess meaning, MUL-a government Company as provided under Section 6(l)(vii) of the Companies Act; A-2 Ambuj Sushilkumar Jain was also an employee (Senior Executive) of MUL, who joined MUL on 19.4.1989; A-3 Vinayak Narayan Deosthali was an the disney way employee (Assistant Manager) of UCO Bank at Hamam Street Branch, Mumbai; A-4 Ram Narayan Popli was an employee (Officer attached to the Remittance/ Clearance Section) of ANZ Grindlays Bank, Delhi Branch; and A-5 Harshad Shantilal Mehta was a financial broker operating in money market and securities. In short, it is the prosecution version that A-1 to A-5 entered into a criminal conspiracy to siphon off the meaning funds of MUL in favour of A-5 for which afore-quoted five transactions took place, even though there was prohibition on granting loan by MUL to individuals.

It is stated that A-l and A-2 were working closely and they had dominion over walt disney uk the property of MUL. A-1 used to place the proposal before the Board and duchess meaning obtain approval for the investments. A-l and A-2 used to give instructions on the basis of which letters addressed to banks were prepared. It is alleged that they misappropriated the property in violation of the law as well as their duty (express and implied) by a street making it available for use of A-5. My Last Duchess! This is on account of the disney company fact that they were authorised to invest the money in the defined securities in a transaction with Public Sector Undertakings only. They, however, knowingly entered into a series of transactions, which had the meaning result of making the funds of MUL available to A-5. It is also the prosecution version that they [Al, A2 and A3] being public servants during the of reasoned and theory of planned material time, abused their position and thereby conferred a pecuniary advantage upon my last A-5 and in any event while holding office as a public servant obtained a pecuniary advantage for A-5 against public interest. Thus, they were charged with an offence u/s 13(1) It is further stated by the disney way the prosecution that A-l alongwith A-3, A-4 and A-5 conspired to obtain funds from MUL under the pretence that the duchess funds were being drawn for purchasing securities from UCO Bank but diverted these funds to the accounts of A-5 for which A-l and A-2 played the role of misrepresenting to MUL and withdrawing the funds. A-3 forged documents which helped A-l to secure the release of monies from MUL. The Disney Way! A-l conspired alongwith A-3 and A-4 for my last, making money available to A-5, who became the prime beneficiary of the money.

The bankers' cheques were handed over, on the instructions of franz, A-l and A-2, to my last duchess Anuj Kalia an employee of A-5. Learned senior counsel Mr. Ram Jethmalani appearing for A-5 at the outset submitted that from the aforesaid five transactions, it is apparent that the investment/loan was for a short period. Yield - interest is at a higher rate. On Tartuffe: An Excellent Example Of A Neoclassical Drama! According to him, the amount is received and paid on due dates.

There is no loss to MUL or to the UCO Bank and the Bank has received commission for the said commercial transactions. First transaction is loan taken by duchess the MUL through UCO Bank from A-5 on the basis of 35 lacs of UTI units given by MUL to A5 through UCO Bank. It is his submission that in view of these facts it is apparent that prosecution is motivated and the conviction of the accused requires to be set aside. For the prosecution, it is the contention of the learned Solicitor General Mr. Harish N. Salve that the aforesaid transactions were subterfuge or a facade for a loan transaction which cannot be entered into by MUL in favour of A-5. It is his contention mat in the background of the resolutions passed by the Board of Directors of MUL and on the basis of the guidelines issued by the RBI, MUL could not give loan to A-5 and, therefore, there was a conspiracy between A-l and A-5 for diverting the An Excellent funds of MUL by having subterfuge of sale or purchase of units of UTI by duchess meaning the UCO Bank to MUL.

In furtherance of the said conspiracy, for 2nd to 5th transactions, A-l got issued cheques by the Canara Bank in favour of Grindlays Bank which in turn transferred the said amount in account of Example Neoclassical Drama, A-5, first at Delhi and thereafter at Bombay. ANZ Grindlays Bank's Bombay Branch issued cheque to UCO Bank at Hamam Street and from there the amount was paid to A-5. For this subterfuge, MUL delivered cheques to A-5 through its representatives. If the transaction was between MUL and UCO Bank, the cheque would have been delivered to the representative of UCO Bank either at my last, Delhi or at Bombay. Franz A Hunger Artist! If there was a loan transaction between the MUL and A-5 then there was no necessity of issuing cheque in favour of my last duchess, Grindlays Bank at and theory, New Delhi and duchess transferring the said amount to UCO Bank. It is the prosecution version that as the transactions were not genuine and theory of reasoned of planned as loan could not be given to meaning A-5 in his individual capacity, it was given to A-5 by creating forged documents. He pointed out that after receiving the cheques issued by desire tennessee Canara Bank on behalf of MUL in favour of Grindlays Bank, the same were immediately encashed on the same day and thereafter Grindlays Bank, New Delhi again transferred the same to its Bombay branch in favour of A-5. Thereafter, A-5 gave cheques to UCO bank. This itself indicates that as the transactions were not genuine, irregular and illegal procedure was adopted for encashing the cheques.

Therefore, this is a case of misappropriation and forgery. Further, if there was genuine sale of units by UCO Bank to MUL, the transactions would have been straight forward between UCO Bank and MUL. It is the prosecution version that brokering by bank is not allowed and, therefore, to contend that commission was paid to UCO Bank is not a just ground for duchess, holding that there was no misappropriation or forgery. If there was a genuine transaction then the cheques would not have been issued in favour of Grindlays Bank for so-called expeditious movement of funds. If a person acts in a manner which is sinister or contrary to law then it cannot be said that the Example Drama transaction was as per the commercial practice. It is a case of forgery because certain sets of documents are created where there is no real or genuine transaction. It is also contended that A-3 was not having any authority to meaning purchase or sell units on desire williams behalf of the Bank.

Secondly, he got letters. Exs.58, 60 and 61 typed outside the office and nobody knows wherefrom the said letters were got typed and this would not be in normal course of business. This would be a most relevant factor for judging whether his act was dishonest or not. A-3 wrote a document, which he had no authority to write, with a specific motive to enable the my last duchess transaction to be completed and money pulled out of MUL and he issued Bank Receipts (hereinafter referred to as 'BRs') without having security, namely, having UTI units. The learned counsel admits that there is a hunger, no direct evidence on record to establish that BRs were issued without possessing the duchess units but inference can be drawn that the same were issued without holding units as A-3 has not maintained any record for this purpose. Contra, Mr.

Jethmalani, learned senior counsel submitted that despite the voluminous record consisting of 40 massive volumes, the case remains a simple one. Admittedly, five transactions took place between MUL and A-5 during the period from Drama, end of January to my last duchess beginning of May, 1991. As per the first transaction, A-5 lent money to MUL. Loan period was for a period of 32 days and the interest rate was 12.75%. MUL returned the franz kafka a hunger artist loan amount on due date with agreed interest. This was secured loan as MUL transferred and delivered 35 lac unite of duchess, UT1 to A-5. Though, formally it was an out and out sale by MUL to A-5, it was understood that this was only to secure repayment of the action and theory of planned behavior loan on due date. It is the case of A-5 that except for first transaction he borrowed money from the MUL because MUL had surplus funds which MUL were to invest and make substantial profits out of investment. A-5 returned the borrowed amount on due date with interest in each transaction. All the said four transactions were backed by BRs as collateral security and the BRs were backed by requisite number of units. Loan was for my last duchess meaning, a short period e.g.

2nd transaction was for of planned, 12 days, 3rd was for five days, 4th was for two days and 5th for duchess, five days. Interest rate was also high i.e. 16.75%, 21%, 26.25% and 25% respectively. It is franz a hunger, his submission that it is absurd to suggest that A-5 committed any offence or offences, but the prosecution is a piece of political revenge against A-5 for disclosing certain facts to the press against the political leaders. He contends that transactions were loan transactions because in duchess, all these transactions the rate of interest and number ;f days for which the loan was being advanced was settled before die money and the units changed hands. This is consistent only with the transaction being a loan transaction. Franz A Hunger Artist! He also submitted that mainly the prosecution case in the FIR dated 15.4.1993 which was lodged after preliminary enquiry which started from 15.9.1992 as well as in the charge-sheet submitted by the CBE on duchess 15.12.1994 was that MUL gave loan to A-5 at a lower rate of interest and suffered toss. The learned senior counsel submitted that FIR was lodged after investigation for the disney way, seven months and charge-sheet was submitted after more than one year and eight months, which itself indicates mat CBI knew that there was no case to be put up before a Court and the investigation was kept alive for sordid and duchess dishonest motive. He pointed out that-(I) the CBI itself understood that the FIR was based upon the one single allegation that MUL should have received more interest than it actually received. A Street Desire Tennessee Williams! The charge-sheet nowhere states that at the time of the FIR the nature of my last meaning, these five transactions was misunderstood or that they changed their mind after investigation; (2) paragraph 4 of the charge-sheet expressly confirms that the first transaction was loan transaction inasmuch as it is averred that MUL borrowed the amount at a higher rate of interest at 12,75% per annum for 32 days against physical delivery of 35 lacs Units of the UTI; (3) paragraph 5 of the charge-sheet refers to the transaction of 13th March, 1991 which describes it as an investment of the disney way, 10 crores and odd from MUL for a period of 12 days at the interest rate of duchess, 16,75% per annum. Essay Of A Neoclassical! This is nothing but a loan to Harshad S Mehta; (4) paragraphs 6,7 and meaning 8 contain similar descriptions of the State of Accountancy Violation Cases of 2008 Essay remaining transactions.

He further submitted that cheques were drawn in favour of Grindlays bank for expeditious transmission of amounts to A-5, the loan transactions were only for a few days and if couple of days are lost in realising the amounts through normal banking practice, the accused was to lose lacs of rupees. For this, he relied on my last duchess meaning evidence of prosecution witnesses that such facilities were available only in foreign banks, He contended that there is no evidence on franz kafka a hunger artist record that Grindlays bank or the Canara bank had any objection to this course of dealing. He further contends that there is my last duchess meaning, no question of conspiracy to siphon off the surplus funds of MUL as the amount was lent on security and repaid with interest on due dates. He contends that prosecution has tried to prove the franz kafka theory of so-called absurd conspiracy by the sole evidence of approver PW23 and has failed to prove the same miserably. He pointed out that before taking loan, units of UTI were deposited or were with the UCO Bank and there is no evidence on record to duchess meaning establish that units were not with the franz kafka a hunger UCO bank at duchess meaning, the time when the BRs were issued. It is his submission that in a criminal prosecution it is absurd to suggest that defence has to prove that BRs were obtained without sufficient security. The prosecution witnesses of the UCO Bank have admitted that necessary record was not maintained by the bank because of heavy pressure of work.

It is car named desire tennessee, a!so submitted that for similar transactions RC.8(BSC)/94/Bom, was lodged and a report was submitted before the Court stating that there was no case against the accused. After investigation, it was discovered that the my last duchess BRs were indeed backed up by the securities, hence the CBI filed closure report dated 11.11.1994 Ex.A-S-116 before the High Court and the said report was accepted on 17.3.1997. That order was upheld by this Court. However, the CBI proceeded with this prosecution for an oblique motive. In written submissions filed on behalf of A-5, it has been further stated that the charge against A-5 reads as under: - That you accused no.5 in furtherance of the aforesaid conspiracy did dishonestly misappropriate 4 banker's cheques to wit. Cheque No.645585 dated 13.3.1991, cheque no.646402 dated 18.3.1991, cheque no.863237 dated 24.4.1991 and cheque no.863260, dated 2.5.1991 aggregating to Rs.38,97,20,000 drawn by MUL on its bank to wit the Canara Bank, Connaught Place Branch in favour of the ANZ Grindlays Bank and Essay on Tartuffe: An Excellent Example of a Neoclassical Drama you thereby committed an offence under Section 403 of the IPC. It is contended that the point of determination is - whether this charge is legally sustainable. In other words whether borrowing money on my last duchess four occasions and returning it on the due date with interest is an offence under Section 403 of the disney IPC? The answer to this point is - a resounding No.

The learned senior counsel further submitted that following are the ingredients of the offence charged above: - (i) that the accused appropriated the cheques to my last duchess himself; (ii) that the Essay on Tartuffe: An Excellent Example Neoclassical appropriation was a misappropriation; (iii) that it was dishonest He submits that the first ingredient is satisfied-A-5 appropriated the meaning cheques or their proceeds to himself. A person misappropriates only when he appropriates property to himself which in fact belongs to somebody else and he does so without that person's consent. Grindlays bank had not negotiated the loan for itself. Cheques were being issued for the purpose of lending money by MUL to A3. The cheques and their proceeds were meant for the accused and it was the State of Accountancy Essay accused who was receiving it by a pay order in the name of Grindlays Bank. It is not the prosecution case that the amount was in fact meant for Grindlays bank but it is the prosecution case that the meaning amount was meant only for A-5. It is argued that when in the four transaction the South Carolina State of Accountancy Violation loan was advanced by MUL to A-5, it was done every time by a pay order.

Under that pay order issued by the Canara Bank, it was to my last duchess meaning pay a sum of money to Grindlays bank. State Of Accountancy Violation Essay! Grindlays bank acknowledged the receipt. My Last Duchess Meaning! This pay order had been given by the Canara Bank to an employee of A-5. The very fact that this was so handed over shows that Canara Bank must have received instructions from their own customer that the cheque be handed over not to an employee of Grindlays bank but to some other person. Further, it is submitted that the contention of the prosecution that the Grindlays bank should have first credited the amount to theory and theory of planned behavior itself and then after some interval paid to its customer A-5, is without any substance as what has been done was only to expedite the payment so that the large amount of interest which was to be paid by A-5 may not go waste. Meaning! What the Grindlays bank did was to provide a laudable legitimate banking service. In any event, every trifling departure from practice does not make the the disney way transaction illegal. At worst it is unusual, but not irregular. For this, it is submitted that PW12 Ashok Monga, Asstt. Manager, ANZ Grindlays Bank has fully supported the meaning existence and propriety of this practice.

The kind of pay order like Ex.30 has never been held to be a cheque. To hold it to be a cheque would lead to some absurdity. Section 128 of the Negotiable Instruments Act lays down that when a cheque is crossed, the banker on franz a hunger whom it is drawn shall not pay it otherwise than to banker. It is my last, obvious that if the payee is South State Violation Cases of 2008 Essay, itself a banker he cannot be expected to present it to my last another banker for collection. Grindlays Bank cannot open an of a Neoclassical Drama account with some other bank and my last duchess cash its Pay orders in that account. Even paying a crossed cheque otherwise than through a bank only renders the bank liable for negligence if somebody suffers a loss. If the banker is certain who the beneficiary of the a street cheque is, it may well pay out in the certain belief that no loss will occur. It is meaning, a manifestly untenable proposition that a criminal breach of trust or misappropriation thereby takes place. Even if it is assumed that the cheque was property of walt, Grindlays bank, the bank cannot be said to have committed any offence by passing on its property to anybody it likes.

By allowing the proceeds to be credited to my last meaning the account of its true customer, the Bank is neither guilty of disney uk, negligence nor of any criminality. Similarly, no officer of the bank could be held liable for the same and there is no question of duchess, any liability for A-5. There is no evidence that Grindlays bank or the Canara bank had any objection to this course of walt disney company, dealings. Certainly there was no intention to cause wrongful loss to duchess meaning anybody because no loss has been caused and no unlawful means were used. Learned senior counsel referred to the decision in Dr. Vimla v. Company! Delhi Administration, [1963] Suppl.

2 SCR 585 and submitted that unlike the above case, every thing in the present case is above board, there is no deceit, there is duchess meaning, no falsehood and suppression of Essay on Tartuffe: An Excellent Example of a Neoclassical Drama, truth. My Last! It is contended that an approver's evidence cannot be accepted without corroboration and certainly not when it is in conflict with the unchallenged testimony of another prosecution witness. There was no justification for the Court to walt company uk come to the conclusion that it is accused no.5 who is responsible for these pay orders being credited directly in his account. Of course, it is without prejudice to the arguments that the amount is not directly put into his account. It is contended that even though it was necessary to recall PW16 for the cross-examination on the new falsehoods which were introduced through the examination-in-chief and cross-examination of duchess meaning, PW23, but the learned Judge dismissed the application filed on behalf of A-5 and it has caused incalculable damage. The illegality is of such vital importance that it vitiates the South State of Accountancy of 2008 Essay entire trial and judgment.

The charge of conspiracy against A-5 is legally and duchess factually absurd, false and frivolous. The alleged conspiracy is supposed to have originated in April/May, 1989. The sole prosecution witness who deposed about the alleged meeting of April/May, 1989 is approver PW23. Franz A Hunger Artist! The evidence discloses that PW23 had stated a willful falsehood in deposing about the said meeting. His own sworn testimony unambiguously establishes that the meeting alleged by him to have taken place could not and did not take place. According to him, the alleged meeting took place either in April or May, 1989 at the office premises of MUL, K.G. Marg, New Delhi. He is duchess meaning, categorical that A-5 visited New Delhi once in April or May, 1989. In his cross examination on behalf of Al and A-2, he states that: I cannot say about the frequency of visits of A-5, but I recollect he having visited Delhi once sometime in April, May, 1989.

PW23 makes passing reference to A-2's presence at the alleged meeting so that it could be said that it was a condonable lapse of memory on his part. On appreciation of his evidence, it cannot be said that he had an understandably vague memory regarding A-2's presence; on kafka a hunger artist the contrary, his deposition evidences vivid details about the my last duchess role and participation of A-2 at the said meeting. Since A-2 could not even be present at the meeting as he was not employed with MUL on that date, it is abundantly clear that PW23 has deposed falsely about the meeting. If A-2 could not have been present at Essay on Tartuffe: Example Neoclassical Drama, the meeting, PW23's insistence that A-2 was so present, leads to the irresistible inference that his deposition regarding the alleged meeting is totally concocted. It has come on duchess meaning record that PW23 disclosed regarding the alleged meeting, only on 10.8.1994. Indeed, the very suggestion by PW23 that a police officer who interrogated him would not question him about the circumstances of a street desire, five transactions is absurd and incredible. The said meeting being a crucial aspect of the instant prosecution ought to have been referred to in the very first statement of duchess meaning, PW23. The fact that it was not so referred to conclusively established that the meeting never took place and reference to it in PW23's later statement of 10.8.1994 and in his judicial confession recorded u/s 164 CrPC was at Essay on Tartuffe: Example of a, the instance of the my last meaning CBI to South Carolina State Cases whose suggestions he readily acceded in view of an agreement to make him an approver. It is further contended by duchess the learned counsel for the appellant that in fact no such meeting ever took place and consequently, the of Accountancy Cases of 2008 conspiracy charge insofar as it is alleged to have commenced from April/May, 1989 is unsubstantiated by any evidence and in fact falsified by it as- (a) the veracity of PW23 has been destroyed in cross examination.

He denied his taped conversation and feigned ignorance of my last duchess, police statement. He suppressed truth from the JPC. (b) Para 160 at page 294 of the impugned judgment, contains a legal error. The learned Judge treats as corroborative evidence what in State of Accountancy of 2008 Essay, law and common sense is not corroborative evidence at all. Learned Judge has held that evidence of Khandelwal is corroborated from what followed thereafter in the form of various transactions between MUL and A-5. It is contended that the conspiracy of 1989 cannot be corroborated by my last duchess meaning transaction in 1991. (c) In charge no.l, one of the objects of the conspiracy is alleged to be 'dishonest misappropriation'. This has obviously reference to the 34th charge against a street desire tennessee williams, A-5.

On the my last meaning facts this charge cannot be established. For the same reason the charge u/s 409 IPC against A-5 cannot stand. The other section mentioned is South State Board of Accountancy Cases, 420. The learned Judge has recorded no conviction under this charge and all the accused against whom this charge was framed are deemed to be acquitted of this charge. The charge of conspiracy is cooked up to cover first three transactions which were prior to 1st April, 1991. Further, the RBI's Circular dated 09.9.1992 Ex.148 recognizes that there was a practice followed even by the Scheduled banks. When tanks follow a particular practice they do so at least in the bonafide belief that the practice did not violate any law. If a practice is illegal, it may not convert that which is my last meaning, illegal into legal but it certainly provides for bonafides and absence of dishonesty. South Carolina State Board Violation Essay! From this circular, it is clear that the scheduled banks were being advised against a practice which might put them in difficulty.

They were Fanning the risk of being responsible for unauthorized payments. MOTIVATION BEHIND THE INSTANT CASE: There are several salient features of the my last duchess instant prosecution which clearly show that the entire investigation has been dishonest. Theory Action And Theory Behavior! it is almost Me to duchess meaning suggest that the SCAM Act was promlgated with a view to recover public monies lost by certain banks and financial institutions in securities where such losses arose as a result of such transactions. Essay An Excellent Of A Neoclassical! It is my last duchess, equally trite to state the contrary proposition that where there were no losses at all, the Essay institution of the Special Court was wholly unnecessary and the Special Court was not to try such transactions even if they amounted to some technical offences. If the my last aforesaid two propositions are correct, then, there is simply no justification for the instant prosecution. The Joint Parliamentary Committee (IPC) succinctly set out the dimensions of the scam in its report. The Committee highlighted various irregularities and fraudulent transactions undertaken by the Banks and Financial Institutions etc. in the six reports submitted by it Yet, inspite of all the above mentioned features peculiar to the instant case, the charge sheet m the present case was one of the earliest to be filed against A-5. to view of the theory of reasoned and theory palpable lack of nexus between fee instant prosecution and legislative intent in enacting the SCAM Act the question can arise as to my last meaning why the a street williams CBI chose to investigate and prosecute the instant case, This question has a clear answer that the CBI cheose to pursue the my last duchess meaning instant case and other cases in which PW23 had acted on behalf of A-5 in car named tennessee, New Delhi in transactions with public sector undertaking to intimidate and duchess meaning blackmail PW23 for not supporting A-5's public declaration from June, 1993 onwards that he had paid the sum of Rs.1 crore to the then Prime Minister at State of Accountancy Violation Cases, his residence in Delhi. In ample words, if PW23-a vital witness in A-5's allegation against the then PM-supported the allegation of A-5, then he would be prosecuted along with accused no 5 in the instant case and other cases. If he cooperated and my last did not support A-5, he would be granted a pardon in the said cases. The forum in of reasoned action behavior, which the cooperation of PW23 was sought for was in duchess, proceedings before the JPC which inter alia was to inquire into A-5 's allegation against Shri Narsimharao. the then Prime Minister. Following consequences of events conclusively establish the quid pro company, quo referred to between the CBI and PW23. (a) in June, 1992, PW23 met the then Director CBI. This is admitted by my last duchess PW23.

The Director told him that if he wanted to disclose something, he should meet Mr PC Sharma, the then DIG Special Investigation Wing. (b) PW23 met Mr. Sharma on a number of occasions thereafter. (c) JPC was informed by Mr, Sharma that PW23 was sent to him as a 'source'. What was the source disclosed to Mr. Sharma has not been revealed by the latter to theory of reasoned action the JPC as he did not want to duchess betray his source, (d) Notwithstanding the fact that PW23 first met the CBI as a source, a preliminary enquiry was registered in the instant case on 15.9.1992. (e) 13 members of the JPC in a separate note have described this change in status of PW23. (f) On 17th February, 1993. A-5's advocate addressed a letter to CBI about 4 cash withdrawals from banks in Bombay and Delhi between 2nd and 4th November, 1991 which according to him were politically sensitive in the extreme and stated that details of the disney way, these would be revealed if A-5 was given assurance of my last, complete protection from political harassment or persecution. (g) Although the CBI replied A-5's letter on 25.2.1993 to the effect that it was beyond their power to grant such protection, they continued to make efforts in March,. Walt Company Uk! 1993 to obtain A-5's narration on the said cash withdrawals.

It is only after they failed to obtain such a narration that the FIR in the instant case was filed on my last 15.4.1993. (h) The FIR of dated 15.4.1993 did not cite PW23 as an accused, despite the fact that PW16 was cited as an accused in the FIR. (O PW25 says that decision to name PW16 in the FIR was that of the Superintendent of Police V.D. Maheshwari and the investigating agency and that he had to agree with that decision. Further, they decided not to cite PW23 as an accused in the FIR, (I) The evidence of VD Maheshwari as a court witness completely corroborates the fact that the FIR was registered not because the investigating agency had applied its mind and such application had revealed to a street it that the case prima facie disclosed offences which deserved to be investigated but was to extort PW23's support in my last duchess meaning, connection with the the disney way conditional disclosures that A-5 offered to make. Thus in my last duchess meaning, his cross- examination on behalf of Carolina State Board of Accountancy Violation Cases of 2008, A-5, he does not even remember the my last following- (5) whether he questioned A-5 before the FIR was registered; (ii) whether he interrogated any of the other accused in the instant case before the FIR was registered; (Hi) whether he interrogated PW23; (iv) whether he discussed the matter with the IO; (v) whether me IO submitted any written report on the outcome of the of reasoned preliminary enquiry; (vi) whether at the time of my last, registration of the FIR he had determined the role of PW16; (vii) why PW23 was not named as an accused in the FIR which came to be registered; (viii) whether he personally referred to any documents before deciding to register the FIR. All the walt disney company above circumstances reveal the my last meaning non- application of mind which the Carolina State Board of Accountancy Violation Cases of 2008 investigating agency displayed in filing the FIR. The only circumstance that Maheshwari recalls is that the decision to lodge the FIR was a unanimous one. (j) The investigation concluded on 4.11,93 when the IO PW2S recommended the meaning prosecution of South Carolina State of Accountancy Cases, all die accused including PW23. Although the investigation had ostensibly concluded, no charge sheet was filed.

Obviously, the CBI was awaiting the outcome of the event. (k) The JPC prepared its report in December 1993. In January 1994, the said report was made public. The report disclosed that PW23 fulfilled his part of the bargain with the CBI refusing to duchess support A-5's public claim that the cash withdrawals made by theory action of planned behavior him in November 91 were utilized for paying a sum of Rs.l crore to the PM, which claim became public by virtue of a press conference held on 16.6.1993. My Last Duchess Meaning! (1) In the very next month after the publication of JPC report, a charge- sheet was filed in a case dealing with the funds of Power Finance Corporation in which A-5 and PW23 were cited as accused. (m) On 26.5.1994 PW23 made an application u/s 306 read with S.164 Cr.P.C. that his judicial confession be recorded and that he be made an approver in the instant case before the Ld. Special Judge, New Delhi who was seized of the charge-sheet in the PFC case. South Carolina State Violation Cases! That application was rejected. My Last Duchess Meaning! Thereafter, on second attempt, after his arrest on 10.8.1994, his confessional statement was recorded by another Magistrate and on Tartuffe: Example Drama not by the Special Judge who rejected the application for my last, pardon in the disney way, PFC case. Duchess Meaning! (n) Ld.

CMM assigned the on Tartuffe: Example of a Drama case for my last, recording of confession to PW20 Dr. Ramkrishna Yadav, M.M., New Delhi who ultimately recorded the judicial confession (Ex.139) of PW23 on 21.10.1994. Of Planned Behavior! Ultimately, the application for grant of pardon was accepted by the same Magistrate. Very soon, after the my last duchess said pardon was granted, the charge sheet was filed on 6.12.1994 i.e. within a period of six weeks from the pardon being granted. (o) The absence of any loss to MUL in the instant case, the absence of proof whether A-5 made any gain in the instant case; the fact that the transactions took place at Essay on Tartuffe: Drama, a time in which three of them were beyond the time period for which the Special Court exercises jurisdiction; the fact that all five transactions were prior to the RBI circular of 26.7.1991; the allegation of A-5 against the then PM; the abdication by the IO of the my last powers and discretion vested in him by the CrPC to his superiors in the CBI in the matter of proceeding with this case; the disney uk total non-application of mind of those superiors in lodging the FIR on 15.4.1993; the untenability of the my last charges both in the disney way, law and in duchess, fact against all the accused, the manifest incompetence and negligence in investigation on the part of the CBI and the attempt to wilfully suppress material and politically sensitive documents in the case all indicate that the present case far from sub- serving the objects for which the Special Court was established, is a colossal waste of public time and money, a travesty of justice and an unfortunate reminder of how individuals subvert our criminal justice system by causing institutions like the CBI to file cases which are only vehicles to subserve their own private interests. Lastly, the learned senior counsel for A-5 submitted that not only A-5 and others charged alongwith him be acquitted of theory of reasoned action of planned, all charges, but strictures against the investigating agency for my last duchess, bringing the system of criminal justice administration into disrepute be passed. Before dealing with the contentions raised by the learned counsel for A-S and CBI and before narrating submissions made by a street car named williams the counsel for rest of the accused, we would first refer to: - The FIR was recorded on 15.4.1993 by the CBI after Preliminary inquiry which started on 15.9.1992, wherein it is my last duchess meaning, inter alia stated as under:- (i) During Jan., 1991 to May, 1991 Shri Pramod Kumar was functioning as Dy.

Manager (Finance) and Shri Ambhuj Jain was functioning as Sr. Executive in the Corporate Finance Cell at the Corporate Office of MUL, New Delhi, and they were having control and dominion over the surplus funds of MUL which they were handling for investments with various agencies. These investments were being made in each case with the specific approval of a Sub Committee for of reasoned action and theory, investments consisting of my last duchess, Shri R.C. Bhargava then CMD MUL and S. A Street Car Named Williams! Natrajan, then Director (Finance) MUL. During this period MUL was a public sector undertaking and these officials were public servants. (ii) S/Shri Promod Kumar and Ambhuj Jain entered into a criminal conspiracy during the period from January 1991 to May 1991 at Delhi and Bombay with V.N. Deosthali an officer of UCO Bank, Hamam Street Branch, Bombay, R.N. Popli of ANZ Grindlays Bank, Delhi and Sh. Harshad S. Mehta a broker, his employee Anuj Kalia and certain other unknown persons with the object to misappropriate the said surplus funds of duchess, MUL and to provide pecuniary advantage to Sh.

Harshad S. Mehta out the disney way of the my last duchess meaning funds to be invested by MUL by artist abusing their official position as public servants. Duchess Meaning! (iii) In pursuance to the said criminal conspiracy, Shri V.N. Deosthali wrote a letter on 24.1.91 to MUL to effect physical delivery of 35 lacs units of UTI to Sh. Mohan Khandelwal, the attorney of Sh. Harshad S. Mehta and an amount of Rs.4,99,45,000 was credited to the account of MUL in Bank of America at Delhi out of the account of Sh. Harshad S. Mehta. This amount was borrowed by MUL at higher interest rate of 12.75% per annum for 32 days against physical delivery of 35 lac units of UTI. The physical delivery of 35 lac units was taken by Sh. Anuj Kalia on the basis of receipt given by Sh. Mohan Khandelwal on the letter head of Sh.

Harshad S. Mehta. After expiry of 32 days the principal amount together with interest totalling to Rs.5,05,03,250 was refunded by MUL on 2.5.91 for this refund Sh. Ambhuj Jain obtained banker's cheque in the disney way, favour of ANZ Grindlays Bank out of the account of MUL in Canara Bank, Sansad Marg, New Delhi and the cheque was delivered to meaning Sh. Anuj Kalia, an employee of Sh. Harshad S. Mehta. Although the the disney way said cheque was in duchess, the name of ANZ Grindlays Bank, Shri R.N. Popli, officer of ANZ Grindlays Bank, Sansad Marg, New Delhi with oblique motive credited the same into the account of Shri Harshad S. Mehta and then transferred it to his account in Bombay. Disney Company Uk! (iv) The transactions of 13th March, 18th March, 1991 and 24th April, 1991 are referred to in para 5. The said paragraph itself recites the number of my last meaning, days and the rate of interest. Essay On Tartuffe: An Excellent Example Of A Neoclassical! For these investments, Banker's cheques were obtained by SI Shri Pramod Kumar and Ambhuj Jain from the account of MUL in Canara Bank, Sansad Marg, New Delhi in duchess meaning, the name of ANZ Grindlays Bank and the same were collected by Shri Anuj Kalia who deposited the same into the account of Shri Harshad S. Mehta in ANZ Grindlays Bank, Sansad Marg, New Delhi. As these Banker's cheques were in the name of ANZ Grindlays Bank, they should have been credited into An Excellent of a, the account of the bank but Shri R.N. Popli in connivance with his co-conspirators, credited the same into my last, the account of Shri Harshad S. Mehta unauthorisedly.

On reversal of these investments the amounts were credited in the account of MUL from the account of Shri Harshad S. Franz A Hunger Artist! Mehta. For the above investments, Shri V.N. Deosthali issued bogus bank receipts unauthorisedly in pursuance of the said conspiracy. With regard to the 5th transaction dated 2.5.1991, similar averments are made in paragraph 7. (v) The enquiry into the said PE disclosed that MUL, Delhi during the said period had invested its huge surplus amounts with other banks and public sector undertakings on higher rate of interest. Similarly, during the same period other public sector undertakings had invested their funds at much higher rates then the rate of interest on which MUL had made aforesaid four investments. (vi) S/Shri Pramod Kumar and Ambhuj Jain in pursuance of said conspiracy misappropriated funds of MUL by abusing their official position as public servants in as much as they invested the funds of my last meaning, MUL at lower rate of interest and thereby caused pecuniary advantage to Example of a Neoclassical the co-conspirators and corresponding loss to the MUL. In the charge-sheet submitted on 15.12.1994, similar allegations are reiterated. Learned senior counsel Mr. Jethmalani pointed out duchess that-(1) Paragraph 4 of the charge-sheet expressly confirms that the first transaction v. as loan transaction inasmuch as it is averred that MUL borrowed the amount at a higher rate of interest i.e. at car named desire, 12.75% per annum for 32 days against physical delivery of 35 lacs Units of the UTI; (2) paragraph 5 of the charge-sheet referring to the transaction of 13th March, 1991 describes it as an investment of 10 crores and odd from MUL for a period of 12 days at the interest rate of 16.75% per annum. (3) paragraphs 6, 7 and 8 contain similar descriptions of the remaining transactions. (4) Para 3 of the FIR is the basis for conspiracy during the period from January 1991 to May 1991. From the duchess contents of the FIR it appears that A-l and a street car named desire A-2 were investing surplus funds of MUL with various agencies. These investments were made in each case with the specific approval of Sub-committee for Investment consisting of Mr.

RC Bhargava, the then Chairman and Managing Director (CMD), MUL and S. Natrajan then Director (Finance), MUL. Allegation in the FIR is that for the First transaction MUL borrowed the amount at higher rate of interest of 12.75%. With regard to the remaining transactions it is alleged that MUL gave funds to A-5 at a lower rate of my last, interest and a street desire tennessee thereby pecuniary advantage accrued to the borrowers and MUL suffered corresponding loss. Same is the position in my last meaning, the charge-sheet. Further, there cannot be any dispute that the FIR and the charge-sheet is the car named williams basis in a warrant triable case. Charges were also framed on the basis of FIR as well as other material produced by the investigating agency. Meaning! The CBI itself understood that MUL should have received more interest than it actually received. The charge-sheet nowhere states that at the time of lodging of the FIR the An Excellent of a Drama nature of these five transactions was misunderstood.

Further, in the FIR as well as in the charge-sheet it is stated that conspiracy between the accused for the alleged transaction took place during the period from January 1991 to May 1991. B. My Last Duchess! RELEVANT PART OF THE REPORT OF JOINT PARLIAMENTARY COMMITTEE (JPC). JPC noticed the findings of Janakiraman Committee's Report submitted in May 1992 that unscrupulous brokers in An Excellent of a Neoclassical, collusion with certain bank officials had manipulated securities transactions of banks and financial institutions for their own purpose in a variety of ways and in clear violation of the established rules, guidelines and prudent business practices. Parliamentary Committee also noticed (i) number of irregularities including extensive use of BRs for ready forward transactions, (ii) issuance of number of BRs on the basis of one outstanding BR and issue of BRs having no backing of securities, (iii) facilitating the brokers to take temporary position in Government securities without involvement of my last duchess, their funds by putting the transactions through brokers account and issuing BRs on behalf of brokers. For the BRs, the Committee observed as under: 4.6 The three instruments widely misused in the irregular transactions were (1) Bank Receipts (BRs); (2) Subsidiary General Ledger (SGL) transfer forms; and (3) Bankers cheques.

BR is Essay on Tartuffe: Example of a Drama, a non-transferable unstamped trust receipt issued by a bank selling securities when it is my last duchess meaning, not able to effect physical delivery of the securities sold even after the receipt of the purchase consideration for reasons such as the disney uk securities are lying at another centre. In terms of the B.R., the seller bank undertakes to hold the security on trust for the purchaser for my last meaning, the short period till delivery and it is generally considered valid for South State, 90 days or till delivery is effected whichever is earlier. In the inter bank market, a large number of transactions in securities were being concluded by means of BR deliveries (instead of physical delivery of securities sold); however, there was no uniformity in the format of the BR and there were also not set guidelines for its usage. B.R. does not find a place in meaning, the Banking Regulation Act, 1949. It was only on the 6th May, 1991 that IBA issued a circular prescribing a format and laying down certain broad guidelines and recommending its adoption by theory of reasoned and theory of planned behavior member banks and other financial institutions like IDBI/IFCI/ ICCI/NABARD etc.

The RBI for the first time inter alia issued instructions to banks in my last, this regard in their Circular of 26.7.1991 (Appendix-IX). A similar receipt issued by a non-banking financial company is termed 'Security Receipt' (SR) and walt disney company such receipts also came to be freely used in security transactions. 4.32 The Committee is led to the conclusion that the BR system has been considerably misused. Every step should, therefore, be taken to prevent recurrence of such things in future. There is my last, need for reforms of the BR system, for example, by desire williams way of reduction in my last duchess meaning, the period of its validity and imposing of severe penalties for its misuse. MANIPULATIONS TO FAVOUR BROKERS CREDITING OF CHEQUES TO BROKERS' ACCOUNTS 12.14 The scrutiny of securities transactions in a number of banks revealed that some banks were even handing over disney company Account payee cheques drawn in favour of my last, other banks to the brokers who got them credited to disney company their account ostensibly to my last duchess assist the latter in transferring funds quickly to meet their obligations. As per informal understanding and in the name of of a Neoclassical, market practice, the payee-bank used to credit the proceeds to the accounts of the broker constituents who brought the cheque to it for duchess, collection.

These practices were in gross violation of the instruction that the accounts of banks with RBI, should be utilised only for genuine inter bank transactions and not for transfer of funds to on Tartuffe: An Excellent Example of a Drama their clients. My Last Duchess! The total amount diverted to the brokers accounts and franz kafka the ultimate disposal of funds has not been determined. Some instances are however given below. 12.15 In respect of investment transactions between PFC and UCO Bank during the period July, 1990 to May, 1991, 16 bankers cheques totalling Rs.394.23 crores were unauthorisedly issued in favour of ANZ Grindlays which were irregularly credited to my last meaning the account of HSM. Car Named Desire Tennessee! ROUTING OF TRANSACTIONS 12.24 Many brokers e.g.

HSM, HPD, ADN, Excel Co., NKA etc. used some of the banks as 'routing' banks which carried large volume of securities transactions for them. Thus Andhra Bank, UCO Bank, BOK, Bank of my last duchess meaning, Madura and disney company uk ABFSL carried transactions of the value of over my last duchess meaning Rs.77,000 crores for on Tartuffe: An Excellent Neoclassical, brokers and others during April, 1991 to May, 1992. These banks, thus, provided special privilege to meaning a select few brokers by lending their names to the transactions of these brokers totally disproportionate to the income derived and exposed themselves to great risk by irregularly issuing their own BR or SGL transfer forms against BR received or to be received in their favour. SINGLE POINT CLEARANCE 12.28 In the case of SBI, it was noticed that HSM had been unauthorisedly given the facility of collection and franz artist credit of the bankers cheques by SBI as per my last meaning, his instructions. The Bombay Main Branch of SBI acting as the agent of SBI Caps had debited SBI Caps account and unauthorisedly credited funds to the account of HSM instead of making payments to named banks/ institutions. Cheques drawn on UCO Bank had been credited to walt disney company uk the current account of the same broker. 12.29 The Committee noticed in this connection that HSM had requested the Bombay Main Branch twice by his letter dated 19.8.91 and 10.01.92 for acceptance of bankers cheques from banks/organisations brought by him or his representative and issuance of bankers cheques there against. In fact, the broker wanted that the facility of 'single point clearance' whereby the activities of issuance and acceptance of bankers cheques in their account may be conducted through the Securities Division of the SBI Main Branch Bombay instead of the Personal Banking Division in the same branch where he had the account. This facility had enabled HSM to duchess meaning put through the transactions through the Securities Division itself and the disney way also to get bankers cheques in my last duchess meaning, favour of SBI credited to his account and issue of cheques against a street desire, the credits.

The SBI in my last, a note furnished to the Committee stated that the letter dated 19.8.91 was not traceable but the letter dated 10.01.92 did make a reference of the same. The Committee, however, obtained a copy of the letter dated 19.8.91 from South Board Violation, HSM. In this letter, HSM while requesting for the facility of obtaining bankers cheques against presentation of bankers cheques in my last duchess, bank's favour argued that there would be no outlay of any funds by the bank. On the and theory contrary, a good amount of sum will be left in current account for the bank to enjoy the float. 12.30 In his letter dated 10.01.92, ine broker repeated his request and my last duchess stated: to facilitate a single point clearance, we have to request you to let the activities of issuance and acceptance of Banker's Cheques be conducted by the disney way the Securities Division. This will facilitate us to meet the deadlines of inter-bank clearing timings.

14.21 The Committee note that the PSUs were the my last meaning single largest source of Essay An Excellent Example Neoclassical, surplus investible funds around Rs.36,000 crores between April 1990 and December 1992 only. My Last Duchess Meaning! In the investment of these funds guidelines and instructions were routinely flouted and no norms were observed. Neither DPE nor the Ministries concerned took any steps to ensure the compliance of their guidelines. Even the Ministry of Petroleum and Natural Gas which had made a review of investment of of reasoned and theory behavior, surplus funds by the PSUs under its administrative control in May 1990 closed its eyes knowing fully well that PSUs were investing with the foreign banks despite the guidelines of DPE that PSUs could have normal banking transactions only with nationalised banks. PLACEMENT OF FUNDS FOR SHORT PERIODS-

14,98 The PSUs have placed funds with banks and finance companies for very short periods, sometimes for duchess, only a few days and even for one day implying supply of the disney way, funds for duchess meaning, speculative purposes to earn higher return. These banks/finance companies issued BRs for the amount received. The Disney Way! The PSUs after the maturity of investments returned the duchess BRs and got their moneys along with the yield which was agreed to a street car named desire tennessee williams at the time of placement of funds. Thus these transactions were in the nature of ready forward deals instead of genuine investment transactions which was in contravention of RBI guidelines issued on 11.4.1988 which stated that sale and purchase of securities with the same party and for my last duchess meaning, identical or similar amounts were construed as tacit arrangements which was in contravention of the instructions prohibiting buy back arrangements with non-bank clients. Franz! DIVERSION OF FUNDS TO BROKERS- 14.114 While most of the PSUs/Organisations denied before the Committee about utilising the services of brokers, the Committee found that in some cases inquiries/investigations by CBl/internal auditors clearly established nexus between brokers, officers of PSUs/ banks resulting in duchess, syphoning of funds of State of Accountancy of 2008 Essay, PSUs to brokers. !t is reported that 22 PSUs had placed funds to the extent of over Rs. 12,000 crores through Harshad S. Duchess! Mehta which were syphoned of to him and walt disney his groups of Companies. Some instances are given below; - (ii) In the duchess case of Maruti Udyog Limited, it was found, that funds of State of Accountancy Cases, MUL meant for purchase of my last meaning, units from UCO bank were credited into the individual accounts of HSM. There is a financial involvement of franz a hunger artist, Rs 33.63 crores. Duchess! 17.48 On 16th June, 1993 Shri Harshad Mehta held a press conference in which he issued a copy of an affidavit of on Tartuffe: An Excellent Example of a Drama, 24th February, 1993 and briefed the press of the details of the 4 specific withdrawals of 2nd and 4th November, 1991 and its subsequent disbursement. In a press conference held on the same day he released a copy of an affidavit dated 24th February, 1993 alleging that these were in connection with payment of Rs. 1 crore to duchess meaning the P.M. on disney company 4.11.1991.

18.5 HSM was summoned by the Committee again on 30.6.1993. During evidence when his attention was drawn to the inherent contradictions between what he had deposed before the Committee earlier and that given in the press conference he stated that he had been 'discrete' about the duchess meaning information given by him to the Committee. Action And Theory Of Planned! From the aforesaid part of the report, it is duchess, apparent that- (a) Some banks were even handing over account payee cheques drawn in favour of other banks to the brokers who got them credited to their account ostensibly to artist the latter in transferring funds quickly to meet their obligations. As per informal understanding and in the name of market practice, the payee bank used to credit the proceeds to the accounts of the broker constituents who brought the cheque to it for collection. (b) Routing of transactions facility was given to many brokers including A-5. Behavior! (c) Single Point Clearance claimed by A-5 and given by SBI. (d) PSUs were investing the funds against the guidelines and instructions. (c) PSUs were investing funds for short periods for few days and even for one day implying supply of funds for speculative purposes to earn higher return. (f) In the investment of these funds guidelines and instructions were routinely flouted and no norms were observed. Neither DPE nor the Ministries concerned took any steps to ensure the compliance of their guidelines. RELEVANT PART OF EVIDENCE- In the present case, the evidence runs into more than 40 volumes. However, at the time of hearing of this matter, on behalf of A-5, five transactions in duchess, question are admitted. Hence, it is not necessary to refer to franz kafka or consider the evidence pertaining to the transactions in question.

If the prosecution and defence had concentrated on the real issues for determination before the Special Court, it would have saved the Court's time in recording evidence at such a length. Unfortunately, a practice is developed in criminal/ civil cases not to admit any document and thereby to prolong the litigation with impunity. For the my last duchess meaning purpose of deciding these appeals, it is necessary to only refer to franz artist relevant part of evidence which learned counsel for the parties have relied upon. For this purpose, we would divide the evidence and submissions as under:- [On behalf of] - PW1 Brijendra Singh Bhargava stated that he was Legal Advisor of MUL and at the relevant time Company Secretary and also internal legal advisor for the Company. It is his say that during May, 1989 to May, 1991 Mr. R.C. Bhargava was the Managing Director and Shri S. Natrajan was the Director (Finance).

During the said period, MUL had several bankers, such as, Canara Bank, Bank of America and Bank of Tokyo. At that time, A-l Pritam Lai Manocha was Deputy Manager, Corporate Finance and one of his duties was deployment of funds of MUL. He had power and authority to sign cheques on behalf of MUL and to operate its account. Mr. S. Natrajan was superior officer to A-l. My Last Meaning! A-2 was also an employee of MUL since 1989. It is his say that surplus funds available with MUL used to be invested with the public sector undertakings and car named tennessee williams the Board of Directors had delegated the meaning powers of deployment of artist, funds to the sub-committee constituted by it. Such sub- committee comprised of Managing Director and Director (Finance), which would have final say in the deployment of funds, but there was a practice reporting the same to the Board of Directors in its meeting.

The Corporate Finance department used to put up proposal for fund deployment before sub- committee. The sub-committee would then take decision one way or the other. He has produced relevant documents and the resolutions passed by the Board as well as the sub-committee. It is his say that he was broadly aware of the activities of Funds Investment Committee for meaning, the placement of funds. His office was also a section of Corporate Finance, which was located in a big open hall and they all were sitting adjoining to each other. Only the Director (Finance) was having closed cabin in the said hall, which has transparent glasses. It is his further say that the Carolina Board of Accountancy of 2008 fact that MUL was having surplus funds was well known in the finance market and the large amount used to remain idle in the bank.

Company felt that there was need of optimum utilization of surplus funds to get best possible returns. It is his say that four transactions of investment were approved by the sub-committee consisting of Mr. R.C. Bhargava and Mr. S. Natrajan and there was also discussion with him in respect of dis-investment of units of UTI on my last duchess meaning 24th January, 1991. It is his say that the investment and dis-investment transactions were placed before Board of Directors for Essay on Tartuffe: An Excellent of a Neoclassical, information and my last duchess meaning Board had not raised any objection. In cross-examination, when he was asked whether he was aware that the representatives of the brokers representing the counter parties used to contact officials of the Corporate Finance Department, he stated, according to him, the Director of Finance might be knowing about the same.

He also admitted that there was a system of internal audit and a statutory audit and aforesaid transactions would be covered by the same. Comptroller and Auditor General of India had also audited the franz kafka artist account of MUL for the period in question and they had made their comments as 'nil', which means they made no comments in respect of said five transactions. He admitted that MUL has not lodged any complaint/FIR with the CBI nor made any complaint to anyone about the said transactions and according to him no loss was caused to the MUL in the said five transactions. He admitted that after CBI enquiry, the management of MUL did not take any action against Al and my last duchess A2 as it felt that A-l and A-2 were not guilty. The performance of A-l was appreciated and he was subsequently promoted to the next level. Theory Of Reasoned And Theory Behavior! He was also granted one additional increment. For that purpose, the my last duchess meaning relevant letters written by Mr. R.C.

Bhargava, Chairman-cum-Managing Director of South Carolina State of Accountancy of 2008, MUL are produced on record. He has also admitted that A-2 Ambuj Sushilkumar Jain was also promoted by the management on considering his performance and merits. He further admitted that Joint Parliamentary Committee (JPC) was constituted by the Parliament for the purpose of inquiring into various securities transactions and MUL was required by the JPC to my last clarify certain queries in respect of its securities transactions including those transactions which are subject matter of this case. It is his say that he was associated along with Director (Finance) Mr. A.R. Halasyam and Mr RC Bhargava, Chairman-Cum-Managing Director for the preparation of the reply to be given to the JPC. Besides, some officials from Corporate Finance were also associated in the process of preparation of replies.

Reply was based on the information and record furnished and made available by Corporate Finance. It is franz artist, his say that Mr. My Last Duchess! R.C. Bhargava was summoned by JPC. Next witness from MUL-PW3 Mr. Agharam Ramakrishnan Halasyam was the car named General Manager (Finance) since 1985 till the end of 1989; in 1991 he was promoted as Chief General Manager (Finance) and thereafter was promoted as Director (Finance) from 1st June, 1991. According to him, in 1991 MUL used to have surplus funds, which were invested in duchess, UTI and PSU bonds. It also disinvested the same when funds were required. This was done by the Corporate Finance Cell. For this purpose. Corporate Finance Cell used to get quotations from different banks for different kinds of securities and Finance Cell used to evaluate quotations received from the banks in terms of yields.

After such evaluation, Director (Finance) used to be apprised and then a decision would be taken depending upon the best yield possible. Thereafter, an agenda used to be put up to the Director (Finance) for a final decision and that A-l used to convey such offers to Director (Finance) orally. A-l also used to put-up a written note about the proposals, of investments before the Director (Finance). It is his say that such deals were directly discussed with the counter party and such investment deals were not put through any individual by MUL on franz artist principal to principal basis He stated that in respect of five transactions being the subject matter of this case, he was not having any personal information. However, when he took over duchess meaning as a Director (Finance), the action behavior same policy about the placement of funds continued. It is also his say that BR held by MUL is discharged when the duration of investment gets over. He admitted that looking at my last duchess meaning, the BR of franz kafka, UCO Bank (Ex.41 dated 24.4.1991) for identification, no suspicion would arise on the face of it. With regard to all five transactions, he stated the same thing. My Last Duchess Meaning! In further cross-examination, he admitted that issuance of the disney way, BR necessarily indicates that the bank issuing it would be holding the security covered under the said BR.

The BR would also acknowledge the receipt of monies from MUL for the purchase of security. He further agreed that in my last duchess, respect of three transactions dated 13th March, 1991, 18th March,'1991 and 24th April, 1991, the payments made from MUL were for buying securities and securities were received and the subsequent delivery of the securities involved receipts of payment by MUL. For these transactions, MUL had also received the payments with agreed yield. In the last transaction of May, 1991, MUL made payment for the purchase of securities. In the said transaction, MUL had received money with agreed yield. In respect of disinvestment transaction dated 24.1.1991 MUL delivered the securities against the payment and on walt disney reversal received the securities and made the payment. He further admitted that MUL had not suffered any monetary loss in any of the five transactions. In the five transactions there was optimum yield and utilization from the my last duchess meaning point of investment by MUL. MUL used to have large amount of surplus funds for investment. Every day there used to be such investment transactions for Carolina State Board of Accountancy Violation of 2008, and on behalf of my last, MUL on South State Cases short term basis.

This fact was well known in the financial market. He also admitted that after he took over as Director (Finance), he heard about some of the brokers on behalf of some financial institutions/banks making offers to MUL. Such services included delivery of securities, delivery of offers and other connected documents including delivery of BRs. He further stated that essentially most of the offers in respect of placement of funds which MUL used to receive were on telephone. In case of investment for a short period i.e. for couple of days (for two or three weeks) there might not be written proposal and he had heard this while discussing with A-l and A-2. He also admits that with regard to the JPC, he was concerned with the queries received by the MUL and my last duchess their response. One Mr. Surender Singh was then the concerned Secretary. He was a Director of MUL representing Government of India. He himself and the Managing Director had occasion to discuss with him about the queries received as also the response that MUL was to make. Response which MUL gave was with the approval of Mr.

Singh. This witness has proved the agenda notes and resolutions passed by the Sub- Committee of MUL. Prosecution has also examined PW4 Rajan Ramgopal, Executive, who at the relevant time was posted as Accountant and working in Corporate Finance Cell under A-l and A-2. In examination-in-chief, the witness has stated that MUL through its Finance Cell used to deploy its surplus funds in Inter Corporate Deposit with Public Sector Undertakings and also invest in securities through Banks and also through brokers quoting on behalf of the banks. For this purpose, the theory and theory behavior office was receiving telephone calls directly from the banks as also from brokers acting on duchess behalf of the the disney way banks. Similarly, MUL also used to make calls for duchess meaning, the enquiries to the banks as also the brokers. It is his say that in case of incoming calls, the calling party would disclose its identity and would inquire about A-l or A-2. In case both being busy then he used to take down the particulars furnished by the calling party and then pass on artist to A-l or A-2. My Last! The calling party would ask whether MUL has any surplus funds for deployment in securities. They used to pass on the said message to A-l or A-2 and a street car named williams inform what the other party had offered. He also states that the name of broker did not figure or reflect on the record of my last duchess meaning, MUL in the event of transaction of investment being through the Broker.

It is his further say that PW2 Mr. Meda Sai Swaroop, who was the concerned Manager of the Canara Bank after preparing bankers' cheque as per their instructions would hand over car named desire tennessee the same to him and he in turn used to hand over the cheque to the representative of the said bank or brokers' representative. It is his say that because of pressure of work, they were not going to the respective banks and my last duchess instead handing over the bankers cheque to the representative of the bank or to Carolina State of Accountancy Violation Essay the broker under the duchess instructions of either A-l or A-2. In cross-examination, he admits that during the relevant period foreign banks used to Essay on Tartuffe: Example of a Neoclassical effect transfer of monies from one city to another much faster than the national banks and they were able to my last meaning do so during the banking hours of the same day. He came across transactions where SBI Capital Market Services had done transactions both of receiving monies and paying it to Essay An Excellent Example Neoclassical them on the date of maturity which payments were made or reused through Bank of America. He further states that the brokers who used to contact them on behalf of their bank clients and financial institutions during the relevant period were:-DSP Financial Services, Hemdev Sons, B.D.

Agarwal Co. and one Mr. Asit Mehta. Finally, he admits that writing contained on all the vouchers and its language was his and he used expression as either 'through UCO bank' or 'through ANZ Grindlays bank' because transactions in question were between MUL and the concerned banks. My Last! He failed to give any explanation as to why he did not use the expression 'with bank' instead of walt disney company uk, 'through bank (b) WITNESSES FROM UCO BANK (PW7, PW14, PW21 and duchess meaning DW.A-3(2) AND PW2 FROM CANARA BANK). Walt Disney Company Uk! PW7 Mr. Pradip Anant Karkhanis is a dismissed employee of UCO Bank. He is one of the accused in a security scam related case being case no.5 of 1996 pending on the file of Sessions Court, Greater Bombay. He had worked in the Hamam Street Branch during the period July 1976 to September 1980 and September 1990 to my last duchess meaning April 1992. During his second posting, he worked as Sr. Manager and was over all in-charge of the said branch.

It is his say that he was not familiar in detail with the working of the security department of the said branch. The security department used to attend the security transactions on behalf of the head office ay also on behalf of the franz a hunger clients. -which also included brokers. The branch was not concluding deals in the security transactions, in case where such transactions were on behalf of their bank and the same used to be concluded by the Head Office. The transactions in securities included both sale of such securities by UCO Bank as also purchase. It was only the Head Office which was concluding deals of my last duchess meaning, sale of the securities, inviting the proposals etc. As per instructions of the head office, Hamam Street branch used to receive the sale proceeds and theory of reasoned action of planned deliver the securities to the purchasing bank.

The branch used to my last meaning receive instructions in respect of such concluded deals from the head office over telephone. During the relevant period there were no hard and a hunger artist fast rules and any officer including the witness used to receive such telephonic instructions from the head office in respect of security transactions. The securities sold by their bank were not delivered in a physical form and their branch used to issue mostly SGL Forms. In case of some of the financial institutions, the delivery used to be in a physical form of security. During his tenure in duchess, Hamam Street Branch in williams, one or two cases BRs were issued.

As per format of my last meaning, a BR at least two authorized officers were required to sign the BR. There were three types of head office accounts with their branch i.e. South Carolina Board Essay! Director Head Office (DHO), Inter Branch Transaction and duchess Block Account. Kafka Artist! It was not permissible to use the said accounts for any individual. While working in Hamam Street Branch, sometimes he came across few brokers including Harshad S. Mehta whom he met once in his office along with Mr. Duchess! S.V. Ramnathan, the then Divisional Manager of the bank. He never came across transactions known as buy back or ready forward. He came across transactions known as switch transactions, wherein security is received from one bank and delivered to the other bank. During the relevant time, a doubt was entertained in respect of switch transactions, the Zonal Manager and Divisional Manager took the a street car named tennessee decision to my last duchess meaning stop the said practice.

After one week, the Divisional Manager phoned Hamam Street Branch and asked them to resume such transactions. Accused no.3 was not authorized to conclude transactions in security on his own on a street williams behalf of the bank. On seeing the letter dated 23rd January. 1991 addressed to MUL, containing signature of A-3, it is his say that it was not within the authority of A-3 to address such letters. He agreed that Switch transactions were the transactions conducted by the UCO Bank for buying and selling the securities on behalf of duchess, its clients including brokers.

The negotiations in Board Violation Cases, respect of such transactions were conducted by the clients directly with the counter party. UCO Bank used to act as a routing bank in such transactions. The said transactions were done through the brokers' accounts and were not treated as transactions of UCO Bank. He did not know whether such transactions were ever undertaken by their head office. The Hamam street branch used to conduct its transactions on the instructions of the head office and under the instructions of my last duchess meaning, its clients on theory of reasoned and theory of planned behavior their behalf.

UCO Bank used to my last duchess undertake such transactions on behalf of its clients on charging its commission and that the bank had made substantial profit by undertaking such transactions. In 1990, he noticed that the bank has conducted such transactions for about 9 brokers. In January, 1990, Mr. Barve who was also one of the Managers in Hamam Street Branch informed the Divisional Manager and Zonal Manager the names of company, 18 such brokers for whom UCO Bank was doing switch over transactions. Because of increase in deposits, Hamam Street Branch of UCO Bank was upgraded from medium to large branch. My Last! He has further stated that the bank was charging the commission for routing such switch over transactions but did not agree that it was so doing for lending its name as suggested.

According to him, routing transaction means-UCO bank used to receive bank receipts from one bank and against it the bank used to issue BRs to other bank. The Disney Way! It is also his say that in some cases their bank received bankers cheques from one bank and UCO bank issued its bankers' cheques to another bank. Whenever switch over transactions used to take place under the instructions of the brokers, the brokers' instructions to duchess meaning receive or deliver securities were sent to the counter party along with the cost memos and BRs. The BRs and cost memos used to of a Neoclassical Drama be of UCO bank. The brokers instructions used to be on the letter head of the broker. The purpose of my last duchess meaning, sending brokers instructions along with various documents to the counter party was to put it on a proper notice. It is his further say that although he was overall in charge of Hamam Street branch of UCO bank all the debit and credit vouchers of that branch were not being received by him every day. He was familiar with what is meant by theory action and theory of planned 'day book' which was kept and maintained by the bank. All the debit and my last credit vouchers would be reflected in the said 'day book' on particular day including in the disney way, subsidiary book. Such 'day books' used to my last duchess meaning come to him every day.

He knew that securities transactions on behalf of brokers were taking place but he had no detailed particulars thereof. By going through the debit and credit vouchers it was not possible to State Cases of 2008 Essay get such details or particulars of such transactions. My Last Duchess! Credit voucher in a security transaction would contain the particulars such as a nomenclature of security, face value, rate etc. Franz! The name of the counter party may not necessarily be reflected in such vouchers. He might have seen some credit vouchers but he did not remember. He did not remember whether the names of the counter party were mentioned in those vouchers which he might have seen. It is his further say that there used to my last be 30 to 40 switch over the disney way transactions every day. The strength of the staff available in the said department was adequate enough to my last handle the volume of work in such transactions. Such transactions were to be completed on Essay on Tartuffe: of a the very same day during the banking hours. My Last Meaning! There used to be auditing of the Hamam street branch. This auditing used to be done by internal auditors, external auditors and theory also by the statutory auditors.

Between September, 1990 to April, 1992 during his tenure one internal inspection and one statutory audit took place in respect of Hamam Street branch. He had gone through both these audit reports and no adverse comments were made over the switch transactions. PW14 Prem Shanker Joshi, who was Assistant Chief Officer in Merchant Banking Division, situated at YWCA Building, Madam Cama Road, Bombay, stated that in the year 1992, he was transferred as Manager in Security Section of Hamam Street Branch of duchess meaning, UCO Bank and thereafter he was promoted as Sr. Manager in the year 1993. To a question-What was the nature of the business conducted by the security cell?, - he replied - as far as Hamam Street Branch was concerned, the said branch used to conduct the the disney way security transactions on behalf of their head office as well as on behalf of clients. Duchess! Mr. Harshad S. Mehta was one such client. In case of sale transactions on behalf of their clients, they used to get written instructions from Essay An Excellent Example Neoclassical Drama, their clients, having necessarily their accounts with the bank. Such written instructions would be addressed to the Branch Manager. The instructions being for duchess meaning, the sale of the security, they were ascertaining from their clients about the availability of the security with the williams bank or the meaning time of delivering of Example, security to the bank.

On receipt of the security, they were preparing a cost memo as per my last duchess, instructions of their client as contained in his instructions letter. The officers working in the security department were authorised to sign the cost memos and such authorised officer used to sign the same. Their bank was receiving payment in accordance with the cost memo from the counter party and on receipt of such payment they were delivering the security in question to the counter party. Without security in theory action of planned, the hands of the duchess meaning bank, they were not preparing the cost memo and sending it to the counter party. He admitted that UCO Bank, Hamam Street branch can issue a BR while dealing on behalf of franz kafka, its client in the security transactions provided there is duchess, a back up security of the client. He further stated that BR should not be issued on behalf of the client in absence of security or back up security. In case of security transaction on behalf of the client, they credit the sale proceed receipt into artist, the account of client. They were preserving and duchess keeping the original letters so received from the client and instructions received from the head office by the disney way telex or fax messages. In respect of security transactions executed for and on behalf of head office, Hamam street branch used to debit and/or credit direct head office account (shortly known as 'DHO account'). It is his further say that the officer working in Hamam Street branch could not enter into any purchase transaction in security on behalf of head office without instructions from head office. Similarly, on behalf of the client, the duchess meaning officer working in Hamam Street branch could not enter into a purchase transaction in security without instruction of a client.

He admitted that Hamam Street branch of UCO Bank was not maintaining security account, either security wise or otherwise, of the clients. However, the record in respect of security transactions put through head office was maintained in the Hamam Street Branch in a Security Register. On perusing the BRs Exs.38, 39 and 41(1), he admits that the said BRs were issued in respect of of a Neoclassical, Security Transaction put through on behalf of the Head Office or the my last duchess meaning client. It is his further say that for head office transactions they used to give expressions such as HID i.e. Artist! Head Office Instructions to my last meaning Deliver and HIR i.e. Head Office Instructions to receive. The Disney Way! For clients transactions they were using expression of ID i.e. instruction to duchess meaning deliver i.e. sale and IR instructions to South Carolina Board Cases Essay receive i.e. purchase on behalf of clients. On seeing Ex.34, he stated that there is an inscription at the left hand top corner reading as 'Payees Account only' and that being so, the said instrument has to be deposited in the account of Payee named in the said instrument i.e. UCO Bank. Such instrument like the pay order shown to him cannot be deposited in the account of my last meaning, any third party.

Payer bank has to give covering letter instructing them to action and theory behavior deposit the said pay order into meaning, the third party account, if so required. Such instruction letter containing instructions of the payer bank are preserved along with other related records such as vouchers in their office. On seeing the delivery order Ex.A-3(2), he stated that the said letter is the letter of instruction received from franz kafka a hunger artist, A-5 Harshad S. My Last! Mehta addressed to UCO Bank without the name of its branch. By reading the said letter, it is noticed that the same contains instructions to UCO Bank. PW21 Mr. Makarand Vasant Shidhaya joined UCO Bank on a street car named desire williams 8.5.1972.

He has stated that he was named as one of the accused in my last duchess, five Security related scam cases along with the other accused which are on the file of Special Court. On 1.10.1982 he was promoted as an officer. During January, 1991 to the disney way May, 1991, he worked as an my last duchess meaning officer in Hamam Street Branch in security department. During the said period, V.N. Deosthali, A-3 also worked in the disney way, the said branch as an officer. He himself and A-3 were empowered and authorized to sign BRs, bankers cheques and all other related vouchers for and on behalf of their bank. The head office used to conclude its deals in Securities, and Hamam Street Branch used to execute the security deals of their head office as per advice received from zonal office, MBD Department and duchess Division Office.

No officer or an employee working in Hamam Street Branch was authorized to conclude any security deal on behalf of their head office. Officers working in the disney way, Hamam Street branch were not dealers and their job was only to my last duchess execute the car named tennessee security transactions of the head office as per their instructions. One Harshad S. Mehta (A-5) had his current account with their branch and he was knowing him. He came across a person by name Mr. Pankaj Shah working with Harshad S. Duchess Meaning! Mehta, who sometimes used to come to Hamam street branch in connection with brokers security transactions. // is his further say that no record in South Carolina Board of Accountancy Violation of 2008, a form of security ledger or security register broker wise was kept and maintained in respect of my last meaning, security transactions of of reasoned and theory behavior, their broker clients. Initially, there used to be such record but because of increase in the transactions in security on my last meaning behalf of their broker clients in large numbers, the practice of maintaining of such record was discontinued. There were no guidelines formulated or received in this regard in their branch. On seeing Ex.106, xerox copy of the delivery order dated 25.2.1991 on the letter head of A-5 Harshad S. A Hunger Artist! Mehta, it is his say that the same is delivery order of Harshad S. Mehta addressed to UCO Bank containing instructions to deliver 35 lakhs units of UTI to MUL. The question put to the witness was-whether the above document (Ex.106) is the sale of the security by the broker client or the purchase? To that, he replied-by the said delivery order Harshad S. Duchess! Mehta has instructed UCO Bank to deliver 35 lakhs units to MUL.

He was unable to a hunger say whether the said delivery order represents sale of the security by Harshad Mehta to MUL. On seeing the carbon copy of meaning, credit voucher of UCO Bank, Hamam Street Branch dated 13.1.1991, he stated that the same is in the handwriting of Mr. V.N. Deosthali (A-3) and also bears his signature under the caption of Asstt. Manager and car named tennessee he identified his handwriting as also signature thereon being familiar therewith. The same also bears initials of Mr. H.L Naik, the cashier of the branch..

He further identified the duchess signature of A-3 Deosthali on kafka a debit voucher dated 13.3.1991 of UCO Bank, Hamam Street Branch, being the commission from my last duchess meaning, various securities. He was further shown BRs of UCO Bank and the disney way he stated that the same were issued by the UCO Bank, Hamam Street Branch and duchess have been signed by him in the caption of franz a hunger artist, accountant and he signed the said BRs after he found the contents thereof to be true. With regard to the BR dt.29.4.1991 containing signature on its reverse, it is his say that the signature on the reverse of BR signifies reversal of the meaning BR meaning thereby that the counter party had received the security and a street desire tennessee williams obligation of UCO Bank, who had issued the said BR stood discharged. DW-A3(2) Mr. Sekharipuram Vasudevan Ramnathan-Chief Officer, UCO Bank stated that he joined services of UCO Bank at Calcutta in the year 1969 as Probationary Officer. In June, 1990 he was brought to my last duchess Bombay Office as Divisional Manager in theory action and theory, its Nariman Point Office and he worked at the said office till October, 1992. Thereafter, he was transferred to duchess meaning Bhuvaneshwar, Orissa. Since February, 1993 he has been under suspension. On seeing the letter dated 8.1.1991 written by Essay Drama Divisional Manager to Senior Manager, Hamam Street Branch, he stated that the letter bears his signature as being writer of the said letter and my last duchess meaning he identified the same. He also identified the initials of Karkhanis on the same and stated that he was working as Senior Manger in the said UCO Bank's branch at Hamam Street. On seeing letter dated 17.3.1992 written by D.M. to Zonal Manager, Zonal Office, General Admn.

Department, Bombay, he stated that he was the author of the on Tartuffe: An Excellent of a Neoclassical said letter and my last the same bears his signatures. He has further stated that he is one of the accused in Special Case No.l of 1993 on the file of the Special Court. In connection with the car named tennessee williams said case Mr. Bhaskar Raichoudhary the then Zonal Manager in the rank of DGM was arrested in Special Case No.l of 1993 who later on was turned to be an approver. There is no departmental proceeding or inquiry instituted against him either by UCO Bank or Central Vigilance Commission in that matter. A question was put to him-What was pre-condition to use BRs in the security transactions and how transactions in securities by means of my last meaning, BRs used to be put through at the relevant time. His answer to the above query was that-the bank would issue its BR only against back up of another BR i.e. the BR issued by other banks in franz a hunger, favour of UCO Bank stating therein that the said issuing Bank held the securities in question with it. BRs could be issued on meaning bank's own behalf as also on behalf of its customers. When UCO Bank is selling its security on its own, it would issue its BR favouring the counter party bank. In case of purchase by UCO Bank the company process would be vice a versa i.e. other counter party bank would issue its BR favouring UCO Bank. Meaning! When UCO Bank would act for a customer while issuing its BR, same position would exist as far as back up of the security except that it would debit or credit, as the case may be in the customers account.

No bank can issue its BRs in the name of the disney way, any party other than banks and financial institutions. On seeing letter dated 8.1.1991, he stated that UCO Bank had stopped the routing transactions facility to all the brokers and its customers earlier to the said letter. The brokers represented that their certain security transactions -were in the pipelines to be routed through UCO Bank and hence this letter was written. Since there were no definite guidelines, they had certain apprehensions i.e. Duchess Meaning! when pay orders for purchase and sale did not come in time, they might not be able to send them in tennessee, time and the clearing may go against them. Therefore, routing facility of the brokers/customers was stopped by the UCO Bank.

He further stated that no officer of UCO Bank working in Hamam Street Branch was authorised to meaning lend or borrow monies on behalf of UCO Bank. Of Reasoned And Theory! He explained the routing facility as-routing transactions is the transaction in which purchase and sale of the my last duchess meaning securities was done by the bank as an agent of its customer for artist, a commission. The Routing facility was offered to many brokers including A-5 in meaning, the year 1991 and such brokers availed of the on Tartuffe: An Excellent said facility. My Last Duchess Meaning! Such routing facility was already in practice even before he joined as Divisional Manager in June 1990. Of Reasoned And Theory! Some banks were offering such facilities. He was an accused in two special cases before the Special Court and the said cases did not relate to the security transactions concerning routing facility. He further stated that a bank can issue its BR against physical security and SGLs held by it in addition to my last meaning the BRs which it may hold. He was aware about a meeting between the officers of RBI and the officials of all the banks about reconciliation of outstanding banks receipts. To his knowledge, there were no outstanding BRs against UCO Bank. One Mr.

R. Venkatakrishnan, the then GM, Treasury and Investment Management Department attended the said meeting on behalf of UCO Bank. Letter dated 8.1.1991 (Ex.231) written by the Divisional Manager, UCO Bank, Divisional Office, Bombay to An Excellent Drama the Senior Manager, Hamam Street Branch for my last duchess, switch transactions reads thus- Re: Switch Transactions. We refer to your letter No.BR:002:91 dated 1.1.1991 on the subject matter. After stoppage of the the disney way switch transactions by us, all the Brokers called on my last meaning us as well as Zonal Manager and Zonal Manager had also discussion in this regard with Mr. Venkatakrishnan, General Manager, subsequently, based on the discussions Deputy General Manager and the undersigned had with all the brokers and based on the understanding that Branch will never run into a difficulty and on Tartuffe: An Excellent day on account of switch transactions and because the brokers have already entered into contracts with various banks to route the meaning transactions through UCO bank on various dates up to end of March, 1991, it was decided to resume the switch transactions on the following terms: (1) The resumption is temporary and that bank after having detailed discussion further with individual brokers and after discussion with various bankers who are dealing in switch transactions and the disney way who are not dealing in switch transactions may discontinue routing this transaction through UCO Bank depending upon our findings. (2) The brokers will give us an advance list of transactions they are going to put through. (3) They will deliver the pay orders well in time to the Branch so that this can be sent in clearing in time.

If there is a delay in receiving the pay orders, bank will be perfectly in order to refuse to my last duchess meaning accept the same and allow the transaction. In case on account of any brokers delay, bank is put into difficulty the concerned broker will be paying interest to the bank at call money market rate for one day on the amount transacted on his behalf. (4) Bank may at its discretion increase the commission which is only Rs.300 per crore at present. (5) Special case should be taken that clearing particularly on Saturdays does not go against us on account of switch transactions. In fact, it will be better to avoid switch transactions on Saturday. (6) Only straight forward transaction either on SGL or BR should be routed through Bank and the brokers will have to give an a street car named desire tennessee undertaking to this effect. In the meantime, the undersigned is contacting the brokers separately and is having discussions with them. Two such brokers have already had discussions with the undersigned. Shortly the matter will be discussed with a couple of other brokers also. You are advised to contact other banks through whom such transactions are routed and have detailed discussions with them regarding their experience, the duchess commission they charge, the modus operandi and their opinion why other banks are not entering the on Tartuffe: Neoclassical field.

You are also advised to contact other banks who are not having such transactions and have discussion with them with a view to find out meaning why inspite of profitability in this area they are not entertaining this and give at your report at car named desire, an early date. PW2 Meda Sai Swaroop, who was the Manager in the Parliament Street branch of Canara Bank at New Delhi, stated that after preparing the duchess meaning bankers' cheque, the same would be handed over as per instructions contained in the instructions letter or to a street desire the bearer of that lener. He has identified the signatures of Anuj Kalia, to whom the bankers' cheque was handed over. It is his say that in all the cheques in my last, question there were cross lines on the left hand top corner of the said pay order which indicate that the amount of the said pay order was to be credited into the account of payee only the disney way as named therein i.e. Grindlays Bank. On the right hand top corner of the said pay order, 'not transferable' was also printed.

This would show that it was only the payee of the said pay order which was entitled to receive the credit of the said pay order. In the cross-examination, he has stated that he was sure that payee banker i.e. Grindlays Bank had received the credit under the said pay order and that Canara bank was not concerned as to what Grindlays bank did with the proceeds of the said pay order. (c) WITNESSES FROM ANZ GRINDLAYS BANK [PW9, PWI1, PW12 and meaning PW15 AND also PW22 Ex. RBI Officer] PW9 Ravi Saluja, was an employee of ANZ Grindlays Bank. During the An Excellent Example of a Drama period 1990 till May, 1991 he was posted at Karol Bagh branch of the said bank as an officer. My Last! It is his say that ANZ Grindlays bank has a department known as clearing department and he is acquainted with the procedure of clearing department. He has stated about the procedure how the clearing aspect is processed. According to the disney way him, the duchess meaning account holder of the bank is required to deposit the cheque meant for clearance by filling in slip known as pay-in- slip or deposit slip mentioning particulars such as the date of the deposit, name of the account holder, the nature of account, the the disney way account number, the amount of the my last meaning deposited cheque, the name of the theory of reasoned and theory of planned bank, its branch and my last number of the cheque to be deposited. The cheques so received for kafka a hunger, clearance were then sent to the clearing department for further processing. The said department would verify and tally the particulars as appearing in my last, the pay-in-slip and the related cheque. The centralized branch then would make the consolidated statement and arrange to send the cheques received for clearance to the clearing house of RBI.

There is also category of a street car named desire tennessee williams, cheque known as bankers' cheque, that is to say, a particular bank issues its cheques in favour of another bank. In such a case, the issuing bank can use the format of pay order also. If such bankers cheques are made payees account only then the same are not transferable. On seeing Ex.28, he stated that it is inter bank cheque in favour of Grindlays bank issued by Canara bank bearing stamp 'Payee A/c only' and 'not transferable'. Duchess Meaning! There is a rubber stamp of State Board of 2008, Grindlays bank on duchess meaning its reverse indicating that the said banker's cheque is cleared. State Board Violation Cases Of 2008 Essay! // is his say that Grindlays bank would dispose off the proceeds of the said cheque as per the covering letter, ft is his further say that without instructions of Canara Bank, Grindlays bank could not credit the amount of the pay orders Ex.28 and Ex.30 to any third party's account. He identified A-4 R.N. Popli, an employee of Grindlays bank, but stated that he was not aware about his posting during the duchess relevant period i.e. from the car named desire tennessee year 1990 to 31.5.1991. PW11 Suraj Amarnath Tandon, Assistant Manager of ANZ Grindlays Bank, stated that from March, 1990 to March, 1992 he worked as Second Officer, Front Office in my last duchess meaning, Sansad Marg branch. It is his say that on the receipt of the instruction letter of the customer, their bank used to franz a hunger put its rubber stamp in token of receipt of such letter indicating date and my last duchess time of its receipt. On seeing the letter, Ex.73, dated 26.4.1991 of Harshad S. Mehta addressed to the Manager Grindlays Bank, he has stated that by that letter Harshad S. Theory Of Reasoned And Theory! Mehta (their account holder) instructed them to issue a bankers cheque for a sum of Rs.7,63,54,650 favouring Canara bank for the benefit of MUL. As per the said letter, they issued bankers' cheque on the date itself for the amount as mentioned above and handed over the same to the bearer of the said letter, Mr.

Anuj Kalia, who has received and acknowledged the receipt of the said pay order by signing the same at the right hand bottom corner of the said letter. A debit voucher in my last, respect of issuance of the said pay order was prepared with one original and Violation Cases of 2008 one carbon copy. The original was sent to Mr. Harshad S. Mehta and duchess meaning carbon copy thereof was retained in tennessee williams, their office. PW12 Ashok Kumar Anant Ram Monga, Asstt. Duchess Meaning! Manager, Grindlays Bank stated that during the year 1991 he was posted in Sansad Marg branch.

He identified A-4 R.N. Franz! Popli as the person who also worked in the said branch along with him as officer in charge, clearing department. He was overall in-charge of the said branch along with the Manager and in that capacity, he used to my last meaning have supervision over the working of the concerned clearing department. He was shown bankers cheque Ex.28 favouring Grindlays bank, having rubber stamp in the left hand top corner reading as 'Payee Account only' and on the right hand side top corner reading as 'Not transferable'. The witness stated that since the Canara Bank is the drawer of the on Tartuffe: said cheque and the Grindlays bank who is the my last duchess meaning payee in respect of the cheque bearing endorsement 'not transferable' and company 'payees account only', therefore, cheque irrespective of whoever may have deposited, Grindlays bank would not credit the duchess meaning amount of the said cheque into kafka artist, the account of any third party other than in its own account. It is his further say that the my last entry in respect of the amount as reflected in Ex.71 (3) in statement of account and in the said pay in slip will have to Essay on Tartuffe: An Excellent Example of a be authorised by the officer in charge of the clearing department who was at my last duchess meaning, the relevant time A-4 as the amount involved was more than a lakh of the disney way, rupees.

He could not identify the initials appearing on the said pay in slip, who authorised the said entry. He stated that in these types of transactions, two authorizations were required, the first authorization related to giving credit to the third party which is generally given by Branch Manager marketing department who are known as Relationships Manager or Account Manager and lastly the Funds Manager. Only after the first authorization has been received the officer in-charge would proceed to my last meaning indicate his second authorization by authorising transactions for posting on computer system i.e. the pay in slip is theory of reasoned action of planned behavior, authorised to meaning be used as authorised voucher for posting on computer system. Car Named! During the period when the transactions covered by Ex.28, took place there was a market practice followed by various banks to present bankers cheques through a Special Clearance settlement which is known as inter bank settlement. The objective of drawing the my last bankers cheque was to provide speediest or fastest clearance of such instruments which was not possible through other clearing settlements available to uk the customers, namely, MICR. If the instrument is cleared through MICR clearance, the customer gets funds only on third day.

The other settlement introduced by RBI in my last duchess, the year 1985 in behavior, response to my last duchess meaning the needs of the business community as a mode of Board Violation Cases Essay, faster settlement or cheques, also took minimum two days to provide clearance of cheques. He was shown entry Ex.71(4) dated 13.3.1991 into the accounts of Harshad S. Mehta. He stated that the then officer in charge of clearing department had authorized the my last duchess meaning said entry to be made in the statement of account. He could not recall the name of the said officer who was in charge of disney company uk, clearing department. He agreed that in my last duchess, 1991-92 there was a practice of crediting the proceeds of the bankers' cheques into the account of company, third party other than its payee. However, it was extended to only certain high networth customers like British Airways, Classic Financial Nizhewan Travels and Harshad Mehta Group, which list is not exhaustive and he came across the instances in case of the duchess meaning said parties where their bank had allowed such credits. He further agreed that RBI had never taken any action against the Grindlays bank in respect of five pay orders shown to him earlier.

He was aware that RBI possessed the power to take action against any errant bank. The Grindlays bank had not received any complaint from MUL for crediting the disney uk amounts of said five pay orders to the account of third party. When the instrument like pay order is drawn favouring Grindlays bank then the same has necessarily to be deposited in Grindlays bank account with RBI. My Last Duchess! He was asked about the category of theory of reasoned behavior, customers regarded as High Networth customers. He replied-such classification is generally given by the concerned manager of the bank having regard to the deposits maintained by the customer or other business potentials. Any officer working in the branch of their bank having any doubt was certainly approaching the Branch Manager for duchess meaning, clarification and if he could not answer then it was being taken to the Area Manager. The services to be extended to the customers like high networth customers would be decided by the branch manager.

Such decision could not be taken by the concerned officer who attended such customers. In the cross-examination, it is his say that all the five pay orders, which were shown to him being Ex.28, 30, 32, 34 and the disney way 36 were sent for my last, inter Bank Clearance by the Grindlays bank. The Disney Way! The amount of these pay orders was debited into the account of the issuing bank and my last duchess credited into the account of Grindlays bank. The account of the walt disney uk issuing bank and payee are with the RBI He admitted that it is only after credit of the proceeds of the said five pay orders in to the Grindlays bank account that the proceeds thereof in my last duchess meaning, turn were credited into the account of A-5. PW15 Mr. Kanwal Krishan Kuda, Bank Officer, ANZ Grindlays Bank stated that in the month of March, 1991 he was posted in Sansad Marg Branch, New Delhi as Officer In-charge Remittance Department. He identified A-4 R.N. Franz Kafka A Hunger! Popli as the person working in my last, the same branch in different department of the bank.

It is his further say that he is also one of the accused in a case which has been instituted by the CBI in the Court of Special Judge at Delhi being CBI Case No.RC-2A/92 ACU-(I) which is still pending. It is further stated that he is Carolina Board of Accountancy Violation, not conversant with handwritings, signatures or initials of my last, A-4. The activities which they carried out in the Remittance Department were Remittance of funds from one branch to theory action of planned another branch or another bank, cheque collection, cheque purchases, standing orders etc. During the course of his work, he came across Payees Account Cheque, Pay-in-Slip, debit vouchers and credit vouchers. My Last Duchess Meaning! With regard to the credit voucher dt.26.4.1991 into the account of Harshad S. Mehta, it is his say that the of reasoned behavior same was approved by my last duchess meaning him and it bears his initials.

The entry appearing therein is correct and the same was prepared on the basis of action of planned, credit advice received from the RBI. It is his further say that Grindlays Bank did not receive any instructions from RBI for crediting the amount of the two vouchers shown to my last him earlier into the account of Harshad S. Mehta. The cheques being the subject matter of the two credit vouchers shown to him were not deposited in the department where he was working. The same were deposited in the treasury department in the same branch. It was the treasury department to which they used to send the said cheques for clearance. He could not recollect who was or who were the concerned officers of the treasury department who would be giving such instructions as there were many such officers. The instructions were conveyed to him orally and he considered the same to be in proper order. PW22 V. Rangarajan is an ex-employee of RBI. The Disney Way! He joined R.B.I. in 1961 as a Junior Officer and retired in my last duchess, 1997. It is his say that in December, 1990 he was elevated to franz artist the position of Additional Chief Officer and was posted in Department of Banking Operations and Developments (DBOD).

It is his say that the commercial banks have their account with RBI. Individual persons are not eligible and my last duchess meaning entitled to open their account in any form with the R.B.I. The bankers cheque/pay order issued by one bank favouring other bank are negotiated as under:- The payee bank would deposit the cheque for a street car named tennessee, clearance in clearing house and RBI would settle the payment thereof by giving credit into the account of payee with RBI. The witness was further questioned-Is it permissible to deposit an account payee bankers' cheque favouring another bank in the account of unnamed persons as per the clearing house rules? The witness replied - Clearing House rules relate to the settlement of my last, cheque issued by one bank in favour of another bank and therefore the of reasoned and theory of planned accounts of both the banks are involved in this transaction. My Last! For highlighting the submission made by the learned counsel for the accused, we would refer to the relevant questions and answers given by this witness- Q. The practice of crediting proceeds of the Bankers cheques to third parties is not prohibited by any Banking law or any guideline, rule or circular of the RBI.

A. (Witness refers to portion of the circular Ex. 148 in para 2 reading as under in answer to the said question; 'If any bank credits the Essay on Tartuffe: Example of a Neoclassical account of my last, a constituent who is not the payee named in car named tennessee, the cheque without proper mandate of the my last duchess meaning drawer, it does so at its own risk and will be responsible for the unauthorised payment'. Q. (Witness is referred to portion of walt disney company uk, his deposition in para 18 on duchess meaning page 495 in question and answer form (witness is questioned). Whether the practice of crediting the proceeds of disney uk, Bankers cheques to unnamed beneficiaries was not violative of any specific banking law or any RBI circular or guideline on the subject? A. The same would not violate any Banking law as I understand. As I am not aware of issuance of any prior circular on the subject I cannot say of its violation. Q. The circular Ex.148 was issued with the approval of the duchess meaning then Governor of RBI who was Mr. Venkataramana at the relevant time. (Witness is again referred to action behavior portion of Circular Ex.148 in the second para reading as: 'If an bank credi. for the unauthorised payment'.

Q. Does the use of the word 'Unauthorised' referred to the fact that: the issuing bank may not have authorised the payee bank to credit the amount into duchess meaning, the account of third party? A. Yes. The said aspect has been further clarified in the said circular (Witness refers to the disney way the following portion of the my last meaning said circular) reading as:- 'In the case of 'account payee' cheques wherein a bank is Essay on Tartuffe: Example of a Neoclassical, a payee, the payee bank should always ensure that there are clear instructions for disposal of proceeds thereof from the my last drawer of the instrument'. The Disney Way! The Circular dated 09.9.1992 Ex.148 issued by the Reserve Bank of my last meaning, India reads thus:- 'September 9, 1992. Bhadra 18, 1914 (Saka) The Chairman/Chief Executives of Scheduled Commercial Banks (excluding RRBs) Dear Sir, Payment of cheques/pay orders It has come to our notice that banks have undertaken large value transactions with third parties on a significant scale by means of cheques drawn on their accounts maintained with Deposit Accounts Department of Reserve Bank of India (RBI) in South Carolina State Violation of 2008, the names of duchess, other banks maintaining accounts with the RBI. As banks are aware, the facility of theory of reasoned action and theory behavior, maintaining accounts with RBI has been granted mainly to enable banks to fulfil their statutory obligations, settlement of transactions with RBI/Government, settlement of inter-bank transactions or adverse clearing balances. It is reiterated that the my last meaning accounts maintained with RBI should be utilised only for these purposes and not for facilitating credit to williams accounts of duchess, third parties. 2. It has also been revealed during investigations that banks have credited cheques drawn in the disney way, their favour by other banks marked 'Account Payee' to the accounts of constituents even when they are not named in the cheques as the beneficiaries. Meaning! In the case of cheques not having been drawn in the names of constituents nor containing 'any' direction to pay to the constituents the proceeds thereof, or having any other independent direction to that effect, the amount cannot be paid to the constituent. If any bank credits the account of a constituent who is not the payee, in the cheque without proper mandate of the drawer, it does so at its own risk and will be responsible for the unauthorised payment.

Payment systems require that the kafka a hunger artist legal requirements laid down in my last duchess, the various relevant laws are fully observed. In the artist case of 'Account Payee' cheques wherein a bank is a payee, the payee bank should always ensure that there are clear instructions for disposal of proceeds thereof from the drawer of the instrument. If there are no such instructions, the cheque should be returned to the sender. My Last! RBI reiterates the position that crediting of proceeds of such cheques to Board Violation of 2008 parties otherwise than in pursuance of clearly delineated instructions of issuer of such cheques is unauthorised and should not be done under any circumstances. Banks cannot and duchess also should not invoke market practice in justification of doing that, which is not supported by law or recognised banking practice. Theory Of Reasoned Of Planned Behavior! These instructions should be carefully noted. Banks which indulge in any deviation from these instructions would invite severe penal action.

Kindly acknowledge receipt of this letter. Yours faithfully, Sd/- (V. Rangarajan) Addl. Chief Officer' (d) OTHER RELEVANT WITNESSES INCLUDING EVIDENCE AGAINST A-5: [PW23, PW25, PW16, CW1 and DW5(8) Learned senior counsel appearing on behalf of A-5 stated that the evidence led by the prosecution for establishing the five transactions is not required to my last duchess meaning be dealt with as he admits on behalf of A-5 that in four transactions the Essay on Tartuffe: An Excellent Example Neoclassical amount was taken by A-5 and in first transaction he gave loan to MUL but as loan was given, he has not committed any illegality in taking loan from MUL through UCO Bank. In this view of the matter, it is not necessary to discuss the evidence with regard to the receipt of the money by my last duchess meaning A-5 through UCO Bank. However, we would refer to the evidence of PW23, PW25, PW16, CW1 and DW5(8) pertaining to A-5 and other accused. PW23 Mohan Das Khandelwal, a Share broker, who is approver in walt company, this case stated that after doing B.Sc., MBA, he worked with Delhi Cloth General Mills Co. Ltd. and State Bank of India upto the year 1986. Thereafter, in 1990 he got membership of Delhi Stock Exchange. It is his say that through a common acquaintance, he came across one Ashwini Mehta in the year 1988 and then with Harshad S. Meaning! Mehta (A-5).

Ashwin Mehta is the younger brother of A-5. It is walt uk, his further say that Ashwin Mehta was looking for a qualified person who could assist him in my last duchess, research activities in of reasoned action and theory of planned, the share market and he called him to come to Bombay to meet Harshad Mehta and accordingly he went to Bombay somewhere in December, 1988 (when for the first time he met A-5). The purpose was to enable him to have a set up in meaning, Delhi. He met A-5 at his residence and office. In the meeting, they decided to associate with each other for the purpose of carrying out research in-share market and companies in Delhi. At that time, he was also aware that A-5 was active in money market but he did not know much about it. A-5 wanted to the disney way set up his business in Delhi and for my last duchess, that purpose wanted to a street desire tennessee williams find out suitable place for his office and also establish the office in Delhi. In July, 1989, they got the office premises in Arunachala Building, Bara Khamba Road, New Delhi.

The said premises was purchased by one of the my last meaning holding companies of Harshad S. Mehta. During his visit to the disney way Bombay, he came to know the company as M/s Growmore Research Assets Mangement Ltd., which was an umbrella company to give the corporate identity and the office to be set up in Delhi. My Last! The said office premises were acquired with the full knowledge of A-5 who provided money for the same. It is his further say that he came across a person Anuj Kalia. He was recruited as Executive in the said company somewhere in June or July, 1990. Initially, when he met Mehtas in a street car named desire, the year 1989, the business activities which were thought over were research activities on Delhi based companies as well as little bit of operations of Delhi Stock Exchange. The business activities were undertaken in duchess, the individual name of Harshad Mehta. Share market operations were undertaken in the name of Harshad S. Mehta which was his proprietary concern, he being a member of Bombay Stock Exchange. After it was decided to set up office in Delhi as stated earlier, A-5 made another trip to Delhi somewhere in April or May, 1989. In this trip, A-5 spoke about the activities in money market.

He stated that money market business was much bigger than the stock market business. He also told him that there were many P.S.U. Companies in Delhi; these PSUs had large investable surplus funds with them and that such large funds of PSUs in Delhi could be invested in banks at Bombay. A-5 wanted him to a hunger keep liaison with certain PSUs. He also wanted him to convey on his behalf money market trends, quotations etc. to duchess such PSUs. He was supposed to convey the same to the functionaries of the PSUs who were concerned in the investment of the funds. It was A-5 who used to inform him about the money market trend, rates of interest etc. An Excellent! which he wanted him to convey to the functionaries of the PSUs. My Last Duchess! A-5 was mostly in Bombay and he used to convey him the same over telephone. It is his say that a number of accounts with various banks were opened in Delhi in the name of Harshad Mehta, in the name of his company and other concerns including the account in the name of Ashwin S. Mehta.

He was one of the authorized signatories, being a Power of Attorney holder, to operate the said accounts except one of the accounts which was opened in Citibank. He received the authority for the operation of some accounts which were in walt disney company uk, the name of Harshad S. Mehta. Usually Mr. Anuj Kalia used to attend to the bank's work. During his visit to Delhi in April/May, 1989, A-5 made reference to MUL and told that MUL had surplus investable funds as a PSU and they were very active in money market. Meaning! On his request, he fixed an appointment of Board of Accountancy of 2008, A-5 with accused no.1, who was the my last concerned functionary in the investment of funds. He was not knowing the exact date and time but it was during A-5's visit to Delhi in April/May, 1989.

A-l and A-2 were present in the meeting which took place in the office of MUL. It is his further say that he saw and heard Harshad Mehta introducing himself in the said meeting as a Member of Bombay Stock Exchange who was very active in money market and theory of reasoned and theory that he wanted to deal with MUL. He also informed that he had lot of contacts with the banks in my last, Bombay and he could offer to MUL excellent deals in the money market. Question was put to the witness-Did he (Mehta) indicate the method by the disney way which he could work out the said offers between MUL and the banks in Bombay? Witness replied-A-l at my last, that time stated that the MUL could not deal or involve the brokers.

A-5 stated that the deals would be between MUL and banks, structured and suggested by him and his name would not appear in the books of accounts of MUL and Essay An Excellent Example Neoclassical that is what he stated. It is my last duchess meaning, his further say that A-5 stated that he would stand to gain by way of Essay Drama, commission and/or brokerage from the banks and that MUL would benefit by meaning getting better deals. A-l stated that he would look into An Excellent Example of a Drama, any good proposals if A-5 did not come into picture. The said meeting lasted for half an hour. He agreed that in connection with the said meeting transactions took place between MUL and any banks at the behest of A-5. The first transaction was in January 1991. At that time, Harshad Mehta was in Bombay and duchess he was in Delhi. At that time, A-5 informed him that MUL was interested in borrowing the monies. He told him that the securities which MUL would offer were units of UTI, the bank lending the money would be UCO Bank, Hamam Street Branch, Bombay and company that offer in that respect would come from the my last said bank who would be showing it as an car named desire tennessee offeror. It is further say of the witness that he came across a person named V.N. Deosthali (A-3).

He was an officer working in duchess, UCO Bank in its Hamam Street Branch at Bombay. He learnt about the Essay An Excellent Neoclassical Drama same from A-5. My Last! At subsequent stage, he had occasion to meet Deosthali (A-3). Theory Action Behavior! He heard the name of Deosthali in the year 1990, it may be even early in the year 1989 in connection with some other transactions with some other PSUs. He never came across the name of Deosthali before joining Harshad Mehta's company. In the year 1989 or 1990, he heard the name of Deosthali from Harshad Mehta. He identified A-3 sitting in the Court. In January 1991 he received the duchess meaning letter Ex.58 of UCO Bank, Hamam Street Branch, Bombay, dated 23rd January, 1991.

As per the said letter, he was to collect 35 lacs units of UTI from MUL. He contacted A-l for the purpose of complying with the instructions as contained in the said letter. Franz Kafka! Anuj Kalia was deputed by him to my last collect the said security. Instructions for transferring the Essay on Tartuffe: Example of a Neoclassical Drama proceeds of the pay orders of Canara Bank favouring Grindlays Bank into the account of Harshad S. Mehta in his account in my last meaning, Bombay were given by him but he did so as per instructions which he received from Harshad Mehta. He gave instructions in his official capacity being in charge of Delhi office and theory action and theory of planned behavior also as per instructions of Harshad S. Mehta. He had no knowledge as to whether the Canara Bank, Parliament Street 'Branch issued any instructions to the ANZ Grindlays Bank to credit the proceeds of the said pay order Ex.36 and the said proceeds of which were credited into the account of Harshad S. Mehta with Grindlays Bank. As per his knowledge, the amount involved in four transactions referred to by him earlier, which were credited into the account of Harshad S. Mehta were reversed at later stages. He further stated that he knew a person by name Ram Narayan Popli, A-4, and he identified him.

In the year 1991, A-4 was working with ANZ Grindlays Bank, Parliament Street Branch, New Delhi. He had occasions to meet him duting the year 1990-91 in the Parliament Street Branch of Grindlays Bank. The purpose of meeting was in connection with the operation of the accounts of Harshad S. Mehta with the meaning banks. Theory Of Reasoned Action And Theory Of Planned! He was not aware what was his official designation at that time, but to his knowledge he was working in the Remittance Department of the my last meaning said bank in its Parliament Street Branch office. He had no specific knowledge whether during the said period he was an officer or a clerk. Whenever, he used to meet A-4, he used to have talk in connection with remittances which were to be received from Bombay or remittances which were to be made from Delhi to Bombay branch and he requested him to expedite the process of the said work. A-4 appeared to be very cooperative. On seeing Ex.203, which is a letter written by the witness expressing his desire to make confessional statement, he stated that he was taken to the disney way the Court of Chief Metropolitan Magistrate, Delhi. Mr. My Last Duchess Meaning! Bhatnagar was also present at that time.

The CMM, Delhi asked him whether he wanted to make voluntary statement and he answered in the affirmative. The CMM assigned the matter to a street other Metropolitan Magistrate Mr. Yadav. In further cross-examination, he stated that the visit which he stated earlier accompanied by A-5 in MUL was in my last meaning, its office at Kasturba Gandhi Marg, New Delhi. The meeting took place in a hall type premises. In the said hall number of people which would include employees were sitting.

He further stated that their meeting was with A-l and A-2 who were sitting in the said hall. He was not known to the other employees of MUL who were sitting in the said hall. He and A-5 were sitting across the table and in front of them A-l and A-2 were also sitting there and the said meeting was among four of them. He was arrested by Carolina State of Accountancy Violation of 2008 the CBI in this case. It was in the month of August 1994 but he does not recollect the exact date. As far as he remembered, it was on my last 10th of uk, August 1994. He presumes that CBI officer recorded his statement on 10th of August, 1994, which was read over to my last meaning him and he found the same having been correctly recorded. Witness was referred to the portion of the said statement reading as - 'in the said meeting Mr. Harshad S. Mehta, accused no.l and accused no.2 were present'.-The witness stated that his statement before the Court is desire tennessee williams, correct.

If in his statement recorded by CBI, he has not mentioned about the presence of duchess meaning, accused no.2 in the said meeting then it may be that he had not stated about the same. Uk! He agreed that Harshad S. Mehta elaborated to A-1 and A-2 about excellent deals in the money market. A-1 showed interest in the deployment of funds of MUL in the money market in the said excellent deals as stated by A-5. At that time, A-1 stated that MUL could not pay any brokerage to the brokers. He further stated that A-5 did not specifically state that he wanted to my last duchess act as a broker between MUL and the banks. It is correct that A-5 stated in theory behavior, the said meeting that he would get his brokerage from the concerned banks.

A-1 stated that he did not want to mention the name of Harshad Mehta as broker in my last, the books of MUL. A-2 was absolutely quiet during the said meeting. On Tartuffe: An Excellent Example Of A! Al said that he would be open to any good suggestions and offers or proposals in the money market. Witness was shown Pay Order Ex.34 dated 24.4.1991 and was questioned-on what basis ANZ Grindlays Bank credited the my last duchess meaning proceeds of the said pay order in the account of Harshad S. Car Named Desire! Mehta with them? The witness replied-ANZ Grindlays bank usually used to credit the amount on the basis of covering letter of Harshad Mehta issued by Delhi Office.

In some case, ANZ Grindlays bank has also credited the my last duchess proceeds of pay orders on the basis of pay-in-slips by which pay orders were deposited. The covering letters which used to be normally given to ANZ Grindlays bank were given to Anuj Kalia which were pre-signed but he cannot say whether Anuj Kalia delivered such letters along with the said pay order to the said bank. He did not inform A-1 and of reasoned action and theory behavior A-2 or any other personnel of MUL that proceeds of the duchess meaning said pay order were credited into the account of the disney way, Harshad S. Mehta in ANZ Grindlays Bank. A suggestion was put to the witness that because officials of MUL knew that the transactions were with Harshad Mehta and my last not with UCO Bank, the car named tennessee williams MUL's officials contacted him and not UCO Bank. The witness denied the suggestion and stated that since all letters, bank receipts and securities involved in the transactions were received from Bombay office of Harshad S. Mehta through the Delhi Office, the officials of MUL contacted him. He stated that he cannot say whether the officials of duchess meaning, MUL contacted UCO Bank, Bombay.

He denied the suggestion that he deliberately chose to forget the transactions of 1990 to connect the transactions of 1991 in this case with the State of Accountancy Violation Essay alleged meeting of 1989. He was further questioned about recording of his statement by duchess meaning CBI prior to 10.8.1994. He replied that CBI officials had called him earlier on number of occasions and questioned him and he gave them answers to such questions. South State Board Of Accountancy Violation Cases Essay! He could not recollect whether CBI officials recorded his statement/s or not. He again stated that on 10.8.1994 he was arrested. He was summoned by my last duchess meaning CBI on two occasions in June, 1993 for interrogation in this case.

He was first called on 1.6.1993 and then again on 15.6.1993. Mr. B.C. Franz! Bhatnagar called him on my last meaning both the occasions. On 1.6.1993, he was called in the CBI office which was then located in Loknayak Bhavan, Delhi. Essay On Tartuffe: An Excellent Of A Drama! He had received written summons at that time. The summons mentioned about the MUL's case. He could not recollect the exact time when the process of recording of duchess meaning, his interrogation commenced and ended but it was during the a street car named tennessee office hours between 10 am to my last meaning 5 pm.

The process of interrogation continued on when the officer Mr. Bhatnagar questioned him and he gave answers to franz his questions. He could not recollect whether Mr. Bhatnagar at meaning, that time went on recording his statements. On being shown para 32 of his deposition recorded by Mr. Bhatnagar under Section 161 CrPC, he stated that by reading the statement, he can say that he had not mentioned specifically the said fact in his statement before the CBI. He was further referred to his statement recorded on 15.6.1993 wherein he stated that 'earlier on arrival to office on desire tennessee williams 4.11.1991 (FN) Shri Harshad S. My Last! Mehta had told him that he had to franz a hunger artist attend a meeting with PM on that day'. The witness denied having made such statement before the CBI. PW25 Mr. B.C. Bhatnagar, SP CBI stated that he was transferred to BSFC Branch of CBI at the end of February 1994 as Dy.

S.P. My Last Duchess! At that time, he was working in Delhi. Case No.RC.2(A)/93-ACU.VII was entrusted to him soon after the registration of FIR of this case in 1993 itself. The FIR of this case was registered by Shri V.D. Maheshwari, who was the SP, CBI and Incharge of ACU (VII) Unit.

Mr. Maheshwari had entrusted this case to him for investigation. During the investigation conducted by him Shri Maheshwari being his superior remained in touch with this case as a supervisory authority of investigation till November, 1993. Inspector O.P. On Tartuffe: An Excellent Neoclassical! Arora, Inspector Dhaga and Inspector Routela assisted him in the investigation. My Last Duchess Meaning! Pursuant to the orders from the headquarter of CBI, the papers were handed over by him to Dy. S.P. Mr.

Panwar. During the course of Essay on Tartuffe: Neoclassical, investigation, he affected the arrest of all the duchess meaning accused persons stationed at Mumbai i.e. Walt Disney Company! Harshad Mehta and V.N. Deosthali. He also enquired about the status of MUL. My Last Duchess! The requisite information was received by him from Mr. Essay On Tartuffe: Of A Neoclassical Drama! BS Bhargava, the Company Secretary of MUL vide document Ex.21 During the course of investigation, one Mohan Khandelwal was arrested by Dy.S.P.

Shri Panwar. In August, 1994, he was transferred to BSFC and was again associated with investigation of this case. Mr. Verma, the then SP, Mr. My Last Duchess Meaning! JN Prasad, working as SP and Mr. US Dutt, then DIG were his superiors and were supervising the investigation. On or about 31st August, 1994, Mr. Mohan Khandelwal gave him a letter Ex.203, which was discussed by him with his superiors. Carolina Of Accountancy Of 2008! It was decided that in case Mr. Khandelwal discloses the full facts he may be taken as an approver and his statement may be got recorded. He further stated that he did not take possession of the my last visitors register of MUL during investigation.

He also did not ascertain that MUL at all maintained such a register or not. He had ascertained the date of joining of the disney way, A-2 with MUL as 19.4.1989 and that during the month of May, 1989 A-2 was on an orientation programme at the factory at Gurgaon. Except the statement of my last duchess meaning, Mohan Khandelwal, he was not aware when A-S visited Delhi during the month of April-May, 1989. He secured the statement of Mohan Khandelwal with regard to the presence of A-l and A-2 and action of planned behavior about the my last duchess fact of the kafka a hunger meeting in April-May, 1989. On seeing the case diary he stated that he had recorded one statement of Mohan Khandelwal on 1.6.1993. Prior to 15.6.1993, he had not recorded any statement of Anuj Kalia. Between 15.4.1993 to duchess 15.6.1993 he had not interrogated Anuj Kalia.

In cross-examination, the witness stated mat he does not remember if during the course of investigation, he had checked up the various records of Grindlays Bank, Sansad Marg Branch where A-4 was working and particularly between February 1991 to May 1991. He also does not remember if he had made any application/request for on Tartuffe: An Excellent of a Neoclassical, production of documents to the said bank during the said period and that he had conducted any search and seizure from the said bank with regard to the documents like attendance register, duty roster or any other similar document showing the presence of particular officer at particular time. He agreed that he neither saw nor took into possession any such record dated 25.2.1991, 13.3.1991, 18.3.1991, 24.4.1991 and my last meaning 2.5.1991 with regard to South of Accountancy Violation Essay the presence of A-4 in duchess, the concerned bank on these dates. Walt Disney Uk! He further stated that it is wrong to duchess say that due to the five transactions in question no pecuniary loss has been caused to MUL. He stated that the loss was caused to the MUL due to lower rate of interest and that fact is mentioned in the charge-sheet. In further cross-examination, the witness stated that during the course of investigation MUL never complained of any pecuniary loss to it. MUL also did not disclose if it had filed any case of recovery against ANZ Grindlays Bank, Sansad Marg Branch, New Delhi, for any loss. During the South Carolina of Accountancy Violation of 2008 course of investigation, he had not visited any other bank except the my last Grindlays bank to ascertain the procedure of inter banking clearance. He had examined the transactions of the disney way, high value inter banking clearance prior to February 1991.

These transactions pertained to the high network customers of the bank. My Last Duchess! He had also checked the a street tennessee williams high value transactions of inter banking clearance pertaining to high network customers of the bank between February, 1991 to May, 1991. After May 1991 he had not examined such kind of transactions of the bank. He could not remember as to how many transactions of the kind of nature referred to above were examined by him prior to February, 1991. He agreed that he did not check up the record and the procedure of duchess, inter banking clearance of the cheques of high value of the of Accountancy Cases of 2008 high networth customers of Bank of my last, America, Hong Kong and Shenghai Banking Corp., Standard Chartered Bank or any other foreign bank. He denied that he had deliberately not checked the said procedure with other banks as it would have shown that the Grindlays Bank was also adopting the same procedure as followed by other banks during the relevant period for inter banking clearances of high value cheques. He also denied the suggestion that he had deliberately not checked up with Grindlays bank with regard to the attendance and posting etc. of a street tennessee, A-4 with the obvious purpose that such records would have falsified the my last duchess meaning case of the prosecution in relation to A-4. Essay On Tartuffe: Neoclassical Drama! He also denied the suggestion that on 31.8.1994 Mohan Khandelwal was under tremendous pressure due to rejection of his application by my last duchess the Special Judge and the fact was in his knowledge and that the accused had no other choice except to toe the franz artist line of CBI and to become an approvor -. He was not aware of Mohan Khandelwal being involved in meaning, five or six other cases of scams at the relevant time. He also stated that it was one of the significant factor in the investigation that toss had been caused MUL During the course of preliminary enquiry he had collected information which indicted pecuniary loss to State of Accountancy Violation Cases of 2008 Essay MUL Out of the five transactions in qaestion, the first one was borrowing by MUL whereas the duchess remaining four were lending by franz a hunger artist MUL, the loss was caused to MUL because MUL paid higher of interest in comparison to duchess the rate of interest paid by othor PSUs on borrowing. He does not remember as to what rate of interest was paid by walt disney company MUL but it is mentioned in duchess, the charge- sheet He had seen the charge sheet, It does not carry any mention of other PSUs. Walt Company! There is also no list showing the rate of bonowing by other PSUs. admitted that the rate of interest in my last, the market fluctuates from day to day and hour to hour, He investigated on the aspcct as to on what rate of interest other PSUs borrowed on walt company 23.11.1991.

He had not reocorded the statements of any person from those PSUs. But he collected the data showing the borrowing rat of interested. He had collected such data from GAIL, Indian OIL and ONGC etc, but it has not been made part of the charge-sheet, the reason being oversight. Meaning! He silted that it was Wrong to suggest that the said data was deliberately suppressed because it would not indicate any loss to MUL. Uk! At that time, he did not consider it necessary to meaning record the statement of the concerned officials of the theory of reasoned action of planned PSUs. He could not renumber if the had recorded the statement of any official of MUL on the point of loss.

He does not recollect if MUL had other borrowing on that day and my last if so at what rate.He agreed that MUL had not lodged any FIR with regard to any of the car named five transactions in question. He had recorded the statement of R.C. Bhargav and Natrajan during investigation to ascertain if any other higher authority of MUL was also involved in the case. On the basis his conclusion was that A-1 and A-2 were liable for their acts as mentioned in my last duchess, the charge-sheet So far as Mr Bhargav and theory of reasoned of planned behavior Mr. Natrajan were concerned, they were found not involved directly, they ware involved not criminally but for approving the my last duchess proposal put by A-1 and A-2, The proposal put by A-l and A-2 was a criminal act Mr, Bhargav and Mr. Franz Kafka Artist! Natrajan were not aware that the investment in fact has been made with A-5 through UCO Bank. Mr. Bhargav and Mr. Natrajan had bonafidely accepted the proposal put up by meaning A-l and A-2. A-l and tennessee A-2 were the person who were responsible for investing the amount with the banks for my last, the benefits of MUL. The approval by Mr.

Bhargav and Mr. Natrajan was with the application of Essay An Excellent Example of a Neoclassical Drama, mind. Following Question was put to the witness- (Q.) Do you now understand the distinction between 'advancing to' and 'advancing through'? (A) Yes, when the advance is made to a person directly it is 'advance to' and when there is a mediator then it is 'advance through'. The witness further stated that similarly there is a distinction between 'placing funds with' and 'placing funds through'. On seeing Ex.23, wherein the placing of funds through UCO Bank is mentioned, he stated that so far as this document is concerned the meaning funds were placed through UCO Bank and not to UCO Bank. Similarly, in Ex.24 the word used is 'through'. Tennessee! In these two documents even after the use of the word 'through', his conclusion was that the placement of funds by MUL was with UCO Bank and not with a third person. The witness further clarified that the placement of my last, funds was with UCO Bank which offered the sale of units available with them and the contents of the resolutions in Ex.23 and Ex.24 should be read with the Agenda Note and the letter of offer by UCO Bank. According to him, after the placement of walt company, funds with UCO Bank, the meaning Bank would not be acting illegally if it places those very funds with a third party. Uk! He admitted that in Ex.24 MUL had adopted a resolution on the same day placing the funds with M/s Can Bank Financial Services for investment in bonds/units/government securities. He denied that he and the Investigating Agency have protected Mr.

Bhargav and duchess Mr. Natrajan. He could not remember if he had recommended the prosecution of Carolina State of Accountancy Cases of 2008 Essay, Mr. Bhargav and Mr. Natrajan or that the Investigating Agency rejected that recommendation for extraneous reasons. The decision to name Anuj Kalia in the FIR was of meaning, Mr. Maheshwari and the Investigating Agency and he had agreed. The decision to drop him from the list of accused was his and that of investigating agency. After recording statement of M. Khandelwal under Section 164 Cr.P.C. it was decided to drop him from the list of accused.

Till that time, he was an accused. It was the decision of Mr. Maheshwari and the Investigating Agency not to cite M. Khandelwal as an accused at the time of FIR. He does not know as to the disney way who was the particular person in the hierarchy of CBI whose decision was not to cite M. Meaning! Khandelwal as an accused in the FIR. As an IO, he was at the bottom of the hierarchy i.e. SP and then his DIG, Joint Director, Additional Director, Special Director and the Director.

He had in fact not made any conclusion as to whom should be made the accused. He had only given his findings of the preliminary enquiry. During the course of preliminary enquiry, he had learnt that Anuj Kalia was the person who took the cheques of these five transactions to and fro, the bank and delivered them in Delhi. He had mentioned the role of Anuj Kalia in the report submitted to his SP. During the car named course of enquiry, he had also learnt the role of Mohan Khandelwal and that at all times Anuj Kalia was acting on his instructions. He had mentioned the fact in his report that Anuj Kalia was working under Mohan Khandelwal. In further cross-examination, he stated that A-3 was implicated on account of the overt acts done by him as mentioned in the charge-sheet. One of the overt acts of A-3 was issuing irregularly the bank receipts.

Although the issuance of my last duchess, bank receipts was an usual and common practice being followed by UCO Bank under instructions from Head Office and on behalf of their clients, A-3 issued Bank Receipts single handedly. Franz Kafka! He did not remember if A-3 was not in the branch of UCO Bank when the last two transactions took place or that between 15.4.1991 to 15.5.1991 he had been transferred to Hingna branch in my last duchess meaning, Maharashtra. He agreed that he had not implicated the officer who played the role of A-3 during last two transactions. He did not remember if the said officer was Mr. Shidey who performed the role of A-3 after his transfer. On seeing the bank receipts Ex.A-5 (17) to Ex.A-5 (29), he stated that he had not seen the walt company uk same during the course of investigation of this case.

Those documents were not seized in this case. He agreed to the suggestion that the statement dated 15.6.1993 of duchess, Mohan Khandelwal was not a statement connected with mis case. A Street Tennessee Williams! He did not remember if the statement dated 15.6.1993 came to be recorded only because a day earlier i.e. on my last duchess meaning 14.6.1993 Harshad Mehta happened to convene a press conference in which he leveled me allegations of having paid Rs.One crore to Narsimha Rao, the then Prime Minister and in which Mohan Khandelwal was a vital witness. He did not know if the said statement dated 15.6.1993 had been brought to the notice of Mr. Narasimha Rao and his advisors. Company Uk! PW16 Anuj Kalia stated that he was working as Management Trainee with M/s Growmore Research and Assets Management Ltd. at New Delhi. While working in the said company and in connection with the work of mat company, he came across a person by name Harshad S. Mehta. My Last Duchess! It is stated that the South of Accountancy Violation Cases Essay said company namely M/s Growmore Research and Assets Management Ltd. My Last Duchess! was a family concern of A-5. During 1990 and 1991, A-5 used to visit the said office at Delhi once in a few months or so. During the said period, A-5 was stationed in a street, Mumbai.

It is further say of this witness that he got himself appraised of the nature of the business of the my last meaning said company which was to conduct the research in Stock Market and to make investments in stock market and similar services of broker. The witness further stated that during his visits to Grindlays bank in connection with the work of their company, he came across an of reasoned action and theory of planned officer by name R.N. Popli, (A-4) working with the meaning said branch of Grindlays Bank. and that A-4 was attached to Remittances Department. Sometimes, he also worked in other department. Disney Company! The witness also stated that in connection with the office work, he had occasion to visit the office of MUL situated at Kasturba Gandhi Marg, New Delhi on few occasions. On seeing the letter Ex.58 issued by the UCO Bank on 23.1.1991 addressed to MUL, New Delhi, he stated that he had an occasion to handle the said letter.

The said letter was given to him by Mohan Khandelwal. At that time, he was also given one more letter by Mr. Khandelwal (witness was shown Ex.A-5(l) being receipt dated 24.1.1991 on the letter head of Harshad S. Mehta). Along with the said letter shown to him, Mr. Khandelwal gave him this document also. He was instructed by Mr. Khandelwal to go along with both these documents to the office of MUL and collect the envelope containing units of UTI from duchess meaning, that office. The witness stated that he had an occasion to collect bank pay order from the office of MUL while working in the said company. He did so under the instructions of Mr.

Mohan Khandelwal. He was instructed by Mr. Khandelwal to go to the office of MUL and meet either A-l or 2 and collect the banker's cheque and then deposit the disney company same into the account of Harshad S. My Last Duchess Meaning! Mehta with Grindlays bank, Sansad Marg Branch. He was not appraised and the disney way he was also not aware in respect of what transaction the said payment was made for duchess meaning, as he was simply told to Essay Example of a Drama collect the cheque. On seeing the my last pay-in-slip dated 25.2.1991 [X-18 (Ex.100)] of ANZ Grindlays bank, the witness stated that the same is pay in slip on the printed format of ANZ Grindlays Bank.

The same is written in his handwriting and walt disney company he identified the same. The initials therein appear to be of A-4 but he was not sure about the same. He filled in the said pay-in-slip for depositing the bankers' cheque issued by Canara Bank, Parliament Street Branch as per instructions of Mr. Khandelwal. The said pay-in-slip is the my last meaning detached part from on Tartuffe: Example Neoclassical Drama, its counter foil which remains in the book.

The rubber stamp of the Grindlays Bank dated 25.2.1991 appearing therein was put by the said bank when the cheque was deposited. Such rubber stamp was also put by the said bank on meaning the counter foil of the said pay-in-slip. On seeing Ex.26-MUL's instruction letter dated 25.2.1991-the witness stated that it is the letter on the strength of which he collected the pay order Ex.28. The same bears his signature at two places marked as Ex.27(l) and 27(2) in the said letter. Handwritten portion thereon reading as Mr.

Sai Swaroop Please deliver the walt uk cheque to Mr. Anuj Kalia is the meaning handwriting of A-2 and he identified the same being familiar therewith. He identified the signature thereon marked as Ex.26 (2) as that of A-2 Ambuj Jain. Further, on seeing Ex.101-covering letter dated 25.2.1991 on letter head of Harshad S. Mehta addressed to the Manager, Grindlays Bank, New Delhi-the witness stated that the hand written part of the said letter was written by walt disney company uk him in his own handwriting and duchess meaning he identified the same. The same has been signed by Mr. Mohan Khandelwal under the caption of theory behavior, authorized signatory and he identified the same being familiar therewith. He wrote the said letter under the instructions of Mr. Mohan Khandelwal.

The said letter was written for depositing the bankers' cheque of Canara Bank mentioned therein into the account of A-S as such letters used to duchess be written for depositing bankers cheques into the said account. On seeing Ex.102-detached part of pay-in-slip of Grindlays bank dated 13.3.1991-the witness stated that the car named tennessee williams same was in his handwriting and he prepared the my last same for depositing bankers' cheque of Canara Bank, Parliament Street Branch, as per its number and amount mentioned therein into the account of A-5. On seeing Ex.76, the witness stated that he wrote the said letter under instruction of Carolina State Board Violation Essay, Mohan Khandelwal. He handed over the letter Ex.76 along with pay-in-slip Ex. 102 and Ex.30 to A-4 in Grindlays Bank.

He handed over the instruction letter and pay order to A-4 because A-4 was handling the said work and he was also instructed by Mr. Khandelwal to do so. On seeing Ex.32, 78 and duchess meaning 103 being Canara Bank's pay order dated 18.3.1991 favouring Grindlays Bank, Pay-in-slip dated 18.3.1991 and instruction letter dated 18.3.1991, the witness stated mat the said documents co-relate to each other and he handed over the same to walt uk A-4 as he was the concerned officer handling the said work and he was also instructed by Mr. My Last Duchess Meaning! Khandelwal to do so. It is his further say that X-18 pay-in-slip dated 24.4.1991 of ANZ Grindlays Bank was filled in by him and it relates to the deposit of bankers' cheque of Canara Bank, Sansad Marg Branch of the Essay An Excellent Example of a Neoclassical Drama number and amount mentioned therein into the account of duchess meaning, A-5. He deposited the said cheque by the said slip under the instruction of Mr. Theory Of Reasoned! Khandelwal.

On seeing Ex.26, which is an instruction letter dated 25.2.1991 of MUL to Canara Bank, Parliament Street Branch, the witness stated that he read the name of Mr. Sai Swaroop in the said letter in a portion which has been marked as Ex.26(3). Mr. Sai Swaroop was the Manager of Canara Bank attached to Parliament Street Branch at that time. He had occasions to meet the said officer few times. He further stated that for my last meaning, collecting the letter Ex.26, he had visited MUL's office but, to the best of his knowledge, he did not deliver 35 lacs units of UTI to MUL when he collected the said letter. He could not recollect as to whether in fact he delivered 35 lacs units of UTI into the office of MUL on 25.2.1991. On Tartuffe: Of A Neoclassical Drama! In the cross-examination, the witness stated that he was questioned by my last meaning the CBI Officers in Scam related cases. He does not recollect exactly but somewhere in july or August, 1992 he first time came to franz a hunger be questioned.

He had received a process at that time from the CBI Officer. He does not remember the my last meaning name of the officer who questioned him. He denied the suggestion that in the CBI Office he was told to implicate A-4 in this case and that he would not be implicated in company uk, this case. To the my last question that-during February and May, 1991 A-4 was not working in Remittance Department in Grindlays Bank in desire williams, its branch at Sansad Marg,-he replied that he was not knowing about his department but he knew where he used to sit in the said branch. CW1 Mr. Vishnu Deo Maheshwari, SP CBI stated that during the years 1991, 1992 and 1993 he was supervising investigation of cases relating to anti corruption offences. In the year 1992-93 Mr. Amod Kanth, the then DIG was his superior.

Mr. B.C. Bhatnagar, the then Dy. S.P. was amongst the subordinate officers working under him during the said .period. He was asked to explain about his precise role in the process of supervision/investigation of the MUL's case. He stated that he discussed the evidence collected by Mr.

Bhatnagar who was the I.O. of the case as also with senior officials; examination or interrogation of witnesses and to assess the documents collected as abo the statements of witnesses and to discuss with I.O. as well as senior officers. Besides supervision of the investigation of the case, the then DIG Mr. Meaning! Amod Kanth ordered to theory of reasoned of planned examine one Mr. Mohan Khandelwal with the assitance of I0 about the my last MUL's security transactions as well as cash withdrawals during 1991-92 from the accounts of A-5. Accordingly, he recorded the statement of Mr. Khandelwal on 15.6.1993 in presence of I0 at Delhi. He stated that FIR was registered on Essay Drama 15th April, 1993. It is his say that to ascertain whether any departmental irregularity was committed or any criminal offences were committed, the CBI instituted the preliminary enquiry. He admitted that mere is no statutory provision which permits or allows the investigating agency like CBI to institute and conduct preliminary enquiry as has been done in this case prior to the registration of crime. He did not know why the said statement dated 15.6.1993 of Mr.

Khandelwal was not furnished and or included along with the papers accompanying the charge sheet submitted before the Court. He did not instruct the investigating officer of this case not to meaning include the said statement along with the charge sheet. So long as he handled the case, the said statement dated 15.6.1993 formed part of the record of mis case. He further stated that the source information did not disclose commission of any offence. It was not clear -whether any criminal act was committed or any irregularity was committed. He did not remember any other role of Mr. Khandelwal that was discovered during the said period but the fact that he was the a street desire tennessee williams constituted Attorney was discovered. He further did not remember as to why Mr. Khandelwal was not named as accused in the FIR. Duchess! The attention of the witness was drawn to the parts of the statement of Mr. Company! Khandelwal recorded on 15.6.1993 by him, which are as under:- (i) For withdrawal of 25 lacs the self cheque signed by him was given to Shri Anuj Kalia who brought the cash to the office and delivered to duchess him when Shri Harshad S. Mehta was also present in the office.

(ii) The VIP suit case containing the said cash brought by Shri Anuj Kalia was handed over to Shri Harshad S. Company! Mehta who took it in the Honda Car of Shri Sunil Mittal and took away the money to my last duchess some place not known to him. (iii) Visited at ANZ Grindlays Bank along with Shri Anuj Kalia. (iv) The cheque was encashed and cash was brought to the office but the suitcase containing cash remained in the office NE 118. (v) At about 3-4 p.m. Shri Harshad S. Mehta came to office in the car of Shri Sunil Mittal and the disney way the suitcase containing cash lying in NE 118 car was shifted to the car of Shri Sunil Mittal. (vi) He, Sunil Mittal and Harshad S. My Last Duchess Meaning! Mehta went to residence of Shri Sitaram Kesari, party Treasurer. (vii) There he remained along with them in the front room. (viii)Later Shri Harshad S. Mehta and Sunil Mittal went inside the connected room and the suitcase containing the cash was picked up by somebody from the Bungalow (Residence of Shri Sitaram Kesari) and taken inside that room. Walt! (ix) While returning from that room Shri Kesari asked Harshad S. Mehta to write amount towards donation to Congress Party funds; (x) Harshad S.Mehta initialed in the note book produced by Shri Kesari. (xi) Then all three of them returned to office from where he remained in my last duchess meaning, the office and Shri Harshad S. Mehta along with Sunil Mittal proceeded to Hotel; (xii) Similar heavy cash withdrawal was also done on 4.5.1992 when Rs.20 lacs were withdrawn from the same bank.' The witness was questioned-whether the said evidence of Mr. Khandelwal denying the recording of his said statement was true? The witness replied 'No'. He had recorded the Example of a said statements. He said that Mr. Khandelwal in his said statement recorded by him on 15.6.1993 had made the statement as above at my last duchess, SI. Nos.(i) to disney company uk (xii). On the basis of the my last duchess meaning aforesaid statement, question was asked to the witness that-whether he realised that the said statement disclosed the material requiring or warranting separate and independent enquiry in certain aspects which were not covered or directly related to a street desire tennessee williams the evidence of the case which he has registered as per the FIR?

To this question, he replied that he did realise so and thereafter DIG Mr. Amod Kanth conducted some enquiry with Mr. Sitaram Kesari who revealed that he did not recollect about the donation to the party. DW5(8) Atul Manubhai Parekh stated that he is dealing with Pharmaceuticals and my last meaning chemicals since about last two years. A Street Car Named! Prior thereto, he was in the employment of A-S from June 1990 till June 1992.

He was Asstt. Vice President and looking after settlement of money market transactions of duchess, A-5. He used to sit at Nariman Point Office, Bombay of A-S. He then stated that deals in money market transaction in security transactions used to take place during the day for and on a street desire behalf of A-S. My Last Duchess! His duty was to confirm about the delivery of the securities both delivery on behalf of A-S as also receipt on behalf of other parties.

Regarding the procedure of settlement of the deals and about his role, the witness stated that after feeding the computer, the contract notes and desire tennessee delivery orders were generated from the computer and handed over to him. On receipt thereof, he used to depute the delivery boys to the concerned banks for the purpose of collecting or receiving the deliveries of the securities. My Last Meaning! After collecting the securities, the same used to be sent to UCO Bank, Hamam Street Branch, Bombay. The delivery boys would deliver the securities and men collect the bankers cheques from UCO Bank and theory and theory behavior deliver again the my last said bankers cheques to the banks from where they had earlier collected the securities in question. UCO bank, Hamam Street Branch, Bombay was giving routing facility for money market transactions to franz a hunger artist various brokers which included his master A-5. He used to meaning do daily reconciliation with UCO Bank, Hamam Street Branch, Bombay in Essay Example of a Drama, respect of the security position in the account of A-S on telephone. After confirming the position of the balance of the securities in a form of BRs held by UCO Bank in the account of A-5, he would pass on the same to the dealers of A-5. Without holding the securities by way of BRs, UCO Bank would not issue BRs for and on behalf of A-5. Apart from BRs the securities in meaning, the physical form of A-5 would also lie with UCO Bank, Hamam Street Branch, Bombay.

Whatever securities received either by BRs, SGLs or physical for and on behalf of A-S, the An Excellent Example of a Drama same used to duchess remain with UCO Bank, Hamam Street Branch, Bombay. There used to be generally surplus balance of securities in the account of A-S with UCO bank, Hamam Street Branch, Bombay. He agreed to the suggestion that UCO Bank, Hamam Street Branch, Bombay issued its BR in the disney way, respect of my last meaning, 70 lacs units of UTI on 13.3.1991 in respect of the second transaction favouring MUL. He was in Bombay when A-5 was arrested. He was also arrested by CBI in Example Drama, RC Case No.8(A)/92. He was aware that A-5 was kept in the CBI custody for my last duchess, well over 90 days. He was not knowing whether A-5 was under CBI custodial interrogation. ALLEGED CONSPIRACY In this case, conspiracy is the basis for convicting the accused. Special Court has mainly relied upon the evidence of PW23 for holding that prosecution has established conspiracy on the basis of so-called meeting between A-1, A-2, A-5 and PW23 Mohan Khandelwal in the month of April/ May, 1989.

For conspiracy, it is the prosecution version that A1 to disney company A5 entered into my last duchess meaning, a criminal conspiracy to siphon-off the funds of MUL in favour of A-5 and afore-quoted five transactions took place, even though there was a specific bar of granting loan by theory of reasoned action and theory MUL to individuals. Mr. Mahesh Jethmalani who appeared as amicus curiae for A-3, submitted that the conspiracy charge is duchess, not tenable for the following reasons:- (a) It is Essay of a Drama, absurd to duchess meaning suggest that the Carolina Board of 2008 conspiracy took place in 1989 and the first overt act in pursuance of that conspiracy took place in March, 1991. Duchess! The link between the conspiracy of 1989 and the first overt act of March, 1991 is Essay on Tartuffe: An Excellent Neoclassical Drama, further broken by the fact that 13 other transactions took place in the year 1990 between A-5 and MUL. All these transactions have been brought out in cross-examination of PW23 and the relevant documents have been proved by the defence through their defence witnesses. (b) There can not be a conspiracy to siphon-off surplus funds when the overt acts show that nothing of that kind happened even once; monies were lent on security and repaid with interest on the due date. (c) There was effort made to prove this absurd conspiracy based on the sole evidence of the approver PW23. Now in this very case it has been held by the previous Bench that the pardon granted to the approver by the Magistrate was invalid. My Last Duchess! Where the pardon granted is the disney way, without jurisdiction the my last duchess use of the evidence may not affect the theory and theory of planned validity of the entire proceedings by reason of the curative provisions of Cr.P.C. but certainly the evidence becomes inadmissible. It is significant that the my last meaning Solicitor General during his long arguments never once relied upon the evidence of the approver. (d) The veracity of PW23 has been destroyed in cross-examination. He denied his taped conversation and feigned ignorance of one police statement.

He suppressed truth from the JPC. Even if the evidence of PW23 is taken at its face value, it does not disclose any conspiracy viz. an agreement to commit an illegal act. (e) It is well-settled that an approver is not worthy of credit and his evidence must be corroborated in the disney way, all material particulars through independent evidence. The conviction cannot be based on sole evidence of an my last meaning approver. It is submitted that in the instant case there is no corroboration of the uk so-called conspiracy through any independent evidence; in fact the my last evidence of approver himself does not disclose any conspiracy as alleged in the charge. Learned senior counsel Mr.

Jethmalani also referred to a note recorded by 13 Members of on Tartuffe: Neoclassical, JPC, wherein it is stated as under - . The CBI's treatment of Shri Mohan Khandelwal, first as a 'source' and thereafter as an accused is mystifying, to my last duchess say the least No satisfactory explanation about this was ever forthcoming'. It is submitted that from the aforesaid note inference is obvious - the registering of preliminary enquiry in this case and other cases was an desire attempt to threaten PW23 for not disclosing to the public what he had informed to Shri Sharma, DIG Special Investigation Wing privately. My Last! The registering of the cases had the desired effect-PW23 did not reveal his knowledge to on Tartuffe: Example of a anybody because me agency to whom he had revealed it from June, 1992 onwards, had chosen not to use the information but to investigate cases in which he could be roped in. Obviously, the filing of cases against my last duchess, PW23 intimidated him sufficiently not to divulge the information he was aware of. He submitted that this is crystal clear from the evidence of walt company uk, CW1 Mr. V.D. My Last Duchess! Maheshwari wherein he has stated that Mr. Khandelwal in his statement dated 15.6.1993 disclosed that after withdrawing large amount from the bank, A-5 along with Sunil Mittal went at the residence of Mr.

Sitaram Kesari, Congress Party Treasurer and walt disney company handed over the said amount to him. My Last Meaning! To suppress this, Mr. Khandelwal was made approver. The learned counsel for all the accused contended that prosecution story of conspiracy between Al to A5 is absurd, subsequently developed and cooked up. It is contended mat one of the purposes for developing the story of Essay of a Neoclassical, conspiracy hatched in the year 1989 might be for seeing that the offences are tried by the Special Court.

It is contended that under Section 3(2), the offence which took place between first day of April, 1991 and on or before 6th June, 1992 could only be tried by duchess meaning the Special Court. The transactions of giving loan by A-5 on the disney way 24.1.1991 to my last duchess meaning MUL and borrowing by A-5 on 13.3.1991 which was repaid on a street desire tennessee williams 25.3.1991 and third transaction for which amount was received on 18.3.1991 and repaid on 22.3.1991, would not be covered by sub-section (2) of Section 3 of the SCAM Act. Hence, it is submitted that the duchess allegation of conspiracy between the accused since 1989, apart from a street tennessee williams, being unreliable, is cooked up. For appreciating the contention, we would refer to the FIR which was lodged on duchess 15.4.1993. In the of reasoned action and theory of planned behavior FIR, (in para 3) it has been mentioned that- 'S/Shri Pramod Kumar and Ambhuj Jain entered into a criminal conspiracy during the period from January, 1991 to May, 1991 at Delhi and Bombay with V.N. Deovasthali an officer of UCO Bank, Hamam Street Branch, Bombay, R.N. Meaning! Popli of a street car named tennessee, ANZ Grindlays Bank, Delhi and Shri Harshad S. Mehta, a broker, his employee Anuj Kalia and certain other unknown persons with the object to misappropriate the said surplus funds of MUL and to provide pecuniary advantage to duchess meaning Shri Harshad S. Mehta out of the funds to be invested by MUL by abusing their official position as public servants.' Similar allegations were made in on Tartuffe: An Excellent, the charge-sheet, which was filed on 15.12.1994 which reads as under:-. 'The investigation has further revealed that Pramod Kumar (A-l) and Ambhuj Jain (A-2) entered into a criminal conspiracy and were member of the same during the period from January, 91 to duchess May, 91 at Delhi and Bombay with V.N.

Deosthali (A-3), then Asstt. Manager UCO Bank, Hamam Street Branch, Bombay, R.N. Popli (A-4) of ANZ Grindlays Bank, New Delhi, Harshad S. Mehta (A-5) a broker and Mohan Khandelwal an attorney of Harshad S. Mehta, with the object to misappropriate the surplus funds of MUL and to provide pecuniary advantage to Harshad S. Mehta (A-5) by theory of reasoned action and theory of planned behavior abusing their official position as public servants.' In respect of the aforesaid prosecution story that accused entered into criminal conspiracy during the period-January, 1991 to May, 1991 - the prosecution has not led any evidence and it appears that it has given up the said version. On the contrary, prosecution led evidence to the effect that there was conspiracy either in April or May, 1989 between Al, A2 and A5 and for that purpose it relied upon my last duchess meaning the evidence of a street desire tennessee, approver PW23 Mohan D. Khandelwal, who was associated with A-5 for the purpose of carrying out research in share market and my last duchess companies in Delhi somewhere in walt company uk, the month of February or March, 1989. During his visit to Delhi in April/May, 1989, A-5 made reference to MUL and told that MUL had surplus investable funds as a PSU and they were very active in money market. It is the say of duchess meaning, PW23 that A-5 desired that he should fix an appointment with A-l who was the a street desire concerned functionary in the investment of the funds by MUL. Therefore, a meeting was fixed in the month of April/May, 1999 which took place in the office of MUL in Delhi. In the said meeting, A-5, A-l and A-2 were present. In the meeting, A-5 stated that he wanted to deal with MUL and my last duchess that he was having lot of contacts with the franz kafka a hunger banks in Bombay and could offer to MUL excellent deals in the money market.

Relevant talk which transpired in the said meeting is as under. - 'Ans. 34. Duchess! The accused no.l at that time stated that the MUL could not deal or involve the brokers. Mr. Harshad S. Mehta stated that the deals would be between MUL and banks, structured and suggested by him i.e. Mr. Harshad S. Mehta. Mr. Mehta would not appear in the books of Carolina State Board of Accountancy Violation of 2008 Essay, accounts of MUL and my last duchess meaning mat is what he stated. Ans.

35. Mr. Harshad S. Franz Kafka! Mehta stated that he would stand to duchess meaning gain by way of commission and/or brokerage from the banks. He also stated that MUL would benefit by getting better deals. Ans. Essay Example! 36. The accused no. 1 stated that he would look into any good proposals if Mr.

Harshad Mehta did not come into picture.' From the aforesaid evidence, it is absolutely clear that there was no conspiracy to indulge in any illegal activity. As per the evidence of this witness, A-l stated that he would look into my last, any good proposals if A-5 did not come into picture. This statement would not mean that A-l agreed for committing any illegal act or offence. Of Reasoned Action Of Planned! There is no evidence that A-5 suggested for commission of my last meaning, any illegal act. In further cross-examination, this witness has admitted that he was not sure when A-5 visited New Delhi, but he visited New Delhi once in April or May, 1989 and the meeting took place in Board Cases, the office of MUL at duchess meaning, New Delhi.

The attention of the witness was also drawn to the hand written entry in the visitors' register of the ONGC, New Delhi for the period 25.2.1989 till 4.11.1989, which reveals that A-5 was present in Delhi on 10.4.1989 and Example Neoclassical even assuming that A-5 stayed there for one week, as stated by the witness, his stay would be up to 17.4.1989. On the basis of the aforesaid evidence, it has also been rightly contended that the story developed by the prosecution that A-2 was present during the my last duchess said meeting is, on the face of it, absurd. For this purpose, it has been pointed out that by walt company an office order dated 4.4.1989 Ex.Al and Ex.A2 (5), A-2 was appointed and thereafter he joined the MUL on 19.4.1989 as Junior Officer on my last duchess probation. Kafka A Hunger Artist! He was sent for refresher course from 1st May. In this set of circumstances, it would be difficult to my last duchess believe that a raw junior officer who was on probation would take part in alleged meeting and be a party to conspiracy of dealing in MUL funds illegally or irregularly.

Further, PW23 has developed a story after his arrest on 10.8.1994 that A-2 was present in Essay on Tartuffe: An Excellent of a Neoclassical, the meeting. Meaning! PW23 has admitted in South Carolina State Board Violation Cases of 2008, cross-examination that he was first summoned by CBI in duchess, June, 1993 for interrogation on two occasions, i.e. on 1.6.1993 and Essay Example of a Drama 15.6.1993. In further cross-examination, he admitted that neither he could recollect the exact date and time of the meeting which took place in the premises of my last, MUL nor remember the month of the meeting. The witness has also stated that if in the statement recorded by the CBI, he has not mentioned about the presence of A-2 in the said meeting, then it may be, he has not stated about the same. The public prosecutor admitted that it was an the disney way omission in the statement recorded by the CBI with regard to the presence of A-2. From the aforesaid admission in the cross-examination, it is apparent that A-2 was not present during the meeting and that the prosecution story with regard to the alleged meeting appears to be doubtful. In any case, approver PW23 does not assign any role to A2 in the said meeting. It is also to be noted that the alleged meeting took place in an open hall where other employees of MUL were sitting in close proximity of A-l and A-2 and meaning one of the employees was PW-4 Rajan Ramgopal who joined the Corporate Finance Cell of MUL sometime in the year 1986 as deposed by him. He stated that he used to South Carolina State Board Violation Essay work directly under A-l and that he himself, A-l, A-2 and Jagdish Kumar used to sit in a common hall; A-l had his table with chairs meant for visitors and by the side of it and in front of him, there was a common table where A-2 used to sit; he (PW4) used to sit opposite to A-2; to the side of A-2, Mr.

Jagdish Kumar used to sit and one Mr. My Last Meaning! Shrinivasan used to sit next to uk him. Thereafter, he states that while working with Corporate Finance Cell of MUL, he had not heard the name of Harshad Mehta and that he had never seen the meaning said Mr. Mohan Khandelwal. Similarly, PW8 Jagdish Kumar who was working in the Corporate Finance Department of MUL from 1981 to 3.5.1991 has not at all deposed about the alleged meeting.

The other employee who was also working in the said room is not examined by a street desire williams the prosecution, therefore, it is submitted that PW23 has uttered a blatant falsehood when he deposed before the court that alleged meeting took place in the premises of MUL in the month of April or May, 1989. If such meeting had taken place as alleged by PW23 it would have been noticed by PW4 Rajan Ramgopal, PW8 Jagdish Kumar and other employees. From the aforesaid discussion, it is apparent that approvers' statement for establishing conspiracy does not inspire any confidence. Further, the evidence led by the prosecution itself destroys the so-called conspiracy hatched in April/May 1989 because the reply of A1 as stated by PW23 in the meeting was limited to the extent that MUL could not deal with or involve the brokers and my last duchess meaning that he would look into walt company uk, any good proposals if A5 does not come into the picture. From this statement, no inference can be drawn that there was any conspiracy to misappropriate MUL funds or commit fraud or to commit any illegal act Further, for the prosecution version that Al and A2 entered into a criminal conspiracy with other accused between January 1991 to May 1991 as stated in the FIR (which was recorded after preliminary inquiry) and in the charge-sheet (virtually filed after more than two years of the preliminary inquiry), no attempt is my last meaning, made to prove the kafka artist same. Subsequently developed prosecution version that conspiracy was hatched in my last, April/May, 1989 on the disney way the basis of approver's evidence appears to be unreliable and baseless. Next question would be (even though not argued) - Can we draw an inference from the my last meaning transactions in the disney way, question that there was any such conspiracy from January, 1991 to May,1991 between accused? There is no circumstance on record for establishing any conspiracy between A-l and A-3 who was Assistant Manager of UCO Bank.

There is nothing on record to show that A-1 or A-2 had any talk with A-3 or A-4 with regard to the alleged conspiracy and my last that they were party to walt it. However, let us consider that five transactions mentioned above took place and as MUL could not lend money to A-5 directly, the transactions took place under the meaning name of and on Tartuffe: of a through UCO Bank and in four transactions UCO Bank in turn gave the said amount to duchess meaning A-5. It is South Board Cases, pointed out that as there was conspiracy, A1 and/or A-2 gave Account Payee cheques issued by Canara Bank on behalf of MUL payable to my last duchess Grindlays Bank to Anuj Kalia representative of A-5. Grindlays Bank deposited the said amount in the account of A-5 at Delhi and car named desire williams thereafter transferred the meaning same to the account of A-5 at Bombay. Subsequently on the same day, it was transferred to a hunger artist UCO Bank and UCO Bank gave cheque to A-5. From the nature of meaning, aforesaid transactions, whether conspiracy can be inferred? It is true that apparently transactions are not simple. It casts serious doubt with regard to functioning of Banks and MUL. But as against this, the kafka artist evidence which is brought on record by the prosecution establishes that these were routing/switch transactions. PW14 Assistant Chief Officer, UCO Bank has stated that in my last duchess, case of security transactions on theory behalf of the client, they credit the sale proceeds receipt into the account of the client. PW-7 Karkhanis has specifically stated that Hamam Street branch on each day used to have 30-40 such transactions and such transactions were to be completed within the my last duchess meaning banking hours.

DW-A3(2) Mr. Ramnathan, who was the Divisional Manager of UCO Bank at and theory of planned, Bombay Office has produced on record the letter dated 08.1.1991 Ex.231 written by him indicating resumption of switch transactions and that letter was written after discussing the subject with various authorities including brokers, Zonal Manager and also with General Manager and meaning Dy. General Manager of UCO Bank. it appears that such irregular and unjustified banking practice had developed. But in view of the evidence for such routing/switch transaction developed by the banks/brokers, it cannot be inferred that there was any conspiracy between Al, A2 and A3 or A4 and A5. As stated above, this irregular practice is also discussed by JPC. The JPC had arrived at the conclusion that scrutiny of securities transactions in a number of a hunger artist, banks revealed that some banks were even handing over account payee cheques drawn in favour of other banks to the brokers who got them credited to their account ostensibly to assist the meaning latter in transferring the funds quickly to meet their obligations. This was done as per informal understanding and in An Excellent Example Neoclassical Drama, the name of market practice. Duchess Meaning! The payee bank used to credit the proceeds to the accounts of the broker constituents who brought the cheque to walt it for my last meaning, collection. The JPC also observed that routing of transactions of Essay on Tartuffe: Example Neoclassical Drama, many brokers including A-5 had been carried out by banks. The banks were lending their names to the transactions of these brokers and exposed themselves to great risk by irregularly issuing their own BRs.

Therefore, if this commercial practice was rightly or wrongly developed in various banks or the my last meaning PSUs, it cannot be inferred that there was any conspiracy between the theory of planned behavior banks and PSUs or that there was conspiracy between A-l, A-2, A-3, A-4 and A-5. Further, in my last duchess, the present case, there is no evidence on record that BRs were issued by the UCO Bank without being backed by the security namely UTI Units. In this set of circumstances, it would be difficult to hold mat prosecution has proved the charge of criminal conspiracy under Section 120-B of IPC against the accused. I would also state that it is not properly understood by the prosecuting agency that by introducing or adding a new story in a criminal prosecution, in most of the cases, it adversely affects or destroys the prosecution case. Not only it creates doubts with regard to that part of the prosecution version but on occasions casts doubt about the motive.

Result is-under our criminal jurisprudence, benefit of doubt may go to the accused. Once we arrive at the conclusion that the Essay of a Neoclassical prosecution has failed to prove the criminal conspiracy, the conviction of the accused under Section 120-B of IPC requires to be set aside. JURISDICTION OF THE SPECIAL COURT UNDER THE SCAM ACT. My Last Duchess Meaning! At the a street williams outset, it is to be stated that accused were tried under the SCAM Act which was preceded by an Ordinance promulgated on 6th June, 1992. In the duchess year 1992, it was noticed that there was a scam in the stock exchange as there was sudden rise or fall of prices in the stock market and large number of persons who were trading in stock exchange were losing their money. Some of them were experienced gamblers at the stock exchange and uk most of them were laymen.

As per the Statement of Objects and Reasons of the Act, large scale irregularities and malpractices were noticed by duchess the Reserve Bank of India (RBI) in relation to franz artist transactions in both the Government and outer securities indulged in my last duchess, by some brokers in collusion with the banks and financial institutions. The irregularities and mal- practices noticed by the RBI were with regard to franz diversion of funds from banks and financial institutions to individual accounts of certain brokers. Hence, the SCAM Act was enacted which provides for establishment of a Special Court for the trial of offences relating to transactions in securities and for matters connected therewith or incidental thereto. The object of the Act is to deal with situation mentioned above and in particular to ensure speedy recovery of my last duchess meaning, huge amount involved, to punish the guilty and restore confidence in and maintain the basic integrity and credibility of the banks and financial institutions. Under Section 5 of the SCAM Act, Special Court is to be established and one or more sitting Judges of the walt disney company uk High Court would have jurisdiction in respect of any offence referred to in sub-section (2) of Section 3 of the SCAM Act. Section 3(2) reads thus:- '3. Meaning! Appointment and functions of Carolina State Board Violation Cases of 2008 Essay, Custodian.- (2) The Custodian may, on being satisfied on information received that any person has been involved in any offence relating to transactions in securities after the 1st day of April, 1991 and on my last meaning and before 6th June, 1992, notify the name of such person in the Official Gazette.' Hence, under the Act, jurisdiction of the Special Court is limited for offences relating to transactions in securities after the 1st April, 1991 and on or before 6.6.1992 and the Court is required to follow the procedure prescribed by the Code of Criminal Procedure for the trial of warrant cases before a Magistrate. Franz Kafka A Hunger Artist! Sections 6 and 7 inter alia provide that the Special Court would have exclusive jurisdiction to duchess meaning take cognizance of or to a street car named desire tennessee try such cases as are instituted before it or transferred to it as provided. Further, it is to be clearly understood that the Act does not create any new offence nor brings about any change in duchess meaning, the procedure or raises any presumption pertaining to an offence punishable under the IPC or P.C.

Act, which is to be tried under the Act. Therefore, the offences pertaining to misappropriation, criminal breach of a street williams, trust or fraud and forgery are required to be established by the prosecution on the touchstone of ingredients laid down under the my last duchess meaning relevant provisions of the disney way, Indian Penal Code and by following the meaning Evidence Act. Hence, for conviction under Section 403 and/or Section 405 IPC the prosecution is the disney way, required to establish the ingredients of said sections beyond reasonable doubt. Therefore, as the duchess prosecution has failed to walt company uk establish the conspiracy, the jurisdiction of the Special Court would be limited only for the transactions which took place after 1st April, 1991. Meaning! In the present case, only two transactions, i.e., dated 24.4.1991 and 2.5.1991 would be covered. CASE AGAINST A-l AND A-2 In this case, as the franz kafka a hunger artist prosecution has failed to establish criminal conspiracy, we are required to my last consider the prosecution case against each accused for the acts committed by them and to find out whether they have committed any offences. The case of the prosecution against A-l and A-2 is as follows:- (a) A-l and A-2 misappropriated the property in violation of the law as well as their duty (express and implied) by making it available for use of A-5. This is on account of the fact that they were authorised to invest the walt disney company uk money in defined securities in my last duchess meaning, a transaction with Public Sector Undertakings only. They, however, knowingly entered into a series of walt uk, transactions, which had the result of making the funds of MUL available to AS. (b) A-l and A-2 were also admittedly public servants during the material time.

They abused their position and thereby conferred a pecuniary advantage upon A-5 and in duchess meaning, any event while holding office as a public servant obtained a pecuniary advantage for A-5 against public interest. Thus, they were charged with an offence u/s 13(1 )(c) of the PC Act. It is also pointed out that the evidence given by Essay on Tartuffe: Drama die prosecution witnesses of the MUL inter alia establishes the following- (a) A-l was the meaning Deputy Manager and A-2 was senior executive working closely with him. (b) That MUL had taken a decision to invest its funds with PSUs. In fact it was clarified that investment would only be in PSU bonds. (c) A-l used to place the proposals before the Board and obtain approvals for the investments in question. (d) MUL did not engage services of brokers for its transactions. (e) A-1 and A-2 used to give instructions on the basis of which letters addressed to banks were prepared. (f) The Banker's cheques were handed over on the instructions of A-l or A-2 to Anuj Kalia - an South State of Accountancy Cases Essay employee of A-5. Duchess Meaning! (g) The vouchers prepared in MUL clearly suggest that transaction was between MUL and UCO Bank. This has also been stated by PW4 in his cross- examination. In the circumstances, it is submitted that it is very clear that the transaction, which was authorised, was a transaction in securities directly with UCO Bank. (h) The fact that the pay order was being given to Grindlays Bank in a transaction with UCO Bank was brought to the notice of A-1 by PW4 to which A-l's reply was that it was the problem of UCO Bank. (i) The contention that A-l was instructed by UCO bank to An Excellent Neoclassical issue the pay order in favour of Grindlays Bank is unacceptable for the simple reason that in the fourth and the fifth transaction pay order continued to be issued to Grindlays Bank without any direction from UCO bank. My Last Duchess! (j) In any event, there was no authorisation to the disney way purchase any securities from any brokers. There was no mention of the monies being given on loan to any broker. It bears emphasis that surplus funds were many times invested in securities in buy back transaction, in my last meaning, that the arrangement would be to purchase a security and then resell it within a stipulated time after the Carolina State of Accountancy Cases identified period at a price which would include the cost of purchase plus the stimulated interest. This transaction was considered as placement of funds with PSUs. The witnesses have clearly stated that the only authorisation for placement of surplus funds was PSUs and not private person.

CHARGES AGAINST A-2. My Last Duchess Meaning! (a) He was present in the meeting held in April/May, 1989. (b) He signed letter dated 25.2.1991 for issuing a pay order in the name of ANZ Grindlays bank and also wrote in his own handwriting to walt disney uk Canara Bank that the pay order might be handed over to one Mr. My Last Meaning! Anuj Kalia (PW16) [Ex.26-first transaction). A Street Williams! (c) He signed letter dated 18.3.1991 for issuing pay order in the name of ANZ Grindlays Bank (Ex.31-third transaction) (d) He signed letter dated 24.4.1991 for issuing a pay order in the name of ANZ Grindlays bank (Ex.33-4th transaction). (e) He discharged a bank receipt after the money was received by MUL on my last meaning 26.4.1991 (Ex.41 4th transaction). Walt Disney Company Uk! The learned senior counsel Mr, Jain appearing on behalf of A-2 submitted thus:- The prosecution has miserably failed to establish conspiracy sought to be proved by examining PW23 Mr. Khandelwal. This submission requires to be accepted as discussed above. A2 signed the letter dated 25.2.1991 (Ex.26) in my last, routine manner and the same was put up by PW4 under the instructions of Al, who confirms the same in his statement under Section 313 CrPC. The letter dated 18.3.1991 was written by PW8 after the decision with regard to investment had been taken by the sub-Committee and conveyed to A- l. In his statement under Section 313 Cr.P.C., A-l admitted that MUL got issued banker's cheque dated 18.3.1991 favouring ANZ Grindlays Bank as per written instructions of walt disney, UCO Bank. A2 signed the said letter being authorised signatory. PW8 in his entire deposition has nowhere mentioned that the my last duchess letter was written under instructions of A2.

The said document can not be said to have been signed by A2 with any criminal intent and as such this circumstance cannot be used against A2 for implicating him in the offences alleged. Letter dated 24.4.1991 was also written by PW8 after the decision for investment had been taken by sub-Committee and conveyed to Al and Al confirmed that MUL got banker's cheque dated 24.4.1991 issued in the name of ANZ Grindlays bank in respect of transaction between MUL and UCO Bank. A2 signed the South Carolina State Board of Accountancy Violation letter being authorised signatory. No charge has been framed against A2 in respect of any BR. Since the prosecution had cited document Ex.41 during arguments before this Court, the same is being replied to by A-2 as under:- A2 saw this BR at the time of discharge as authorised signatory after MUL had got the money back and the transaction had got reversed.

When PW4 who was the custodian of all records of every transaction and was maintaining BRs, put up the said BR for discharge before A2 for signing after MUL had got the money back, he signed the same in a routine manner. Under the circumstances, it is submitted that no criminality can be imputed against A2 for signing this BR as an authorised signatory after the reversal of the transaction. Hence, it is submitted that this circumstance also cannot be held against A2. Learned senior counsel further submitted that as there is no evidence against A-2, the Special Court had rightly acquitted him and in the appeal also learned Solicitor General appearing on behalf of CBI has not pointed out any material evidence to hold that the my last meaning judgment and order passed by the Special Court calls for any interference in acquittal appeal. He referred to Ex.26 and submitted that the said document is signed by him but as deposed by PW4 the said document was authored by PW4 and approved by A-1 and, therefore, it cannot be held that he did anything wrong in South Carolina State of Accountancy Violation Cases, mentioning in the said letter that cheque may be handed over to Anuj Kalia. It is his submission that even handing over of cheque to a person who had brought 35 lacs of units for my last duchess meaning, being delivered to MUL cannot be termed in any way as dereliction of Essay of a Neoclassical, duty. Learned senior counsel Mr.Sundaram on behalf of A-1 has given detailed written submissions and has inter alia submitted that the prosecution has failed to establish that- (a) A-l mis-represented to duchess the sub-committee of the MUL regarding transfer of funds to UCO Bank on An Excellent of a UCO Bank's instructions through Grindlays Bank; (b) A-l mis-represented to the sub-committee by not putting to their knowledge the resolution of the Board dated 4th May, 1989; having any dominion over MUL's properties. My Last Meaning! There is no mis-representation nor any loss to the MUL. There is no evidence on record suggesting that A-l was knowing that the funds were disposed of by UCO Bank in favour of A-5. MUL has given funds to the UCO Bank and it is not the function of MUL to verify from UCO Bank as to how the said funds are utilised; (f) The charges under the provisions of Section 13(1)(c) of PC Act and Section 409 of IPC are without any foundation; (g) The evidence of PW7 and PW14, both officials from UCO Bank have deposed that they could not differentiate whether BRs and franz a hunger artist letters pertaining to the relevant transactions shown to them pertain to a transaction conducted on behalf of their bank or on my last duchess behalf of the client broker, and. (h) Prosecution has failed to examine material witnesses, i.e., Mr.

R.C. Bhargava, Chairman-cum-Managing Director and action behavior Mr. S. Natrajan, Director (Finance), even though they were available all-throughout and who were examined by the JPC and IO. I would first refer to the resolution dated 4th May, 1989 of the MUL for investment of surplus funds and also the resolutions for investment for the five transactions in question, which are proved and produced on record. In that resolution, the Board of MUL laid down guidelines for investment of surplus funds by MUL, which read thus:- Resolution dated 4.5.1989 (Ex.9) BOARD AGENDA ITEM NO.17 - INVESTMENT OF SURPLUS FUNDS BY MUL 1.0 In terms of the existing guidelines from the Board, MUL has been loaning its surplus funds to Central Public Sector Undertakings consistent with the terms and conditions of the approval accorded by the Central Government u/s 370 of Companies Act, 1956. 2.0 A Sub-Committee comprising the Managing Director and Director (Finance) has been delegated the authority by the Board to facilitate taking faster decision in this regard. The details of my last, investment made are placed in the Board meeting for information. 3.0 Of late, the number of PSUs, who have surplus funds wanting to loan funds to PSUs has increased. Some PSUs, who were earlier requiring temporary accommodation are now in kafka a hunger, a position to give funds.

As a result of this, there is an increasing competition between PSUs affecting the meaning yield on of a such loaning of funds. My Last Duchess! 4.0 In an effort to maximise yield on surplus funds, it is proposed to invest funds in the units of UTI, Central Govt. securities, public sector bonds either through scheduled banks or directly. These investments, at the disney way, times, are expected to fetch a higher rate of my last duchess, return than what is available on loaning of funds to PSUs without involving any risk as to walt company uk the return of the principal and/or yield. 5.0 It is, therefore, proposed that the Board may permit the Sub-Committee formed by it for the purpose to invest surplus funds of the company from time to time in my last duchess, the purchase of of reasoned behavior, units of UTI, Central Government and State Govt. Securities, public sector bonds either through scheduled banks or directly. Duchess Meaning! 6.0 In March, 1989, MUL invested surplus funds in PSU Bonds, Units of Example, UTI and Central Govt. Securities as contained in the Annexure. The Board may kindly accord ex post facto approval for such investments made to utilise the opportunity of high yield during such periods. 7.0 The Board may kindly approve proposals in paras 5.0 and 6.0 above. Much has been contended that the Board resolution dated 4.5.1989 (Ex.9) passed by duchess meaning the Board of Directors of MUL prohibits granting of a hunger artist, loan in favour of individuals and, therefore, transactions by A-5 with MUL are illegal and against the policy of duchess, MUL and, therefore, A-5 misappropriated, even though temporarily, the amount of car named tennessee, MUL.

T'he afore-quoted resolution inter alia provides that it was open to the MUL to invest the duchess meaning surplus funds in the UTI units through scheduled banks or directly. The reason being, these investments were expected to fetch higher rate of interest than what is theory of reasoned action, available on loaning of funds to PSUs without invoking any risk as to return of the principal and/or yield. It is also provided that Board has permitted the sub-committee to invest surplus funds of the Company in the purchase of my last duchess, units of UTI either through scheduled banks or directly. It is the disney way, admitted position that on the basis of the resolution, sub-committee was constituted consisting of duchess meaning, Chairman-cum-Managing Director and Director (Finance) for the disney way, the purpose of investment It is also proved that all the five transactions took place after the meaning sub- committee passed appropriate resolutions. RESOLUTIONS OF THE SUB-COMMITTEE Resolutions along with agendas are: - (1) Ex.22 dated 01.2.1991, (2) Ex.23 dated 13.3.1991, (3) Ex.24 dated 18.3.1991, (4) Ex.40 dated 24.4.1991 and (5) Ex.42 dated 02.5.1991.

Relevant part of resolutions is reproduced hereunder:- (1) Ex.22 dated 01.2.1991 MARUTI UDYOG LIMITED (CORPORATE FINANCE) No.MUL/FIN./CF/91. 1st February, 91. Sub:- Funds Management 1.0 In November and December Maruti has placed lot of money in Government Securities/Units and PSU Bonds through Banks. These investments have been made for a period of 3 months to 6 months on walt assured yield ranging from 16.25% to 22% per annum. 2.0 During the last week of December and in January, the receipt of payments were relatively less. Maruti was required to my last duchess borrow funds or withdraw money from PSU's. One of the options available for borrowing was to franz a hunger artist sell our investments to other banks with a understanding to buy back these investments after a gap of 30 days or so.

This amounts to borrowing of funds at low rates, as Maruti will continue to get advantage of the high assured yield. The bank with whom we have earlier invested the funds and the bank from whom we borrow the funds need not necessarily be the same bank. In our documentation we have to show the borrowing as sales of our investments. Therefore, it is proposed to show such borrowing as reduction in our investments. This has been discussed with Company Secretary also who is agreeable for such treatment. 3.0 Maruti has done different borrowings/disinvestments as mentioned in the annexure. Some of these have been done to my last meaning place funds with other PSU's. Even though the rate of interest charges to the PSU's is lower than our cut-off rate yet these will result in additional interest advantage ranging from 1 to 2.5% p.a. for Maruti. 4.0 Maruti will have an car named desire williams interest advantage of my last duchess meaning, approximately Rs.27.00 lacs against such disinvestment made for meeting our funds requirement and for placement of funds with other PSU's.

5.0 We have placed the following funds in different dates: Date of Arrangement Party's Name Amount Rs. in Crores Interest Rate p.a. Disney Company! Period 23.01.91 NFL 15.00 13% 30 days 30.01.91 MFL 10.00 14% 30 days 30.01.91 ILFS 5.50 16.25% Till 2.5.91 Submitted for kind approval for placement of funds and borrowings mentioned the enclosed statement. (PRAMOD KUMAR) DEPUTY MANAGER (FINANCE) Sd/- (S. Natrajan) DIRECTOR (FINANCE) Sd (R.C. Bhargava) CMD (2) Ex.23 dated 13.3.1991 AGENDA NOTE FOR THE MEETING OF COMMITTEE OF DIRECTORS FOR INVESTMENT OF FUNDS TO BE HELD ON 13.03.1991. We have received a proposal for investment of my last duchess, Rs. Drama! 10.00 crores in Units through UCO Bank for a period of 12 days.

The expected yield will be 16.75% per annum. Submitted for kind approval of the Committee of Directors for the above placement. MINUTES OF THE MEETING OF THE COMMITTEE OF DIRECTORS FOR INVESTMENT OF FUNDS HELD AT THE REGISTERED OFFICE ON 13.3.1991. The minutes of the last meeting held on my last meaning 11.3.91 were confirmed. RESOLVED that Maruti may place funds in Units through UCO Bank aggregating to Rs.

10 crores for a period of 12 days at an expected yield of 16.75% p.a The resolution was put to vote and carried unanimously. AGENDA NOTE FOR THE MEETING OF COMMITTEE OF DIRECTORS FOR INVESTMENT OF FUNDS TO BE HELD ON 18.03.1991. Kafka A Hunger Artist! 1.0. My Last Duchess Meaning! We have received a proposal for investment of theory of reasoned action and theory of planned, Rs. 14.45 crores in Units/Government Securities/PSU Bonds through Can Bank Financial Services for a period of 43 days. The expected yield is 25% per annum. 2.0. We have received a proposal for investment of Rs. 10.84 crores in Units through UCO Bank for a period of 5 days. The expected yield will be 21%p.a. My Last Duchess Meaning! Submitted for disney company, approval of the committee of Directors for the above placement.

MINUTES OF THE MEETING OF THE COMMITTEE OF DIRECTORS FOR INVESTMENT OF FUNDS HELD AT THE REGISTERED OFFICE ON 18.3.1991. The minutes of the last meeting held on 15.3.91 were confirmed. RESOLVED that Maruti may place funds with M/s Can Bank Financial Services for investment in Bonds/Units/ Govt. Securities' aggregating to Rs. 14.45 crores for a period of 43 days at an expected yield of 25% p.a.

RESOLVED FURTHER that Maruti may place funds through UCO Bank for investment in Units aggregating to Rs. 10.84 crores for a period of 5 days at an expected yield of 21% p.a. Duchess Meaning! The resolution was put to vote and carried unanimously. AGENDA NOTE FOR THE MEETING OF COMMITTEE OF DIRECTORS FOR INVESTMENT OF FUNDS TO BE HELD ON 24.04.1991. 1.0 We have received a proposal for investment of Rs.7.50 crores in Units through Grindlays Bank for a period of 2 days. The Disney Way! The expected yield is 26.25% per annum. 2.0 We have received a proposal for my last duchess meaning, investment of Rs.30.00 crores in Units/PSU Bonds/Government Securities through Bank of America for disney company, a period of 29 days with effect from 2.5.91. The expected yield will be 23% p.a. Submitted for approval of the my last duchess committee of Directors for theory and theory behavior, the above placement.

MINUTES OF THE MEETING OF THE COMMITTEE OF DIRECTORS HELD ON 24.4.1991 FOR PLACEMENT OF FUNDS AT THE REGISTERED OFFICE. Meeting of the Committee of Directors held on 22.4.91. The minutes of the last meeting held on 22.4.91 were confirmed. RESOLVED that Maruti may place funds with M/s Grindlays Bank for investment in Units aggregating to Rs.7.50 crores for duchess, a period of two days at an expected yield of 26.25% p.a. RESOLVED FURTHER that Maruti may place funds with Bank of America for investment in Units/PSU Bonds/Govt. Securities aggregating to Rs.30 crores for a period of 29 days beginning 2.5.91 at walt uk, an expected yield of my last duchess meaning, 23% p.a. The resolutions were put to vote and carried unanimously. The Committee has approved placement of Rs.7.50 crores with Grindlays bank for 2 days at an expected yield of 26.25% p.a. Subsequently UCO Bank agreed to accept this funds at the same rate and there was a certain reluctance on the part of Grindlays Bank to accept the fund beginning 24.4.91.

Accordingly, the placement has been done with UCO Bank. Submitted for ex-post facto approval please. (PRAMOD KUMAR) DY. MANAGER (FINANCE) Sd/-D(F) Sd/- CMD (5) Ex.42 dated 02.5.1991. AGENDA NOTE FOR THE MEETING OF COMMITTEE OF DIRECTORS FOR INVESTMENT OF FUNDS TO BE HELD ON 30.04.1991. Example Of A Neoclassical! 1.0 We have received a request from UCO Bank for placement of Rs. 10.00 crores in units. The placement will be for my last, a period of walt company uk, 5 days with effect from 02.5.91. The expected yield will be 21% per annum. 2.0 We have received a request from Bank of America for placement of Rs. 15.00 crores in Units. The placement will be for a period of 7 days with effect from 2.5.91.

The expected yield will be 22% per annum. 3.0 We have checked up with M/s ILFS who are agreeable to renew the inter corporate deposit of duchess, Rs.5.50 crores @ 22% per annum for a period of 5 days with effect from 02.5.91. Essay On Tartuffe: An Excellent Neoclassical! Submitted for kind approval of the committee of Directors for the above placements. MINUTES OF THE MEETING OF THE COMMITTEE OF DIRECTORS FOR PLACEMENT OF FUNDS HELD ON 30.4.91 AT THE REGISTERED OFFICE. The minutes of the last meeting held on 26.4.91 were confirmed. RESOLVED that Maruti may place funds with UCO Bank for investment in Units aggregating to Rs.10 crores for meaning, a period of of reasoned and theory of planned, five days w.e.f. 2.5.91 at an expected yield of 21% p.a. Duchess Meaning! RESOLVED FURTHER that Maruti may place funds with Bank of America for investment in Units/PSU Bonds/Govt.

Securities aggregating to Rs. 15 crores for investment in Units for a period of seven days w.e.f. 2.5.91 at an expected yield of a street car named desire tennessee williams, 22% p.a. RESOLVED FURTHER that Maruti may place funds with M/s Infrastructure Leasing and Financial Services Limited by renewal of the my last inter corporate deposit of Rs.5.50 crores @ 22% p.a. for a period of five days w.e.f. 2.5.91.

The resolutions were put to vote and carried unanimously. The aforesaid resolutions reveal that proposals for investment of franz artist, funds in units through UCO Bank for a specified period with an expected yield were received and it was resolved that MUL may place funds in my last duchess meaning, units through UCO Bank as per the proposal. As against this, in Ex.42 dated 2.5.1991 which is last resolution, it has been specifically mentioned that MUL may place funds 'with UCO Bank' in units for a period of five days as per the request from UCO Bank. The change of wording in the last resolution clearly indicates that funds were placed with UCO Bank for investment in units for a period of five days with expected yield of walt disney company, 21% p.a. In previous three cases, if in reality the funds were placed with UCO Bank then the phrase 'through UCO Bank' would not have been used. Duchess! This change of phrase reveals that the nature of transactions was known to disney the Directors and that units were to my last meaning be purchased for a limited period through UCO Bank and for the last transaction the amount was placed with UCO Bank. The afore-quoted resolutions also reveal that when the desire tennessee funds were placed, say as, with Bank of America, with M/s. Infrastructure Leasing and Financial Services Limited, with Grindlays Bank and others, it has used the word with. However, when the purpose is otherwise, it has used the word through, say as, through Can Bank Financial Services, through Bank of America etc. Further,, in my last duchess meaning, the resolutions, the period of investment which is only for few days (i.e. 12, 5, 2 and 5) is mentioned.

It also mentions expected yield at 16.15%, 23%, 21%, 26.25% and 25% which would indicate that as a matter of fact nature of such transaction was nothing but loan. Kafka! Purpose of having UTI units was to secure repayment of loan, that is to say, in case of failure to my last duchess meaning repay on desire williams due date, the units would stand forfeited. It is also clear front para 2 of the resolution Ex.22 dated 1st February, 1991 that during the last week of December and in the month of January, 1991, the receipt of duchess, payments by MUL was relatively less and it was required to kafka borrow funds or withdraw money from PSUs. However, in duchess, the documentation, the borrowings were required to Carolina State of 2008 be shown as sales of investments. The relevant part of resolution reads as under:- . in our documentation we have to show the borrowing as sales of our investments. My Last Meaning! Therefore, it is proposed to kafka a hunger artist show such borrowing as reduction in our investments. This has been discussed with Company Secretary also who is agreeable for such treatment. My Last! This would indicate that whatever may be the documentation of franz artist, purchase or sale of UTI units, the same would not reflect the true and real nature of transaction. Admittedly, in the case of borrowing, MUL was preparing documents so as to reveal that the transactions were sale of investments, may be in the UTI Units or other such securities.

Further, PW4 Mr. Rajan Ramgopal specifically admits that the name of the broker did not figure or reflect on the record of MUL in the event of transaction of investment being through broker. He has also admitted that MUL was investing its funds in securities through banks and also through brokers quoting on behalf of the banks. My Last Duchess! Further, mere is nothing on record to indicate that Mr. R.C. Bhargava, Chairman-Cum-Managing Director and Mr.

S. Natrajan, Director (Finance), MUL who have passed the resolutions for investment of funds, did not know that the a hunger funds were meant for A-5. They were throughout monitoring the my last duchess transactions in question but are not examined by prosecution for reasons best known to it This course adopted by kafka a hunger artist a premier investigating agency in such a serious case, if there was real fraud or misappropriation, appears to be unusual. PW25 Investigating Officer Mr. Bhatnagar has admitted in his evidence that he recorded the statements of Mr. R.C. Bhargava and my last Mr. Natrajan during the desire tennessee williams investigation to meaning ascertain if any other higher authority of MUL was involved in on Tartuffe: An Excellent Example of a Neoclassical Drama, the case and my last found that they were not involved directly. It is his say that the proposals put up by A-1 and Example Drama A-2 were approved by Mr.

Bhargava and Mr. My Last Meaning! Natrajan but they were not aware that the the disney way investment in duchess meaning, fact has been made with A-5 through UCO Bank. They had bonafidely accepted the proposals put up by A-l and A-2. It is difficult to imagine that Superintendent of Police, CBI would not be aware of the Evidence Act which stipulates that he cannot depose on the disney way behalf of aforesaid two responsible persons of MUL i.e. the my last duchess Chairman and Managing Director of MUL and Director (Finance) of MUL. Desire! Whether they were aware of the fact that investment of the MUL funds was with A-5 through UCO Bank could have been deposed only by them and not by Investigating Officer. Apart from these salient lapses, from the evidence of PW1 Bhargava, who was Legal Advisor to the company, it emerges that- (a) The five transactions were not only sanctioned by the subcommittee consisting of Managing Director and Director (Finance) but were also approved by the Board; (b) Brokers representing the counter parties used to contact officials of the Corporate Finance department and the Director (Finance) might be knowing about the same, that means Mr. S. Natrajan was knowing about the my last same; (c) No objection was raised during the internal or statutory audit. Comptroller and Auditor General of India had also audited the account. (d) MUL has not lodged any FIR nor made any grievance with regard to the said transactions; (e) After CBI enquiry, A-l and A-2 were promoted for their better performance; and (0 To the JPC necessary replies were given by the Board and Mr. RC Bhargava was summoned by the JPC.

(g) Mr. Bhargava, Chairman-Cum-Managing Director and Mr. Essay On Tartuffe: Example Neoclassical! Natrajan, Director (Finance) of MUL were fully aware of all the transactions in question. My Last Duchess Meaning! PW4 also admits that- (a) MUL used to invest in securities through brokers quoting on behalf of the Carolina of Accountancy of 2008 Essay banks on the basis of my last duchess, telephone calls; (b) The name of broker did not figure or reflect on the record of MUL in the event of theory of reasoned action and theory of planned, transaction of duchess meaning, investment being through the An Excellent of a Drama brokers; (c) Medasai Swaroop, the concerned Manager of the Canara Bank after preparing the cheques would hand over the same to him and he would in turn hand over the cheque to the representative of the bank or the brokers; (d) Because of the my last meaning pressure of work he was not going to a street car named respective bank but the cheques were handed over to the representative of the bank or to the broker under the instruction of either A-l or A-2; (e) During the my last relevant period foreign banks used to uk effect transfer of money from one city to another much faster than the national banks and they were able to do so during banking hours of the same day; (0 The brokers who used to contact on behalf of the bank's clients and financial institutions during the relevant period included Mr. Duchess! Ashwin Mehta; (g) The writing contained on all the vouchers and its language was his and he used expression as either through UCO bank or through ANZ Grindlays bank.

PW3 Halasyam, Chief General Manager (Finance), who was promoted as the Director (Finance) from 1st June, 1991 has also stated that- (a) A-l used to put a wiitten note about the theory behavior proposals for investments before the Director (Finance). With regard to the five transactions in question, in cross-examination, he admits that he did not have any personal information. (b) He admitted that looking at the BRs of UCO Bank, on the face of it, no suspicion would arise and my last duchess meaning that issuance of BRs necessarily indicates that bank issuing it would be holding the security covered under the said BR. A Hunger! The BR also would acknowledge the receipt of monies from MUL for the purchase of security, (c) He agreed that MUL had not suffered any monetary loss in any of the five transactions and duchess meaning got optimum yield and utilization from the point of investment by MUL. (d) He also admitted that with regard to the queries raised by the JPC, he and the Managing Director had discussed the same and he had given response of MUL to JPC after getting approval from Mr. Singh. Essay On Tartuffe: Example Neoclassical! In that para-wise reply to JPC, it is inter alia stated as under:- l(b).

The Government has not issued any guidelines in regard to the investment of surplus funds. In an effort to maximise the yield on surplus funds, the Board of Directors in duchess meaning, its meeting held on 4.5.1989 decided that surplus funds may be invested in the purchase of units of UTI, Central and State Government securities and public sector bonds either through scheduled banks or directly. Pursuant to this decision, MUL has been investing surplus funds through scheduled banks/wholly owned subsidiaries of nationalised banks. The Sub-Committee of the Board earlier nominated for PSU placements was authorised by the Board for investments in these securities. Among others the meeting held on 4.5.89 was attended by the disney way Secretary, Finance and my last Secretary Industry.

All the investments were made with the prior approval of the Sub-Committee and placed before the Board for the disney way, information. 2(b). To the best of our knowledge, RBI has not issued any guidelines which are applicable to my last duchess companies incorporated under the Companies Act for investment of surplus funds. MUL has complied with all the rules and car named tennessee williams regulations prescribed under the my last meaning Companies Act, 1956 for South Carolina Board Essay, investments of funds. Therefore, the question of any violation does not arise. 2(c). One or more Govt.

Directors have always been attending the Board Meetings of MUL. There has not been any dissent on any such investments. 4(e). After it was reported that some banks have committed irregularities in securities transaction, MUL stopped investing funds in securities w.e.f. 30.S.92 and instead has been placing surplus funds only as inter corporate loans. 4(g). The investments of my last meaning, these funds were authorised by the Committee of Directors consisting of Managing Director and Director (Finance) within the parameters approved by the Board in its meeting held on 4.5.89. 5.1 . As per the joint Venture agreement dt. South State Board Violation Of 2008 Essay! 2nd October, 1982 amongst Government of India, Suzuki Motor Corporation and Maruti Udyog Limited, Maruti is to be managed as a commercial enterprise with a view to providing its shareholders with a reasonable return on their equity investment in Maruti. Maruti used both nationalised and foreign banks to optimise the yield. 5.2 These transactions were reported to the Board and none of the Directors had objected to this as they were not considered to be irregular.

7. No irregularities in investment of funds was ever pointed out in any internal/statutory audit/government audit report. For the first time, in Government auditor's review of accounts dated 28th August, 1992, it was observed that investments through foreign banks -were not in conformity with BPE guidelines. 9(a). In all such transactions of my last duchess, purchase of units, funds were transferred to UCO Bank, Bombay by way of banker's cheques in favour of kafka a hunger artist, ANZ Grindlays Bank strictly in accordance with the written instructions regarding remittance of funds by UCO Bank, Bombay. The funds were not credited by Maruti to the individual account of Mr. Harshad Mehta. Maruti had no means to know or any knowledge how UCO Bank, Bombay used the funds paid by Maruti for purchase of units.

The fact that the funds were credited by UCO Bank came to the notice of MUL in October, 1992 when CBI started the enquiry. There is absolutely no connivance between any Maruti official and Mr. V.N. Deosthali of UCO Bank or Mr. Harshad Mehta. These investments were made to optimise returns for the company and were made through a public sector bank. Maruti had no reason to suspect that the my last meaning public sector bank was not doing things in the straight forward manner. In the first transaction, Maruti sold units worth Rs.5 crores to UCO Bank, Bombay and received the artist money on 24th January, 1991. Maruti, thereafter bought back the units after 32 days and the total cost of funds for my last duchess, this period amount to 12,75% per annum.

Other four transactions were for investment of Rs.1O.52 crores, Rs, 10.84 crores, Rs.7.62 crore and Rs. 10.39 crores for period of 12 days, 5 days, 2 days and 5 days with the expected yield of 16.75%, 21%, 26.25% and 21% p.a. respectively. Essay Neoclassical Drama! In the circumstances, there is no need for the company to take any action. 10(a) The letters from duchess meaning, UCO Bank, Bombay were addressed to Maruti Udyog Limited and were received in the Finance Department Maruti Udyog Limited followed the written instructions of UCO Bank, Bombay regarding the remittance of the disney way, funds through ANZ Grindlays Bank. In the first case Maruti gave physical delivery of units and received back the same in February, 1991 after expiry of 32 days. In respect of other 4 investments which were only for very short periods no physical delivery of units was taken.

Maruti received Bank Receipts from meaning, UCO Bank, Bombay for theory of reasoned behavior, all transactions of investment except for the last investment of Rs.10.39 crores for meaning, 5 days in May, 1991, These funds were received back alongwith the expected yield. As UCO Bank, Bombay did not deliver the Bank Receipt in the last case, Maruti altogether stopped dealings with UCO Bank. Franz Kafka A Hunger Artist! The aforesaid para-wise reply given by duchess meaning the MUL to JPC establishes that- (a) Such transactions were an a street effort to maximise the yield on surplus; funds. Maruti Udyog is my last meaning, a joint venture company and is to manage as a commercial enterprise with a view to desire tennessee provide its shareholders reasonable return on their equity investments in duchess, Maruti. (b) The investment of these funds were authorised by the Committee of Directors consisting of Managing Director and Example of a Director (Finance). (c) The transactions were reported to the Board and none of the duchess meaning Directors had objected to this and they were not considered to be irregular. (d) For the first time in Government Auditors Review of Accounts dated 28th August, 1992, it was observed that investments through foreign bank were not in conformity with BPE guidelines. (e) In all such tran, actions of purchase of units funds, funds were transferred to UCO Bank, Bombay by way of bankers' cheques in favour of ANZ Grindlays Bank strictly in accordance with written instructions regarding remittance of funds by UCO Bank, Bombay. (f) There is the disney way, absolutely no connivance between any Maruti official and Mr. V.N. Deosthali of UCO Bank or Harshad S. Mehta. My Last! (g) Investments were made to optimize return for the Company and were made through a Public Sector bank. (h) Funds were received back along with expected yield. (i) In the circumstances, there is no need for of a Drama, the Company to take any action against the officers.

From the aforesaid evidence it is totally misconceived to contend that A-l or A-2 were having any dominion over the MUL funds. The aforesaid assertions by the MUL before the JPC would certainly mean that Al or A2 have not done anything dishonestly with the intention of duchess, causing wrongful gain to AS or wrongful loss to MUL or that Chairman and kafka artist Managing Director Mr. Bhargava or the Director (Finance) were not knowing about such transactions through UCO Bank. What can be stated from the evidence discussed above is:- (1) Resolutions used the phrase through UCO Bank whenever necessary. It also used the my last duchess words 'with UCO Bank' or 'with Bank' which ever is the Bank as per the nature of the South Board of Accountancy Violation of 2008 Essay transaction. (2) Admittedly documents maintained by MUL do not reveal true state of affairs. Apart from oral evidence, this is reflected in the Resolution Ex.22. ' (3) It is totally misconceived to hold that A-l or A-2 were having any dominion over MUL funds/property. Funds were to be invested as per the decision of the Sub-Committee consisting of my last duchess meaning, Chairman-cum-Managing Director and the Director (Finance). They were having dominion over such property. A-l or A-2 were only required to walt company uk carry out the directions issued by the Sub-Committee. (4) Resolutions passed by the Sub-Committee were approved by the Board. None objected to my last it. (5) Even after inquiry by the CBI, in reply given to JPC, MUL has made its position clear that the funds were invested as a commercial transaction for getting optimum yield.

All the witnesses on behalf of a street williams, MUL stated that MUL has not suffered any loss in the said transactions. (6) Pending CBI inquiry, MUL considered that A-l or A-2 have not committed any wrong and my last duchess they were promoted. (7) Issuing of cheques by Canara Bank in desire tennessee, favour of Grindlays Bank was as suggested by the UCO Bank (A-3). (8) Further this was a commercial practice adopted by many banks for transmitting the funds at the earliest. This practice rightly or wrongly was developed with the PSUs and financial institutions. (9) PW4 Rajan Ramgopal admits that MUL used to invest in certain securities through brokers and my last duchess meaning the name of the broker did not figure or reflect on the record of of reasoned action and theory, MUL. (10) In such a case, it would be difficult to hold that A-l or A-2 acted dishonestly in issuing cheques in favour of Grindlays Bank for transmitting the funds of MUL to UCO Bank, Bombay. My Last Meaning! (11) No objection was raised during internal or statutory audit despite the fact that Comptroller and Auditor General had also audited the accounts. Disney Company! For the reasons stated above, neither A-1 nor A-2 can be convicted for duchess meaning, the alleged offences. No doubt A-2 is already acquitted by the Special Court. CASE AGAINST A-4 Before discussing the prosecution case against franz artist, A3, I would deal with the prosecution case against A-4 who was working in the Clearing Department of Grindlays Bank, New Delhi. A-4 is convicted under Section 120B r/w Sections 409/467/468/471 of IPC and Section 13(2) of the PC Act. The appellant was convicted for substantive offence under Section 409 IPC for- (a) having credited bankers cheque no.645532 dt.25.2.1991 for a sum of Rs.5,05,03,250 issued by my last duchess Canara Bank favouring Grindlays Bank into a street williams, account of A-5 [the amount was paid by A-5 through UCO Bank to MUL]; (b) having credited bankers cheque no.646402 dt. 18.3.1991 for a sum of Rs.

10,83,75,000 issued by Canara Bank favouring Grindlays Bank into account of A-5; and. (c) having credited bankers cheque no.863237 dt.24.4.1991 for a sum of Rs.7,62,45,000 issued by Canara Bank favouring Grindlays Bank into duchess, account of A-5. In support of charges, prosecution has relied upon the evidence of 4 witnesses of Grindlays Bank, i.e., PW9 Ravi Saluja, PW11 Suraj Tandon, PW12 Ashok Monga and K.K. Kuda PW15 and PW22 Mr. V. Rangarajan, an employee of Reserve Bank of India. It is contended on behalf of prosecution that from the evidence of witnesses of ANZ Grindlays Bank, the following stands proved- (a) That A-4 was the An Excellent Example of a Drama officer in charge of the clearing department. (PW12) (b) The entries in respect of these transactions would have to be authorised by the officer in charge of the clearing department- in duchess, view of the of reasoned of planned amount involved-and, therefore, it would be authorised only by A-4 (PW12). Mr. Dwivedi, learned senior counsel appearing on behalf of A-4 submitted there is no evidence against accused for the offence for meaning, which he is convicted. Disney Company Uk! It is his contention that with regard to the handing over of cheque of Grindlays Bank, there is no evidence except that of Anuj Kalia PW16 that he accepted the said cheque and forwarded it for encashment.

But that would not mean that he was in any way party to any fraud. Next he submitted that prosecution witnesses themselves deposed before the Court that the cheques received by the Grindlays Bank were deposited in me account of meaning, Grindlays Bank and not in the account of A-5. For this purpose, he referred to the evidence of PW9 Ravi Saluja, PW11 Suraj Tandon, PW12 Ashok Kumar Monga, PW15 Kanwal Krishan Kuda. He further submitted that even witness from Canara Bank PW2 Meda Sai Swaroop has also deposed that cheques were credited in the account of Grindlays Bank. An Excellent Example Neoclassical Drama! He also referred to evidence of PW14 Mr. Prem Shanker Joshi. He relied upon evidence of DW5(8) Atul Manubhai Parekh. Finally, he has drawn our attention to the evidence of meaning, PW25 Mr. B.C. Bhatnagar, the Investigating Officer, who deposed that there were number of officers involved, and referred to the part of Essay An Excellent Neoclassical, PW25's deposition, wherein he stated that-he does not remember if he had made any application/request for production of documents to the said bank during the said period. He did not remember if he had conducted any search and seizure from the my last duchess meaning said Bank with regard to the documents like attendance register, duty roster or any other similar document showing the presence of particular officer at particular time.

For considering the contentions raised by the learned counsel for the parties, I would refer to what emerges from the evidence of the relevant witnesses:- PW9 Ravi Saluja states that the cheques so received by the ANZ Grindlays Bank for clearance were sent to the clearing department for further processing. The said department would verify and tally the particulars as appearing in the pay in slip and the related cheque. The centralized branch of ANZ Grindlays Bank then would make the consolidated statement and the disney way arrange to send the cheques received for clearance to the clearing house of RBI. There is also a category of cheque known as bankers' cheque, that is to say, a particular bank issues its cheques in favour of another bank. In such a case, the issuing bank can use the format of pay order also. Duchess Meaning! On seeing Ex.28, he stated that it is inter bank cheque in favour of Grindlays bank issued by Canara bank bearing 'Payee A/c only' and stamped 'not transferable'. There is South of Accountancy of 2008, a rubber stamp of Grindlays bank on its reverse indicating that the said bankers cheque is cleared. He states that Grindlays bank would dispose-of the proceeds of the said cheque as per the covering letter. He identified A-4 R.N. Popli, an employee of Grindlays bank, but stated that he was not aware about my last duchess, his posting during the of reasoned relevant period i.e. in the year 1990 to 31.5.1991. PW12 Ashok Kumar Anant Ram Monga states that he was overall in charge of the my last duchess meaning ANZ Grindlays Bank branch along with the Manager and in that capacity he used to have supervision over the working of the concerned clearing department.

He states that in these types of transactions there are two authorizations required, the of 2008 Essay first authorization relates to giving credit to the third party which is my last meaning, generally given by Branch Manager, Marketing Department who is known as Relationship Manager or Account Manager and the Funds Manager. The objective of drawing the bankers cheque was to provide speediest or fastest clearance of the disney way, such instruments which was not possible through other clearing settlements available to the customers, namely, MICR. If the instrument is cleared through MICR clearance, the customer gets funds only on third day. The other settlement which is high valued settlement which was introduced by RBI in my last duchess meaning, the year 1985 in response to the needs of the business community as a mode of faster settlement also took minimum two days to provide clearance of cheques. He was shown entry Ex.71(4) of dated 13.3.1991 into the accounts of Harshad S. Mehta. He stated that the then officer in charge of clearing department had authorized the said entry to be made in the statement of account. He could not recall the name of the said officer who was in charge of clearing department. He agreed that in of reasoned action of planned behavior, 1991-92 there was a practice of crediting the my last proceeds of the bankers cheques into An Excellent Example Neoclassical, the account of meaning, third party other than its payee.

However, it was extended to only certain high networth customers like British Airways, Classic Financial Nizhewan Travels and Harshad Mehta Group which list is not exhaustive and he came across the instances in case of the said parties where their bank had allowed such credits. The Grindlays bank had not received any complaint from franz kafka a hunger artist, MUL for crediting the amounts of my last duchess, said five pay orders to the account of third party. He was asked about the kafka artist category of customers regarded as High Networth customers. He replied-such classification is generally given by the concerned manager of the bank having regard to the deposits maintained by the customer or other business potentials. My Last! The services to be extended to the customers like high networth customers would be decided by the branch manager. In the cross- examination, it is his say that all the the disney way five pay orders which were shown to him being Ex.28, 30, 32, 34 and 36 were sent for inter Bank Clearance by the Grindlays bank. The amount of these pay orders was debited into the account of the issuing bank and credited into the account of Grindlays bank.

The accounts of the issuing bank and payee were with the my last RBI. He admitted that it is only after credit of the proceeds of the said five pay orders into the Grindlays bank account that the walt disney uk proceeds thereof in turn were credited into the account of A-5. He further stated that during the my last meaning relevant period i.e. in the year 1990-91, to action and theory his knowledge, some other banks in this country were also following such practice. There was no prohibitory order, direction, or guidelines from the RBI prohibiting the banks to follow such practice during the relevant period i.e. 1990-91. He stated that RBI was required to issue guidelines prohibiting such practice somewhere in September/October, 1992 as many banks were indulging in such practices. It is his say that RBI has never taken any action against the Grindlays bank in respect of Five pay orders shown to him earlier.

He also stated that Grindlays bank had not received any complaint from MUL for crediting the amounts of duchess, said five pay orders to the account of third party. It is his say that Grindlays Bank has not received any complaint or claim in a street tennessee, respect of my last meaning, said five pay orders from Canara Bank, UCO Bank or Harshad S. Mehta. The said parties have also not initiated any action in any court of law in respect of negotiation of said five pay orders at any time. We would refer to the following few relevant questions and their answers given by this witness:- Q. Having received the funds under the Pay order payee bank would credit its proceeds into the account of the party depositing the said pay order? A. When the instrument like pay order is drawn favouring Grindlays bank then the same has necessarily to be deposited into pits i.e., Grindlays Bank Account with RBI. Q. Would it be correct to theory of reasoned action and theory say that if any bankers cheque is made payees account and non transferable then in the ordinary course the payee bank cannot credit the proceeds thereof in to the account of third party? A. Yes Q. If your customer gives the instruction for giving credit of the proceeds of such pay order to any third party then the same would be permissible?

A. Yes, i. the customer is in the list of high networth. To the Court:- Q. You have stated about the category of customers regarded as High Networth customers. Could you elaborate? A. Duchess Meaning! Such classification is generally given by the concerned manager of the Carolina of Accountancy Essay bank having regard to the deposits maintained by the customer or other business potentials. Q. Such practice being in deviation of the usual practice, was the my last permission of the RBI obtained as far as your bank is concerned? A. No. Q. You have stated that RBI issued detailed guidelines somewhere in September - October, 1992 expressly prohibiting such practice of negotiation, does that not mean that RBI never approved of such practice? A. Yes. (witness volunteers) RBI never objected to it and kafka a hunger artist probably it might not be aware of such practice. All the five pay orders which were shown to me being Ex.28, 30, 32, 34 and 36 were sent for inter Bank Clearance by meaning the Grindlays Bank.

It is correct that the amounts of the said pay orders were debited into the account of issuing bank and walt disney credited into the account of my last, Grindlays Bank. The account of the issuing bank and payee bank are with the RBI. It is correct that it is only after credit of the proceeds of the said five pay orders in to the Grindlays Bank account that the proceeds thereof in turn were credited into the account of accused no.5. PW15 Kanwal Krishan Kuda with regard to the credit voucher dt.26.4.1991 into the account of Harshad S. Mehta, states that the same was approved by him and it bears his initials. The entry appearing therein is correct and the same was prepared on the basis of credit advice received from the RBI. He could not recollect who was or who were the concerned officers of the Essay on Tartuffe: Example of a Drama treasury department, who would be giving such instructions as there were many such officers. PW22 V. Rangarajan states that the bankers cheque/pay order issued by one bank favouring other bank are negotiated as under:- The payee bank would deposit the cheque for my last, clearance in clearing house and RBI would settle the payment thereof by a street desire tennessee giving credit into the account of duchess meaning, payee with RBI. In view of the aforesaid evidence, it can be stated without any doubt that all the a hunger five pay orders namely Exs.28, 30, 32, 34 and 36 were sent for inter bank clearance by the Grindlays Bank. The amount was credited in my last meaning, the account of Grindlays Bank. Hence, it is established that the amount of account payee and non-transferable pay orders were only walt disney credited in the account of Grindlays Bank. In this set of circumstances, it is not necessary to discuss the relevant provisions of Negotiable Instruments Act that account payee non-transferable cheques cannot be credited in anybody else's account.

As such, the entire prosecution against A-4 was totally on an erroneous assumption that A-4 got the amount of account payee cheque bearing stamp non-transferable credited straightway in the account of A-5. My Last Duchess! If the amount is credited in the account of the disney way, Grindlays Bank, question is-how is A-4 liable? There is nothing on record to my last establish who directed that the said amount should be credited in the account of A-5. The evidence led by the prosecution nowhere reveals that A-4 credited the said amount into action, the account of A-5. IO has not verified at whose instance the amount which was credited in the Grindlays Bank account was specifically credited in the account of A-5. The evidence of PW12 Ashok Kumar Monga also reveals that there was a practice of my last, crediting the proceeds of the walt banker's cheques into the account of third party in case of high-networth customers like British Airways, Harshad Mehta's group and others and such category of customers was generally given by the concerned Manager of the bank having regard to the deposits maintained by the customers or other business potentials. Meaning! While convicting the accused, the trial court has not been able to segregate the fact that even assuming that what was done by Grindlays Bank was irregular that does not necessarily mean that it was done by the appellant. None of the witnesses of the bank have been able to clearly point out a street desire williams as to where the appellant was posted during the duchess relevant period nor his initials are identified and nothing has been brought on record that he credited the said cheques in the account of A-5 or he was concerned with the credit of the said amount in favour of A-5.

In the absence of any such evidence, the charge under Section 120B and substantive offences under Section 409 are not proved. It is apparent from the testimony of I.O. that no effort was made to collect any material which would have shown where the appellant was posted during the car named desire relevant period nor any record like the duty register was seized by the I.O. He admits that in matters of debit and credit, various officers at my last meaning, different levels were involved. The prosecution has failed to produce any evidence oral or documentary which would go to show that the appellant had anything to do with the credit of the proceedings of the pay order into the account of a street tennessee williams, A-5. Hence, from the evidence as it stands, it cannot be stated that A-4 was in- charge of the clearing department and responsible for giving such credit in favour of A-5. In view of the aforesaid state of my last duchess meaning, evidence, the conviction of A-4 for South Carolina Essay, any offence including for the substantive offences under Section 409 IPC cannot be sustained.

CASE AGAINST A-3 The case of prosecution against A-3 is that:- (a) He abused his position as public servant by allowing use of MUL's funds to be wrongly obtained by A-5 and, therefore, he is my last, guilty of the offence under Section 13(l)(c) r/w 13(2) of PC Act. (b) He fabricated a set of the disney way, letters written on the letter head of UCO Bank representing fraudulently that UCO Bank was entering into a transaction with MUL. He also created a set of my last, BRs (signed by him purporting to be an accountant although he was an Assistant Manager). (c) His fraudulent misrepresentations of showing a transaction of theory action behavior, purchase/sale of securities between UCO Bank and MUL were to enable A-l, A-2 and A-5 to misappropriate the funds of my last, MUL. Therefore, apart from the charge of conspiracy against A-3, he is also charged with the offence under Sections 467,468 and 471 of IPC. (d) He forged the a street car named williams BRs purporting to be the representation that a set of securities was being held by UCO Bank on behalf of MUL and the same had been sold by UCO Bank to meaning MUL and thereby committed an offence under Section 467 IPC. (e) He forged the letters and Essay on Tartuffe: of a Neoclassical he dishonestly made and/or signed the my last meaning documents with the intention of causing it to be believed mat such document was signed under the authority of car named williams, UCO Bank. He is, therefore, guilty of duchess, offence under Section 468 read with Section 464 IPC. (0 Having forged the documents as aforesaid, he used these documents and, therefore, he is guilty of the offence as charged under Section 471; and. (g) That the documents created by A-3 were intended to misrepresent the position of UCO Bank is also clear from the fact that the An Excellent Example Neoclassical identification (which should have been put on the document were it a transaction for and on behalf of a client) was not so placed on the document. This is the evidence of PW14. The intention of A-3 to misrepresent to MUL that there would be a transaction between MUL and my last duchess UCO Bank is clearly established. It is contended on behalf of the prosecution that from the evidence of the witnesses following stands proved:- (a) That the documents were not prepared in company, the normal course of my last meaning, business but outside the office. (PW6) (b) That the An Excellent of a Neoclassical UCO Bank's branch was not authorised to conclude deals (PW7). If there had to be a genuine transaction of sale of securities between the UCO Bank and MUL then that deal would have to be concluded between the Head Office of the bank and duchess MUL. (c) The Bank (as a corporate entity, and a Govt. Company) could not lend its name to a private broker to of reasoned and theory of planned enable him to obtain funds from any other Public Sector Undertaking, the my last identity of the private broker being kept secret.

This would constitute a clear deceit upon a Public Sector Company - since it was done not for any commercial purpose but to deceive the Public Sector Undertaking into placing its funds with that Bank. The question of the deal being on behalf of the broker legitimately and commercially did not arise. (d) It is Carolina State Board Violation Cases of 2008, submitted that the duchess evidence of the of reasoned and theory behavior officers of the UCO Bank that the Bank would act for the brokers, is being misconstrued. The banker can, on behalf of the broker, undoubtedly undertake such activities as are common in commercial usage. Meaning! However, it is obvious that such an activity should not be illegal, or to attain unlawful purposes i.e. to deceive another corporate entity. If MUL had authorised placement of funds only with PSUs, then it is obvious that it would not be in the interest of the walt uk UCO Bank to lend its name to a broker to obtain funds from a PSU - since it would constitute a deceit upon the other PSUs. (e) A-3 wrote letters which constituted a clear representation to MUL that it was entering into a transaction with UCO Bank - it is apparent from the plain language of the letter. My Last Duchess Meaning! It is clear that A-3 would not be authorised to write such letters unless he had been permitted to do so by the Head Office. On this apparent tenor, the Essay An Excellent letter would commit the UCO Bank personally to duchess meaning a transaction of sale/purchase of securities and A-3 was not authorised to do so. The letters written by A-3, therefore, were purporting to the disney way be with an duchess authority which he did not possess and purporting to commit the bank to an agreement thereby clearly being forgery. PW14 and PW21 also (employees of UCO Bank) have pointed out that only franz a hunger Head Office used to give instructions for deals on behalf of the Bank. (f) That the documents created by A-3 were intended to misrepresent the duchess position of the UCO Bank is also clear from the fact that the identification, which should have been put on Essay on Tartuffe: An Excellent of a the document that it was a transaction for my last duchess meaning, and on behalf of a client, was not so placed on the document-this is the evidence of PW14.

This intention of A-3, therefore, to misrperesent to MUL that there would be a transaction between MUL and UCO Bank is clearly established. The prosecution has further charged A-3 with forgery for writing two letters, i.e. the letters (1) dated 23.1.1991 (Ex.58) (Charge nos.8, 10,11) and (2) dated 13.3.1991 (Ex.60) (Charge nos.17, 18, 19) on the letter-head of UCO Bank, Hamam Street Branch to MUL. Further, it was pointed out that A-3 could not have written the letters Ex.58, 60 and 61 on behalf of a hunger artist, UCO Bank. Mr. Mahesh Jethmalani who appeared as amicus curiae for A-3 referred to the RBI policy circular dated 26.7.1991 and submitted that the said circular nowhere prohibits the bank even after 26.7.1991 to act as broker on behalf of their clients. It only provides that banks cannot issue bank receipts. Duchess! Prior to that there was no such prohibition and it only provided that such BRs must be backed by units/securities. He referred to the letter dated 13.3.1991 written by A-3 to MUL [Ex.60] and Ex.23, which is an agenda note for the meeting of the Directors for investment of funds to be held on 13.3.1991 and the resolution of the same date passed by walt disney company the Chairman and the Managing Director as well as Director (Finance) of MUL.

He submitted that in the letter dated 13.3.1991 written by A-3 it is nowhere stated that MUL was purchasing units from UCO Bank. With regard to crediting of funds in A-5's account, it is duchess, submitted on behalf of A-3 that the evidence on record discloses that it was not A-3 who allowed MUL funds to be wrongfully gained by A-5. MUL's funds were credited into uk, the account of A-5 allegedly by A-4. The funds were already credited to A-5's account by Grindlays bank. My Last Meaning! New Delhi from where the same were transferred under the instructions of PW23 to A-5's account in Grindlays Bank, Bombay. UCO Bank received funds already credited to A-5's account in Grindlays Bank, Bombay. Moreover, when UCO Bank received those funds from Grindlays Bank, Bombay, the same were received under credit advices, specifically directing UCO Bank that the proceedings of the said cheques were for the credit of disney uk, A-5's current account No.1028 with UCO Bank.

The credit advices for the five cheques are Ex.l26-A to duchess meaning Ex.l30-A. There was no illegality on the part of A-3 and further there is no evidence of car named tennessee williams, any actual loss caused to my last duchess meaning anybody or of intention to cause loss to anybody. In the absence of theory of reasoned action and theory of planned, any evidence of dishonest intent, the charge under the PC Act must fail. It is submitted on behalf of duchess, A-3 that charges of forgery have been framed on the assumption that Exs.58 and 60 are forged. The accused is convicted in ignorance of the fact that banks were entitled in law to act as agents for their customers and in UCO Bank this facility was offered to several brokers including A-5 as it was a lucrative source of income to An Excellent Drama the Bank. For this, reference is duchess, also made to the evidence of PW7 Karkhanis, PW14 Prem Shanker Joshi and PW21 M.V. Shidhaya (both employees of UCO bank). It is further contended that PW7 Karkhanis stated that the alleged letters could not be written by A-3.

This answer was clarified during cross- examination when he stated that as to why A-3 was not authorised to do so. He says that A-3 was not supposed to write such letters on behalf of UCO Bank as the Essay on Tartuffe: An Excellent of a Drama Hamam Street Branch could only transact business on meaning behalf of brokers and Essay on Tartuffe: An Excellent Neoclassical Drama could not transact business concerned with UCO bank's own investment. The fact of the matter however is my last, that when A-3 addressed the letters, he was not dealing with the Bank's investment but with the securities transactions of A-5. There is no evidence that letters such as Ex.58 and 60 could not be written by the Hamam Street Branch of UCO Bank when it was dealing on behalf of its account holders in transactions in securities. On the contrary, addressing such letters would be a necessary part of the function of car named tennessee williams, acting as routing agents for their account holders, inasmuch as, it is part of the function of an agent to communicate receipt and delivery instructions to the counter party. Learned counsel also high- lighted that resolutions passed by MUL indicate transactions were for loan. He also submitted that in the alleged meeting in my last meaning, April/May, 1989, if there was any such conspiracy then A-5 would not have acted as the broker for MUL in the year 1990. He submitted that in the year 1990 as per the record produced by the prosecution, A-S acted as broker of MUL in 13 other transactions. Similarly, he pointed out the resolution Ex.24 along with the agenda and submitted that investment of a street williams, Rs. 10.84 crores in the units was through UCO bank meaning thereby bank was not the seller of the units but the seller was somebody else, on whose behalf UCO Bank was acting as broker. Further, the investment was only for five days and expected yield was 21% per annum which normally no bank would pay.

He further referred to Ex.40 which is a resolution as well as agenda of the meeting which was held on my last 24.4.1991 to point out that MUL was investing funds with Grindlays bank as well as Bank of kafka artist, America for getting higher yield. He referred to duchess evidence of PW21 (Vol.6 page 1038 paragraphs 4 and 5) and pointed out that bank was agent and broker on behalf of its clients and for that it was getting commission and that commission was credited in the bank's account by debiting the same in the account of its clients. For this purpose, he referred to Vol.25 page 6895 and relevant vouchers. Lastly, he submitted that A-3 is not at all connected with the franz kafka artist 5th transaction which took place without BRs because at the relevant time he was transferred to another branch. For mis purpose, he referred to meaning evidence of kafka, PW7, wherein it is stated mat A-3 was transferred from my last, 25.4.1991 to 15.5.1991 during which period last transaction took place.

He submitted that for BRs Ex.38 dated 13th March, 1991, Ex.39 dated 18th March, 1991 and Ex.41 dated 24th April, 1991, A-3 has been erroneously charged for forging the BRs on the assumption mat UCO Bank did not hold the units (or which the of reasoned action of planned behavior BRs were issued. My Last Meaning! It is submitted that the charges proceed on an incorrect assumption that me BRs were issued on behalf of UCO Bank. BRs. were issued on behalf of franz kafka artist, A-5 and the same were backed up by more than adequate units belonging to A-5. The charge of forgery is accordingly misconceived and untenable. He submitted that after RBI circular dated 26.7.1991, it was irregular for banks to issue BRs on behalf of their broker clients. Prior to that date, however, it was the practice of duchess, UCO Bank and other banks to issue BRs on behalf of their broker clients. It is submitted that the question which arises in the instant case is - whether the BRs issued by A-3 were backed up with units belonging to walt disney uk A-5? Although nine charges have been framed on this aspect, the CBI has undertaken no investigation whatsoever to discover whether the BRs were backed up by securities belonging to A-5. Had the CBI undertaken this simple exercise, this trial might never have seen the light of the day and the accused would not have been harassed. My Last Duchess Meaning! It is further pointed out that in an almost identical case (RC 8 (BSC)/94/Bom.), the CBI investigated the issue whether the BRs issued by UCO Bank (or A-3) were backed up by securities belonging to A-5.

On discovering after investigation that the BRs were indeed backed up by car named tennessee williams securities, the CBI filed a closure report Ex.A-5-116 (p.6016 to 6032 vol.20) before the Court and the said report was accepted on 17.3.1997 It is also submitted that in any event, in the instant case, there is clear, precise and unrebutted evidence that each of the BRs issued by UCO Bank and signed by A-3 was backed up by units, belonging to A-5, in excess of the quantum of units for which BRs were issued. Not only are the charges pertaining to forgery of the BRs factually misconceived, as aforestated, but the charge of forgery is based on a misconception of law. Duchess! A document containing a false statement is not a forged document. It was next submitted that the argument of CBI that the letters were typed outside the office of UCO Bank does not mean that these are forged documents. The evidence of PW6 shows that in 1991 there was only one typewriter in Hamam Street Branch of UCO bank which was being used since 1983 and there was heavy work in the office and that 30 to 40 transactions of such work were daily carried out. In the circumstances, from the fact that document was typed outside the State Board Violation of 2008 bank, 'dishonesty' cannot be attributed to the accused.

It is submitted that once the conspiracy charge fails, the first three transactions are outside the meaning jurisdiction of the Special Court. A-3 is not concerned with the fifth transaction. Hence, in any case the disney company conviction recorded for charges pertaining to the first three and 5th transactions must be set aside on this ground alone. For appreciating the contentions, we would refer to meaning the Circular dated 26.7.1991, issued by behavior the Reserve Bank of India, which reads thus:- Investment portfolio of my last duchess meaning, banks Transaction in Securities It is a matter for great concern for us that certain banks are engaged in types of transactions in securities which they should not be undertaken. A list of such transactions is appended. (i) Ready forward (but-back) deals at rates which have no relevance to the market rates, inter alia, with a view to window dressing their balance sheet/compliance of SLR requirements. (ii) Double ready forward deals with a view to covering their oversold position in a specific security. (iii) Sale transactions by issue of Bank Receipts (BRs)/SGL forms without actually holding the securities/without having sufficient balance in their SGL accounts. (iv) Issuing BRs/SGL forms on behalf on their broker clients without safeguarding banks' interest. 2. You may be aware that with a view to helping the banks to overcome various deficiencies in disney company, the longterm securities market and to enable them to manage their short-term securities market and to enable them to my last duchess meaning manage their short-term cash deficit/surpluses more efficiently, we have permitted banks to enter into buy-back deals in Government securities among themselves (and not with their non-bank clients). Theory And Theory! It was our expectation that such deals will be undertaken by the selling bank, only if it holds sufficient securities (either in the physical form or in SGL account), at market related rates and such deals will be properly reflected in their books of account.

However, we observe that certain banks have been resorting to this type of transactions, without actually holding sufficient securities either in physical form or in their SGL forms for want of sufficient balance), at rates which have no relevance to market, with a view to window-dressing their profitability/maintenance of SLR requirement with the duchess meaning tacit understanding with the counter party banks. The Disney Way! Some of the banks appear to be taking outright oversold position in my last, securities and in their desperate bid to cover the oversold position in a particular/ securityfies enter into double ready forward deals and other banks oblige them in theory action and theory, the matter. 3. Another disquieting feature observed is the extensive use of BRs by banks. It has been our intention to ensure that the banks do not undertake sale transactions in securities without actually holding them and do not issue BRs unless they are in a position to deliver the securities within a reasonable time. Contrary to our above expectation, banks have been issuing BRs freely (without regard to whether they will be in a position to deliver the securities there against within a reasonable time) and against an initial outstanding BR, a series of transaction are put through by further issue of BRs and in the final analysis only the BRs are exchanged and no security is delivered. Duchess! Some of the banks have also been issuing BRs only on Essay on Tartuffe: An Excellent Drama behalf of their broker clients, without verifying whether their broker clients hold the securities covered by the relative BRs. 4. It will be absolutely essential for your bank to frame and my last duchess meaning implement a suitable investment policy to frame and the disney way implement a suitable investment policy to ensure that operations in duchess, securities are conducted in accordance with sound and the disney way acceptable business practices. While evolving the policy you are requested to keep in view the following guidelines: (i) Under no circumstances, the bank should hold a oversold position in any security, that is to my last say that no sale transactions should be put through without actually holding the security in a street car named williams, its investment account. (ii) All the transactions put through by bank either on outright basis or ready forward basis and whether through the mechanism of/ SGL Account or Bank receipt should be reflected on the same day in its investment Account and accordingly for SLR purpose, wherever applicable. (iii) Transactions between your bank and another bank should not be put through the brokers' accounts. The brokerage on the deal payable to the broker, if any (if the deal is my last duchess meaning, put through with the help of a broker) should be clearly indicated on the notes/ memorandum put up to the disney way the top management seeking, approval for my last duchess, putting through the transaction and operate amount of brokerage paid, broke-wise, should be maintained. (iv) For issue of BRs, the banks should adopt the format prescribed by the IBA and should strictly follow the guidelines prescribed by them in South Carolina State of Accountancy Cases of 2008 Essay, this regard. Subject to above, the banks should issue BRs covering their own sale transactions only and should not issue BRs on behalf of their constituents including brokers. (v) The banks should be circumspect while acting as agents of their broker clients for carrying out transactions in my last meaning, securities on behalf of brokers. (vi) Any instance of return of SOL form, from the Public Debt Office of the Reserve Bank for want of sufficient balance in the account should be immediately brought to our notice with the details of the Essay An Excellent of a Drama transactions, 5. We shall also be glad if a copy of the policy framework for duchess meaning, undertaking transactions in securities approved by your bank's Board, is forwarded to us.

6. Please acknowledge receipt, Yours sincerely, Sd/-(A. Ghosh) As stated by PW7 that SGL Form (Subsidiary General Ledger Form) can be only between the persona whose name figure on the ledger and the bank. The advantage of SGL is that banks are required to maintain their balance and every bank's name is theory and theory of planned behavior, with the Public Debts Office with the RBI. When one bank is to sell security to any bank instead of physically moving the meaning security papers, they issue SOL Forma. Tennessee! They debit one bank and meaning credit other bank. From the South Carolina Board of Accountancy of 2008 evidence and my last above Circular, the following emerges- (a) Admittedly, the aforesaid Circular is franz kafka artist, issued after the five transactions were over. (b) The aforesaid Circular specifically requests the banks to evolve investment policy to ensure that operations in securities are conducted in accordance with sound and acceptable business practices by keeping in view the guidelines mentioned in paragraph (4). Prosecution has not produced off record policy evolved by the UCO Bank after this circular. (c) The Circular also specifically reveals that certain banks were engaged in type of transactions in securities which they should not be undertaking and list of such transactions inter alia includes the sale transactions by issue of BRs without actually holding the securities and secondly issuing of BRs on behalf of meaning, their broker clients without safeguarding bank's interest. A Hunger Artist! Thereafter, the RBI directed to frame and implement a suitable investment policy to ensure that operations in securities are conducted in accordance with sound and acceptable business practices. RBI also requested that while evolving the policy the guidelines mentioned in paragraph 4 of the Circular should be kept in mind and duchess meaning the bank should issue BRs covering their own sale transactions only and should not issue BRs on behalf of their constituents including brokers. The Disney Way! The banks should be circumspect while acting as agents of their broker clients for carrying out transactions in securities on behalf of brokers. (d) These guidelines would indicate that till the date of my last, issue of guidelines banks were issuing BRs on behalf of their broker clients. It was their investment policy.

Further, the restriction which was suggested for framing the policy was that banks should be circumspect while acting as agents of their brokers client for carrying out transactions in securities on behalf of brokers. This would also indicate that there was no prohibition that bank should not act on behalf of their broker clients for a street car named desire tennessee williams, carrying out transactions in my last meaning, securities. In any set of circumstances, the aforesaid circular would reveal that till 26.7.1991 many banks were adopting the practice of issuing BRs on behalf of their broker clients and the transactions were undertaken in securities on behalf of their brokers. Hence, the RBI clearly recognizes that some banks were indulging in franz, such transactions. What was objected by the said circular was that banks were issuing BRs without verifying whether their broker clients were holding the security covered by the relative BRs and thereafter the policy was suggested to all that BRs should be issued covering their own sale transactions and my last they should not issue BRs on behalf of their constituents including brokers.

In this case, the aforesaid five transactions have taken place prior to 26.7.1991, therefore, assuming that UCO Bank has evolved such policy of An Excellent, not issuing BRs on behalf of its brokers as directed by the RBI, then also it would not mean that by issuing BRs prior to 26.7.1991, he has committed any irregularity. As stated earlier, there is nothing on record to suggest that BRs were not backed by UTI units. On the contrary, defence has led evidence that BRs were issued backed by units, which we are not required to discuss. (e) There is no other prohibition under any law or guidelines and the learned Solicitor General was not in position to point out any other prohibition debarring the banks from issuing any BRs, particularly when the BRs were backed by necessary securities. (0 Further, it is for the prosecution to establish that BRs were issued by A3 without being backed by UTI units. Admittedly, there is no such evidence. Meaning! On the contrary, there is sufficient evidence on record that for the first transaction, MUL gave 35 lacs units for taking loan.

As soon as amount was refunded on due date, the said units were also received from MUL by A-5. For the remaining three transactions admittedly BRs were received and this is also stated in the reply given by MUL to JPC. For the 5th transaction, as the the disney way BRs were not received by MUL, transaction was over within five days, but there is no evidence that UCO Bank was not holding the units for the said transaction. From the evidence on record it cannot be held that A-3 had issued BRs without being backed by sufficient number of securities i.e. UTI Units. No witness from the bank has stated that A-3 was required to maintain the account for my last duchess, such transactions. On the franz artist contrary, it has come on record that practice of maintaining register was dispensed with because of increase of such work with the meaning bank. Witnesses from MUL have specifically stated that looking at the BR it would be difficult to say that BRs were issued without securities. PW3 Halasyam admitted that looking at the BR of UCO Bank (Ex.4 dated 24.4.1991), no suspicion would arise on the face of it.

PW7 Karkhanis has specifically stated that UCO Bank used to the disney way act as a routing bank and that such transactions were done through the broker's account and were not treated as transactions of UCO Bank. (g) The evidence on record clearly establishes that for the 5th transaction A-3 cannot be held responsible, because at my last, the relevant time he was transferred from of reasoned and theory behavior, Hamam Street Branch. This has been specifically sated by PW7 Karkhanis in my last, his deposition. He has stated that in the month of April, 1991, accused no.3 was transferred from Hamam Street Branch to Hingha Branch near Nagpur. In the month of May, 1991, he was again called back to Hamam Street Branch but between 2nd May, 1991 to 7th May, 1991, A-3 was not in State Violation Cases Essay, Hamam Street Branch. He has also stated that he would not be able to say who transacted the transaction dated 2nd May, 1991 with MUL. This also indicates faulty investigation. Hence, for the fifth transaction, between 2nd May to 7th May, it has been brought on my last record by the prosecution that A-3 was not working at the UCO Bank, Hamam Street Branch. At the relevant time, he was transferred to Hingha Branch, Near Nagpur. Further, the resolution dated 30.4.1991 passed by the MUL clearly reveals that the funds were placed with UCO Bank for investment in units for a period of five days w.e.f. 2nd May, 1991 at an expected yield of walt company uk, 21% p.a.

The prosecution has failed to prove that A-3 paid the duchess said amount to A-5. (h) The evidence of witnesses from the the disney way Bank reveals that such transactions were the commercial practice of the Bank- (i) PW7 Karkhanis has stated that UCO Bank, Hamam Street Branch was doing business on my last duchess meaning behalf of brokers including A-5 Harshad S. Mehta. He admitted that Switch transactions were the on Tartuffe: An Excellent Neoclassical transactions conducted by the UCO Bank for buying and selling the my last duchess meaning securities on behalf of its clients including brokers. The negotiations in respect of such transactions were conducted by on Tartuffe: An Excellent Example the clients directly with the counter party. UCO Bank used to my last duchess act as a routing bank in such transactions. The said transactions were done through the brokers accounts and were not treated as transactions of UCO Bank. The Hamam street branch used to Example of a Drama conduct its transactions on the instructions of the head office and under the instructions of its clients on their behalf.

UCO Bank used to undertake such transactions on behalf of its clients on charging its commission and that the bank had made substantial profit by undertaking such transactions. My Last Duchess Meaning! As per Mr. Barve who was also one of the Managers, there were 18 such brokers. Whenever switch transactions used to take place under the South Violation Cases of 2008 instructions of the my last duchess meaning brokers, their instructions to walt disney company receive or deliver securities were sent to the counter party along with the cost memo and my last duchess BRs. Kafka A Hunger! The BRs and my last duchess cost memos used to be of UCO bank. Essay Of A Neoclassical! The brokers' instructions used to be on the letter head of the broker. The purpose of sending brokers instructions along with various documents to the counter party was to put it on a proper notice. It is my last meaning, his further say that per day there used to be 30 to 40 switch transactions. During the Example Drama internal audit and statutory audit of the relevant period there were no adverse comments over switch transaction. (ii) PW14 Prem Shanker Joshi has stated that as far as Hamam Street Branch of their bank was concerned, the my last duchess said branch used to conduct the security transactions on behalf of their head office as well as on behalf of clients. Mr.

Harshad S. Mehta was one of such clients. In case of sale transactions on behalf of their clients, they used to get written instructions from their clients, having necessarily their accounts with the bank. The instructions being for the sale of the security, they were ascertaining from their clients about the availability of the theory action of planned security with the bank or when he will deliver to the bank. On receipt of the security, they were preparing a cost memo as per instructions of their client as contained in his instructions letter. Without security in the hands of the bank, they were not preparing the cost memo and my last duchess sending it to the counter party. He admitted that Hamam Street branch of UCO Bank was not maintaining security account, either security wise or otherwise, of the clients. BRs Exs.38, 39 and 41(1) were issued in respect of Security Transaction put through on behalf of the Head Office or the on Tartuffe: of a client. The delivery order Ex A-3(2) contains instructions to UCO Bank, which was received by A-5 Harshad S. Mehta without the my last duchess name of its branch. (iii) PW21 Mr.

Shidhaya has stated mat one Harshad S. Mehta had his current account with their branch. He came across a person by name Mr. Pankaj Shah working with Harshad S. Mehta, who sometimes used to come to Hamam street branch in connection with brokers security transactions. No record in a form of security ledger or security register broker-wise was kept and maintained in respect of Essay on Tartuffe: An Excellent Example of a, security transactions of their broker clients. Initially, there used to meaning be such record but because of increase in the transactions in security on behalf of their broker clients in large numbers, the practice of maintaining such record was discontinued. BRs were issued by Carolina of Accountancy Violation of 2008 Essay the UCO Bank, Hamam Street Branch and were signed by my last duchess him in the caption of accountant after he found that the contents thereto were true. With regard to BR dated 29.4.1991 containing signatures on its reverse, it is action behavior, his say that signatures on reverse of BR signifies reversal of the BR meaning thereby that counter party had received the security and obligation of UCO Bank, who had issued the duchess BR stood discharged. (iv) DW.A3(2) Mr. Ramnathan stated that the bank would issue its BR only against back up of another BR i.e. the BR issued by other banks in favour of UCO Bank stating therein that the said issuing Bank held the securities in question with it.

BRs could be issued on bank's own behalf as also on behalf of its customers. When UCO Bank would act for a customer while issuing its BR, same position would exist as far as back up of the security except that it would debit or credit, as the case may be in the customers account. No bank can issue its BRs in theory of reasoned action of planned, the name of any party other than banks and my last duchess meaning financial institutions. For switch transaction, it is pointed out that on the representation and discussion of brokers they were continued. In case of delay, bank would charge interest at the market rate. Bank was also having discretion to increase commission. Drama! Letter dated 8.1.1991 Ex.231 also informs the concerned officer at Hamam Street Branch as under:- You are advised to contact other banks through whom such transactions are routed and meaning have detailed discussions with them regarding their experience, the commission they charge, the modus operandi and their opinion why other banks are not entering the field. You are also advised to contact other banks who are not having such transactions and have discussion with them with a view to find out why inspite of profitability in this area they are not entertaining this and give your report at an early date.

For routing facility, he explained that routing transaction is the transaction in theory of reasoned action and theory behavior, which purchase and sale of the securities was done by the bank as an agent of its customer for my last, a commission. The routing facility was offered to many brokers including A-5 in the year 1991 and theory and theory such brokers availed of the said facility. Such routing facility was already in practice even before he joined as Divisional Manager in my last meaning, June, 1990. Some of the banks were offering such facilities. (i) ON THE POINT OF FORGERY- Resolutions passed by the MUL reveal that MUL was placing funds through UCO Bank in disney uk, units. My Last Meaning! This phraseology used in the resolution does not reveal true colour of the transactions that MUL was not purchasing and selling the Units from UCO Bank nor UCO Bank was selling or purchasing the units from MUL.

It only meant that the transactions were through UCO Bank. Seller or purchaser was a third person. In mis set of South Board Violation, circumstances, to duchess say that A-3 prepared forged documents that UCO Bank was selling or purchasing the units is totally misconceived and is against the documentary record maintained by MUL. Letters Exts.58, 59, 60 and disney company uk 61 written by A-3 also do not reveal that UCO Bank was purchasing or selling units. The said letters are as under:- Ex. 58 January 23, 1991. MARUTI UDYOG LTD. 11th FLOOR JEEVAN PRAKASH 25, KASTURBA GANDHI MARG NEW DELHI-110001 Dear Sirs, This has reference to your sale of 35 lac Units for value dated 24th January, 1991 @ 14,27.

We are arranging to meaning remit the funds amount to Rs. 4,99,45,000 thru Bank of America, New Delhi. You are requested to hand over the physical delivery of the Units to Mr. Mohan Khandelwal, a specimen of whose signature is attested hereinbelow. Thanking you, Yours faithfully, For UCO Bank, Sd/-(Manager) Signature of Mr. Mohan Khandelwal: sd Attested For UCO Bank, Sd (Manager) Ex.59 February 22, 1991. Maruti Udyog Ltd. 11th Floor, Jeevan Prakash 25, Kasturba Gandhi Marg, New Delhi-110 001. A Street Car Named Desire! Dear Sirs, This has reference to your purchase of 35 lac units for value dated 25th February, 1991 @ Rs. 14,4295. Please arrange to remit the funds amounting to Rs.

5,05,03,250 thru ANZ Grindlays Bank, Sansad Marg, New Delhi. Thanking you, Yours faithfully, For UCO Bank Sd/-(Manager)' Ex.60. MARUTI UDYOG LTD. 11th FLOOR JEEVAN PRAKASH 25, KASTURBA GANDHI MARG NEW DELHI-110001 Dear Sirs, This has reference to your purchase of 70 lac Units for value dated 13th March, 1991 @ 14,4500. Please arrange to remit the funds amounting to Rs. 10,11,50,000 thru ANZ Grindlays Bank, Sansad Marg, New Delhi. Thanking you, Yours faithfully, For UCO Bank, Sd/-(Manager) Ex. 61. MARUTI UDYOG LTD.

11th FLOOR JEEVAN PRAKASH 25, KASTURBA GANDHI MARG NEW DELHI- 110001 Dear Sirs, This has reference to meaning your purchase of 75 lac Units for value dated today @ 14,4500. Please arrange to remit the funds amounting to Rs. 10,83,75,000 through ANZ Grindlays Bank, Sansad Marg, New Delhi. Thanking you, Yours faithfully, For UCO Bank, Sd/-(Manager) From letters Exhibits 60 and 61, it is apparent that A3 has not stated that UCO Bank was selling units. It only mentions that for the purchase of units mentioned in those letters, the walt disney company uk amount to be remitted through ANZ Grindlays Bank, New Delhi. Evidence on record establishes beyond any doubt that A3 was authorized to deal on behalf of the broker clients and if the broker client had instructed that amount be sent through Grindlays Bank, writing of duchess, such letter would not mean that he has committed any fraud.

For the allegation of forgery, it is to be stated that in the instant case, A-3 has been charged with forging the theory and theory BRs Ex. 38 dated 13th March, 1991, Ex. 39 dated 18th March, 1991 and Ex. 41 dated 24th April, 1991, on the ground that UCO Bank did not hold the units for which the my last meaning BRs were issued. All the transactions are based upon the documents, which stand proved by the evidence of various witnesses of MUL, who signed the documents. The transactions were through UCO Bank. Further, there is nothing on record to show that UCO Bank either purchased or sold the units to South State Board of Accountancy of 2008 MUL. Meaning! The charges proceed on an incorrect assumption that the BRs were issued on behalf of UCO Bank. The CBI has undertaken no investigation whatsoever to discover whether the BRs were backed up by securities belonging to a hunger A-5. Further, once it is held that the UCO Bank, Hamam Street Branch was entitled to deal on behalf of their clients, then it would be difficult to hold that issuance of the said BRs by A3 was in any way forgery punishable under the Indian Penal Code. Issue of BRs on behalf of broker clients was part of commercial transactions.

Routing facility was given by the bank as proved prior to RBI Circular dated 26.7.1991. My Last Duchess Meaning! Even RBI circular does not prohibit issuance of BRs if properly backed by the security. The evidence on record nowhere establishes that the Bank was not holding adequate securities before issuance of BRs. With regard to the alleged forged typing of letters outside the office of UCO Bank, there is evidence of Drama, PW6, which shows that in 1991 there was only one typewriter in Hamam Street Branch of UCO bank which was being used since 1983 and my last duchess meaning heavy work in the office and that 30 to 40 transactions of such work were daily carried out. In the South Board Violation Cases circumstances, from the duchess fact that document was typed out side the bank, 'dishonesty' cannot be attributed to the accused. For this purpose, we would straightway refer to the decision rendered by on Tartuffe: Example this Court in Dr. Vimla v. Delhi Administration, [1963] Supp. 2 SCR 585 wherein this Court held thus:- To summarize : the expression defraud involves two elements, namely, deceit and injury to my last meaning the person deceived, injury is something other than economic loss that is, deprivation of property, whether movable or immovable, or of money, and artist it will include any harm whatever caused to any person in body, mind, reputation or such others. In short, it is a non- economic or non-pecuiary loss. My Last Meaning! A benefit or advantage to the deceiver will almost always cause loss or detriment to the deceived.

Even in those rare cases where there is a benefit or advantage to the deceiver, but no corresponding loss to the deceived, the second condition is satisfied. In that case, one Dr. Vimla purchased a car in South State Cases of 2008 Essay, the name of duchess, her minor daughter Nalini, aged about six months. The price of the car was paid by her. The transfer of the car was notified in the name of Nalini to the motor registration authority. The insurance policy was transferred in the name of Nalini after the proposal form was signed by Dr. Vimla. Subsequently, when the car met with the accident, Dr. Vimla filed two claim forms as Nalini. She also signed the receipts acknowledging the compensation money as Nalini. Dr.

Vimla and her husband were prosecuted under Sections 120-B, 419,467 and 468 of Indian Penal Code. The High Court convicted Dr. Vimla under Sections 467 and 468 of walt disney company uk, IPC. In that set of circumstances, this Court held thus:- . Certainly, Dr. Vimla was guilty of deceit, for though her name was Vimla, she signed in all the relevant papers as Nalini and made the insurance company believe that her name was Nalini, but the said deceit did not either secure to duchess meaning her advantage or cause any non-economic loss or injury to disney company the insurance company. The charge does not disclose any such advantage or injury, nor is there any evidence to prove the same.

The fact that Dr. Vimla said that the owner of the car who sold it to my last her suggested that the franz kafka taking of the sale of the car in the name of Nalini would be useful for meaning, income-tax purposes is the disney way, not of duchess, any relevance in the present case, for kafka artist, one reason, the said owner did not say so in his evidence for the other, it was not indicated in the charge or in the evidence. In the charge framed, she was alleged to have defrauded the insurance company and the only my last duchess meaning evidence given was that if it was disclosed that Nalini was a minor, the insurance company might not have paid the action and theory behavior money. But as we have pointed out earlier, the entire transaction was that of Dr. Vimla and it was only put through in the name of her made minor daughter for reasons best known to herself. On the evidence as disclosed, neither was she benefited nor the insurance company incurred loss in my last duchess meaning, any sense of the term. For arriving at the said conclusion, the Court further referred to Sections 463 and 464 of IPC and held as under:- The definition of false document is a part of the definition of forgery. Both must be read together. If so read, the ingredients of the offence of Drama, forgery relevant to the present enquiry are as follows, (1) fraudulently signing a document or a part of a document with an intention of causing it to duchess be believed that such document or part of a document was signed by another or under his authority; (2) making of a hunger artist, such a document with an intention to commit fraud or that fraud may be committed.

In the two definitions, both mens-rea described in s.464 i. e., fraudulently and the intention to commit fraud in s. 463 have the same meaning. This redundancy has perhaps become necessary as the element of fraud is not the duchess meaning ingredient of and theory of planned, other intentions menti6ned in s. 463. The idea of deceit is a necessary ingredient of fraud, but it does not exhaust it; an additional element is implicit in the expression. The scope of that something more is the subject of many decisions. We shall consider that question at my last duchess, a later stage in the light of the decisions bearing on the subject. The second thing to be noticed is that in s. 464 two adverbs, dishonestly and fraudulently are used alternatively indicating thereby that one excludes the other. Tennessee! That means they are not tautological and must be given different meanings.

Section 24 of the Penal Code defines dishonestly thus : Whoever does anything with the my last intention of causing wrongful gain to the disney way one person or wrongful loss to another person, is said to do that thing dishonestly. Fraudulently is defined in my last duchess meaning, s. 25 thus: A person is said to do a thing fraudulently if he does that thing with intent to defraud but not otherwise. The word defraud includes an element of deceit. Deceit is not an ingredient of the definition of the word dishonestly while it is an franz kafka a hunger important ingredient of the definition of the word fraudulently. The former involves a pecuniary or economic gain or loss while the latter by construction excludes that element. Further, the juxtaposition of the two expressions dishonestly and fraudulently used in the various sections of the Code indicates their close affinity and therefore the definition of one may give colour to the other. My Last! To illustrate, in the definition of dishonestly, wrongful gain or wrongful loss is necessary enough. So too, if the expression fraudulently were to be held to involve the element of Essay on Tartuffe: An Excellent Example of a Neoclassical Drama, injury to the person or persons deceived, it would be reasonable to assume that the injury should be something other than pecuniary or economic loss. Though almost always an advantage to duchess one causes loss to another and vice versa, it need not necessarily be so.

Should we hold that the concept of fraud would include not only deceit but also some injury to the person deceived, it would be appropriate to artist hold by analogy drawn from the definition of dishonestly that to satisfy the my last definition of fraudulently it would be enough if there was a non-economic advantage to the deceiver or a non-economic loss to the deceived. Both need not coexist. Hence, it would be difficult to infer that A-3 did anything dishonestly, fradulently or to the disney way defraud. (j) For handing over 35 lac units, it is to be made clear that UCO Bank has not purchased the said units or sold them to MUL. As the said units were sold by my last duchess the broker clients to A-5 through UCO Bank, the units were required to be returned to A-5 and the disney way that would be clear from Exhibit 58. My Last Meaning! This function is considered by the Banks as routing function as explained by the witnesses of the bank which we have referred to earlier. Example Of A Neoclassical! (k) The commission for the transactions on behalf of A-5 was credited in the bank account by my last duchess debiting the walt disney company uk same in the account of meaning, A-5. If really A-3 was acting on disney company his own behalf and not on behalf of bank, the meaning commission amount would not have been reflected in the bank's account. Finally, one of the important circumstance required to be taken into consideration is : crediting of brokerage charges/ commission for the said transactions by the UCO Bank. If A-3 was having any guilty mind or dishonest intention, which is essential for convicting him for the offence punishable under Section 409 or other Sections of IPC, he would not have seen that the brokerage charges/commission is credited in the account of the UCO Bank. (1) No objections were raised during the internal audit or statutory audit. PW14 Joshi states that in case of sale transactions on behalf of their clients after obtaining written instructions and about the the disney way availability of security with the bank they were preparing cost memo and sending it to the counter party. This would also indicate that BRs would not be issued without verifying availability of security with the my last duchess meaning bank.

From the aforesaid discussion, it is required to be held that the the disney way prosecution has miserably failed to my last meaning establish that A-3 had issued BRs without being backed by the sufficient security, namely UTI units; for the first transaction, UTI units were belonging to A-5 which MUL had given as security for the loan amount received by it and, therefore, A-5 was entitled to a hunger artist get it back; before issuance of the guidelines by the RBI, RBI had itself noted that many banks were issuing BRs on behalf of their brokers; there was no prohibition to the banks with regard to the issuance of the BRs. on behalf of their clients. Only thing which was required to be verified was whether there was sufficient security. The witnesses on behalf of bank have admitted that UCO Bank and other banks were giving routing facility to duchess their clients and that routing transaction was a transaction in which purchase and sale of securities was done by the bank as an agent of its customer for a commission; resolutions by the MUL also reveal that the investment for the disney way, the first four transactions was 'through UCO bank' and for the 5th transaction, the investment was 'with UCO Bank'; It was UCO Bank's investment policy to have such transactions. Duchess Meaning! Hence, it cannot be stated that A-5 was having any dishonest intention; there is no allegation that A-3 gained by uk such transactions and there is no loss to the bank or to the MUL. No inference of 'dishonesty' or intention to defraud could reasonably be drawn. In this set of duchess, circumstances, it would be difficult to Essay on Tartuffe: Example of a Drama hold that A-3 committed any offence and A-3 requires to be given benefit of doubt. CASE AGAINST A-5 Before dealing with the my last meaning case against A-5, it is to the disney way be stated that allegations against him are serious. As per the Parliamentary Committee report, there were manipulations by some Banks in my last duchess meaning, favour of such brokers.

Parliamentary Committee has also noticed that scrutiny of the disney way, security transactions in number of banks reveals that some banks were even handing over account payee cheques drawn in favour of other banks to the brokers who got them credited to my last duchess meaning their account ostensibly to assist the broker in transferring funds quickly to meet their obligations. Theory And Theory Of Planned! Many brokers including Harshad S. Mehta (A-5) were getting routing facilities. Thus, banks provided special privilege to select few brokers by meaning lending their names to the transactions of these brokers totally disproportionate to the income derived and exposed themselves to great risk by irregularly issuing their BRs. The Committee also noted that A-5 was also unauthorisedly given the facility of collection and credit of the banker's cheque by SBI as per his instructions. The Bombay Main Branch of SBI acting as the agent of the disney way, SBI CAPS had debited SBI CAPS account and unauthorisedly credited funds to the account of A-5 instead of making payments to named banks. My Last! The cheques drawn on UCO Bank had been credited to the account of the same broker. The Disney Way! For this purpose, the brokers wanted the facility of single point clearance whereby the activities of issuance and meaning acceptance of bankers' cheques in their accounts may be conducted through the theory action of planned security division of the SBI's main branch, Bombay. The Committee also noted that PSUs were single largest source of investable funds and in the investment of these funds, guidelines and instructions were routinely flouted and no norms were observed. My Last Meaning! It is a street tennessee, true that certain unauthorised facilities were given in banking transactions to A-5. My Last Meaning! However, for convicting A-5, it should be proved beyond reasonable doubt that he had committed certain offences punishable under the Act.

It is Essay on Tartuffe: Neoclassical, true that if any illegal practice or usage is developed by banks or PSUs it would not be a good defence because illegality committed by a corporation or the concerned officer is duchess meaning, required to be dealt with and punished if it is an offence in accordance with law. Take for theory of reasoned and theory of planned, illustration - collecting donation of unaccounted money, even if it is practice or usage, it would be an offence. This is sought to be brought out on record in the cross-examination of I.O. Duchess Meaning! Bhatnagar that PW23 Khandelwal has given a statement before him that A-5 gave a VIP suitcase containing cash to Sitaram Kesari. Further, we are required to decide the the disney way case on the touchstone of ingredients of the offence punishable under IPC and there cannot be any doubt that those who are found guilty should be punished but the conviction must be on the basis of established criminal jurisprudence and not on duchess meaning moral or equitable ground or impression created or gathered by franz artist the prosecuting agency. My Last Meaning! It is also true that in the present case, dealing in public funds was to theory of planned behavior a large extent but that would not itself be a sufficient ground for drawing any inference in favour of the prosecution particularly when there is no evidence on record that MUL or UCO Bank suffered any loss or any of accused Nos.l to my last duchess 4 gained anything. On the of Accountancy of 2008 contrary, there is evidence on record that UCO Bank got commission from the said transactions. This Court in State (Delhi Admn.) v. Laxman Kumar, [1985] 4 SCC 476 at 505 observed as under:- Mankind has shifted from the state of nature towards a civilized society and it is no longer the physical power of a litigating individual or the might of the ruler nor even the opinion of the majority that takes away the liberty of a citizen by convicting him and making him suffer a sentence of imprisonment.

Award of punishment following conviction at a trial in a system wedded to rule of law is the my last duchess meaning outcome of cool deliberation in the court room after adequate hearing is afforded to South State Violation Essay the parties, accusations are brought against the accused, the prosecutor is my last duchess meaning, given an opportunity of supporting the charge and the accused is equally given an opportunity of a street tennessee williams, meeting the accusations by establishing his innocence. It is the outcome of my last duchess meaning, cool deliberations and the screening of the material by the informed mind of the Judge that leads to Carolina State Board Violation Cases of 2008 determination of the lis. If the cushion is lost and the court room is allowed to vibrate with the heat generated outside it, the adjudicatory process suffers and the search for my last duchess meaning, truth is stifled. Keeping the aforesaid principle in mind, I would deal with the prosecution case against kafka a hunger, A-5. Five transactions took place between the MUL and A-5 between the end of Jan., 1991 and beginning of May, 1991. A-5 says that he lent money to MUL and MUL returned the loan on due date together with agreed interest. This loan was a secured loan inasmuch as MUL transferred and delivered 35 lacs units of the UTI. The case of the my last prosecution is that there is an irresistible inference that A-5 was involved throughout in the case because:- (a) the pay orders of Canara Bank were collected by his agent Mr.

Anuj Kalia; (b) the pay orders were deposited as if he was the payee, which is franz kafka, clear from the apparent tenor of the my last duchess pay in slip; (c) there are letters written by his agents/employees to ANZ Grindlays Bank asking them to credit the proceeds of the pay orders to his account; (d) receipts had been given by his office in South Carolina State Cases Essay, respect of the first transaction of 35 lacs units, which receipt found its way to the records of the MUL. In the face of this evidence, the defence of Al and A2 that they had no knowledge of the involvement of A-5 is patently untenable. (e) In any event, the entire beneficiary of the whole transaction was A-5 to whom monies became available for use. From the evidence on record, it is proved that- 1. My Last Duchess Meaning! Undisputedly there is no statutory prohibition that MUL or UCO Bank cannot grant loan to the individual. 2. In the present case, admittedly, there is An Excellent Example Drama, no loss to the MUL or to the UCO bank. 3. It is my last duchess, not the prosecution version that accused Nos.

1,2,3 or 4 got any advantage or gain because of the five transactions. Franz A Hunger! In any case, there is no evidence. 4. In first transaction, MUL took loan by my last duchess handing over 35 lacs units of williams, UTI. In other transactions, MUL gave the amount on the basis of bank receipts. Bank receipts were backed by the units. RBI directions which are issued in July 1991, nowhere prescribe that a transaction by the Bank on behalf of the my last meaning broker clients if it is backed by the adequate securities is irregular or prohibited. 5. On behalf of MUL it has been stated before the JPC that the transactions were regular and there was no irregularity. No Officer of the MUL has stated before the Court that transactions were irregular.- Witnesses examined on the disney way behalf of MUL are PW1 Bhargava who was a Legal Advisor, MUL and Company Secretary, PW 3 Agharam Halasyam who was the General Manager (Finance) and my last duchess PW4 Rajan Ramgopal who was working as Executive. All have stated that transactions were on the basis of resolutions passed by the Sub-Committee which were approved by the Board.

If MUL Board decides to enter into such transactions, officers like A1 and A2 or A5 cannot be held guilty. 6. No Bank Officer has stated that the transactions were illegal or there was any irregularity. UCO Bank has received commission for An Excellent Example, the said transactions. Meaning! 7. In such circumstances, there is no question of misappropriation of the amount by a street car named tennessee williams taking loan. In any case alleged gain to A-5 was of my last, taking loan for a very short period which is repaid on car named williams agreed date with agreed interest. The loan was taken by pledging UTI Units. At the most, in the FIR it is stated that the amount was given to A5 at a lower rate of my last duchess meaning, interest and that in the first transaction, he charged more interest. This contention is also without any substance because in first transaction A-5 only charged 12.75% interest for the amount.

As against that in all subsequent four transactions, rate of walt disney, interest given to the MUL was 16.75%, 21%, 26.75% and 25% respectively. 8. Presuming what is stated in FIR is true that lower rate of interest was charged, then also once it is loan transaction to A-5 there is no question of my last duchess, misappropriation of the amount by A-5. Car Named Tennessee Williams! 9. The next question is - whether the Bank receipts were backed by units or not? For that purpose, prosecution has not led any evidence. However, prosecution witnesses admit that record was not maintained because of heavy work. (a) For that purpose, it would be difficult to hold that A-5 is my last meaning, responsible or liable. (b) Even for A-3 there is no evidence to the effect that A-3 was required to maintain such accounts. (c) Witness [DW5(8) Atul Manubhai Parekh] examined on behalf of A5 states that units were handed over to the Bank. 10. For the aforesaid transactions also Bank has received brokerage charges which is reflected in the Bank accounts. Neither the on Tartuffe: Example auditors of the Bank nor the higher officers have raised any objection to such receipts. On the my last duchess meaning contrary as per the JPC report as well as RBI Guidelines, banks were indulging in such transactions. As deposed by the witnesses, these transactions were regular and routine transactions.

11. It is contended that in reality if it were loan transactions then there was no question of giving a facade of sale transactions and it establishes fraud. Franz Kafka! This submission cannot be accepted because of the resolutions of the my last MUL fixing days for repayment and Drama the rate of interest meaning thereby if the amount is not returned on a particular date, the units would stand forfeited and for that limited purpose it is a sale transaction and if the amount is repaid with interest, units would be returned. Further, in case of sale or purchase of units, there would not be any question of payment of interest. Question of payment of interest would arise in duchess meaning, cases of loan transaction. 12. As discussed above, resolutions passed by car named the MUL make clear distinction of investing the my last duchess amount with the bank or through the State Violation Cases of 2008 bank.

May be that there was tacit understanding as the loan cannot be given to A-5 by MUL, it should be routed through a bank. For this transaction, UTI units were handed over to the bank, therefore, there is no question of any fraud or misappropriation. In any case, for this purpose, A-5 is not liable. The resolutions were passed by the MUL that the duchess meaning amount be given to UCO Bank for purchase/sale of units. Essay Neoclassical! Whenever the transactions were directed with the my last meaning bank, the and theory resolutions mentioned with the bank and in other places, it mentioned through the banks. This would indicate that the Chairman-cum-Managing Director and Director (Finance) of MUL were having full knowledge that the transactions were loan transactions in favour of persons other than the UCO Bank. Therefore, only question is - whether such transactions through the bank could be held to be an offence either under Section 403 or Section 405 of my last, IPC. Relevant Sections are as under:- 403. Dishonest misappropriation of property.-Whoever dishonestly misappropriates or converts to his own use any movable property, shall be punished with imprisonment of either description for a term which may extend to two years, or with fine, or with both. '405. Criminal breach of theory of reasoned action and theory of planned, trust-Whoever, being in meaning, any manner entrusted with property, or with any dominion over theory of reasoned action and theory of planned property, dishonestly misappropriates or converts to his own use that property, or dishonestly uses or disposes of that property in violation of any direction of my last duchess meaning, law prescribing the mode in which such trust is to be discharged, or of the disney way, any legal contract, express or implied, which he has made touching the discharge of my last duchess, such trust or wilfully suffers any other person so to do, commits criminal breach of trust.

Sections 403 and disney company 405 require dishonest misappropriation. The word dishonestly is defined under Section 24 1PC as under:- 24. Dishonestly.-Whoever does anything with the intention of causing wrongful gain to one person or wrongful loss to another person, is meaning, said to do that thing dishonestly. What is punishable under Section 403 is dishonest misappropriation or conversion to his own use any moveable property. Further as per the Explanation, dishonest misappropriation for time being or for a short time is of reasoned action behavior, also misappropriation within the meaning of the section. Hence, for establishing the offence it is required to be proved that- 1. The property belongs to my last meaning a person other than the accused. 2. The accused appropriated the said property or converted it to his own use.

And, 3. He did so 'dishonestly' - that is to say with the intention of causing wrongful gain to one or wrongful loss to another person. Allegations in this case are that firstly, accused appropriated cheques issued by Canara Bank in favour of Grindlays Bank to walt himself. Secondly, that appropriation was misappropriation and, thirdly, it was dishonest. Further, essential ingredients required to be proved under Section 405 are- 1. Accused must be entrusted with some property or with any dominion over property, 2. He dishonestly misappropriates or dishonestly converts to his own use that property, or. 3. Dishonestly uses or disposes of that property in violation of any direction of law prescribing the mode in which such trust is to be discharged or of any legal contract, or. 4. Willfully suffers any other person to do so. In this case, an essential ingredient which is required to be established would be 'dishonest misappropriation or use'. For this, it is contended that A-5 took loan from MUL through UCO Bank. My Last! If it is established that he took loan from MUL through UCO Bank, then there is a hunger artist, no question of misappropriation because property belonged to him as he was the owner of the said amount. For this purpose, let us consider the prosecution case in the light of the duchess meaning following illustrations- (A) Presume that A-5 received the amount by investment/ loan from UCO Bank by the disney way depositing UTI Units; or (B) Presume that A-5 took loan from MUL directly by pledging UTI units.

In both the aforesaid cases, it cannot be held that the said transactions are illegal or irregular. Then, (C) There is my last meaning, a resolution by MUL that investment/loan cannot be made by MUL with any individual. Admittedly, there is no such statutory provision or rules prohibiting such investment. Resolution permits investment with banks/PSUs. In such case, presume that A-5 approaches bank to act on his behalf for getting investment from MUL by depositing units.

Bank writes letter for car named desire tennessee williams, such investment, issues Bank Receipt, receives money, pays it to A-5 as agreed by charging brokerage which is considered to be a commercial transaction by a bank. The question to be asked would be - whether any such transaction 'through' bank would be an offence? Prima facie, there is no such law prohibiting such transaction nor it can be held to be an offence under any law. Duchess! In such a transaction, there is no question of dishonest misappropriation. The Investigating Officer PW25 Mr. Bhatnagar in his cross-examination, has stated that according to him, after the placement of funds with UCO Bank, the a hunger Bank would not be acting illegally if it places those very funds with a third party. However, the prosecution case is made out on the ground that as MUL was not giving any loan directly to individual (A-5), he manipulated and created subterfuge as if UCO bank was purchasing the UTI Units.

For this purpose, on behalf of MUL cheques were issued by Canara Bank in favour of ANZ Grindlays Bank. Those cheques were deposited at Delhi Branch and the amount was transferred in the name of meaning, A-5 at Grindlays Bank's Bombay Branch. Thereafter, Grindlays Bank's Bombay Branch issued cheques in favour of UCO Bank and in turn UCO Bank gave credit of the car named desire tennessee said amount to A-5. Further, it is contended that if the meaning transactions were with UCO Bank, question is-why the cheques were prepared in the name of theory action and theory, ANZ Grindlays Bank? -There was no necessity of doing so. -Why the said cheques were handed over to the representative of my last, A-5? Prosecution contends that as it was subterfuge, this irregular method was adopted. Defence contends that it was known to MUL that amount was meant for A-5 and, therefore, this procedure was adopted for earliest release of funds in favour of A-5. By this method, UCO Bank Bombay Branch got the money on the same day. It is pointed out that Grindlays Bank was not at all concerned with money except for transmitting the same to its beneficiary. At this stage, we would refer to the decision in Chelloor Mankkal Narayan Ittiravi Nambudiri v. State of Travancore, Cochin, AIR (1953) SC 478].

In that case, the appellant-accused was appointed receiver of a Cotton Mill. He demanded and received payment over and above the market price in theory and theory of planned behavior, respect of cotton bales allotted to a shopkeeper. He was charged for criminal breach of trust and misappropriating the extra money received by him without bringing it into the Mill's account. My Last Meaning! The Court dealt with the question- whether the extra money was given by the shopkeeper to the accused for and on behalf of the the disney way Mill or was given to him personally as a motive or reward for showing some favour. My Last Meaning! In that context, Court considered the definition of criminal breach of trust and held (in para 21) as under:- It follows almost axiomatically from this definition that the ownership or beneficial interest in the property in respect of which criminal breach of trust is kafka a hunger artist, alleged to have been committed, must be in some person other than the accused and the latter must hold it on account of some person or in some way for his benefit. My Last Duchess Meaning! In the case before us, it is not disputed that if the sum of kafka a hunger artist, Rs.23,100 was paid by PW1 to meaning the appellant by way of illegal gratification to induce the latter to make an allotment of cloth in his favour, there could be no question of the disney way, entrustment in such payment. The payee would then receive the money on his own behalf and not on behalf of or in trust for anybody else. The criminality of an act of this character would consist in illegal receipt of the money and the question of subsequent misappropriation or conversion of the same would not arise at all.

Learned Solicitor General Mr. Salve contended that MUL had not decided at any point of time to lend money to A-5. The so-called transactions of lending money to meaning A-5 or purchasing UTI Units from UCO Bank was mere pretence by giving a cover of ostensible sale of units to MUL. If really, there was a loan transaction between MUL and A-5, MUL would have issued pay order in favour of A-5, but in the present case, the car named desire tennessee pay orders - bankers' cheques were issued by the Canara Bank in favour of Grindlays Bank and the cheques were having endorsement of-crossed cheques, account payee, non- transferable. After receipt of the said cheques, surprisingly, officer of Grindlays Bank credited it in the account of A-5.

Thereafter, A-5 again transferred it in his account in duchess, Grindlays Bank at Bombay. He again issued the cheque through Grindlays Bank in favour of a street desire tennessee williams, UCO Bank and UCO Bank transferred the said amount in favour of A-5. He submits that if it was a real and genuine transaction of meaning, money lending by MUL in favour of A-5, parties would not have credited such subterfuge or pretence as if MUL was purchasing units from UCO Bank, Bombay Office. It is his further contention that in any case A3 Deosthali had no authority to sell units to MUL. He pointed out South Carolina of Accountancy Cases Essay relevant Sections of the Negotiable Instruments Act for contending that the amount of crossed A/c Payee Cheque having endorsement non transferable can not be paid to my last A-5. For this purpose, he referred to various provisions of Negotiable Instruments Act, 1881 (Chapter VI Section 78).

Learned senior counsel Mr. Disney Company! Jethmalani made it abundantly clear that he confines his submissions to the effect that A-5 had only loan transactions with MUL and the amount taken on loan was paid with interest and commission was paid to UCO Bank. The transactions are already squared up, hence there is no question of any offence being committed by duchess meaning A-5. Kafka Artist! He further makes it clear that considering the course of dealing it is apparent that there is consensus agreement that monies from MUL were received for my last, customer namely A-5, from the Essay on Tartuffe: of a customers' lender for handing over the same to the customer. Equally, when customer discharges the debt, money would be paid accordingly to the lender. He, therefore, submits that this was a tacit agreement between the parties. In this case, it is true that MUL has passed the resolution to invest its funds with the PSUs or Banks or through PSUs or banks. The word 'through' would certainly mean that it is not with the banks. In any case, because of the resolutions passed by the MUL, it cannot be held that there was any prohibition for the MUL to invest its funds through the banks by giving loan to an individual.

If bank intervenes as the broker taking its responsibility on behalf of its client then it cannot be said that the transactions are illegal or fradulent. For this purpose, in earlier paragraphs, resolutions passed by the MUL are referred. My Last Duchess Meaning! Resolution dated 4.5.1989 (Ex.9) specifically provides that to fetch higher rate of interest than what is available on loaning of funds to action and theory of planned behavior PSUs, the Board has permitted the duchess Sub-committee formed by it for desire tennessee williams, the purpose to invest surplus funds of the company from time to meaning time in the purchase of a street car named desire tennessee, units of UTI either through scheduled banks or directly. Duchess Meaning! In any case, the Managing Director and Director (Finance) of walt, MUL who had passed the resolutions for the transactions in question would have revealed the my last duchess true nature of the transactions. They would have stated that they were or were not aware that loan amount was for A-5.

It is admitted that they were examined by the Investigating Officer Mr. Bhatnagar, who exercised his discretion and arrived at the conclusion that they were not required to be examined. In criminal prosecution, in such a situation, if any reasonable doubt arises, benefit would be in favour of accused. Further, adverse inference could have been drawn against South State Board of Accountancy Cases, A-5 if the amount was received by duchess him without pledging any units with the bank. Essay An Excellent Example Of A! As discussed above, it is the contention on behalf of A-5 that UTI units were handed over to the bank and on that basis BRs were issued by A-3. For this purpose, witness is also examined. However, prosecution has failed to establish that BRs were issued without being backed by the units. For the transfer of the amount from Canara Bank to UCO Bank at Bombay Branch via Grindlays Bank, it has come on record that such irregular unjustfiable practice had developed with certain banks. It has also come on record that even SBI had given such facility to A-5 (as per duchess meaning, JPC Report). In such a state of prosecution evidence, it cannot be held beyond reasonable doubt that A-5 committed any offence punishable under Section 403 or abetted offence punishable under Section 405 of IPC or has abetted any commission of offence punishable under Section 468 r/w Section 464 IPC.

For the cheque issued by the Canara Bank in favour of Grindlays Bank, there is nothing on record that monies were meant for Grindlays Bank. As pointed out by the learned counsel for A-5, the beneficial interest for the said amount remained in A-5. It is nobody's case that the desire tennessee UCO Bank itself has sold or purchased the units and was entitled to have the cheque amount, that is to say that ownership or beneficial interest in the property was not with UCO Bank. With regard to first transaction, it is to meaning be stated that it is nobody's case that UCO bank sold and thereafter re-purchased the units to theory of planned MUL and my last duchess therefore it was entitled to get it back from MUL. As soon as the Neoclassical Drama amount was re-paid by MUL, original owner of the UTI units was entitled to get it back and duchess meaning that was done by A-5. Further, document Ex.58 (Vol.26 page 7056) and Ex.

A-5 (1) (Vol.23 page 6514) are referred to walt disney company uk show that MUL was knowing about the transactions with A-5. Ex.58 is the letter dated 22nd January, 1991 written by UCO Bank to MUL requesting to hand over the delivery of units to Mr. Khandelwal; and duchess Ex.A.5 (1) is the receipt dated 24.1.1991 issued by Mr. Khandelwal (an employee of A-5) on the letter-pad of A-5. Both these documents would also indicate that MUL was fully aware about the transaction with A-5. Finally, an important contention raised by the learned counsel for the appellants that for the transaction nos.l to 3 i.e. transactions dated 24.1.1991, 13.3.1991 and 18.3.1991, the Special Court would have no jurisdiction as the prosecution has failed to prove the conspiracy.

Admittedly, the desire said transactions had taken place prior to cut-off date prescribed under Section 3(2) of the SCAM Act, which is 1st April, 1991. In my view, the meaning said submission requires to and theory of planned behavior be accepted. However, it is not required to be discussed further in view of the my last duchess finding that the prosecution has failed to prove beyond reasonable doubt that accused have committed any offence. Finally, there is no loss to MUL or to the Bank but as the loan amount is State of Accountancy Cases of 2008, given to A-5 by MUL through UCO Bank and as the loan is re-paid by A-5, it cannot be held that A-5 committed the offence of mis-appropriation. Meaning! Further, while deciding criminal matters, where heat is generated outside the Court room, it is the function of the Court to decide the matter after cool deliberation on the basis of existing law and criminal jurisprudence and the adjudicatory process should remain unaffected by such heat. Conviction or acquittal in a system wedded to rule of law should be in accordance with law only.

As observed in the case of Laxman Kumar (supra) if the cushion is lost and the Court room is allowed to vibrate with the heat generated outside it, the adjudicatory process suffers and the search for kafka a hunger artist, truth is stifled. It is for meaning, the Parliament to enact laws to meet white- coloured illegalities or irregularities affecting the society. What emerges from the discussion of the entire evidence which, to some extent, is reproduced in the earlier paragraphs is: - (a) The SCAM Act does not create any new offence nor changes the procedure as prescribed in the Code of Criminal Procedure nor raises any presumption pertaining to an offence punishable under the Indian Penal Code or Prevention of Corruption Act. The offences of mis-appropriation, criminal breach of trust or fraud and forgery are required to theory of reasoned action and theory be established by the prosecution on the basis of existing criminal jurisprudence, which requires that prosecution has to establish its case beyond reasonable doubt. Serious allegations would not be a ground for convicting the accused unless there is sufficient evidence to connect the accused with the crime. Joint Parliamentary Committee found that many brokers used some of the my last duchess banks as routing banks which carried large volume of securities transactions for them. The Bombay Main Branch of SBI acting as the disney company agent of SBI Caps had debited SBI Caps account and unauthorisedly credited funds to the account of HSM instead of making payments to named banks/institutions. The Committee noted that the PSUs were the single largest source of surplus investible funds around Rs.36000 crores between April 1990 and December 1992.

In the investment of these funds guidelines and instructions were routinely flouted and no norms were observed. Neither DPE nor the Ministries concerned took any steps to ensure the compliance of their guidelines. Even the Ministry of Petroleum and Natural Gas which had made a review of investment of surplus funds by my last the PSUs under its administrative control in May 1990 closed its eyes knowing fully well that PSUs were investing with the foreign banks despite the on Tartuffe: An Excellent of a Drama guidelines of DPE that PSUs could have normal banking transactions only with nationalised banks. The PSUs have placed funds with banks and finance companies for very short periods, sometimes for only a few days and even for one day implying supply of funds for meaning, speculative purposes to earn higher return. These banks/finance companies issued BRs for the amount received. The PSUs after the maturity of investments returned the BRs and got their monies along with the a street desire tennessee williams yield which was agreed to at the time of placement of funds. Thus these transactions were in the nature of ready forward deals instead of genuine investment transactions. (b) The prosecution version of conspiracy as stated in the FIR and the chargesheet is contrary to what has been tried to be proved by duchess leading the evidence of witness, namely, Mr. Khandelwal PW 23.

In the Essay Example of a Drama FIR and my last duchess the chargesheet, it is stated that there was conspiracy in the month of January 1991. As against this, evidence which is Carolina Violation Cases, led is to the effect that conspiracy was hatched in April/ May 1989. That evidence is found to be totally unreliable. Subsequently, developed prosecution version of conspiracy on the basis of evidence of PW23 creates doubt with regard to the efficacy of the investigation. (c) There are no circumstances on record from duchess meaning, which reasonable inference of conspiracy could be drawn as it was the practice adopted by some of the Banks and Public Sector Undertakings of short term investments of of reasoned and theory, their extra funds. May be that the practice adopted by my last duchess the banks or PSUs was unjustified or irregular. Board Of Accountancy Cases Of 2008! (d) Jurisdiction of the meaning Court under the action and theory of planned SCAM Act is limited for my last duchess, the transactions in Securities after the First Day of April, 1991 and on action of planned behavior or before 6th June, 1992.

As the prosecution has failed to prove the conspiracy, the accused cannot be convicted by the Court for the transactions dated 24.1.1991, 13.3.1991 and 18.3.1991. Remaining 4th and my last duchess meaning 5th transactions are on of reasoned behavior 24.4.1991 and 2.5.1991 for two days and duchess meaning five days respectively. Franz Kafka A Hunger! Before the 5th transaction, A3 was transferred from the Hamam Street Branch. (e) In the my last investment policy or lending policy as per car named desire, the guidelines framed by the MUL in 1989 (Ex.9) use of phrase 'through Scheduled Banks' or 'directly' appears to be intentional. Meaning! Through Scheduled Bank' would indicate that the amount is not invested 'with the Bank'. Resolutions Exs. 22, 23, 24, 40 and 42 passed by the MUL for investment of funds as reproduced above also reflect the same thing, namely through bank or with the bank. (f) Resolution Ex.22 dated 1.2.1991 reveals how the documents were prepared to suit its purpose by the MUL. The relevant part of resolution reads thus- . In our documentation we have to show the borrowing as sales of our investments. Therefore, it is proposed to show such borrowing as reduction in Essay on Tartuffe: Neoclassical, our investments. This has been discussed with Company Secretary also who is duchess, agreeable for such treatment.

PW4 Mr. Rajan Ramgopal has admitted that the name of the broker did not figure or reflect on the record of MUL in the event of transaction of investment being through broker. (g) In any case, A1 and A2 who are sought to be prosecuted are not responsible for the said policy. The policy is framed by the Board and as per the said policy, Sub-Committee headed by a street desire tennessee williams the Chairman and the Managing Director of MUL and Financial Director has passed appropriate resolutions. It appears that they were in know of entire investments, but for the reasons best known to the prosecution, they are not prosecuted or examined as witnesses even though they were interrogated by the Investigating Officer. (h) Al and A2 were promoted for their efficiency and duchess good work. The same stand was taken by the MUL before the JPC despite knowing that there was so-called investigation by the CBI. (i) MUL has not suffered any loss. On the contrary, it has received substantial interest for short term investment for a few days. (j) UCO Bank has also earned commission which is reflected in its account. South Carolina Board Of Accountancy Of 2008! (k) If there was any dishonest intention on the part of A-3, he would not have credited the earned commission for the transactions in the account books of the bank. My Last! (1) No loss to the UCO Bank. (m) Neither the MUL nor UCO Bank has lodged any FIR for desire tennessee, so-called mis- appropriation or fraud. (n) The prosecution has not even suggested that accused Nos.l, 2, 3 or 4 got any pecuniary advantage or gain by such transactions. (o) Evidence led by the prosecution discloses that it was the practice of the Bank to issue BRs for my last duchess meaning, such type of transactions. It was the duty of the prosecution to carry out necessary investigation whether the and theory of planned behavior BRs were backed by the units or not.

If the duchess meaning Investigating Officer fails to discharge its duty, no inference can be drawn that BRs were not backed by security/units. Prosecution has miserably failed to Carolina Board Violation Cases of 2008 Essay prove that A-3 issued BRs without holding units as security or that BRs were not backed by my last meaning units. PW3 Halasyam, Chief General Manager (Finance) of MUL has stated that looking at the BRs of UCO Bank, no suspicion would arise and that issuance of the BRs necessarily indicates that bank issuing it would be holding the security covered under the BR. (p) Mr. Ramanathan, Divisional Manager of UCO Bank at Bombay Office at the relevant time has produced on record letter dated 8.1.1991 Ex.231 written by franz kafka a hunger him stating resumption of switch transaction after discussing the subject with various authorities including Zonal Manager, General Manager and Dy. Manager of UCO Bank. (q) On the evidence as it is, at the highest it was a failure on the part of Al, A2 and A3 to perform their duties or observe rules of procedure in appropriate manner and may at the most be an administrative lapse. My Last! (r) As discussed above, there is no evidence against A-2 and A-4 to connect them with the crime. Walt Disney Company! (s) A-4 is prosecuted without collecting any evidence against my last duchess meaning, him that he was responsible for crediting the amount in the account of A-5. The prosecution has erroneously proceeded as if the amount of walt uk, pay orders issued in favour of duchess meaning, Grindlays Bank was directly deposited in the account of walt disney company uk, A-5. (t) For A-5, it is to be held that he gave loan to MUL in first transaction and borrowed the amount in last four transactions. Duchess Meaning! These transactions were carried out through UCO Bank. Therefore, assuming that those transactions were against theory of reasoned action of planned behavior, the guidelines issued by meaning the RBI, it would not mean that A-5 has mis-appropriated the amount. He repaid the amount on fixed dates with stipulated interest. Question of payment of the disney way, interest would arise in cases of loan transaction and normally bank would not borrow the amount at such a high rate of interest.

The Bank has issued BRs and there is no evidence that BRs were not backed by the units. My Last! On the contrary, defence has led evidence to suggest that units were given as security. (u) For A-3 also, Investigating Officer has not bothered to verify properly because admittedly A-3 was transferred from Hamam Street Branch at Bombay to Hingha Branch, Near Nagpur at the relevant time when 5th transaction was carried out between 2.5.1991 to 7.5.1991. (v) As mentioned above, Section 415 has two parts. While in disney, the first part, the person must dishonestly or fraudulently induce the my last duchess complainant to deliver any property; in the second part, the person should intentionally induce the complainant to do or omit to do a thing. That is to say, in the first part, inducement must be dishonest or fraudulent. In the second part, the inducement should be intentional. In the present case, it is very important to determine who is the controlling agent behind the act of the Essay on Tartuffe: Company (MUL). If the Board of the MUL or the Management of the Bank were fully aware of such transactions, subordinates who carry out the duchess transactions could not be held guilty as for the offences for which the accused are charged, mens rea must be proved. Therefore, those who are responsible for taking such decision, could be prosecuted, but not those who are only carrying out directions on the basis that it is the disney way, a commercial policy of the my last duchess meaning Company (MUL) or the Bank. As stated before JPC, it was an Essay on Tartuffe: Neoclassical Drama effort to maximise the yield or surplus funds of my last duchess meaning, MUL and there was no need for the company to take any action against the officers.

Hence, in my view, prosecution has failed to prove its case against the accused. In the result, Criminal Appeal No. 1097 of Example of a Drama, 1999 filed by Ram Narain Popli (A-4), Criminal Appeal No. 1117 of 1999 filed by Pramod Kumar Manocha (A-l), Criminal Appeal No. 1141 of 1999 filed by Vinayak Narayan Deosthali (A-3) and Criminal Appeal No.

1150 filed by Harshad S. Mehta (A-5) are allowed and they are acquitted of the charges, for which they were facing trial in this case. Criminal Appeal No.S21 of 2000 filed by Central Bureau of duchess meaning, Investigation against acquittal of A-2 stands dismissed. ORDER OF THE COURT In the result it is held that:- (1) Criminal Appeal No. A Street Car Named Tennessee Williams! 521 of 2000 filed by the State against A2 Ambuj Sushil Kumar Jain is dismissed. (2) Criminal Appeal No. 1097 of 1999 filed by duchess meaning A-4 Ram Narayan Popli is allowed and he is acquitted of all the offences alleged against him. Kafka A Hunger Artist! (3) Further, in view of the judgment rendered by meaning the Majority, Criminal Appeal Nos. 1117 of 1999, 1141 of 1999 and 1150 of 1999 filed by Al Pramod Kumar Prital Lal Manocha, A-3 Vinayak Narayan Deosthali and deceased A-5 Harshad Shantilal Mehta respectively are partly allowed. The order of conviction awarded by the Special Court in the disney way, respect of A1, A3 and A5 is confirmed. However, sentence of Al and A3 is reduced to the period already undergone. My Last Duchess! ARIJIT PASAYAT, J. Notwithstanding my great respect for learned Brother Shah's wisdom and erudition, I am unable to agree that some of the appellants i.e. A-l, A-3 and A-5 deserve to be acquitted.

My reasons with which brother Agrawal also agrees, are as follows: The present appeals relate to Essay An Excellent Neoclassical Drama Special Case No.6/1994 which was one of the my last duchess meaning 32 cases filed by the Central Bureau of Investigation (in short the 'CBI') under the provisions of Special Court (Trial of offences relating to a street desire tennessee williams Transactions in Securities) Act, 1992 (in short the Special Court Act'). Before constitution of the Court under the Special Court Act several enquiries were made in meaning, relation to securities scam which allegedly broke out in May 1992 in various types of transactions relating to government securities. The Disney Way! The basic allegation was that these transactions were made in active connivance with the officials of banks, financial institutions and shareholders. One Committee known as Jankiraman Committee was appointed by the Reserve Bank of India (hereinafter referred to my last duchess meaning as the RBI') under the chairmanship of one Shri R. Jankiraman, the then Deputy Governor of the RBI. The Committee submitted its report between May 1992 and April 1993. First report in point of Essay An Excellent Example Neoclassical Drama, time was submitted by the Committee in May 1992 and it was indicated that the amount involved was estimated to be about rupees 4,300 crores. The Government first promulgated an Ordinance which was replaced by the Special Court Act on 8th August, 1992.

When the matter was brought to my last meaning the notice of both Houses of Parliament, a Joint Parliamentary Committee (in short the tennessee JPC) was appointed to enquire into the irregularities. Prosecution version was that there were five transactions conducted between January 1991 to May 1991 involving Rs.43,96,65,000 purportedly as ready forward deals. The securities involved were units of my last, Unit Trust of India (in short UTI'). Two stages were involved in the transactions; the first sale and purchase and the second reversal thereof. The bankers involved were United Commercial Bank, Hamam Street Branch, Bombay, Canara Bank, Sansad Marg, New Delhi, Bank of a hunger artist, America, Bombay Branch and New Delhi Branch, ANZ Grindlays Bank, Sansad Marg, New Delhi and ANZ Grindlays Bank, Bombay Branch.

The Government company involved was Maruti Udyog Ltd. (in short MUL'). The reports of the Janakiraman's Committee and meaning the JPC were placed before the Trial Court and were exhibited as 237(1) and 237(2). The basic allegation was that as a result of criminal conspiracy surplus funds of MUL had been deposited in Canara Bank, New Delhi and were diverted to a street desire tennessee williams the account of A-5, Harshad with Grindlays Bank, Delhi and finally to UCO Bank, Bombay. It was the my last duchess prosecution's case that there was no authority of accused 1 - Pramod and accused 2 - Ambuj Jain to deal with A-5, Harshad and though he was the walt disney company full beneficiary and meaning he had been directly benefited from the transaction, a picture was presented as if he had nothing to do in the matter. Such illegal transactions were done with the aid and assistance and direct involvement of A-3 (Deosthali) and A-4 (Popli).

Accused Nos. Disney Company! 3 and 4 were proceeded against on the basis that they were public servants with reference to Section 46(A) of the Banking Regulations Act, 1949 (in short Banking Act'). The five accused-appellants were charged under Sections 409, 420, 467, 471 of the Indian Penal Code, 1860 (in short the IPC') and Section 13(l)(c) read with Section 13 (2) of the Prevention of Corruption Act, 1988 (in short the PC Act'). Reference was made to various documents to show how the transactions were conducted and how documents were fabricated to facilitate use of the huge sums of money by A-5, Harshad. All the accused persons pleaded innocence. The stand of accused No. 1, Pramod and accused No.2, Ambuj Jain was that they did not know the involvement of A-5. Additionally, A-l took a stand that A-5, Harshad is broker of UCO Bank. So far as A-3 was concerned though he did not deny authorship of my last meaning, several letters which were placed on record by the prosecution to show alleged commission of forgery, stated that the transactions were put through under mere routing facilities and in any event so far as the last two transactions were concerned, he was not working in the concerned branch.

He took a stand that though the letters produced by the prosecution to show that forgery had been committed, as they were typed outside the office, the same was done due to pressure of walt disney company uk, work. Accused 4 took the meaning stand that he was totally unconcerned with the transaction. Accused No.5 took a stand that there was no meeting as alleged by the prosecution to present a case of conspiracy, and in any event he was totally unaware of the transactions and the disney way further, even accepting that there were some transactions they were under mere routing facility. Reference was also made that issuance of BRs while putting through transaction with MUL was under routing facility by the UCO Bank. They were illegally permissible and there was no prohibition for the same. Duchess! There was adequate balance of on Tartuffe: An Excellent Example Neoclassical, securities money with UCO Bank at the relevant dates and UCO Bank issued its BRs relating to the impugned transactions favouring MUL. Finally, it was submitted that all the transactions were reversed and financial obligations were discharged and duchess meaning met, and no amount was due or outstanding under the transactions in question. Whatever had been done by and /or from the Bombay office with regard to the impugned transactions was done under the instructions of PW-23, Khandelwal. The transactions in the securities between him and MUL were conducted on principal to principal basis and the same were put through UCO Bank under routing facility extended to car named desire him by it and MUL in particular was very much aware of the said fact, namely that the transactions in question were directly between MUL and my last him and that the Board of Accountancy Violation Cases same were on principal to my last duchess meaning principal basis. It was also pointed out that before the JPC there was no objection raised by the MUL as nothing was considered irregular. The Trial Court had found that though representations were made that the units were there as security, in reality these were not there.

The findings in this regard are reproduced below: All these would show that case as has been sought to put forthwith by tennessee williams Accused No. 5-HSM of there being sufficient balance of security namely, Units in his account with UCO Bank, to meet the commitments about 4 transactions being Nos. 2 to 5 with MUL, in the circumstances cannot be believed and accepted and therefore requires to duchess be rejected outright. Each of the five transactions needs to be examined separately. Transaction No. I: This transaction dated 24.1.1991 involves 35 lacs units of UTI as security and it is ostensibly shown to have been purchased by walt company MUL from UCO Bank, Hamam Street Branch, Bombay for my last, a consideration of Rs.4,99,45,000. There was a reversal as agreed on 25.2.1991.

Accused No. 3, Deosthali addressed a letter dated 23.1.1991 on the letter head of UCO Bank of the concerned Branch to MUL stating that arrangement for payment of consideration of the aforesaid sum would be made through Bank of America, New Delhi with a further request to MUL to hand over the physical delivery of the on Tartuffe: Example Drama security to Mohan Khandelwal (PW 23). Admittedly, the payment came to be made by and/or from the account of accused No.5, Harshad. Bombay's office of A-5 by its letter to Bank of America, Bombay requested remittance of the amount by means of 1TRO to its Delhi Branch for crediting into the account of MUL, Delhi. Accordingly, Bank of America, (Bombay and Delhi branches) arranged the payment thereof to MUL. On receipt of the amount, the securities were delivered to Anuj Kalia (PW 16), an meaning employee of a street desire tennessee williams, A-5 Harshad at its Delhi Office who was instructed and deputed by Khandelwal (PW 23).

The proposal submitted by my last duchess meaning A-l indicated as if the the disney way transaction was between MUL and UCO Bank, Hamam Street, Bombay. Nothing was mentioned about the duchess meaning role of A-5 who was operating from behind the screen. At the reversal stage, accused No.3, Deosthali addressed a letter dated 22.2.1991 (Exbt.59) on the letter head of UCO Bank to MUL instructing it to remit the amount of Rs.5,05,03,250 through Grindlays Bank, Delhi. Artist! Letter was addressed by MUL to its bankers Canara Bank, Delhi to duchess meaning issue a pay order favouring Grindlays Bank, The same was handed over to Anuj Kalia (PW 16). Disney Company Uk! On instructions from my last meaning, Khandelwal (PW 23) the pay order was deposited directly into the account of Harshad (A-5) with Grindlays Bank, Delhi by handing over the same to A-4, Popli, the concerned officer of the Grindlays Bank. Letter was issued by the Delhi Office of the disney way, A-5 instructing Grindlays Bank for remittance of the amount by TT to its Bombay Branch which was done on the same day.

Then the amount was paid by pay order to meaning UCO Bank, Hamam Street Branch, Bombay and the amount was credited to the account of A-5. A bare perusal of the method adopted shows that the same was disinvestments borrowing transaction between MUL and on Tartuffe: An Excellent of a Drama UCO Bank though it was reflected to be a transaction as if MUL had borrowed money from UCO Bank against the security as a ready forward deal, the consideration was actually provided by Harshad through the Bank of my last meaning, America. In fact, the interest that was paid by MUL did not go to UCO Bank but went ultimately into the account of A-5 Harshad. Exbt. 58 is the franz a hunger artist letter dated 23.1.1991 addressed by UCO Bank, Hamam Street Branch, Bombay to MUL and it was signed at two places by A-3 Deosthali. Duchess Meaning! There was no dispute that A-3 had signed and addressed the letter. Exbt. 54 is the a street tennessee letter dated 24.1.1991 addressed by the Bombay office of A-5 to the Manager of Bank of America, Bombay by which instruction was given to transfer the amount involved to New Delhi in the account of my last duchess, MUL.

A-5 has taken a stand that the South State of Accountancy Cases transaction was between him and MUL on principal-to-principal basis through UCO Bank under routing facility. The Agenda Note and the Resolution clearly show that MUL was not dealing with A-5 on principal-to-principal basis. Duchess! In fact, what was authorized was a transaction between MUL and the UCO Bank. Certain very suspicious circumstances surround this transaction, particularly, the role of A-3. The letter (Exbt. 58) was not typed in the office of the UCO Branch. The typist (PW 6) has categorically stated that he has not typed it.

In fact A-3 had admitted that it was typed outside and State Essay he was responsible for the typing done outside. His plea that due to pressure of work it had to be done outside can be accepted with a pinch of salt. It was for PW-6 to duchess meaning say that there was pressure of work and, therefore, the letter was required to be typed outside. There was no other instance, except the cases involving A-5 and the other transactions to which reference shall be made subsequently, that the letter was typed outside. So far as reversal is concerned, the role of the disney way, A-3 is very significant. The letter (Exbt. 59) was written by A-3. He accepted that he was the author and signatory of the letter. Exbt. No.

101 is a letter dated 25.2.1991 issued by the Delhi Office of A-5 to the Grindlays Bank, by which it was instructed to credit the proceeds of the pay order (Exbt. 28) to the account of A-5. The same was authorized by Anuj Kalia (PW 16) and signed by Mohan Khandelwal (PW 23). The current account number of A-5 was also mentioned in the letter. From the statement of account of UCO Bank, Hamam Street Branch, Bombay (Exbt. 149) it is clear that there was no debit entry showing that the UCO Bank, Bombay have charged any commission for the transaction of 35 lakhs of units of UTI and my last duchess there is also nothing to show that UCO Bank had charged any commission from A-5. From Exhibits 44 and 45 which are internal vouchers, it is clear that though names of Bank of America and UCO Bank have been indicated, there was no involvement of UCO Bank either in passing or receiving funds in its own account. On the contrary, evidence shows that in the first instance money was paid by A-5 through its bankers to MUL. There was nothing to show that the payment was made to MUL through Bank of America under the instructions of UCO Bank, Bombay. Similarly, at the stage of reversal, the amount paid by MUL directly came to be credited in the account of A-5 first in the Grindlays Bank, Delhi, then Grindlays Bank, Bombay and finally in the UCO Bank, Bombay.

In all these three stages, the amount went directly to the account of Essay on Tartuffe: An Excellent Example Drama, A-5. There was no involvement of any UCO Bank in financial aspects of the my last duchess meaning transaction, if the Bank, as claimed by A-5, at all acted for him as routing bank in the transaction. On the contrary, there is no involvement of UCO Bank either on franz artist 24.1.1991 and meaning 25.2.1991 either in passing or receiving funds in franz a hunger artist, it own account. At the first instance, money was paid by A-5 through Bank of America to MUL. There is nothing to show that such payment was made under the my last meaning instructions of UCO Bank, Hamam Street Branch, Bombay. Transaction No. 2. Coming to the second transaction, it involved 70 lacs units of UTI.

Here MUL was the action of planned behavior purchaser and UCO Bank, Hamam Street Branch, Bombay was the seller. The date of the transaction is 13.3.1991. Here again, the modus operandi for this transaction is almost identical to those involved in Transactions 3, 4 and 5. In respect of the second transaction A-3 addressed a letter dated 13.3.1991 to MUL on the letter head of the UCO Bank, Bombay instructing remittance of the duchess meaning amount involved. He issued under his signatory Bank Receipt (BR) of UCO Bank favouring MUL in respect of the security. The letter and the BR were received at the first instance in the office of A-5 at Delhi which then passed across to of reasoned action and theory of planned A-l who then put up a proposal in meaning, the form of Agenda Note before the Investment Committee showing as if the transaction was between MUL and South Carolina UCO Bank, Bombay and on this basis approval was obtained. On the same day, as authorized signatory of my last duchess, MUL, A-l instructed Canara Bank, Delhi to issue a pay order favouring Grindlays Bank by debiting the amount to the account of MUL and accordingly Canara Bank issued its pay order for the amount directly to a street car named MUL. A-5's Delhi Office instructed its bankers Grindlays Bank, Delhi for issuance of a banker's cheque for the said amount favouring Grindlays for the benefit of MUL by depositing the my last duchess amount into the account of A-5.

This is what was done. Exbt. 60 is the letter dated 13.3.1991 which was signed by A-3 Deosthali. By the said letter it was indicated to MUL that it (MUL) had purchased 70 lakhs of units. There was a request to remit funds through Grindlays Bank. The Agenda Note and theory of reasoned and theory of planned the approval clearly show that MUL was to place funds through UCO Bank.

A reading of the Agenda Note and the Resolution clearly shows that the my last transaction was intended to be between MUL and UCO Bank. Much was made of the words through UCO Bank to contend that there was no prohibition on walt disney company involvement of A-5. This has to my last duchess meaning be considered in the background of the stand of A-5. His stand was that the transaction was between him and MUL on principal-to-principal basis. But the material on franz a hunger artist evidence clearly shows that the intention was that MUL was to be the purchaser and the UCO Bank the seller. Exbt.

38 is the duchess BR issued by the UCO Bank. The same was authored and signed by A-3. BR recites UCO Bank having received from MUL the concerned sum, being the cost of 70 lakhs of units of the face value of rupees 7 crores. It was stipulated that the security will be delivered when ready in exchange by this receipt is duly discharged. The said recital in theory of reasoned action, the BR clearly from its plain reading would indicate UCO Bank, Hamam Street Branch having undertaken to MUL to deliver security, namely, 70 lakhs units when ready in exchange for the said BR. There is also endorsement made in the said BR reading as discharged with a rubber stamp of duchess, MUL which is proved to be made by accused No.l Pramod as proved by walt company PW-3 Mr.

Agharam Ramkrishnan Halasyam, the officer of MUL. This endorsement shows UCO bank having discharged its obligations to MUL under the said BR. Credit advise dated 13.3.1991 (Exbt.150) issued by UCO Bank is in the handwriting of A-3. Meaning! Although, in the narration of Carolina Board of Accountancy Violation Essay, credit voucher it was mentioned that 70 lakhs of my last duchess meaning, units related to on Tartuffe: An Excellent Example Neoclassical MUL, there is no written record in that regard. Exbt. 128 which is the advise of Grindlays Bank, does not justify the narration as appearing in the credit voucher. Duchess! The material on An Excellent Example of a Neoclassical Drama record clearly justifies a conclusion that the amount involved came from the account of A-5 and was paid to MUL. There was no involvement whatsoever of duchess, UCO Bank though the stand of MUL is the disney way, that the transaction was between it and UCO Bank. As is the case with the first transaction, A-5's stand is that the transaction between him and MUL was on principal-to-principal basis which routed through UCO Bank. But, as noted above in the reversal stage UCO Bank does not figure at all.

Third transaction The situation is somewhat similar so far as transaction 3 is concerned. The amount in question came in the first instance from A-5's account with Grindlays Bank on the basis of instructions, letter and duchess approval from Grindlays Bank, Bombay to Grindlays Bank, Delhi and a street car named desire tennessee williams from Grindlays Bank Delhi to Canara Bank, Delhi in the account of my last meaning, MUL. Fourth transaction So far as fourth transaction is concerned, initially the proposal was for investment of units valued at rupees 7.50 crores through Grindlays Bank for a period of two days, but second note/proposal was put up by A-l which is very significant. There was approval for placement of Rs.7.50 crores with Grindlays Bank for 2 days at an expected yield of 26.25% p.a. Subsequently, UCO Bank agreed to accept this fund at the same rate.

There was some reluctance on the part of Grindlays Bank to accept the fund beginning 24.4.1991. Accordingly, the placement has been done with UCO Bank. Of Reasoned! A reading of the second note/proposal makes it clear that MUL was dealing with UCO Bank and there was no question of A-5 dealing with MUL on principal-to-principal basis. In the minutes of my last, Sub-Committee for the investment, the committee had earlier approved the proposals as contained in the Agenda Note, Exbt. 40(3) where the investment in the security in question was to desire tennessee williams be made with Grindlays Bank. But later on, the same was changed and it was resolved to be made with UCO Bank, Hamam Street Branch, Bombay as proposed by A-l- Pramod. Significantly, there was no written proposal either from UCO Bank or Grindlays Bank which has been received and placed before the Committee of MUL, it had given its approval to the proposal for investment with UCO Bank. As noted earlier in duchess, respect of the other transaction, there was no direct involvement of UCO Bank and it was A-5 creating a facade to give a picture to MUL as if the transaction was between it and UCO Bank.

Transaction No. 5. So far as transaction No.5 is concerned, there was no letter issued by UCO Bank, Hamam Street Branch, Bombay and proposal to MUL as was in the case of earlier transactions. The most significant aspect is that there was also no Bank Receipt (BR) issued by UCO Bank, Hamam Street Branch, Bombay favouring MUL in respect of this transaction. Notwithstanding these, the security was put through and MUL parted with money which went into the account of Essay on Tartuffe: An Excellent Example of a, A-S in the same manner as in the case of meaning, transactions 2 to 4. Here again, A-l placed a Agenda Note (Exbt. 42(3)) which reads as follows: We have received a request from a street desire tennessee williams, UCO Bank for placement of Rs. 10.00 crores in units. The placement will be for a period of 5 days with effect from 2.5.1991.

The expected yield will be 21% per annum. Duchess! The Sub-Committee's approval was in a hunger, the following terms: Resolved that Maruti may place funds with UCO Bank for investment of units aggregating to Rs.10 crores for a period of 5 days w.e.f. 2.5.1991 at an expected yield of 21% per annum. Another important aspect is that the monies/funds were in fact credited eventually in the account of A-5 Harshad with UCO Bank, Hamam Street Branch, Bombay. The debit and credit vouchers of the bank amply prove this. Role of Accused No. 1 in the transactions are as follows: 1. Carbon copy of bank voucher on the letterhead of MUL approved and singed by A-l (Exbt.44).

2. Reverse entry on my last duchess meaning 25.2.1991, carbon copy of bank voucher of MUL approved and signed by uk A-l (Exbt.45). 3. Transaction No.2- bank receipt dated 13.3.1001 of duchess meaning, UCO bank, Hamam Street Branch. The expression discharged is in the handwriting of A-l. The rubber stamp of of Accountancy Violation Cases of 2008, MUL and signature under the caption of my last duchess meaning, authorized signatory is of A-l (Exbt.38). 4. Essay On Tartuffe: Of A! Instruction letter of MUL dated 13.3.1991 addressed to Manager, Canara Bank, Delhi to pay order referring the ANZ Grindlays Bank singed by A-l (Exbt.29). 5. Transaction No.3 - Agenda note for the meeting prepared by A-l. (Exbt.24). Duchess Meaning! 6. In the bank receipt of UCO bank, notings are made by A-l, (Exbt.39).

7. Reversal of the entry, carbon copy of a street car named williams, bank debit voucher, accounts slips signed by A-l (Exbt.48). 8. Transaction No.5 - Minutes signed by A-l (Exbts.42 [1] to [3]). 9. Instruction letter dated 2.5.1991 of MUL addressed to the Manager, Canara Bank to issue pay orders in favour of my last duchess meaning, Hong Kong and a street desire williams Shanghai Banking Corporation and in favour of Grindlays Banks signed by A-l (Exbt.35). 10. For the 5th transaction, there was no BR and it has not been explained by A-l as to how the transaction could take place without BR. My Last Duchess Meaning! A-l concealed the receipt signed by PW-23 on the letterhead of A-5 cancelling the walt uk receipt of 35 lakhs of units from MUL. It is, therefore, hard to duchess meaning believe that A-l did not know that the disney uk ultimate beneficiary was A-5. A-1 delivered pay order for the second transaction to PW-16. It has to be noted that for the first time in meaning, this Court A-5 has taken the stand that the relevant transactions were in the nature of South State Board Cases, loan between A-5 and MUL. A-l used to place the proposal before the Board and obtained approvals for the investments in question. A decision was taken by MUL for investing its funds with PSU's as deposed by PW-1.

That clearly indicated that investments could only be in duchess, PSU's bonds. As per PW-3, MUL did not engage the services of brokers for its transactions and A-l used to give instructions on the basis of Essay Example of a Neoclassical Drama, which letters addressed to banks were prepared by MUL clearly suggesting that the transactions were intended to be between MUL and UCO bank. Therefore, what was intended was that the transactions in securities were directly to be with UCO bank. As per PW-4 it brought to the notice of A-l that the my last pay order was being given to company uk the Grindlays Bank in a transaction with UCO bank. A-l's reply is very significant. The stand taken by A-l that there was instruction by UCO Bank to issue pay order in favour of Grindlays Bank is clearly untenable because if the UCO bank intended that in its transaction the my last pay orders were to be issued to Grindlays Bank, the same could not have been without any direction from UCO bank.

The contention of A-l is car named desire, also not acceptable because in respect of fourth and fifth transactions, pay orders continued to be issued to Grindlays Bank even though admittedly there was no instruction from UCO Bank. In the my last duchess fifth transaction, he released funds of MUL even in the absence of an authority letter or a security in form of Bank Receipt from UCO Bank. Payments made at the stage of reversal by MUL were directly made to A-5. There was no authorization to purchase any securities from any brokers. There was no mention about the intention that monies will be given on loan to any broker. Each transaction as reflected was considered to be a placement of funds with PSUs and there was no scope of any placement of surplus funds with private person. It is unbelievable that A-1 did not know about the involvement of A-5 when the receipt in walt uk, respect of 35 lakhs of my last duchess, units was kept in walt, the records of MUL. Next comes the case of A-3. Duchess! In almost all the transactions the role of A-3 is very significant.

Investment of the first transaction (Exbt.58) indicates that the same was written on the letterhead of UCO bank and was signed by Carolina State Violation Essay A-3 with reference to 35 lakhs of units. So far as reverse entries are concerned, letter dated 22.2.1991 addressed by the UCO bank, Rajabahadur Building, Bombay to my last duchess meaning MUL requested MUL to remit funds through ANZ Grindlays Bank. (Exbt.59[l]). Walt Uk! Transaction No.2-BR dated 13.3.1991 is in duchess meaning, the handwriting of A-3 and is signed by him. Essay! Carbon copy of credit voucher of UCO bank (Exbt. Duchess! 150) is in the handwriting of A-3 and also bears his signature. It indicates that the amount was intended for South Board Cases, A-5 being the amount of security, namely, units sold to my last MUL. Similarly, Exbt. 151(1) shows that A-3 signed on the debit voucher in the name of Harshad Mehta for Rs.6,000. In Exbt. 152(1), the signature of A-3 on the debit voucher of UCO bank in the name of a street desire, A-5 is there.

Exbt. 153(1) is the signature of my last meaning, A-3 on debit voucher of UCO bank in the name of Harshad Mehta. Transaction No.3 - letter dated 18.3.1991 of UCO bank is signed by A-3 (Exbt.61). BR dated 18.3.1991 is signed by A-3 (Exbt.39). Exbt.

157(1) is the signature of A-3 on the debit voucher of UCO Bank in the name of A-5. Exbt. 158(1), page 6893, is the signature of A-3 in the name of A-5. Similar is the case of Exbts. 159(1), 160(1), 161(1) and 162(1) where there are signature of A-3 on the debit vouchers of UCO Bank in the name of A-5. Transaction No.4 - BR 106 dated 24.4.1991 covering security of the disney way, 51 lakhs of units signed by A-3. Credit voucher Exbt. 163(1) is in the name of A-5 singed by A-3. Similarly in the case of Exbts. 164(1), 165(1), 166(1), 167(1) and 168(1). It is an accepted case that documents purporting to be prepared in the normal course were prepared outside the office.

Evidence of PW-6 is significant in this regard. My Last Duchess! One significant factor as deposed by PW-7 is that none of UCO's Bank Managers was authorized to deal with securities. If there was any genuine transaction for sale of walt uk, security, the deal could have been concluded by the Head Office of the Bank. Accused No.3 wrote letters and made a representation that he has entered into transactions for the Bank. A-3 was not authorized to write a letter unless he is permitted to do so from the Head Office. A-3, therefore, did not have the authority to deal with the Bank or to any arrangement. My Last Duchess Meaning! PWs.

14 and 21 deposed that only the Head Office can instruct on franz a hunger behalf of the Bank. A-3's signatures indicating various designations were fraudulent because it represented something which in reality was not there. A-3 has signed in various documents, describing his designation differently. Duchess! In letter dated 23.1.1991 he has signed as Manager. He has attested signature of Khandelwal (PW 23) for UCO Bank. Similar is the position in letters dated 22.2.1991 (Ext.

59), 13.3.1991 (Ext. 60), 18.3.1991 (Ext.61) where he has signed as Manager for UCO Bank. In Exbt. 38 dated 13.3.1991, he signed as Accountant. He issued the three letters in question to MUL and four BRs describing himself as Manager on the letters and Accountant on the BRs; though in reality he was the Assistant Manager. These are clearly conducts of deceit and dishonest intention. Board Of Accountancy Cases Of 2008! On the basis of the letters and BRs.

MUL parted with its funds which went to the account of A-5. The letters and BRs. were handed over to my last duchess A-5. The BRs. which are in the format (either cyclostyled or Xeroxed reproduced para 179 of the trial court's judgment) show that there is a requirement for signatures at two authorized signatories i.e. Manager and Accountant. South Carolina Of Accountancy Cases Of 2008 Essay! In the duchess case of concerned BRs., A-3 has signed Accountant in the space meant for Violation Cases of 2008, Manager. Coming to the role of A-5, the duchess meaning key figure in the whole controversy several factors need to be noted. Grindlays and walt UCO bank never received money in their own right. They only collected the cheque for A-5, although the cheque in each case was non-negotiable payee cheque in favour of Grindlays Bank without any instructions from Canara Bank or MUL. UCO bank did not sell or agree to sell, as A-3 had no authority either to sell or commit UCO Bank to any sale of security on behalf of the bank, even if it is accepted that the bank had purchased the security, it had become the property of bank, and the securities dealt with as an agent is not to be reflected in the books of the duchess meaning Bank yet such recording is appropriate. Essay On Tartuffe: An Excellent Example Of A Neoclassical! In the instant case, the sale or repurchase has not been passed through the Bank's books. The stand that bank had received a commission is inconsistent with the stand that there was a sale and repurchase involved in the transaction.

In such a transaction, the difference in price is the profit and not a commission. For the 5th transaction neither there was a letter from the UCO bank nor a BR, which amply demonstrate that no security was delivered. Though it is possible as an argument that in respect of transactions 2, 3 and 4 certain securities were placed with A-3 by A-5, that really is of no assistance to A-5. If any security is received, the Bank ought to have made some payment and if the Bank has not paid to retain the security, it would have been required to deliver the securities based on the BR and/or its letters. In other words, UCO Bank's fund were payable to MUL, without having any legal right to retain any security which A-3 may have kept in his possession. Another question which needs to meaning be considered is whether UCO Bank received any consideration for the sale of MUL. The Banker's cheque issued by Canara Bank on franz artist MUL's account was received by Grindlay's Bank and credited to the account of A-5, and duchess meaning remitted to the Bombay Branch of Grindlay's Bank. There was an instruction from Grindlays Bank to credit the amount in the account of A-5 in respect of banker's cheques of UCO bank. Thus, UCO Bank did not receive any money in the transaction.

For the franz artist first time before this Court A-5 took a stand that there was a transaction between him and the UCO bank. It is, therefore, clear that A-5 was the recipient of the money and he had derived benefit of it. Certain important factual aspects need to be noted relating to the transaction and the role played by A-5. Pay Orders of Canara Bank were collected by Anuj Kalia (PW 16). Duchess Meaning! These were deposited as though he was the payee. It is South Carolina of Accountancy Violation of 2008 Essay, clear from the descriptions in the pay-in slips, letters written by his agent/employees to Grindlays Bank giving, clear instructions to remit the my last duchess proceedings of company, Pay Orders to his account. Receipts given by A-5 in respect of the first transaction of meaning, 35 lakhs of units were in the records of MUL. It is tennessee, clear from the resolutions and the minutes of discussion that MUL had not approved the role or involvement of A-5 and it was not known to the Board that the transactions were in reality with A-5, The subterfuge adopted was to conceal actual state of affairs and to duchess meaning present a totally distorted picture. The stand of A-5 that MUL's counter party was UCO bank who was; acting for undisclosed principal is hard to believe.

The evidence of PW-23 is to the effect so far as the first transaction is concerned including question of brokerage, he did not inform MUL that the funds were received from the account of A-5. PW 23 did not indicate to MUL that A-5 was the ultimate principal or beneficiary or that the fund; were credited to the accounts of A-5 or funds were received from of planned, A-5. It is most significant to note that there was no letter from the Board on the 5th transaction and even for the same transaction no BRs were received. in all the transactions, transfer of sum of money had been made as per the advice of accountholder A-5. My Last Duchess Meaning! Exbt.

82, is a letter dated 2.5.1991 addressed to the Manager, Grindlays Bank, New Delhi for remitting the sum of money to his account at M.G. Car Named Williams! Road, Bombay. The Agenda Note prepared by accused No.l did not make any mention of accused No.5, Harshad but referred to UCO Bank. In fact, A-1 has accepted that the transactions were between MUL and UCO Bank and not with any individual. The letters written by A-3 are admittedly not typed in the bank's office and significantly there was no outward reference number given on them, as is the admitted usual practice.

For the 4th transaction there was only the BR, and no letter and for the 5th transaction there was neither letter nor BR. It is not disputed that there can be no oral transaction by banks; it must be reflected in the books of account. Further, a bank cannot act as a broker under the Banking Act. My Last! It is not one of the permitted acts. There is also not a question paying of any commission on franz kafka purchase/sale of transactions. The transactions are, therefore, not transparent. The counter party i.e.

MUL does not appear to have noticed about the role of the brokers. The decisions in question did not refer to A-5, Harshad but to UCO Bank, but the beneficiary is A-5. The pay-in slips were filled up by PW-16 which indicate that the payment was made to A-5, Harshad and in my last duchess, fact there was no authorization from MUL in this regard. A Hunger! The cheques were account payee cheques. In Exhibit 38 dated 13.3.1991, A-3 has signed as Accountant. The document uses the expression cost. Though the receipt was from A-5, it was indicated as if it was from my last duchess, MUL. 'All the relevant vouchers show as if the sale of units was to Grindlays' Bank. Transactions show that payment was made to Grindlays Bank and not to UCO Bank and there was no question of MUL issuing the walt disney uk cheque to Grindlays Bank. It would have been to UCO Bank. Grindlays Bank made the payment and duchess UCO Bank had nothing to do with MUL.

The draft was in walt disney company uk, the name of UCO Bank. My Last Duchess Meaning! In essence, UCO Bank has not received any money from MUL. The Disney Way! There was no direction given by duchess meaning Grindlays Bank, Parliament Street. All the vouchers that have been produced show that same are put through Grindlays Bank. The vouchers of MUL clearly show as if the transaction was between MUL and UCO Bank. Disney Uk! Much stress has been laid by the appellants on the role of Khandelwal (PW. 23). The evidence on record clearly shows that Khandelwal was not only known to MUL but represented accused No.5, Harshad and in particular to accused No.l, Pramod. Exbt. 58 is the letter of the UCO Bank, Hamam Street Branch, Bombay dated 23.1.1991 addressed to the MUL. Herein, MUL had been instructed to deliver 35 lakhs of units to Khandelwal whose specimen signature was attested by accused No.3 Deosthali.

Delivery of the said securities was effected to meaning Khandelwal (PW 23) by Violation Cases of 2008 MUL and the receipt was passed by PW 23. My Last Meaning! Interestingly, the acknowledgment is on the printed stationery i.e. letter head of A-5 Harshad. In respect of each of the transactions 2 to 5 the pay orders issued by MUL through its bankers, Canara Bank towards the consideration of the security was handed over to PW 16 under instructions of A-l or A-2. This amply establishes that Khandelwal (PW 23) was not a total stranger or unknown to the disney way accused 1 and 2 as claimed. His association with accused 5, Harshad also is clearly borne out. It is unbelievable that to a stranger i.e. (PW 23) Khandelwal, valuable securities of crores of rupees and pay orders were delivered by MUL for my last, which receipts were issued on the letterhead of A-5, Harshad. The evidence also shows that letters and the BRs issued by the UCO Bank, Hamam Street Branch, Bombay in company, the transactions addressed to MUL were firsts received in my last, the office of A-5 and were then passed on to MUL. In respect of the walt disney conspiracy in April/May, 1989 it is of interest to note that in meaning, the meeting i.e.

4th May, 1989 the Board of Directors of MUL resolved and decided to deploy the surplus funds into An Excellent Example Drama, the money market. The evidence of PW 3 also throws some light on this aspect. The following portion of his evidence is of great significance: The accused No. 1 at that time stated that MUL could not deal or involve the brokers. Mr. Harshad S. Mehta stated that the deals would be between MUL and banks structured and suggested by him i.e. Harshad S. Mehta. Meaning! Mr. Franz Kafka! Mehta would not appear in my last meaning, the books of accounts of MUL and that is what he stated. Walt Company! Though, attempt was made to meaning emphasize accused No.l 's role in informing A-5 that MUL could not deal or involve broker, the statement attributed to A-5 Harshad has also to be considered.

An attempt was made to as if there was no broker involved. Accounts were to be presented in such a manner that the role of A-5 would remain hidden. It is interesting, as noted above, that so far as the last transaction is concerned, there is no letter or the BR. Though accused No.5, was the artist mastermind in reality, it reflects the involvement of several persons to present legitimacy while in reality that was not so. Letters authored by A-3 made a clear representation to MUL as if it was transacting with UCO Bank. It would be relevant to take note of the various offences alleged to duchess meaning have been committed under Sections 409, 420, 467, 468, and 471 of the Indian Penal Code, 1860. The relevant provisions read as follows: Section 409: Criminal breach of trust by action and theory of planned behavior public servant, or by banker, merchant or agent- Whoever, being in any manner entrusted with property, or with any dominion over my last duchess property in his capacity of a public servant or in the way of his business as a banker, merchant, factor, broker, attorney or agent, commits criminal breach of trust in respect of that property, shall be punished with imprisonment for life, or with imprisonment of either description for a term which may extend to ten years, and shall also be liable to fine. Section 420: Cheating and dishonestly inducing delivery of property- Whoever cheats and thereby dishonestly induces the franz kafka a hunger artist person deceived to deliver any property to any person, or to make, alter or destroy the whole or any part of a valuable security, or anything which is signed or sealed, and which is capable of being converted into a valuable security, shall be punished with imprisonment of either description for my last duchess, a term which may extend to seven years, and shall also be liable to car named desire tennessee williams fine.

Section 467: Forgery of valuable security, will etc.- Whoever forges a document which purports to be a valuable security or a will, or an authority to duchess meaning adopt a son, or which purports to give authority to any person to make or transfer any valuable security, or to receive the principal, interest or dividends thereon, or to Carolina Board of Accountancy Violation Cases of 2008 receive or deliver any money, movable property, or valuable security, or any document purporting to be an acquittance or receipt acknowledging the payment of money, or an acquittance or receipt for the delivery of any movable property or valuable security, shall be punished with imprisonment for life, or with imprisonment of either description for a term which may extend to ten years, and shall also be liable to fine. Section 468: Forgery for purpose of cheating- Whoever commits forgery, intending that the document or electronic record forged shall be used for the purpose of cheating, shall be punished with imprisonment of my last meaning, either description for a term which may extend to seven years, and shall also be liable to fine. Section 471: Using as genuine a forged document or electronic record- Whoever fraudulently or dishonestly uses as genuine any document or electronic record which he knows or has reason to behavior believe to be a forged document or electronic record, shall be punished in the same manner as if he had forged such document or electronic record. It would be appropriate to deal with the question of conspiracy. Section 120B of IPC is the provision which provides for punishment for criminal conspiracy. Definition of criminal conspiracy' given in Section 120A reads as follows: 120A- When two or more persons agree to do. or cause to be done.- (1) an illegal act, or (2) an act which is duchess meaning, not illegal by illegal means, such an agreement is designated a criminal conspiracy: Provided that no agreement except an agreement to commit an offence shall amount to a criminal conspiracy unless some act besides the agreement is done by one or more parties to such agreement in the disney way, pursuance thereof. The elements of a criminal conspiracy have been stated to be: (a) an object to be accomplished, (b) a plan or scheme embodying means to accomplish that object, (c) an agreement or understanding between two or more of the accused persons whereby, the; become definitely committed to my last meaning co-operate for the accomplishment of the object by the means embodied in the disney way, the agreement. or by any effectual means, (d) in the jurisdiction where the statute required an overt act. The essence of a criminal conspiracy is the my last duchess unlawful combination and ordinarily the offence is complete when the combination is framed.

From this, it necessarily follows that unless the uk statute so requires, no overt act need be done in furtherance of the conspiracy, and that the duchess meaning object of the combination need not be accomplished, in order to constitute an indictable offence. Law making conspiracy a crime, is designed to curb immoderate power to do mischief which is gained by a combination of the the disney way means. The encouragement and support which co- conspirators give to one another rendering enterprises possible which, if left to individual effort, would have been impossible, furnish the meaning ground for visiting conspirators and the disney way abettors with condign punishment. The conspiracy is held to be continued and renewed as to all its members wherever and whenever any member of the conspiracy acts in furtherance of the common design. (See: American Jurisprudence Vol.11 See 23, p. Duchess Meaning! 559). For an offence punishable under section 120-B, prosecution need not necessarily prove that the perpetrators expressly agree to do or cause to be done illegal act; the agreement may be proved by necessary implication. Offence of criminal conspiracy has its foundation in walt company, an agreement to meaning commit an offence. A conspiracy consists not merely in the intention of two or more, but in the agreement of two or more to do an unlawful act by unlawful means. So long as such a design rests in company, intention only, it is not indictable. When two agree to carry it into effect, the very plot is an act in itself, and an act of each of the parties, promise against promise, actus contra actum, capable of being enforced, if lawful, punishable if for a criminal object or for use of criminal means.

No doubt in the case of conspiracy there cannot be any direct evidence. The ingredients of offence are that there should be an my last duchess meaning agreement between persons who are alleged to conspire and the said agreement should be for doing an the disney way illegal act or for doing illegal means an my last duchess meaning act which itself may not be illegal. Therefore, the essence of criminal conspiracy is an agreement to do an illegal act and on Tartuffe: An Excellent Example Neoclassical Drama such an agreement can be proved either by direct evidence or by circumstantial evidence or by both, and it is a matter of common experience that direct evidence to prove conspiracy is rarely available. Therefore, the circumstances proved before, during and after the occurrence have to be considered to decide about the complicity of the accused. In Halsbury's Laws of England (vide 4th Ed. Vol.11, page 44, page 58), the English Law as to conspiracy has been stated thus; Conspiracy consists in the agreement of two or more persons to do an my last meaning unlawful act, or to do a lawful act by unlawful means.

It is an indictable offence at common law, the punishment for which is imprisonment or fine or both in An Excellent Drama, the discretion of the Court. The essence of the offence of conspiracy is the fact of combination by agreement. The agreement may be express or implied, or in part express and in part implied. The conspiracy arises and duchess meaning the offence is committed as soon as the agreement is theory of reasoned and theory behavior, made; and the offence continues to my last duchess be committed so long as the combination persists, that is kafka artist, until the conspiratorial agreement is terminated by completion of its performance or by abandonment or frustration or however, it may be. The actus rues in a conspiracy is the agreement to execute the my last duchess illegal conduct, not the the disney way execution of it.

It is my last, not enough that two or more persons pursued the same unlawful object at the same time or in the same place; it is of reasoned, necessary to show a meeting of minds, a consensus to affect an unlawful purpose. It is not, however, necessary that each conspirator should have been in communication with every other. My Last Duchess Meaning! There is no difference between the mode of proof of the kafka offence of conspiracy and that of any other offence, it can be established by direct or circumstantial evidence. My Last Duchess! (See: Bhagwan Swarup Lal Bishan Lal etc. etc. v. State of Maharashtra, AIR (1965) SC 682 at of reasoned action and theory of planned behavior, p. 686. My Last! It was held that the expression in reference to their common intention in Section 10 is very comprehensive and it appears to have been designedly used to give it a wider scope than the words in furtherance of in the English law; with the result, anything said, done or written by a co- conspirator, after the conspiracy was formed, will be evidence against the other before he entered the field of tennessee williams, conspiracy or after he left it. Anything said, done or written is a relevant fact only. as against each of the persons believed to be so conspiring, as well as for the purpose of proving the existence of the conspiracy as for my last duchess meaning, the purpose of showing that any such person was a party to it. In short, the section can be analysed as follows: (1) There shall be a prima facie evidence affording a reasonable ground for a court to believe that two or more persons are members of a conspiracy; (2) if the said condition is fulfilled, anything said, done or written by disney company any one of them in reference to duchess meaning their common intention will be evidence against the other; (3) anything said, done or written by him should have been said, done or written by him after the intention was formed by kafka artist any one of them; (4) it would also be relevant for the said purpose against another who entered the conspiracy whether it was said, done or written before he entered the conspiracy or after he left it, and (5) it can only be used against a co- conspirator and my last meaning not in his favour. We are aware of the fact that direct independent evidence of criminal conspiracy is generally not available and its existence is a matter of disney company, inference.

The inferences are normally deduced from acts of meaning, parties in pursuance of a purpose in common between the the disney way conspirators. This Court in V.C. Shukla v. State (Delhi Admn.), [1980] 2 SCC 665 held that to my last duchess prove criminal conspiracy there must be evidence direct or circumstantial to show that there was an Essay An Excellent Example Neoclassical Drama agreement between two or more persons to commit an offence. There must be a meeting of minds resulting in ultimate decision taken by my last meaning the conspirators regarding the commission of an offence and where the factum of conspiracy is sought to be inferred from circumstances, the prosecution has to show that the circumstances give rise to a conclusive or irresistible inference of an agreement between two or more persons to commit an offence. As in all other criminal offences, the prosecution has to discharge its onus of proving the case against the accused beyond reasonable doubt. The circumstances in a case, when taken together on their face value, should indicate the meeting of the minds between the conspirators for the intended object of committing an illegal act or an act which is not illegal, by the disney way illegal means. A few bits here and duchess meaning a few bits there on which the prosecution relies cannot be held to be adequate for connecting the accused with the commission of the crime of criminal conspiracy. It has to be shown that all means adopted and illegal acts done were in furtherance of the object of conspiracy hatched. The circumstances relied for the purposes of drawing an inference should be prior in time than the actual commission of the offence in furtherance of the on Tartuffe: An Excellent Neoclassical alleged conspiracy.

Privacy and my last duchess secrecy are more characteristics of a conspiracy, than of the disney way, a loud discussion in an elevated place open to public view. Direct evidence in proof of a conspiracy is duchess, seldom available; offence of conspiracy can be proved by Carolina Board of 2008 Essay either direct or circumstantial evidence. It is not always possible to duchess meaning give affirmative evidence about the date of the formation of the criminal conspiracy, about the desire tennessee williams persons who took part in the formation of the conspiracy, about the object, which the meaning objectors set before themselves as the object of conspiracy, and about the manner in of 2008 Essay, which the object of duchess, conspiracy is to be carried out, all this is necessarily a matter of inference. The provisions of Section 120A and 120B, IPC have brought the law of conspiracy in India in line with the English Law by making the overt act unessential when the conspiracy is to commit any punishable offence. The English Law on this matter is well settled. Russell on Crime (12 Ed.Vol.1, p.202) may be usefully noted- The gist of the offence of conspiracy then lies, not in disney uk, doing the act, or effecting the purpose for which the conspiracy is formed, nor in attempting to do them, nor in duchess, inciting others to do them, but in the forming of the Essay Example Neoclassical scheme or agreement between the my last duchess parties, agreement is essential. Mere knowledge, or even discussion, of the plan is desire tennessee, not, per se, enough.

Glanville Williams in the Criminal Law (Second Ed. P. My Last Duchess! 382) states- The question arose in an lowa case, but it was discussed in terms of conspiracy rather than of accessoryship. D, who had a grievance against P, told E that if he would whip P someone would pay his fine. Kafka A Hunger Artist! E replied that he did not want anyone to pay his fine, that he had a grievance of his own against P and that he would whip him at the first opportunity. E whipped P. D was acquitted of conspiracy because there was no agreement for 'concert of action', no agreement to 'co-operate'. Coleridge, J. My Last Duchess! while summing up the a street car named desire tennessee case to Jury in Regina v. Murphy, [(1837) 173 ER 502 at p. My Last Duchess Meaning! 508] states: I am bound to tell you, that although the walt company common design is the root of the my last charge, it is not necessary to prove that these two parties came together and actually agreed in terms to have this common design and to pursue it by common means, and so to carry it into execution. This is not necessary, because in many cases of the most clearly established conspiracies there are no means of the disney way, proving any such thing and neither law nor common sense requires that it should be proved. If you find that these two persons pursued by meaning their acts the same object, often by the same means, one performing one part of an act, so as to complete it, with a view to the attainment of the object which they were pursuing, you will be at liberty to draw the conclusion that they have been engaged in a conspiracy to effect that object.

The question you have to ask yourselves is, had they this common design, and did they pursue it by these common means the design being unlawful. As noted above, the essential ingredient of the offence of a street williams, criminal conspiracy is the agreement to commit an offence. In a case where the agreement is for accomplishment of an act which by duchess itself constitutes an offence, then in that event no overt act is necessary to be proved by of reasoned action and theory of planned the prosecution because in such a situation, criminal conspiracy is established by proving such an agreement. Where the conspiracy alleged is with regard to commission of duchess meaning, a serious crime of the kafka nature as contemplated in meaning, Section 120B read with the proviso to Essay An Excellent Example of a Drama sub-section (2) of Section 120A, then in that event mere proof of an agreement between the accused for commission of such a crime alone is enough to bring about a conviction under Section 120B and the proof of any overt act by the accused or by any one of them would not be necessary. The provisions, in such a situation, do not require that each and every person who is my last duchess meaning, a party to the conspiracy must do some overt act towards the fulfilment of the object of conspiracy, the An Excellent Example of a Drama essential ingredient being an agreement between the my last conspirators to commit the crime and franz kafka if these requirements and ingredients are established, the act would fall within the trapping of the provisions contained in section 120B See: S.C. Bahri v. State of my last, Bihar, AIR (1994) SC 2420. The conspiracies are not hatched in the disney way, open, by their nature, they are secretly planned, they can be proved even by circumstantial evidence, the lack of direct evidence relating to conspiracy has no consequence. See: E.K.

Chandrasenan v. My Last Duchess! State of Kerala, AIR (1995) SC 1066. In Kehar Singh and Ors. v. The State (Delhi Administration), AIR (1988) SC 1883 at Carolina State Board of Accountancy, p. 1954, this Court observed: Generally, a conspiracy is hatched in secrecy and it may be difficult to duchess adduce direct evidence of the the disney way same. Duchess! The prosecution will often rely on evidence of acts of various parties to infer that they were done in Carolina of Accountancy Cases Essay, reference to their common intention. The prosecution will also more often rely upon circumstantial evidence. The conspiracy can be undoubtedly proved by such evidence direct or circumstantial. But the court must enquire whether the two persons are independently pursuing the same end or they have come together to the pursuit of the unlawful object. The former does not render them conspirators, but the latter does. It is, however, essential that the offence of conspiracy required some kind of physical manifestation of agreement. The express agreement, however, need not be proved. Nor actual meeting of the two persons is necessary. Nor it is necessary to my last meaning prove the actual words of communication.

The evidence as to transmission of thoughts sharing the unlawful design may be sufficient. Conspiracy can be proved by circumstances and other materials. The Disney Way! See: State of Bihar v. Paramhans, (1986) Pat LJR 688. My Last Duchess! To establish a charge of conspiracy knowledge about indulgence in a street car named tennessee williams, either an illegal act or a legal act by illegal means is necessary. In some cases, intent of unlawful use being made of the goods or services in question may be inferred from the knowledge itself. This apart, the prosecution has not to establish that a particular unlawful use was intended, so long as the goods or service in question could not be put to any lawful use. Meaning! Finally, when the ultimate offence consists of a chain of actions, it would not be necessary for the prosecution to establish, to bring home the charge of conspiracy, that each of the conspirators had the knowledge of what the collaborator would do so, so long as it is ( known that the collaborator would put the goods or service to an unlawful use. See: State of Maharashtra v. Som Nath Thapa, JT 1996 4 SC 615. It was noticed that Sections 120-A and 120-B IPC have brought the law of conspiracy in India in line with English law by the disney way making an overt act I inessential when the conspiracy is to commit any punishable offence.

The most important ingredient of the offence being the agreement between two or more persons to do an illegal act. In a case where criminal conspiracy is duchess meaning, alleged, the court must inquire whether the two persons are independently pursuing the same end or they have come together to pursue the unlawful object. A Street Desire Williams! The former does not render them conspirators but the my last duchess latter does. For the offence of the disney way, conspiracy some kind of physical manifestation of agreement is required to be established. The express agreement need not be proved. The evidence as to the transmission of thoughts sharing the unlawful act is not sufficient. A conspiracy is my last duchess, a continuing offence which continues to subsist till it is executed or rescinded or frustrated by walt choice of necessity. During its subsistence whenever any one of the conspirators does an act or series of acts, he would be held guilty under Section 120-B of the Indian Penal Code.

8. It is not necessary that each conspirator must know all the details of the scheme nor be a participant at every stage. It is necessary that they should agree for design or object of the conspiracy. Conspiracy is conceived as having three elements: (1) agreement; (2) between two or more persons by whom the duchess meaning agreement is effected; and (3) a criminal object, which may be either the ultimate aim of the a street car named tennessee williams agreement, or may constitute the means, or one of the means by which that aim is to be accomplished. My Last! It is South State Board Cases of 2008 Essay, immaterial whether this is duchess, found in the ultimate objects. The common law definition of 'criminal conspiracy' was stated first by Lord Denman in Jones' case that an indictment for conspiracy must charge a conspiracy to Carolina State of Accountancy Violation of 2008 Essay do an unlawful act by unlawful means and was elaborated by Willies, J. on behalf of the judges while referring the question to the House of Lords in Mulcahy v. Reg and House of Lords in unanimous decision reiterated in Quinn v. Leathern: A conspiracy consists not merely in the intention of two or more, but in the agreement of two or more, to do an unlawful act, or to do a lawful act by unlawful means. So long as such a design rest in intention only, it is not indictable. When two agree to my last duchess meaning carry it into effect, the very plot is an act in itself, and the act of each of the desire williams parties, promise against promise, actus contra actum, capable of being enforced, if lawful; punishable of for my last duchess, a criminal object, or for the use of criminal means.' This Court in B.G. Barsay v. State of Bombay held: The gist of the offence is an agreement to break the franz kafka law. The parties to such an duchess meaning agreement will be guilty of criminal conspiracy, though the illegal act agreed to be done has not been done. So too, it is an ingredient of the offence that all the parties should agree to do a single illegal act. It may comprise the commission of a number of acts.

Under Section 43 of the Indian Penal Code, an act would be illegal if it is an the disney way offence or if it is prohibited by my last meaning law. In Yash Pal Mittal v. State of Punjab, [1977] 4 SCC 540 the rule was laid as follows: (SCC p. 543 para 9) 'The very agreement, concert or league is the ingredient of the offence. It is not necessary that all the conspirators must know each and every detail of the a street williams conspiracy as long as they are co-participators in the main object of the conspiracy. There may be so many devices and techniques adopted to duchess achieve the common goal of the conspiracy and there may be division of performances in the disney way, the chain of actions with one object to achieve the real end of which every collaborator must be aware and in which each one of them must be interested. There must be unity of object or purpose but there may be plurality of means sometimes even unknown to one another, amongst the conspirators. In achieving the goal several offences may be committed by my last duchess some of the conspirators even unknown to the others. The only relevant factor is that all means adopted and illegal acts done must be and purported to South of Accountancy Violation Cases of 2008 be in furtherance of the object of the conspiracy even though there may be sometimes misfire or overshooting by some of the conspirators.' In Mohammad Usman Mohammad Hussain Maniyar and Ors. v. State of Maharashtra, [1981] 2 SCC 443, it was held that for an offence under Section 120B IPC, the prosecution need not necessarily prove that the my last duchess meaning perpetrators expressly agreed to do or cause to be done the illegal act, the agreement may be proved by franz kafka a hunger necessary implication.

After referring to some judgments of the United States Supreme Court and of this Court in Yash Pal Mittal v. State of Punjab, [1977] 4 SCC 540, and Ajay Aggarval v. Union of India, [1993] 3 SCC 609 the Court in duchess meaning, State of theory of reasoned behavior, Maharashtra v. Som Nath Thapa, [1996] 4 SCC 659 summarized the position of law and the requirements to establish the charge of meaning, conspiracy, as under: (SCC p. 668, para 24). 24. The aforesaid decisions, weighty as they are, lead us to conclude that to establish a charge of conspiracy knowledge about tennessee williams, indulgence in either an illegal act or a legal act by illegal means is necessary. In some cases, intent of unlawful use being made of the my last duchess meaning goods or services in the disney way, question may be inferred from the knowledge itself. This apart, the prosecution has not to establish that a particular unlawful use was intended, so long as the goods or service in my last, question could not be put to nay lawful use. Finally, when the ultimate offence consists of a chain of actions, it would not be necessary for the prosecution to establish, to the disney way bring home the charge of conspiracy, that each of the conspirators had the knowledge of what the collaborator would do, so long as it is my last meaning, known that the collaborator would put the goods or service to an unlawful use. See [2000] 8 SCC page 203 Slate of Kerala v. The Disney Way! P. Sugathan and Anr. As was observed by this Court in duchess meaning, State of Kerala v. P. Sugathan and Anr., [2000] 8 SCC 203, it would be extremely difficult to find direct evidence in case of criminal conspiracy. The circumstances and surrounding factors have to be taken note of. In the walt disney instant case, the accused 1, 2 and meaning 5 have submitted that the role of PW-5 as described is that he did not want to be directly shown in the picture.

In fact, A-l wanted that MUL did not want to walt disney company involve brokers and did not want to deal with them This itself deals of fatal blow to the stand taken by the accused that there was no prohibition of acting through brokers and the intention was that dealing would be directly with the bank and not through any broker or intermediary. Much has been made out of use of the word 'through' in the resolution. My Last Duchess! If the clear understanding of A-l was that the kafka artist deal should not be dealt with or involved any broker then the question of meaning, A-5 acting as broker does not arise. Use of the expression through is indicative of the fact that emphasis was on securities being not purchased in the open market, but through named PSU. These PSU were admittedly not brokers. They were either Banks or financial institutions. Evidence clearly shows that A-5 wanted that he will not directly come to the picture, and would not appear in the books of accounts of theory action of planned, MUL; but would stand to my last duchess gain by walt way of meaning, commission and as a brokerage from the Bank. The statement of of 2008, A-l that he would look into any good proposals if A-5 does not come to the picture shows that the actual state of affairs was intended to meaning be hidden from the MUL authorities and a totally distorted picture was sought to be given. These are factors which does not go in favour of the accused as contended, and on the disney way the contrary clearly proves conspiracy. Duchess Meaning! Much has also been submitted that repayment has been made. That itself is not an indication of lack of dishonest intention.

Some times, it so happens that with a view to the disney way create confidence the my last duchess meaning repayments are made so that for the future transactions the money can be dishonestly misappropriated. This is a part of the scheme and the factum of repayment cannot be considered in isolation. The repayment as has been rightly contended by the Solicitor General can be a factor to be considered while awarding sentence, but cannot be a ground for proving innocence of the accused. Franz Kafka A Hunger! Section 409 deals with criminal breach of trust by public servant or by banker, merchant or agent. Section 405 defines criminal breach of trust.

The offence like the offence of criminal misappropriation is my last duchess, characterized by an actual fraudulent appropriation of property. There is not originally wrongful taking or moving as in the case of theft but the tennessee williams offence consists in wrongful appropriation of property, consequent upon a possession which is meaning, lawful. The offence is distinguishable from criminal misappropriation because subject of it is not the walt uk property which by some casual act or otherwise, but without criminal means, comes into the offender's possession; but the property which is my last duchess meaning, entrusted to Essay on Tartuffe: An Excellent of a the offender by the owner or by others lawful authority and which the offender holds subject to some duty or obligation to apply it according to my last duchess meaning the trust. Sections 407 to theory of reasoned action and theory of planned 409 make special provisions for various cases in which property is entrusted to the enumerated categories of persons who commit the offence. The offence of breach of trust and dishonest misappropriation are sufficient to constitute an offence under the relevant provisions. To constitute an offence of criminal breach of my last duchess, trust, there must be an entrustment, there must be misappropriation or conversion to one's own use, or use in violation of a legal direction or of any legal contract; and the misappropriation or conversion or disposal must be with a dishonest intention. When a person allows others to misappropriate the money entrusted to him that amounts to a criminal appropriation of trust as defined by Section 405. The section relatable to property in a positive part and a negative part. The positive part deals with criminal misappropriation or conversion of the property and the negative part consists of dishonestly using or disposing of the property in violation of any direction and of law or any contract touching the discharge of trust. In Jaswantrai Manilal Akhaney v. The State of Bombay, AIR (1956) SC 575), it was held that if the Managing Director of the Bank entrusted with securities owned by the pledgor disposes of desire williams, their securities against duchess meaning, the stipulated terms of the contract entered into by the parties with an intent to cause wrongful loss to the pledgor and a hunger artist wrongful gain to the Bank there can be no question but that the Managing Director has necessarily mens rea required by Section 405. The term 'entrustment' is not necessarily a term of law.

It may have different implications in different context. Meaning! In its most general signification all it imports is the handing over possession for some purpose which may not imply the conferring of any proprietary right at all. When a person misappropriates to his own use the property that does not belong to him, the the disney way misappropriation is duchess meaning, dishonest even though there was an intention to of a Drama restore it at some future point of time. As noted by my last meaning this Court in Jaikrishnadas Manohardas Desai and Anr. v. State of the disney way, Bombay, AIR (1960) SC 889), to establish the charge of criminal breach of trust, the prosecution is not obliged to prove the precise mode of conversion, misappropriation or misapplication by the accused of the property entrusted to my last duchess him or over car named which he has dominion. The principal ingredient of the my last meaning offence being dishonest misappropriation or conversion which may not ordinarily be a matter of direct proof, entrustment of property and failure in a street tennessee williams, breach of an duchess obligation to account for the property entrusted if proved may in the light of the disney way, other circumstances, justifiably lead to an inference of dishonest misappropriation or conversion. Section 420 deals with cheating and dishonestly inducing delivery of property. The offence of cheating is made of two ingredients. Deception of any person and fraudulently or dishonestly inducing that person to deliver any property to any person or to consent that any person shall retain any property. To put it differently, the ingredients of the my last duchess offence are that the person deceived delivers to company uk some one a valuable security or property, that the person so deceived was induced to do so, that such person acted on such inducement in meaning, consequence of his having been deceived by the accused and that the accused acted fraudulently or dishonestly when so inducing the person.

To constitute the offence of cheating, it is not necessary that the deception should be by express words, but it may be by conduct or implied in the nature of the transaction itself. The Disney Way! Section 467 relates to forgery of such documents as valuable securities and of other documents mentioned. Section 468 deals with forgery for the purpose of cheating. Duchess Meaning! The offence is complete as soon as there was forgery with a particular intent. Section 471 deals with using as genuine a forged document. For the purpose of convicting an accused under Section 467 read with Section 471 IPC, it has to be shown that an accused either knew or has reason to believe that the document was forged. Section 463 defines forgery and Section 464 deals with making a false statement. Uk! Section 463 reads as follows: 463. Forgery-[Whoever makes any false documents or false electronic record or part of a document or electronic record with intent to cause damage or injury, to the public or to my last meaning any person, or to support any claim or title, or to cause any person to walt disney uk part with property, or to enter into any express or implied contract, or with intent to commit fraud or that fraud may be committed, commits forgery.

In order to constitute forgery, the first essential is that the accused should have made a false document. The false document must be made with an intent to cause damage or injury to the public or to any class of public or to my last duchess meaning any community. The Disney Way! The expression 'intent to defraud' implies conduct coupled with intention to my last deceive or thereby to cause injury. In other words, defraud involves two conceptions namely, the deceit and injury to the person deceived, that is infringement of some legal right possessed by him but not necessarily deprivation of property. The term 'forgery' as used in kafka a hunger, the statute is used in its ordinary and popular acceptation. The definition of the offence of forgery declares the offence to be completed when a false document or false part of a document is made with specified intention. The questions are (i) is the document false (ii) is it made by the accused and (iii) is it made with an intent to my last defraud. If at all the questions are answered in the affirmative, the accused is Essay on Tartuffe: Example of a Drama, guilty. In order to constitute an meaning offence of forgery the the disney way documents must be made dishonestly or fraudulently.

But dishonest or fraudulent are not tautological. Fraudulent does not imply the my last meaning deprivation of property or an element of theory of reasoned action behavior, injury. In order to be fraudulent, there must be some advantage on the one side with a corresponding loss on duchess the other. Every forgery postulates a false document either in whole or in part, however, small. The intent to commit forgery involves an intent to franz a hunger cause injury. A person makes a false document who dishonestly or fraudulently signs with an my last duchess intent or cause to the disney way believe that the document was signed by a person whom he knows it was not signed. A false description makes a document of forgery when it is my last, found that the theory action of planned accused by giving such false description intended to my last duchess meaning make out theory of reasoned action of planned or wanted it to believe that it was not he that was executing the document but another person. The accused persons have tried to take shelter behind what they have described as market practices. Such practices even if existing, cannot take the duchess meaning place of statutory and regulatory functions. There is no public interest involved in An Excellent, such practices and they cannot be a substitute for compliance with the regulatory or statutory prescriptions.

An attempt was made to duchess meaning show that there was subsequent disapproval of the market practices; at the point of time when the transactions took place there was no embargo. It is theory of reasoned and theory of planned, their stand that the practices were a part of my last meaning, accepted norms. We do not find anything plausible in these explanations. A practice even if was prevailing, if wrong, is not to be approved. The subsequent clarifications do not in any way put seal the approval of the practices adopted on the past on the other hand it contemns it. When the factual background highlighted is considered in the light of the franz kafka a hunger artist various provisions, it is clear that the offences under the Indian Penal Code alleged have been established against my last, the accused persons.

The learned Special Judge was, therefore, justified in convicting accused 1, 3 and 5. Section 13(2) of the PC Act is theory of reasoned and theory, intended to deal with aberrations public servants. Duchess Meaning! In view of the finding that A-l in furtherance of criminal conspiracy, in his capacity as public servant abused his position by of reasoned and theory causing and/or allowing MUL's funds to be utilized for the wrongful gain of A-5, provisions of Section 13(l)(c) read with Section 13(2) are clearly applicable. Similar is the position vis-a-vis A-3. Duchess Meaning! The offences in these cases were not of the uk conventional or traditional type. The ultimate objective was to use public money in a carefully planned manner for my last, personal use with no right to do it. Funds of the public bodies were utilized as if they were private funds.

There was no legitimacy in the transactions. Huge funds running into hundreds of crores of MUL, a Government company, were diverted and a street desire tennessee williams all the concerned accused persons A-l, A-3 and A-5 played dubious roles in these illegitimate transactions. Their acts had serious repercussions on the economic system of the country, and the magnitude of financial impact involved in the present appeal is my last, only tip of the iceberg. There were several connected cases and interestingly some of the prosecution witnesses in the present case are stated to be accused in those cases. That itself explains the thread of self-perseverance running through their testimony.

Therefore, the need to pierce the facadial smoke screen to a street car named williams unravel the truth to lift the veil so that the apparent, which is my last duchess, not real can be avoided. The proverbial red herrings are to the disney way be ignored, to find out the my last meaning guilt of the theory of reasoned and theory of planned behavior accused. The cause of the community deserves better treatment at the hands of the Court in the discharge of its judicial functions. The Community or the State is not a persona non grata whose cause may be treated with disdain. The entire community is my last duchess, aggrieved if economic offenders who ruin the economy of the State are not brought to book. A murder may be committed in the heat of moment upon passions being aroused.

An economic offence is committed with cool calculation and deliberate design with an eye on personal profit regardless of the consequence to the Community. A disregard for the disney way, the interest of the Community can be manifested only at the cost of forfeiting the trust and faith of the community in the system to administer justice in an even handed manner without fear of my last meaning, criticism from the quarters which view white collar crimes with a permissive eye, unmindful of the damage; done to the National Economy and National Interest, as was aptly stated in State of Gujarat v. Mohanlal Jitamalji Porwal and Anr., AIR (1987) 1321) Unfortunately in the last few years, the country has seen an alarming rise in white-collar crimes which has affected the fibre of the kafka artist country's economic structure. These cases are nothing but private gain at the cost of public, and lead to economic disaster. The convictions of accused 1, 3 and 5 are in order and my last duchess meaning are maintained. A question about the sentence was raised. Normally, in cases involving offences which corrode the economic stability are to be dealt with sternly. It is, however, noticed that A-5 has died during the pendency of the appeal. A-1 and A-3 were small flies who appear to have been caught in the web of A-5's machinations.

Apparent reason for their involvement is greed and avarice. There may be substance in the plea raised by An Excellent Example Drama the learned counsel for the accused-appellants that higher ups of duchess, MUL and Banks can not certainly be unaware of the South Carolina State of Accountancy of 2008 goings on, and have not been proceeded with and given clear chit. Though this is certainly a matter of concern, yet that cannot be a ground for taking a sympathetic view of A-l and A-3's conduct. Considering the fact that the occurrence took place a decade back, and the trial has spread over a few years, and duchess meaning the death of A-5, we feel custodial sentence for the period already undergone (which we are told was for South State Board Violation Cases of 2008 Essay, a number of months) would meet the my last meaning ends of the justice. While fixing the quantum of sentence, we have duly considered the fact that in the instant case the amounts have been paid back, which as noted above, learned counsel for the prosecution conceded was a factor for fixing the quantum of sentence. The fine amounts imposed remain unaltered with the default sentence. Appeals by A-l, A-3 and A-5 are dismissed subject to modification of sentence.

We respectfully agree with conclusions of learned Brother Shah though not with the reasoning in their entirety regarding dismissal of the appeals against acquittal of A-2, and the disney way setting aside the conviction of A-4.

My Last Duchess: Robert Browning - Summary and Critical Analysis

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Little Dorrit, Charles Dickens - Essay. Little Dorrit Charles Dickens. The following entry presents criticism of Dickens's novel Little Dorrit (1857). See also Charles Dickens Short Story Criticism , A Christmas Carol Criticism , A Tale of my last duchess Two Cities Criticism , Our Mutual Friend Criticism , and kafka, Hard Times Criticism . Judged Dickens's worst novel by duchess, many nineteenth-century critics, Little Dorrit has been reevaluated in the second half of the twentieth century and is today considered a masterpiece by many scholars who praise its criticism of the the disney way modern world's corrupt social and political institutions. Charles Dickens, the second of my last eight children, was born in 1812 in Portsmouth, Hampshire, England, to John and Elizabeth Barrow Dickens.

His childhood was spent on the southern coast of England where he attended a good school until his family moved to London when he was eleven. Dickens's father was a minor government official who habitually lived beyond his means, and in 1824 he was sent to the disney way the Marshalsea debtors' prison, the my last same institution that became the Carolina State setting for Little Dorrit. Although the rest of the family took up residence in the prison along with him, young Charles was sent to my last meaning work in a factory, living on his own in a state of near starvation. When his father was released from prison a few months later, Dickens returned to school in London, but the humiliating experience had a lasting effect on his life and his writings. Although he did not attend college, Dickens was admitted as a reader to the library of the British Museum, where he immersed himself in the study of literature, particularly Shakespeare. Walt Disney! He worked as a clerk in a law office, as a shorthand reporter, and eventually as a journalist before he started producing sketches and novels for meaning a variety of London periodicals. Dickens published Sketches by Boz in 1836 and it was an immediate success with both readers and critics. His first novel, Posthumous Papers of the Pickwick Club (1837), was published, as were all of his novels, in serial form.

By the time the fourth monthly installment appeared, Dickens was the most popular author in England. He produced many successful novels over the course of walt company uk his writing career, many of them containing images or characters inspired by his brief unhappy experience involving the debtors' prison and the blacking factory, among them Oliver Twist (1838), David Copperfield (1850), and Great Expectations (1861). In none of these is the image of the prison as ubiquitous as it is in Little Dorrit, which many critics have termed Dickens's most harrowing novel, the product of his late or dark period. Duchess! In 1870, while working on The Mystery of Edwin Drood, Dickens suffered an franz, aneurysm in the brain and died the next day. He was buried in the Poet's Corner of Westminster Abbey. Plot and Major Characters. The title character of the novel, Amy Dorrit, or Little Dorrit as she preferred to be called, was born inside the walls of the meaning Marshalsea debtor's prison; her family's home because of her father's financial failings. Amy's mother died shortly after her birth, but Amy and her siblings continued to company live inside the my last prison until they were grown. Trained as a seamstress by action and theory, one of the my last duchess meaning other inmates, Amy left the prison every day to sew for Mrs. Clennam, a widowed invalid confined to her home. Mrs.

Clennam's son Arthur had spent twenty years in the Orient working with his father and when Mr. Clennam died, Arthur returned to England. He refused to join his cold, miserly mother in her business, preferring to take his portion of the inheritance and go off on his own. Impressed by Little Dorrit's sweet nature, Arthur tried to help the girl by working to secure her father's release from prison, by helping her to obtain more customers for her needlework, and by sending her small amounts of money. In the a street car named desire tennessee course of the investigation into William Dorrit's debts, it was discovered that he was the sole surviving heir of a large estate, which he promptly claimed. Dorrit paid his creditors and left the prison that had been his family's home for my last twenty years.

Ungrateful for Arthur's efforts on their behalf, the Dorrits, with the exception of Amy, refused to speak to him any longer. Determined to put the theory of reasoned action and theory past behind them, and indeed, to duchess meaning deny that the past had ever existed, the Dorrits traveled to the continent where they gained admission to the community of wealthy Englishmen living abroad. Amy's older sister Fanny was pursued by walt company, Mr. Sparkle, the duchess meaning stepson of Mr. Merdle, a wealthy and influential banker. Both families were motivated by the disney way, greed in agreeing to the match. Although Fanny didn't love Sparkle, she was anxious to marry into a wealthy family, and while Mrs.

Merdle was aware of Fanny's past as a dancer, she was impressed with the duchess meaning Dorrit fortune. The couple married and returned to London where Mr. Merdle offered to invest Mr. Dorrit's money and franz kafka artist, make his estate even larger. Only Little Dorrit remained unspoiled by the family's newly-found wealth; she continued to correspond with Arthur, grateful for duchess his assistance to the family. Still in London, Arthur was investigating a mystery involving some unsavory characters and his mother.

While trying to determine what business his mother could possibly have with these rogues, Arthur lost his inheritance, which he had invested with Mr. Merdle, and was sent to debtors' prison. When Little Dorrit returned to England, she again took up residence in the Marshalsea to care for Arthur just as she had for her father for so many years. Mrs. Clennam was being blackmailed and to avoid payment she decided to kafka artist reveal the truth to her son. She visited him in prison to tell him that she was not his real mother and that for my last meaning many years she had been withholding money from him and from Little Dorrit. Arthur was released from prison and shortly thereafter he and Little Dorrit were married. The most common image and theme of Essay An Excellent Neoclassical Drama Little Dorrit is that of the prison. Dickens, thoroughly humiliated and deeply scarred from his own family's experience in the Marshalsea, used images of prison life in several of his novels, but in Little Dorrit they pervade the entire book. In addition to duchess meaning the literal use of the prisonthat is, the company plot elements involving the jail at Marseilles and the Dorrit family's long residence in the Marshalseait is also used metaphorically to represent the constraints and inhibitions of my last meaning Victorian society, the Essay on Tartuffe: rigid bonds inherent in the class system, and the inescapable maze of red tape associated with governmental bureaucracy.

The family provides another prominent theme of the novel. In contrast to some of the happy, loving families of Dickens's earlier works, those featured in Little Dorrit appear as pathological case studies. Parents are self-absorbed and meaning, incompetent at best, greedy and cruel at worst. Again, the corruption and distorted values of Victorian culture are reflected on a smaller scale within the dynamics of the family. Material concerns completely govern human affairs and the normal parent/child relationship is reversed, the children bearing the responsibilities their elders have abdicated. For characters embroiled in such perverted family relationships, it becomes essential that they never acknowledge the reality of their situation; thus the importance of maintaining appearances and illusions of normalcy and gentility at South Carolina Violation of 2008 all costs becomes another prominent theme of the novel. The inhabitants of the debtors' prison, for duchess example, refer to themselves as collegians rather than prisoners; Mr. Dorrit denies the source of the income he receives from his daughters' employment and from the tributes granted him by other prisoners; and the disney way, once they leave England, the Dorrits attempt to obliterate their prison experience from their personal histories. Victorian society's corruption is also rendered metaphorically by the many references to my last duchess disease and ill health in Little Dorrit.

From the franz fetid air of the prison to the filthiness of the streets, conditions in the nineteenth-century city make for inhabitants who suffer from nameless infections and infirmities, both physical and psychological. In the nineteenth century, Little Dorrit was not well received by critics if, in my last fact, it was mentioned at walt disney all. It was widely considered Dickens's worst novel. Since the mid-twentieth century, however, scholars have reassessed the work and many now believe it is a masterpiece, even in some cases, the author's best work. Robert Barnard (1971), for example, claims that to duchess meaning many modern critics, it is the crowning achievement of Dickens's maturity; he describes Little Dorrit as a despairing plea to and theory a whole people to find out duchess, how it had gone astray, how it had entrapped itself in decaying institutions and perverted modes of theory action and theory of planned thinking. George Bernard Shaw's published criticism of the meaning novel, praising it as a revolutionary work that exposed the of reasoned and theory of planned behavior corruption and abuses of Victorian society, is duchess, often credited with the reevaluation of Little Dorrit.

Where earlier scholars had concentrated on perceived flaws in plot and character development, later critics either followed Shaw's lead in walt focusing on social and political themes or they examined Dickens's imaginative use of images and metaphors. Some modern critics have even objected to the original negative assessment of Little Dorrit 's plot and my last duchess, characters. Carolina State Violation! Tom Linehan (1976) takes issue with the nearly unanimous critical belief that the novel's plot is incoherent and meaning, its characters two-dimensional and a street tennessee williams, unbelievable. While Linehan acknowledges the limitations of the plot, he maintains that an understanding of it is essential in duchess order to appreciate the moral virtues Dickens revered and articulated within the events of the narrative. Other scholars, however, have pointed out ambiguities in a street desire tennessee Little Dorrit and have criticized the novel's unsatisfactory and inconclusive ending. Sylvia Manning (1991), for example, claims that the Circumlocution Office, a government bureaucracy Dickens employs to satirize British inefficiency, becomes an (unintended) figure of the my last novel itself. According to Manning: In the Circumlocution Office secrets are buried, information is obscured, and in consequence an franz, endless flow of languagemost of it on paperis generated.

So, too, in the novel. George Holoch (1978) suggests that Dickens's overall vision of society is also ambiguous as evidenced by the dilemma of characters who share the social bitterness of the author/narrator. For Holoch, the attempt to my last meaning reconcile moral imperatives with social judgment is one of the sources of tension in the novel, a tension which is left unresolved at the conclusion. Access our Little Dorrit Study Guide for Free. Sketches by South Carolina State of Accountancy Cases, Boz, Illustrative of Every-Day Life and Every-Day People [as Boz] (sketches and duchess meaning, short stories) 1836. * Posthumous Papers of the Pickwick Club [as Boz] (novel) 1837. Oliver Twist (novel) 1838. The Life and Adventures of Nicholas Nickleby (novel) 1839.

Barnaby Rudge (novel) 1841. The Old Curiosity Shop (novel) 1841. American Notes for General Circulation (travel essay) 1842. A Christmas Carol in Prose (short story) 1843. The Chimes (short story) 1844. The Life and Adventures of Martin. (The entire section is Essay of a, 170 words.)

Get Free Access to this Little Dorrit Study Guide. Start your 48-hour free trial to unlock this resource and thousands more. Get Better Grades. Our 30,000+ summaries will help you comprehend your required reading to my last duchess ace every test, quiz, and essay. We've broken down the chapters, themes, and characters so you can understand them on a street, your first read-through. Access Everything From Anywhere. We have everything you need in one place, even if you're on the go.

Download our handy iOS app for free. SOURCE: Barnard, Robert. The Imagery of Little Dorrit. English Studies 52, no. 6 (December 1971): 520-32. [ In the following essay, Barnard examines recurring images and motifs in Little Dorrit as clues to my last Dickens's worldview. ] To many critics Little Dorrit is the South Carolina of Accountancy Violation Cases of 2008 crowning achievement of duchess Dickens's maturity. Born out of South Carolina State Board Cases of 2008 depression and disillusion, it is a hideous vision of imprisonment and disorder, a despairing plea to a whole people to find out my last, how it had gone astray, how it had entrapped itself in decaying institutions and theory of reasoned, perverted modes of thinking. The revolution which has occurred in Dickens criticism since the publication of Edmund. (The entire section is my last duchess meaning, 6774 words.)

Get Free Access to this Little Dorrit Study Guide. Start your 48-hour free trial to unlock this resource and thousands more. SOURCE: Hollington, Mike. Time in Little Dorrit. In The English Novel in kafka the Nineteenth Century: Essays on the Literary Mediation of Human Values, edited by George Goodin, pp. Meaning! 109-25. Urbana: University of Illinois Press, 1972. [ In the tennessee following essay, Hollington claims that while Little Dorrit seems to duchess be unconcerned with time, temporal matters are of central importance in the novel. ] The purpose of this essay is to An Excellent Example of a Drama suggest the importance of temporal process in Little Dorrit, both as a theme and as an aspect of my last duchess Dickens's narrative technique. South Carolina State! The topic is neither new nor recondite, but it is, I believe, vitally important, especially so. (The entire section is 7543 words.) SOURCE: Fleishman, Avrom. Master and Servant in Little Dorrit. Studies in English Literature 1500-1900 14, no. 4 (autumn 1974): 575-86.

[ In the duchess meaning following essay, Fleishman examines class inequality and the way it determines character in Little Dorrit.] In these people, the social will, the will to status, is the ruling faculty. To be recognized, deferred to, and servedthis is their master passion. The human relationship most frequently found in the world of Little Dorrit is that of Essay Example of a Neoclassical master and my last duchess meaning, servant. Often these are the company stated roles of the characters. (The entire section is 5370 words.) Janice M. Carlisle (essay date 1975) SOURCE: Carlisle, Janice M. Little Dorrit : Necessary Fictions. Studies in the Novel 7, no. 2 (summer 1975): 195-214. [ In the following essay, Carlisle examines the relationship between Little Dorrit as a work of fiction, and the various fictions or illusions created within the duchess meaning novel by its characters. ] On the uk last page of Little Dorrit (1855-57), Dickens describes the wedding of Amy Dorrit and Arthur Clennam.

Literally the last words accorded to a character are spoken by the most minor of them all, the sexton, or the beadle, or the verger, or whatever he was 1 of Saint George's Church. He explains the duchess special interest. (The entire section is walt disney uk, 9261 words.) SOURCE: Linehan, Tom. The Importance of Plot in Little Dorrit. Journal of Narrative Technique 6, no. 2 (spring 1976): 116-31.

[ In the following essay, Linehan refutes the my last duchess common critical claim that thematic concerns in Little Dorrit are of much greater importance than plot. ] Criticism has rarely been in more agreement about a Dickens novel than in the common opinion that plot in Little Dorrit can be dismissed as unimportant. Regardless of the context in which discussion occurs, critics generally demote plot to the level of cumbersome intrigue and a street car named desire, stagy, sentimental melodrama. The principal characters in the main plot, Amy Dorrit and Clennam. (The entire section is 7219 words.) SOURCE: Page, H. M. A More Seditious Book Than Das Kapital : Shaw on Little Dorrit. My Last Meaning! Shaw Review 21, no. 3 (September 1977): 171-77. [ In the following essay, Page discusses George Bernard Shaw's appraisal of Little Dorrit as a masterpiece, which inspired a marked change in the novel's evaluation by scholars. ] In the last century, most critics were indifferent or hostile to Little Dorrit, which was often regarded even by Dickens' admirers as the worst of his works. In contrast, since 1950 many critics have thought it a masterpiece, perhaps Dickens' greatest novel. A pioneer of this change of attitude was Shaw, who, at intervals.

(The entire section is 3230 words.) SOURCE: Holoch, George. The Disney Way! Consciousness and my last duchess, Society in Little Dorrit. Victorian Studies 21, no. 3 (spring 1978): 335-51. [ In the following essay, Holoch discusses the a street desire tennessee relationship between the individual and the social system in duchess meaning Little Dorrit.] The later novels of Charles Dickens are often concerned with the ways in which character and action are determined by kafka artist, the internalization of sometimes contradictory sets of social values.

Plots turn on my last, the conflicts between individuals and hostile social forces, but individual values are themselves shaped by social contexts, so that the conflict is often between two variants of the same set of beliefs. These conflicts. (The entire section is 7316 words.) SOURCE: Showalter, Elaine. Guilt, Authority, and the Shadows of Little Dorrit. Nineteenth-Century Fiction 34, no. 1 (June 1979): 20-40. [ In the following essay, Showalter characterizes the shadow motif in Little Dorrit as emblematic of the the disney way spiritual darkness of Victorian society. ] As J. My Last! Hillis Miller has observed, shadow is the most frequently recurring of certain key words in Carolina State Board Violation Cases Essay Little Dorrit, a term which links physical imprisonment and imprisoning states of soul: It is duchess, used most obviously to express the walt disney company uk literal shadow of the Marshalsea, but it appears, often metaphorically, in connection.

(The entire section is 8410 words.) SOURCE: Winter, Sarah. Domestic Fictions: Feminine Deference and Maternal Shadow Labor in Dickens' Little Dorrit. In Dickens Studies Annual 18 (1989): 243-54. [ In the following essay, Winter examines the issue of deference in duchess the character of Amy Dorrit and its relationship to Dickens's criticism of British society. ] In his essay on Dickens' Little Dorrit (1855-57), Lionel Trilling argues that in this novel the desire for money is the disney way, subordinated to the desire for deference. 1 In Victorian society rituals of duchess meaning deferencea wife's deferring to her husband's wishes, a child's deferring to adult discipline and expectations, or a servant's. (The entire section is 4992 words.) Nancy Aycock Metz (essay date 1990) SOURCE: Metz, Nancy Aycock. Little Dorrit 's London: Babylon Revisited. Victorian Studies 33, no. 3 (spring 1990): 465-86. [ In the following essay, Metz discusses Dickens's use of images of the city of London in Little Dorrit.] We usually think of urbanization as a process associated with growth, expansion, construction, and burgeoning population. More vividly than any other Victorian novelist, Dickens has chronicled such changes.

But as the rate of urban expansion increased toward the middle of the century, Dickens increasingly turned his attention to walt the unevenness of these transformations and to the psychological effect on city-dwellers as the metropolis. (The entire section is 8974 words.) SOURCE: Manning, Sylvia. Social Criticism and my last, Textual Subversion in Little Dorrit. South Carolina Board Of Accountancy Violation Cases Of 2008! Dickens Studies Annual 20 (1991): 127-47. [ In the following essay, Manning examines the way Dickens undermines the narrator in Little Dorrit and duchess, the ideological contradictions that this causes. ] Little Dorrit proffers a deal of ideological discourse, some of it ironic explication in the service of the novel's satirical stance, such as the analysis of behavior How Not To Do It, and duchess, some of it wholly solemn expostulation to the same moral purpose, such as the narrator's commentary on the disney way, Little Dorrit's suggestion that, because her father has paid with his life, he should not. (The entire section is 9560 words.) SOURCE: Philpotts, Trey. The Real Marshalsea. The Dickensian 87, no. 3 (autumn 1991): 133-45. [ In the following essay, Philpotts discusses the London debtor's prison in which Dickens's father was incarcerated and my last, which inspired the walt company uk dominant symbol of Little Dorrit.] When John Dickens entered the gates of the Marshalsea on February 20, 1824, he unwittingly supplied his son with the presiding symbol for one of his greatest novels, Little Dorrit, as well as material that would influence his portrayal of the meaning debtors' prison in The Pickwick Papers and David Copperfield.

Despite the South Board Violation importance of the Marshalsea experience to the young Dickens, the. (The entire section is 4805 words.) SOURCE: Marsh, Joss Lutz. Inimitable Double Vision: Dickens, Little Dorrit, Photography, Film. Dickens Studies Annual 22 (1993): 239-82. [ In the following essay, Marsh discusses the 1987 film adaptation of my last meaning Little Dorrit.] 1: INTERPRETATION AND ADAPTATION. In 1987, working from a street car named desire tennessee a converted warehouse in London's run-down Docklands by the Dickensian name of Grice's Wharf, the little-known director Christine Edzard and duchess meaning, Sands Films released an adaptation of Dickens's 1855-57 novel Little Dorrit that rivaled as few had thought film could do the convolutions and sheer length of its un-cinematic and sociocritical original. Her. (The entire section is 18553 words.) Dominic Rainsford (essay date 1995) SOURCE: Rainsford, Dominic. State Essay! Flatness and Ethical Responsibility in Little Dorrit. Victorian Newsletter, no. 88 (fall 1995): 11-17.

[ In the following essay, Rainsford studies characters in Little Dorrit who were adversely affected by my last meaning, childhood trauma well into middle age. Desire Tennessee! ] Dickens's early novels typically end with the principal characters finding a home, a physical refuge from their problems. In later Dickens, characters tend to have to fall back, more movingly, on the resources of a toughened mind, and they have to be prepared to forgo tangible rewards. Louisa Gradgrind, in Hard Times (1854), represents a bleak version of this renunciation. (The entire section is 6046 words.) SOURCE: Peters, Laura. The Histories of Two Self-Tormentors: Orphans and Power in Little Dorrit. The Dickensian 91, no. 3 (winter 1995): 187-96. [ In the duchess following essay, Peters proposes that orphans and criminals are represented in Victorian fictional discourse in the same way; she examines two orphans in Little Dorrit to illustrate her point. ] To make visible the unseen can also mean a change of level, addressing oneself to a layer of material which had hitherto had no pertinence for history and which had not been recognised as having any moral, aesthetic or historical value. Artist! 1. (The entire section is 5033 words.) SOURCE: Rosenberg, Brian. Immeshed in Uncertainties: The Double Life of Little Dorrit. In Little Dorrit's Shadows: Character and Contradiction in Dickens, pp. 31-48.

Columbia: University of Missouri Press, 1996. [ In the duchess following excerpt, Rosenberg examines the prominence of contradiction and the disney way, division within the characters in Little Dorrit.] With the single exception of Little Dorrit there is not one of [Dickens's] numerous stories that has not touches of the masterhand and strokes of indisputable genius. Unsigned obituary of my last Dickens, published June 11, 1870, in the Saturday. (The entire section is 7724 words.) SOURCE: Hennelly, Mark M. The Games of the Prison Children in Dickens's Little Dorrit. Nineteenth-Century Contexts 20, no. 2 (1997): 187-213. [ In the following essay, Hennelly claims that games and play in Little Dorrit are not redemptive as they tend to be in Dickens's other works, suggesting that this is in keeping with the generally dark tone of the entire novel. ] When dealing with a work of art we must always bear in South of Accountancy Violation Cases of 2008 Essay mind that art is a divine game. These two elementsthe elements of the divine and that of the gameare equally important.

It is divine because this is the element in man which comes nearest to God. (The entire section is 13785 words.) Rodney Stenning Edgecomb (essay date 1997) SOURCE: Edgecomb, Rodney Stenning. The Displacements of Little Dorrit. Journal of English and my last, Germanic Philology 96, no. Franz Kafka A Hunger Artist! 3 (July 1997): 369-84. [ In the following essay, Edgecomb explores Dickens's characterization of the gentility as idle and useless. ] In the second book of Little Dorrit, Fanny and William Dorrit reproach Amy for duchess meaning relying insufficiently on servants, badge of their recovered gentility: []Therefore, your not exposing yourself to the remarks of our attendants, by appearing to have at any time dispensed with their services and performed them for yourself, ishahighly important. (The entire section is Carolina Violation Cases Essay, 7044 words.) Currie, Richard A. As If She Had Done Him a Wrong: Hidden Rage and Object Protection in Dickens's Amy Dorrit. English Studies 72, no. 4 (August 1991): 368-76. Suggests Little Dorrit is neither a saintly figure nor a sentimental heroine; she is, rather, a woman filled with repressed anger and my last duchess meaning, resentment. Daleski, H. M. Large Loose Baggy Monsters and Little Dorrit. Dickens Studies Annual 21 (1992): 131-42.

Attempts to account for the many contradictions and ambiguities in Little Dorrit. Duckworth, Alistair M. Little Dorrit and the Question of. (The entire section is 496 words.) Little Dorrit Homework Help Questions. Dickens wove so many mysteries into Little Dorrit that tracing out their solutions is something like sorting out the Circumlocution Office. The mystery of Amy Dorrit's mother is a red. Amy (Little) Dorrit, and her siblings were born in Marshalsea debtor's prison. The family was living in the prison because Mr. A Street Car Named! Dorrit had gotten into my last meaning, a great deal of money trouble. Little.

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3 top tips for my last meaning, responding to reviewer comments on your manuscript. By Lucy van Hilten Posted on 12 February 2015. Peer review has a vital role to play in research and publishing and on Tartuffe: An Excellent Neoclassical a key step in that process is the revision of your paper. However, knowing how to respond to reviewers' comments isn't always easy - get it right and my last duchess meaning you could see your paper published, get it wrong and it could mean rejection. So what can you do to the disney way, increase your chances of success? There's plenty of room for improvement, says Imre Pazsit, Executive Editor of the Annals of duchess, Nuclear Energy and a Professor at Chalmers University of Technology in Goteborg, Sweden. Originally I thought the mistakes in authors' responses were because of a lack of information on the journal website, or in the letter asking them to revise, but I think it's actually more than that, explains Professor Pazsit.

When early career researchers start publishing, they do so under the guidance of South State Cases, more senior researchers, who show them how to write a paper. Except this part responding to reviewers' comments often gets left out. My Last Meaning. He thinks this aspect of the process needs to the disney way, be systematically included in training for authors, like in my last, our recent Publishing Connect webinar How reviewers look at your paper. Professor Pazsit says: It's difficult to systematize manuscript writing in general, a bit like trying to explain how to compose music, but there should be training. Responding to reviews is a point missed by most people who provide professional training. I think there are a few main things that could make the the disney way, work of editors and reviewers as effective as possible. You can disagree, as long as you explain. As an author, it can be difficult to read reviewers' suggestions after all, you have probably poured blood, sweat and tears into duchess meaning the manuscript. You might even have a knee-jerk reaction to defend your article. According to Professor Pazsit, disagreement is fine in Carolina Board of Accountancy Violation Cases of 2008, fact, it is actually part of the my last meaning, process but it's important you can back it up.

The author may not agree with a comment this is the essence of the scientific debate, a natural part of the business. Explaining why you disagree will help the reviewer and editor understand your point of view and ultimately help them make an informed decision about your paper. As Elsevier Executive Publisher Dr. Jaap van Harten advises, don't fall into the trap of writing to the editor to say that the reviewer is crazy, or incompetent. Make it a factual response. You should have a complete, solid and polite rebuttal to the editor.

Write in such a manner that your responsecan be forwarded to theory of planned behavior, the reviewer editors love copy pasting. The main mistake I see in authors' responses to reviewers' comments is in what I call the 'ergonomy' of the information how well it's described to my last meaning, the editors and reviewers, says Professor Pazsit. The editors and walt disney uk reviewers don't have time to check the new draft line by line and my last find the author's changes. The Disney Way. According to Dr. van Harten, the simplest way to ensure your responses are informative is to my last meaning, copy paste each reviewer comment, and type your response below it. If you do so, you should be very specific.

So if the reviewer says 'the discussion section is not clear', it's not enough to say 'we changed the discussion section'. What you should say is 'we changed the discussion section on page 24, lines 7-23'. That makes it clear to the editor what you have changed, and when it goes back to the reviewer, the reviewer sees it immediately and you create a win-win situation. One of the a street car named desire tennessee, biggest mistakes made by authors is to respond to all the comments, but forget to my last duchess meaning, actually update the action behavior, paper. My Last Duchess. Don't be that person: one way to make sure you remember is to always include line numbers in South Carolina of Accountancy Violation of 2008, your changes. My Last. That way, you actually have to make the change first before including the the disney way, line numbers in your response. What are your top tips for my last meaning, responding to reviewers' comments? Tell us in the comments below!

Professor Imre Pazsit is an Executive Editor of Annals of Nuclear Energy . He is full professor at the Division of theory of reasoned behavior, Nuclear Engineering, Department of Applied Physics at Sweden's Chalmers University of Technology, with a state-endowed chair. He is duchess meaning, also a Fellow of the American Nuclear Society, a Member of the Royal Swedish Academy of Engineering Sciences, and a Member of the Royal Society of Arts and Sciences in of reasoned action and theory of planned behavior, Goteborg. He is Adjunct Professor at the Department of Nuclear Engineering and Radiological Sciences of the University of Michigan, and a Visiting Professor at the Department of Mechanical Engineering of the University of South Carolina. Recently he became the first recipient of the meaning, 'National Energy Prize' from the State Utility Hungarian Electricity Ltd. Dr. Jaap van Harten is Executive Publisher for Pharmacology Pharmaceutical Sciences at Elsevier in Amsterdam, The Netherlands. He trained as a pharmacist at Leiden University, The Netherlands, and Essay of a Drama got a PhD in clinical pharmacology in 1988. He then joined Solvay Pharmaceuticals, where he held positions in pharmacokinetics, clinical pharmacology, medical marketing, and regulatory affairs. In 2000, he moved to Excerpta Medica, Elsevier's medical communications branch, where he headed the meaning, Medical Department and the Strategic Publication Planning Department.

In 2004, he joined Elsevier's Publishing organization, initially as Publisher of the South Carolina State Violation Essay, Genetics journals and books, and my last duchess meaning since 2006 as Executive Publisher Pharmacology Pharmaceutical Sciences. Home About About Careers Elsevier Connect Information for Authors Editors Librarians Reviewers Store Books and Journals Author Webshop Solutions RD Solutions Research Intelligence Clinical Solutions Education Solutions Research Platforms All Solutions Support Center. How can we help? How can we help? Copyright 2017 Elsevier, except certain content provided by third party. Cookies are used by this site. To decline or learn more, visit our Cookies page. Elsevier.com visitor survey.

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My Last Duchess: Section I (Lines 1-13) Summary - Shmoop

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My Last Duchess by Robert Browning | Poetry Foundation

essay on flower Below are all other entries received for the Childrens Essay Contest. For quick access, click a name on the table below: Roses make a Girl Smell Good. I love roses. Duchess! They are very pretty. Kafka A Hunger! I love all types of roses.

Some roses are thorny. Some roses are very fragrant and many perfumes are made from the oil in roses. There are over 100 types of roses. Roses form a group of plants that can be shrubs. My Last Meaning! Stems are often armed with sharp prickles. Walt Company! Roses are mostly in Asia. The leaves are borne alternately on the stem of a rose. The rose hip is the fruit of a rose.

Rose perfumes are made of rose oil and essential oils. There are several ways that perfumers, which are people that make perfume, extract oils out of the roses. They use methods such as steam distillation solvent extraction, enfleurage, expression, and maceration. Steam distillation uses steam to transform the essential oils into gas that is then liquified. Duchess! Boiling plants in water works is in this method, too.

Solvent extraction depends on the benzene, or petroleum, to walt company, extract the oils. My Last Duchess! Flowers are spread onto greased sheets, which absorbs the oils, while maceration is similar but uses warmed fats to soak up the scents. The fats are then dissolved to leave the essential oils behind. Expression is the oldest and simplest method, which simply uses pressure to squeeze the oils out. Carolina Of Accountancy Of 2008 Essay! It takes a lot of time to perfect the scent, and when it is done, the fragrance is mixed with alcohol and water. The scent roses give off depends on the roses color. Roses with the best scents are dark with thick petals.

Red and meaning, pink roses usually give off the strongest scents. White and the disney way, yellow roses smell like lemon and violets. Orange roses smell like fruit and clove. The scents are strongest in early morning. This is when the rose oil is harvested. The oils in fragrances of roses have been valued since the Romans. Cleopatra even used rose petals to fill up her room over a foot deep because of the fragrance. Even today, roses are very important to fragrance perfumes. I appreciate roses because the rose oil is in many of the perfumes I use.

Roses really do make a girl smell good. The colors of roses and duchess meaning, their symbolism have a big impact on most relationships these days. It goes without saying that roses are one of the best ways to help express the emotion of love. Walt Disney Company Uk! So, lets find out the various colors of roses and what they mean to duchess meaning, understand their dynamics better. Roses have been the symbol of love and affection since times immemorial.

They are the perfect example for many things like love, life, feelings, and identity. They work as metaphors in poems and silent words in walt disney uk love stories. The importance of a rose cannot be left ignored. They cannot be replaced or underrated. So, now that we know how important they are, lets check out their colors and what they mean. A red rose is the exhibitor of love and passion. My Last Meaning! Giving a red rose to someone also stands for honesty and courage, as that is what it takes to South Carolina State Cases of 2008, express your true feelings to a woman. More so, it stands strongly for passion and my last meaning, desire. A dark shade of red is used for expressing that the recipient is theory of planned, unconsciously beautiful. A bouquet of white and red roses stands for unity.

Red and yellow roses together symbolize celebration and meaning, happiness. Giving a person rose buds is a way to express that the receiver is youthful and beautiful. Nowadays, however, only a thorough romantic would use such a method of proposing. Roses are important in literature and lifestyle. They are extremely important when it comes to communication methods, as well.

When I think of roses, I think of those prickly things on the stem, called thorns. Actually, there are all sorts of different ones and they smell excellent. Roses are a type of shrub or vine that belongs to the Rosa plant genus and franz a hunger artist, the Rosacea plant family. My Last Duchess! Roses are noted for having large, attractive flowers that can be white, red, pink, yellow, or orange. The Disney Way! Natural rose flowers have five petals, while cultivated roses usually have quite a few extra petals. My dad says bush roses grow into duchess, a large bush that can reach up to 6 feet tall. Well, that is only one of the types. Climbing roses have long stems that need to attach to a trellis or post.

Shrub roses grow vertically and South State, can reach up to 12 feet tall, while ground cover roses grow horizontally over the ground Old garden roses are those varieties that were cultivated before 1863, and modern day roses are those that were crated after 1867. Then, I talked to my grandma, and her look at roses was completely different. She thinks they are beautiful, and stand for love and peace. She has them planted in only one spot at my last duchess her home, under a statue of the Virgin Mary in her front yard. Grandma has a lot of different kinds of flowers, but when the first rose bud starts to open it brings a smile to her face that no one can start to describe.

My grandma gets roses from Essay Neoclassical my family every year for her birthday. I like roses because they smell good and duchess, they seem to make people smile when the Essay An Excellent Example Drama, receive them from someone they like or love. Mom says red stands for love and my last, white stands for friendship, but I want the other colors mean. I am so glad that roses are still around, after all these years. Car Named Desire Tennessee! I am also glad for roses, so people can still give them to their loved ones. It feels like roses have been a big part of my life and, my familys life for generations and generations to come. Roses remind me of love. I see people give their wife, husband, and boyfriend, or girlfriend, etcetera bouquets of my last, roses to South Carolina of Accountancy Violation of 2008 Essay, show their love or friendship. My Last! Roses come in many different colors, like red, pink, white, violet, blush, mauve, black, melon, pale yellow, light blue, blue, and a street car named desire tennessee williams, berry. Roses mainly grow on thorny bushes. The reason roses have thorns is to protect the delicate flowers.

Roses usually dont grow in the winter; they grow in the summer or the spring. I love the roses sweet fragrance. My favorite types of my last, roses are the blue roses. They can be used for action and theory of planned many things. You could use them for duchess meaning decorations, like in weddings or just for the center piece on South Carolina State Board of Accountancy Violation Cases of 2008 the table. I love picking flowers in the spring or in the summer, mainly roses because of their sweet fragrance. Duchess! Roses are usually easy to car named, find because of my last, their colors and because they stand out from Essay on Tartuffe: of a behind all of the my last duchess meaning, green bushes. They are special flowers because they symbolize a lot of things, not just love or friendship, but they can show a sign of new life or a life that has just ended. People give roses to South Carolina State of Accountancy Cases of 2008, a mother that has just given birth or you can lay roses by a tombstone. My Last! Roses remind me of a lot of things that I listed and even more. Franz Artist! I love roses no matter what color they are.

Roses are fun to use. Meaning! You can use the roses to the disney way, put in your hair as long as you take out the thorns, or you can sprinkle the petals into a warm bath water to help you relax. Duchess! I never really tried these examples, but they sounds like they would be fun, easy, and effective. I love giving roses to my mother because the blue rose is Essay An Excellent Example, her favorite type of my last duchess meaning, rose, too! Even though we dont have blue roses, I can still pick other colors of Essay Example Neoclassical Drama, roses for her like the red, white, or even the pink. Picking roses can be a fun activity if you make it fun by maybe listening to music or even bring a friend along with you. I love roses more than a lot of things like candy or other sweets. That is everything roses remind me of. Beginning as a seed,

Becoming a beauty indeed. All around the duchess, universe, A flower so diverse. Yellow, red, pink, white, An endless color sight. Expressing a romance so sweet, Nothing willing ever defeat. A mystery within each petal, Their sentiments are several. With thorns to protect,

Roses gather respect. Having stories to say, Especially on Valentines Day. Always one of a kind, Forever on theory of reasoned action of planned behavior your mind. Priyanka A. Fayson. Whats Your Rose-anality? Roseville is a town where only roses grow.

Roseville smells like nuts and lavender. Its very colorful like thousands of crystals. It has the nicest weather. Its always sunny and duchess meaning, warm. Its the best place for walt disney company beautiful roses to my last, grow. The roses went to go to Carolina State Cases, Rosegarden Elementary. They had decorated flowerbeds in the classrooms. Each rose had their own flowerbed filled with dirt and their own watering can. The principal was Mr.

Rudy Roseaville. My Last Meaning! The teacher was Mrs. Rose Roseplot. Rugosa was a mean rose. She had lots of thorny stems, and liked living far from the other roses. In class, she sat next to Black Baccara, who just moved to Roseville from France. She was born on Valentines Day; the best birthday every for a rose! She was different from the disney way all the other roses because she was black and she spoke French. Hey, weird looking rose, I dont think youre cool.

I think you are ugly because youre a black rose, said Rugosa. My Last! Black Baccara did not understand, so she just walked away. Damask, a rose with big thorns and a very strong smell said to Rugosa, Why are you being so mean to the new rose? Rugosa replied, Im not being mean! Im just telling her about herself! Damask shook her head, and her strong perfume shimmered all over Rugosa, making her upset. Rugosa rolled her petals and stomped away. Bermuda Rose was hiding behind the watering cans and saw what happened. She was a mysterious rose and no one knew where she came from. Disney Company! She thought, Is this something I should tell Mr. Roseaville? She was wondering if that would make her a tattlerose.

Grandiflora Rose, a tall rose who did not have a sweet smell, was behind the duchess meaning, watering cans, too. She shyly said, Bermuda, you should tell that was bullying. Later that day, Mrs. Roseplot had a meeting on the rose carpet. She said, we are all different in our looks, smells, and culture. Thats what makes us unique and the disney way, the world so pretty. You shouldnt tease other roses because they have a different rose-anality! Afterwards, they played Guess That Rose to learn more about my last duchess meaning each other, and uk, Rugosa won! Ruben Thomas Flores.

Why I Love Roses. Because they have my favorite colors: orange, yellow, red, and I like working at my last meaning the Bidwell Mansion with mama Julie and on Tartuffe: Example Neoclassical Drama, I like how it is a circle and the circle is my favorite shape and mama Julie has a lot of flowers and roses and mama Julie is my last, kind of a master at roses and flowers and my grandma has two roses and we have tomatoes and lettuce and it is good for bugs, like butterflies and bees, and mama Julie plants mix plants and she plants artichokes, poppies, thelrictrum borage, violets, and Carolina State, forget-me-nots. Duchess! Plants are very good for Essay An Excellent of a nature and are useful for cakes when you get married and its useful for t-shirts. Roses are a good thing for our country and for our bugs and insects and it is very good for our world and it is good for the soil and it is good for duchess meaning the summertime and mama Julie plants with boney manure and chicken manure, but manure roses are a good thing, America. Once upon a time when I was little my mommy would take me to rose gardens and see a lot of plants. There were roses and flowers. My mommy likes roses because theyre from my mommys birth month in on Tartuffe: Neoclassical June and she likes them because they are pretty. I like roses because theyre pretty and my last duchess meaning, theyre lovely and gorgeous.

My little sister likes roses because they are gorgeous. My daddy likes roses because he thinks theyre beautiful. I even love roses because I have Rose in my name. My name is Taylor Rosemarie Fochs. My favorite food to eat is a lot of Essay Example of a Neoclassical Drama, things like ice cream, milk, hot dogs, carrots, and cucumbers. Im from Stark Elementary School. In my opinion, roses are one of my favorite flowers. I was born into a flower loving family. We always have beautiful roses in meaning our gardens. The Disney Way! We have had climbing roses, hybrid tea roses, and old fashioned roses.

All of my last, these flowers have also stuck me before with their thorns. Climbing roses are one of my favorite types of roses for one main reason. That reason is that they bloom a lot, and in result it makes a garden look pretty. Climbing roses might look nice, but hybrid tea roses blow them out of the water when it comes to a street car named williams, looks and smell. Hybrid tea roses are my favorite types of roses. In fact, Im shopping for duchess meaning them right now. Old fashioned roses are also really cool for one reason. The reason is that old fashioned roses look and smell good without being a hybrid rose, (a rose being specifically grown for a certain purpose). The climbing roses, hybrid tea roses, and old fashioned roses are all beautiful roses. If I had to choose a favorite, it would be a three way tie. Well, at least thats what I think.

Nobody has the same opinion; well, at least I think so. Another really pretty rose is a floribunda rose, especially a Day Breaker. An Excellent Example Neoclassical! Day Breakers are my favorite floribunda because on the outside of it it is pink and on the inside of it is orange. Floribundas are really pretty roses. Another really awesome rose is the duchess, grandiflora rose. Franz Kafka Artist! Out of all the grandiflora roses, my favorite is the Candelabra. The Candelabra rose is a light orange rose that smells fantastic. The last type of rose that I like is the miniature rose, now dont get me wrong, I love all roses, its just these are the my last duchess, ones I really love. Anyways, I love miniature roses because they are very easy to grow. Carolina Board Essay! If you know what I mean.

Miniature roses also dont have big thorns to my last duchess meaning, prick you, but that is another story. Roses are beautiful flowers, and they also are a florists dream come true. Walt Company! Thank you for reading my essay. Why I love Roses. I love roses!

Roses are so beautiful. My favorite colors of roses are the pink and red roses. I love the roses scent. they relax me when I smell them. My favorite type of rose is the my last duchess, American Beauty rose. There are roses everywhere. Essay An Excellent Of A! I love roses. They can be in trees, shrubs, and herbs. Most of the fruits belong to roses. My two favorite things. the rose petals are so smooth and soft. Duchess Meaning! There are 100 species of roses.

I love that. Walt Disney Company Uk! Roses can be in perfume, which will make me smell good. Roses are also easy to grow. This will be good so you can plant a lot. Roses can grow tall and meaning, fat, which is really cool. Its really cool that the rose is the National Floral Emblem of the United States, which makes me like it more. The rose is behavior, also the state flower selected in meaning Georgia, Iowa, New York, North Dakota, and District of theory action behavior, Columbia, which is awesome. You know what, George Washington was our first rose breeder.

I bet when I get older I will buy a lot of roses. My Last! Guess what: over and theory of planned 1,200,000,000 roses were purchased by the U.S. flower buyers. Amazing! The rose is a native to the United States. About 60% of the roses grown in the U.S. are produced in California.

California is so lucky. My Last Duchess Meaning! The most popular rose holidays in the U.S. are Valentines Day, Mothers Day, and Christmas. Did you know that Columbus discovered America because of a rose? Amazing! Do you know what is cool? In the Middle Ages, it was usual for the wealthy to disney company uk, put rose petals and rose oil in their baths.

Its really cool that the rose was first honored by the U.S. Postal Service in duchess 1978 with its very own stamp. Guess what! There are 4,000 songs that have been written about a street williams roses. Did you know that the my last duchess meaning, rose is theory action and theory of planned behavior, called the Queen of the Flowers? Did you know that the my last duchess meaning, largest rose bud is nearly six feet around? When it is fully bloomed, it has more than 200,000 blossoms.

Roses are flowers. and flowers bloom. Roses are red, yellow, green, blue, and the disney way, black to my last duchess meaning, white. Some are big some are small. Some are high and some are low. All roses are cool. I love them because they come in so many different colors. They come in red, white, yellow, and lavender. Another reason is there are so many different kinds of the disney way, roses.

They come in shrubs, climbers, grandifloras, mini, hybrid teas, floribundas, and hybrids. I also love them for my last meaning their sign of walt company uk, peace and love. My Last Meaning! The roses are one of the prettiest flowers. That is also why I love them. I love them for Carolina State of Accountancy of 2008 Essay their two-thousand species of roses.

I love the pattern the petals make. One more reason is you can grow or regrow them with others or by yourself. Duchess Meaning! I love them because you can pick them for others. Roses remind me of spring and Easter with Jesus rising from the dead. Essay On Tartuffe: An Excellent Of A! I love roses so you can sniff them and say spring is finally here. I love roses because they are my favorite kind of duchess meaning, flower and my familys favorite kind of flower. I love roses and watching them bloom and franz, becoming the my last meaning, flower it is. Walt Disney! I love roses because it only takes five petals for it to make the design. I love roses because it is the most plant written about it poetry.

Roses are one of the my last, most important religious symbols. I love roses because they are a symbol of many things. They are symbols of love, death, virginity, peace, the spill of blood of innocents, socialism, and desire. I love roses because they are a national flower of four states. The states of Georgia, Iowa, North Dakota, and New York. I love roses because 60% of on Tartuffe: An Excellent Drama, roses are produced in my last duchess California.

I love roses because 85% of Americans love roses as their favorite flower. I love roses because four-thousand songs have been about roses. I love roses because it is an artistic image for of reasoned and theory behavior artists. I love roses because there is one rose in Germany that is duchess meaning, one-thousand years old. I love roses because florists send millions of roses to the United States. Grandparents are the people who are always there for you. You can spend the night at their house. They even get you presents when you dont. But they still love you no matter what. So, every now and then, you can get some flowers at Carolina State of Accountancy of 2008 a nearby flower shop.

They deserve more than a picture to my last duchess meaning, remind them of you. It also helps them feel happy about themselves. If they feel happy about themselves, they will be nicer to you and car named tennessee, other people. Then they could laugh more and have more fun with you. You could even feel better, too, because you both could play games and do fun stuff together. And so you wont be bored and say, There is nothing to do here. Roses could also make your grandparents feel loved and not ignored.

Then they will probably not get mad or yell at my last meaning anyone. And if that happens, it could most likely make it a better time for you and your grandma or grandpa. Then they could feel more at ease and a hunger, not be worried about upcoming things. They could also get more work done because they arent worried or upset. So, if they manage a business, they might be nicer and not as hard to their employees. They also might like getting them for my last decoration in their house. Roses could fin in because they are brightly colored. Also, some roses smell good, like Hybrid Tea Roses. Hybrid Tea Roses smell like fruit or tea.

But, they come from China, so they are rare to find in the United States. Hybrid Tea Roses are white, so they look really beautiful. And they also grow few petals on each flower. You have to be careful because some roses have thorns. And I dont think your grandparents would like to get cut by a thorn on a rose. Roses might remind the of their wedding day and a hunger, how great it was. They also remind them of any other relationship, which could be good or bad. Then it could remind them how much they love their spouse, children, and my last meaning, grandchildren.

A lot of people in my family grow roses. My mom grows a rose bush in our backyard. There are yellow roses on my moms rose bush. My grandma grows roses all over her yard. She really loves roses. My other grandparents grow a rose bush by their mailbox. Williams! The roses on their rose bush are red. When I grow up, I want to duchess, grow roses to keep the family tradition going. When my brother grows up he should grow roses, too. I love roses because they are pretty. They smell good and when a rose is given to someone they can make the persons day.

I think roses are pretty because they come in of planned all colors and have a swirl at the top. I like roses because they can go with all seasons and occasions. I like the little swirl at the top because it makes the rose look very elegant. I like the way roses smell because roses give off such a clean, fresh scent that smells good every day. I like how roses make peoples day, because giving someone a rose can make someone know that another person cares about them. It can brighten up their whole day.

It is funny how such a simple gift can make someone so happy. I like like that roses are used in my last meaning different products. When roses are used in body sprays and perfumes, you smell really good. Franz! Roses can also be used to make rose jelly. Someone gave rose jelly to my last, my parents as a gift once and Drama, my parents said it did not taste very good. They said it tasted like roses smell.

I think roses are given to people the my last duchess, most at Valentines Day. Company! I think this is because certain roses are a sign of my last duchess, love and Valentines Day is a holiday you tell someone how much you love them. After my dance recital, my parents gave me lavender roses for doing such a great job. The roses smelled really nice and stayed alive for about a week. They looked really pretty sitting on top of the piano. Whether you have one rose or one dozen, they are beautiful and meaningful. Roses, Roses everywhere.

Rose petals in the air: Roses, Roses on Essay on Tartuffe: An Excellent of a Drama the ground. Roses, Roses all around. Roses, Roses in the sky. Rose petals go dancing by. Roses can be big and tall. Or they can be short and small.

Roses are pretty indeed. They look nothing like a weed. Oh how pretty they are at night. It is my last duchess meaning, just quite a sight. Why I love roses. Why I love roses is company, because theyre pretty. They smell good. I like all colors of roses. My Last Meaning! My favorite colors are red and blue. I dont like pink roses. Sometimes I dont like roses because they have thorns.

Sometimes I dont like how they smell. Sometimes they are ugly if you dont water them. Why they have thorns is to keep the animals away. I wish I had roses in my backyard. South State Of Accountancy Cases Of 2008 Essay! My favorite color rose is red. What roses I want in my backyard are all the colors, except pink. My sister likes white and yellow. My mom likes blue and red. My grandparents like yellow and my last duchess, red. I dont like the color yellow, but I do on the disney way flowers. Sometimes I like yellow roses if they smell good.

I dont like the color orange, but I do on flowers. The blue roses are the color of the sky. White roses are the color of the clouds. My Last Duchess! Theres tie die, too! Sometimes roses come up from the ground. Orange is the color of the sunset. Carolina Violation Essay! Purple is the duchess meaning, color of the rainbow. Yellow is the color of the Essay on Tartuffe: Neoclassical, sun. Lots of my last meaning, them come up in action behavior summer.

And sometimes spring, too! Sometimes the thorns will hurt. I LOVE purple roses. Some roses match my jeans. Meaning! Sometimes you can put it on your hat. You maybe can put the petals in disney company hot water and they drown. I think they do that in Hawaii. I have never been to Hawaii. Ive never put my feet in water with rose petals. But I guess it makes your feet smell good.

You can even make a necklace if you can get the thorns off. Maybe you can do a bracelet and maybe earrings. But I have rose earrings and my last duchess, a rose necklace. But theyre not real roses. The Woodland Fairies. So there I was, in a place called Woodland. The Disney Way! The people there made a lot of stuff out of wood.

From the my last, stuff they made, they gave half to humans and half for themselves. They were very nice and franz kafka a hunger artist, playful. They were like humans except for one thing: they were fairies. The fairies liked to my last duchess meaning, have races in their free time. Mostly, they kept themselves busy by harvesting wood. They liked to eat nuts, nuts, and more nuts. They drank water from theory of planned behavior a nearby stream. The wood fairies leader was Birch Wood. Birch Wood organized The Wood and Nut Festival every year. This is the only time of year that the fairies gather in the town square and have games.

The town square has only three buildings: one tall building and two very small buildings. My Last Meaning! The two small houses are the homes of Birch Wood and Birchs general, General Alders. The fairies at The Wood and Nut Festival like to fly from Birchs house to the large building where the fairies keep their water, wood, and nuts. Birch announces the beginning of the festival from the top of this building. The wood fairies population was very small.

There are about theory of reasoned action and theory of planned ten wood fairies in duchess meaning all, including Birch and Alders. Their names are Oak, Cypress, Evergreen, Pine, Laurel, Holly, Dogwood, and Firewood. A Hunger! Oak, Cypress, and Firewood gathered the wood. Evergreen, Alders, and Pine gathered the nuts. Holly, Dogwood, and Laurel gathered the sticks for the fires. The wood fairies were at war with the my last meaning, flower fairies. The flower fairies had ten fairies, also.

Their names were Rose, Daisy, Tulip, Carnation, Tea Rose, Daffodil, Gardenia, Magnolia, Buttercup, Orchid. Rose was the leader of the flower fairies. Each fairy had a small garden in which she planted flowers. After the of reasoned action of planned, festival, the wood fairies stayed in the town square while Birch and Alders gathered birds to make the flower fairies surrender, for they were terribly frightened of birds. In the end, all the fairies learned to get along as the birds would not help the wood fairies. I enjoyed by time in Woodland and loved seeing the beautiful flowers. Duchess Meaning! My favorite flower is the the disney way, rose and my favorite fairy was Rose. Long ago, I tried to my last meaning, grow a rose. I planted the seeds in my little pot. Longing to see the seedlings, I watered and watched them each day.

One day, after many weeks, I saw a sprout. I hopped around the house telling my family, I cant wait for South State Violation Essay the roses to bloom!

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fairytale homework Once Upon a Time at. Here you will find many ideas, printables, games, crafts, and centers for meaning a unit or theme on fairytales! Fairy Tales was one of the first units I ever created! Many of the theory and theory pictures on my last, this page are from my time student teaching back in 1997 - 1998! Enjoy! Updated - March 2014. Once upon a time, In a land far away,

A girl kissed a frog - That just made his day! Red Riding Hood took fright - She found a wolf. When she told her goodnight! Fairy Tales! Fairy Tales! Read them every day! Oh what fun it is to hear. How Goldilocks got away! Fairy Tales!

Fairy Tales! Full of joy and laughter! Do you know how this one ends? Why, its HAPPILY EVER AFTER! Above is uk a character mobile that I had my 2nd grade students make (1998) . In the middle they draw the character of their choice and my last, then fill in of reasoned behavior, the four bubbles about the character. When they are done they cut and string each part and place on a string to hang. These look so great hanging around the room! Here is a beginning, middle, and end activity we did in 2nd grade with the book Hansel and Gretel. Under the Gingerbread house in a flap book with. Begin, Middle, End, and Alternative Ending.

The students filled in the book. Then they colored the Gingerbread House ans stapled it to my last meaning, the book. When they were done, I hung the finished products on a board that said. Essay An Excellent Example Of A Neoclassical! Fairy Tales Can Be Yummy! Here is a fun hands-on bulletin board that I made. Meaning! The middle shows a book. On the franz kafka outside of the book are various characters, settings, story titles, and plots. Inside the book are large bubbles for the students to place the story title, plot, characters, and setting. The plot, setting, characters, and title and held on the board with velcro so that they can be manipulated by my last meaning, the students. 1. Let each child choose a fairy tale character to use to Example of a Drama, make a headband.

Reproduce the my last duchess meaning chose character once for each child. Have children color. Board Of 2008 Essay! Mount on my last meaning, oaktag, and cut out. 2. Give each child a 2 x 24 strip of construction paper. Help each child. staple the headband to the center of the strip as shown. 3. Staple each strip to fit around each child's head. 4. Children may wear their Fairy-Tale Headbands while they listen to and act.

out some of the best known fairy tales. 1. Ask children to help make a list of several fairy tales that the a street car named desire williams class has. 2. My Last Duchess Meaning! Help determine the characters needed to dramatize the the disney way fairy tale. 3. Reproduce appropriate headbands for their characters needed to dramatize. 4. Let children perform the fairy tale for my last meaning parents. Three Bears - We do a lot with measurement with these stories. A Street Tennessee Williams! To compare weights, the kids work with a partner to duchess, complete a chart of light, medium, and heavy items around the classroom. Light - can pick up with one hand, medium - can pick up with 2 hands, heavy - can't pick up (I'm always in car named, that column!). A small medium and large bear icon help mark each column. My Last Duchess Meaning! We write notes to the 3 bears from Goldilocks to An Excellent Example Neoclassical Drama, apologize for duchess the mess she made.

Have done a group guided writing and individually on computer with kids.Chrystal Shook. There were three little pigs who were forced to roam, So each decided to build a home. They bought some neat stuff from a nice man, And then he said to them, Build what you can! The 3 little pigs said We shall use it all! Then the desire tennessee first little pig took the basket of duchess straw. The second little pig took the Example bundle of sticks, The third little pig took a wheelbarrow of bricks.

They each built a house. and you know the rest, Only one house is left cuz it was the best. ( LAC ) Provide materials for the children to make a 3 Little Pigs scene. My Last! straw. (raffia), sticks (popcicle sticks) and red paper (bricks) as well as misc. other colors of paper, and whatever else the children can brainstorm to be. suitable building materials, potato halves with the shape of a pig cut. into it for printing with pink paint, also have glue, scissors, and just lots of. stuff. South Carolina State Board Cases! Let the kids go with it.

pinkcircle around and around toward the middle. When finished and my last duchess, held up, a. spiral piggy tail will stretch out into the sprial shape. Let them tape the. tail to their bottoms.

Also provide pink paper for piggy snouts made from. cutcircles with nostrils drawn on then tape it to their noses. The Disney Way! Now assist the. children in gathering the my last duchess props to act out the story. story this way, too. Theory Action Behavior! (Oriental Trading Catalog has great rubber farm, zoo, dinosaur animals to order.

Their farm collection would be great for this. activity. I've said it before. this company has great stuff for VERY. reasonable prices.) The house could be made from small sized boxes or milk. cartons, decorated with simple designs to illustrate the pigs individual. homes. (Have plain cartons available for the children to duchess meaning, design new homes. in the theory of reasoned action and theory of planned art area.) Look at one particular section of the story from each book (like the duchess part.

where the pigs get their supplies for their home building) and walt disney company, compare all. the different versions/illustrations. My Last! How are they alike and how are they different? Talk about the artist (illustrators) each having a different idea of how the pigs must look and. that each of kafka a hunger them is different but still correct. talk about names that would help describe that particular pig.

A Tail to Tell using The Three Little Pigs as a structural model to establish knowledge of the form of my last duchess meaning fairy tales : seven great activities to do with The Three Little Pigs. Bits and of reasoned behavior, Pieces writing a tale based on a collection of objects which trigger brainstorming. Construction Ahead ! students use the story as jumping off point for a math/art activity. For the 3 Little Pigs, gather and clean 3 milk cartons for each child. My Last Duchess Meaning! Use canned frosting to add straw (shredded wheat), sticks (pretzels) and bricks ( cherry nibs - licorice). Put on large styrofoan trays and the disney way, add other details if desired. Make popcicle stick puppets so the my last duchess children can retell the story at home before they inevitably munch on the houses. Page 3 and 4#151;Emergent reader. The Disney Way! Student can color and bring home to share with a parent.

Page 5 to 8#151;Three Little Pigs game. Just print and use in small group. Page 9#151;Color, trace, and stamp activity sheet. Number three. Page 10#151;Color by code. Duchess! Cut-out dice provided. Print dice on cardstock and tennessee williams, tape together to have forever. Page 11 and 12#151;Easy Three Little Pigs Craft page and idea. Page 13#151;Color cut and sequence pictures from the story activity sheet.

Page 14 to my last duchess, 16#151;Story manipulatives. Laminate and add a magnet to the back to company uk, use on large white board to retell the story. Page 17 and 18#151;Tally and Graph activity. My Last Meaning! Printable dice provided. Kafka A Hunger Artist! Makes a wonderful math center. Page 19#151; Color, Trace, Cut, Count and Glue#151;Activity sheets for the numbers 2 through seven. Page 21#151;Little Piggy knows his letter sounds board game. Supply markers and a dice. My Last Meaning! Students roll dice and the disney way, say letter sound on the brick. First person to get to the brick house first is the winner.

Page 22#151;Practice a skill puzzle#151;Laminate cards and then use a dry erase to add a skill on the bottom of the meaning puzzle. Cut apart puzzle and students put it back together. Great for franz kafka a hunger artist counting by 5#146;s and 10#146;s or counting up. Also good for ABC order. Page 23#151;A beginning sound cut, color, and glue sheet.

Page 24#151;Three Little Pigs Glyph Activity Sheet. Great way to my last duchess meaning, introduce preschool and kindergarten age kids to data interpretation! For Preschool aged children, may I suggest: The Three Bears By Byron Barton - I love the simple text and walt company uk, pictures#133; When reading this story teach the children to say#133; When Goldilocks tries the Oatmeal #150; #148;too hot (while waving a hand), and too cold (while hugging body), and just right (holding thumbs up)#148; When Goldilocks rocks on the chairs #150; #147;too fast (rock back and fourth quickly), too slow (rock slowly), and just right (rock and give the my last meaning thumbs up)#148; When Goldilocks tried the beds #150; #147;to) hard (make a fist), to soft (rub hands together gently), Just right (stretch your arms and pretend to sleep)#148; Make Three Bears Porridge for Goldilocks#133;

Allow students to trace words and then give each bear some oatmeal. For the oatmeal paint, I used brown paint mixed with oatmeal. The kids scooped it into the bowls. Add bear cookie cutters to your Play Dough Center. I even made my favorite chocolate Play #150;

Play the walt company uk small, medium, big game#133; Supply markers (we used Teddy Grahams) . Students take turns rolling the dice. They cover up one of the four items of the size they rolled. First person to cover up four items of the same size, wins. This game can be found here. Practice the number three. This little activity has the student use a bingo dauber to cover a three. It also has the my last duchess students cut out the bowls and walt company, glue the bowl to the correct bear. This activity can be found here. Check out this Fairy Tale Packet. Includes activities to use with Goldilocks and the Three Bears.

*when planting beans, how about experimenting with light/no light, *Collage with variety of duchess beans. *Sort different varieties of beans. *Activities with gold coins - counting, sharing. *Trace around teacher or each other and collage 'giant' using material. *Measure height of company uk children with tape and seriate. It is my last duchess a world of fun with a fairy tale is State of 2008 Essay a interactive learning center that I have developed for the fairy tale unit I created. I designed the center so that I could use it as an exciting place for the student toexplore, learn, and have fun at the same time! The activities I choose are across the curriculum and cover a variety of the skills already taught or being taught to the second grade class. Moreover, each activity deals with a fairy tale in some way. My goal for the center was to have it be an activity center in which the duchess student could do independently with out the teachers help.

Thus, the activities are self explanatory and disney company, are a review of previous learned skills. Inside the brightly decorated learning center one will find thirteen entertaining activities centered around fairy tales. These activities are as follows; Name that fairy tale - A book with illustrations from various fairy tales. The student must name each fairy tale. Practice Telling Time with Cinderella - Is an meaning activity the motivates the student to help Cinderella place the correct time onto on Tartuffe: An Excellent of a Drama each clock.

Help Mr. Wolf find out how many pigs are in each house - This covers subtraction facts through 18 and motivates the student to my last meaning, do the facts. Help Pinocchio - This is a game of memory and the disney way, also helps the student strength their alphabetical ordering. Can you find the my last duchess meaning secret to the witch#146;s brew? - This is a grammar game in which the student must match the correct prefix with the root word. Once Upon A Time Board Game - This activity is an review of what has been taught thus far in second grade. It covers all subjects and is very motivational. Emperor#146;s New Clothes Pinocchio Read-Along - These two tapes are listening activities. The Goose that Laid the Golden Egg CD-ROM - The students are encouraged or read along on the computer with the book. also, they may play with the illustrations in the book. Fairy Tale Pop-up Village - This definitely does the job of attracting the students to the center. Gingerbread Man Lace Cards - Reinforces fine motor skills.

Read a Fairy Tale - There are tons of fairy tales to choose to read in the center. Kafka! Also, there are a variety of pop-up fairy tale books. The It is a world of my last fun with fairy tales learning center is walt disney company meant to not only my last review skills, but to also get the theory action and theory of planned student excited about my last meaning, reading. My hope is that it motivates the student to open a fairy tale and discover the world of imagination through a book. Essay Example Of A Neoclassical! It is important to try to produce a love of my last duchess reading in your classroom and I feel this learning center does that and more! C. Company! Gallagher.

Make wands with dowels, wooden stars (paint, glitter, dowels) and then write about our wishes, take turns tapping one another and give a task to perform (letter sounds, rhymes, counting, etc.). Create a fairy godmother with art materials (paper, fabric scraps, dolies, lace sequins, ect) and write about duchess, how she could help you. Brainstorm 8-10 ideas about what happens in Board Violation of 2008, a fairy tale. Make a large chart listing ideas down left side. In columns to the right, write the name of the stories to compare/contrast at the top of the column (ex: DIsney Cinderella, Cinderella Penguin, Mufaro's Beautiful Daughters, The Rough-Faced Girl) After reading, go down the list and write yes or no about the ideas that were brainstormed. It fun to see the duchess patterns in the stories emerge as you read the franz kafka a hunger books. Add crowns, gowns, wands, fancy shoes to dramatic play to act our versions of the stories. Dramatic Play: Have Cinderella clothes (ugly and my last, beautiful), royal. clothes(capes, crowns), Lots of company shoes. Cleaning supplies.

Have a place to. have a ball, play music. bottom, use . paint rollars to meaning, cover bottoms with paint, press. on paper.) Sew on dress shapes(cut from plastic canvas) according to size. (at my preschool we do this kind of game in company uk, group but it. also could be done during free-play)

Above, I had the students write their own Fairy Tales. My Last Duchess Meaning! You can view their stories here! Cinderella - Read the the disney way book to your class - Watch the video - Listen to my last duchess, the Soundtrack. Cinderella Stories (Gr. 3-6) Lesson plans on different Cinderella stories (Tattercoats, Cap o'Rushes, The Twelve Months, etc.). Colleen, We do Cinderella Around The World every year and here are some of the pages I've created to use with that unit. Walt Disney Company Uk! Hope these are helpful to someone!

Amanda. A Special Thanks To Amanda for Sharing Her Word Files Below! Printables On Other Sites. Things on Teaching Heart To Check Out. Great Sites With More Ideas. Graphics Copyright 2002-2003. All rights reserved. All Content contained of the pages within this website is copyright Teaching Heart 1999-2014 by Colleen Gallagher, all rights reserved. We give you the permission to download, print, modify, and generally use the my last duchess meaning written material contained herein, we do ask that you respect our rights and Carolina of Accountancy Violation Essay, not publish any material on this site without prior written consent.

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