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PETITIONER: JASWANTRAI MANILAL AKHANEY
Vs.
RESPONDENT: THE STATE OF BOMBAY.
DATE OF JUDGMENT: 04/05/1956
BENCH: SINHA, BHUVNESHWAR P. BENCH: SINHA, BHUVNESHWAR P. BOSE, VIVIAN JAGANNADHADAS, B.
CITATION: 1956 AIR 575 1956 SCR 483
ACT: Criminal breach of trust-Conviction of a banker, Validity of--Government Promissory Notes pledged with a bank to cover overdraft -No overdraft by the pledgor-Managing Director acting on behalf of all-the Directors pledging the Notes to borrow money for the use of the bank-Legality-Sale of the Notes by the creditors to realise their dues and consequent inability of the bank to return them-Mens rea --Sanction to prosecute by the Company Judge, if required Framing Of charge, if defective-Indian Penal Code (Act XLV of 1860), ss. 409, 79-Indian Contract Act (IX of 1872) s. 179-Indian Companies Act(VII of 1913), S.179-- code of Criminal Procedure(Act V of 1898), ss. 221, 222, 223.
HEADNOTE: The appellant was the Managing Director of a bank and held a power of attorney to act on behalf of its Directors and authorising him to borrow money on behalf of the bank. Certain Government -Promissory Notes were pledged with the bank by another bank to cover an overdraft account up to a specified amount. T...