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Accident mortel rallycross essay 1996 | brispicsbefunvareccahertareme
anuj kalia resume JUDGMENT 2003(1) SCR 119 The Judgments/Order of the Court were delivered SHAH, J. 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 mortel rallycross essay 1996 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. Frasca Thesis. 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 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. Mortel 1996. 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 management, 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 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 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 amount is repaid on date fixed; (e) commission/brokerage is mortel rallycross 1996 received and credited by defense, the UCO Bank for which there are credit entries in accident mortel 1996, the account books; (f) there is essay in singapore no loss to the MUL and accident mortel essay 1996 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 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 essay in singapore, prosecution story, the accident rallycross essay 1996, 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 essay on atticus hero trust, forgery by using forged documents, abuse of public offices and dishonest misappropriation of the public funds under Section 120B read with Sections 420, 409, 467 and accident mortel rallycross essay 1996 471 of the essay hero, Indian Penal Code (IPC) and Section 13(lXc) read with Section 13(2) of the Prevention of Corruption Act, 1988 (hereinafter referred to 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 IPC. A-3 in addition was charged for the offence punishable under Section 420 IPC for cheating MUL and was also charged under Section 471 read with Sections 467 and 468 of 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 accident essay 1996 IPC. By judgment and order dated 27th/28th September, 1999, the learned Special Judge acquitted accused No.2 and essays importance of being 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 mortel rallycross essay 1996 criminal conspiracy alongwith Mr. Mohan D. Khandelwal (PW23) between the period of April - May, 1989 to what matters to you May, 1991 in Bombay and Delhi, the object of which was to divert the surplus funds of MUL lying with its account in Canara Bank, Sansad Marg, New Delhi branch to the account of mortel rallycross essay 1996 A-5 HSM with ANZ Grindlays Bank, Sansad Marg, New Delhi branch and thereby committing offences of quality thesis criminal breach of trust fraudulently using forged documents, abuse of public offices, dishonest appropriation of the accident essay, amount of Rs.38,97,20,000 punishable under Section 120-B r/w Sections 409, 467, 468 and 471 of IPC and Section 13(lXc) read with Section 13(2) of the P.C.
Act, 1988. 2. ACCUSED NO.l Pramod Kumar Pritamlal Manocha- (i) A-l is convicted for furtherance of criminal conspiracy in his capacity as a public servant viz. being Deputy Manager (Finance) of defense of thesis MUL at the relevant time, for causing and/or allowing MUL's fund wrongfully to essay be gained by 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 convicted for offence punishable under Section 409 of IPC for committing criminal breach of trust in in singapore, respect of property of Maruti Udyog Limited, Delhi, then Government company of 35 lakhs Units of UTI, valued at mortel 1996, 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 frasca thesis convicted for offence under Section 409 of IPC for accident rallycross 1996, committing criminal breach of trust in respect of MUL's property viz. Canara bank's bankers cheque no.645585 dated 13.3.1999 (Ex.13) for frasca thesis, a sum of Rs.l 0,11,50,000 drawn in favour of rallycross essay Grindlays Bank and made payees A/c only, by what matters most, 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 convicted for offence under Section 409 of 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 essay made payees A/c only by dishonestly delivering the same to essays earnest Mr. Anuj Kalia (PW-16) knowing that the said Mr.
Anuj Kalia was an accident 1996, employee of most to you sample accused no.5 - HSM; 3. Accident Mortel Essay. ACCUSED NO.3 Vinayak Narayan Deosthali- (i) A-3 is convicted for 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. Manager of UCO Bank, Hamam Street Branch, Bombay which is the Government of India undertaking being a nationalised bank for abusing his position as a public servant and allowing use of funds of MUL to in singapore 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 accident authorizing remittance of MUL's funds of Rs.4,99,45,000 to Bank of America, New Delhi by accused No.5 to MUL, Delhi and further dishonestly authorizing the importance earnest, delivery of valuable securities of 35 lacs of units of accident rallycross 1996 UTI belonging to MUL to Mr. Mohan D. Khandelwal, an attorney of A-5; (iii) A-3 is convicted under Section 468 IPC for 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 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 frasca thesis forged document; (v) A-3 is convicted under Section 467 of IPC for having forged on or about mortel 13.1.1991 the document to defense 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 accident UTI for the face value of matters and why sample essay 7 crores and which UCO Bank was to deliver to MUL; (vi) A-3 is convicted under Section 468 of IPC for forging valuable security with Bankers Receipt No.l 121 dated 13.3.1991 (Ex.38) of UCO Bank for the sum of accident mortel 1996 Rs.l0,11,50,000 in the name of essay services in singapore 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 accident essay 1996 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 convicted under Section 467 of IPC for having forged at Bombay the letter dated 13.3.1991 (Ex.60) on the letter head of UCO Bank, Hamam Street Branch, Bombay with the intent to essay on atticus as a dishonestly authorize remittance of funds of MUL amounting to 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 accident rallycross convicted under Section 468 of IPC for having forged the letter dated 13.3.1991 (Ex.60) intending that it should be used for cheating; (x) A-3 is convicted under Section 471 r/w Sections 467 and 468 of IPC for having fraudulently and services dishonestly used the accident essay, letter dated 13.3.1991 (Ex.60) as genuine knowing it to be false and frasca thesis forged document; (xi) A-3 is convicted under Section 467 of IPC for accident mortel essay 1996, 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 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 frasca thesis 468 of IPC for dishonestly using the BR No.l 132 dated 18.3.1991 for Rs. Accident Essay. 10,83,75,000 (Ex.39) as genuine; (xiv)A-3 is convicted under Section 467 of IPC for having forged valuable security of UCO Bank, Hamam Street Branch, Bombay viz. BR No.166 dated 24.4.1991 for essays earnest, 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 UTI of face value of Rs.5,10,00,000 with UCO Bank to 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 mortel rallycross essay, intent to make MUL believe that it should be used for essay finch, cheating; (xvi)A-3 is convicted under Section 471 r/w Sections 467 and 468 of 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 mortel rallycross essay 1996, sum of Rs.5,05,03,250 (Ex.28), 646402 dated 18.3.1991 for 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 defense of thesis, 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 accident mortel essay 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 frasca thesis, 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 mortel rallycross essay 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 quality management thesis 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 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 Investigation has filed Criminal Appeal No.521 of 2000. Accident Mortel. It is to be stated that pending hearing and disposal of these appeals A-5 expired on 31.12.2001. Normally, appeal would have abated against writing services him. However, his wife filed Criminal Misc. Petition No.574 of 2002 on 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. Mortel. Manager) of 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 employee (Assistant Manager) of UCO Bank at Hamam Street Branch, Mumbai; A-4 Ram Narayan Popli was an quality management, 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 accident, prosecution version that A-1 to A-5 entered into a criminal conspiracy to siphon off the funds of MUL in favour of A-5 for which afore-quoted five transactions took place, even though there was prohibition on defense of thesis granting loan by MUL to individuals.
It is stated that A-l and A-2 were working closely and they had dominion over the property of MUL. A-1 used to place the mortel essay, proposal before the Board and 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. Quality Management. It is accident rallycross essay 1996 alleged that they misappropriated the property in most to you and why, 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 rallycross 1996, 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 result of making the funds of MUL available to essays A-5. It is also the prosecution version that they [Al, A2 and A3] being public servants during the material time, abused their position and thereby conferred a pecuniary advantage upon rallycross essay 1996, 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 prosecution that A-l alongwith A-3, A-4 and A-5 conspired to obtain funds from MUL under the essays of being earnest, pretence that the funds were being drawn for purchasing securities from UCO Bank but diverted these funds to the accounts of rallycross 1996 A-5 for which A-l and A-2 played the role of misrepresenting to MUL and withdrawing the funds. Writing. A-3 forged documents which helped A-l to secure the release of monies from accident mortel, MUL. A-l conspired alongwith A-3 and A-4 for making money available to A-5, who became the prime beneficiary of the essay, money.
The bankers' cheques were handed over, on the instructions of A-l and A-2, to Anuj Kalia an accident mortel rallycross essay 1996, 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 of thesis, a short period. Yield - interest is at a higher rate. 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 the MUL through UCO Bank from essay, A-5 on the basis of 35 lacs of finch hero UTI units given by accident essay, 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 services, 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 funds of MUL by having subterfuge of sale or purchase of units of UTI by the UCO Bank to MUL.
In furtherance of the said conspiracy, for 2nd to accident mortel rallycross essay 1996 5th transactions, A-l got issued cheques by the Canara Bank in essay writing, favour of Grindlays Bank which in turn transferred the said amount in account of A-5, first at Delhi and thereafter at accident, 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 Delhi or at Bombay. If there was a loan transaction between the frasca thesis, MUL and A-5 then there was no necessity of issuing cheque in favour of Grindlays Bank at New Delhi and transferring the said amount to UCO Bank. It is the prosecution version that as the transactions were not genuine and 1996 as loan could not be given to A-5 in his individual capacity, it was given to A-5 by essay on atticus as a, creating forged documents. He pointed out that after receiving the cheques issued by Canara Bank on behalf of MUL in favour of rallycross 1996 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. Defense Of Thesis. Thereafter, A-5 gave cheques to UCO bank. This itself indicates that as the accident essay 1996, transactions were not genuine, irregular and illegal procedure was adopted for essays importance of being earnest, encashing the cheques.
Therefore, this is a case of misappropriation and forgery. Further, if there was genuine sale of accident rallycross 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 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 transaction was as per the commercial practice. It is on atticus as a a case of accident 1996 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 what sample essay purchase or sell units on behalf of the 1996, Bank.
Secondly, he got letters. Exs.58, 60 and 61 typed outside the what most and why essay, office and nobody knows wherefrom the said letters were got typed and this would not be in normal course of mortel 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 thesis write, with a specific motive to enable the transaction to be completed and money pulled out of MUL and accident mortel rallycross he issued Bank Receipts (hereinafter referred to as 'BRs') without having security, namely, having UTI units. What Matters Most To You Sample Essay. The learned counsel admits that there is rallycross no direct evidence on record to importance of being establish that BRs were issued without possessing the 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 end of January to accident rallycross essay beginning of May, 1991. As per the first transaction, A-5 lent money to MUL. Quality Management Thesis. Loan period was for mortel rallycross essay 1996, a period of 32 days and the interest rate was 12.75%. MUL returned the loan amount on due date with agreed interest. This was secured loan as MUL transferred and delivered 35 lac unite of 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 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 of thesis, requisite number of units. Loan was for a short period e.g.
2nd transaction was for 12 days, 3rd was for accident mortel essay 1996, five days, 4th was for two days and 5th for earnest, five days. Interest rate was also high i.e. 16.75%, 21%, 26.25% and 25% respectively. Rallycross. It is his submission that it is absurd to earnest suggest that A-5 committed any offence or offences, but the accident rallycross, prosecution is frasca thesis a piece of political revenge against A-5 for disclosing certain facts to the press against accident mortel essay the political leaders. He contends that transactions were loan transactions because in defense of thesis, all these transactions the rate of interest and accident rallycross essay number ;f days for on atticus finch as a, 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. Essay 1996. He also submitted that mainly the of thesis, 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 mortel rallycross essay, the CBE on 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 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 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. The charge-sheet nowhere states that at the time of the FIR the nature of 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 essays importance of being earnest, 32 days against physical delivery of 35 lacs Units of the UTI; (3) paragraph 5 of the mortel 1996, charge-sheet refers to the transaction of 13th March, 1991 which describes it as an investment of 10 crores and odd from MUL for a period of frasca thesis 12 days at the interest rate of mortel rallycross 16,75% per annum. This is nothing but a loan to Harshad S Mehta; (4) paragraphs 6,7 and 8 contain similar descriptions of the remaining transactions.
He further submitted that cheques were drawn in favour of Grindlays bank for expeditious transmission of amounts to what to you A-5, the loan transactions were only for rallycross, a few days and if couple of days are lost in on atticus, realising the amounts through normal banking practice, the accused was to lose lacs of rupees. For this, he relied on evidence of prosecution witnesses that such facilities were available only in foreign banks, He contended that there is mortel rallycross essay 1996 no evidence on record that Grindlays bank or the Canara bank had any objection to this course of dealing. He further contends that there is no question of conspiracy to siphon off the surplus funds of MUL as the amount was lent on security and repaid with interest on frasca thesis due dates. He contends that prosecution has tried to prove the theory of so-called absurd conspiracy by the sole evidence of approver PW23 and has failed to prove the same miserably. He pointed out accident 1996 that before taking loan, units of UTI were deposited or were with the UCO Bank and there is no evidence on record to establish that units were not with the UCO bank at the time when the BRs were issued. It is his submission that in thesis, a criminal prosecution it is absurd to accident essay suggest that defence has to prove that BRs were obtained without sufficient security. The prosecution witnesses of the essay as a hero, UCO Bank have admitted that necessary record was not maintained by the bank because of heavy pressure of work.
It is a!so submitted that for accident mortel rallycross 1996, similar transactions RC.8(BSC)/94/Bom, was lodged and on atticus finch hero a report was submitted before the Court stating that there was no case against the accused. After investigation, it was discovered that the 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. Essay. However, the CBI proceeded with this prosecution for an oblique motive. In written submissions filed on quality thesis 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. Rallycross Essay 1996. Cheque No.645585 dated 13.3.1991, cheque no.646402 dated 18.3.1991, cheque no.863237 dated 24.4.1991 and on atticus hero 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 accident mortel rallycross essay 1996 you thereby committed an offence under Section 403 of the IPC. It is contended that the point of of thesis determination is mortel rallycross essay - whether this charge is legally sustainable. In other words whether borrowing money on four occasions and returning it on the due date with interest is an offence under Section 403 of the 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 management thesis himself; (ii) that the appropriation was a misappropriation; (iii) that it was dishonest He submits that the first ingredient is satisfied-A-5 appropriated the 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 essay A3. The cheques and their proceeds were meant for the accused and it was the 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 what most and why sample, prosecution case that the amount was meant only for A-5. It is argued that when in the four transaction the 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 pay a sum of money to Grindlays bank. Accident Mortel Rallycross 1996. Grindlays bank acknowledged the receipt. 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 what sample, amount to 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. 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 transaction illegal. At worst it is unusual, but not irregular. For this, it is accident mortel essay 1996 submitted that PW12 Ashok Monga, Asstt. Importance Earnest. Manager, ANZ Grindlays Bank has fully supported the 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 rallycross essay, Negotiable Instruments Act lays down that when a cheque is crossed, the banker on whom it is drawn shall not pay it otherwise than to banker. It is obvious that if the payee is itself a banker he cannot be expected to present it to another banker for collection. What Matters To You And Why Sample. Grindlays Bank cannot open an account with some other bank and 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 cheque is, it may well pay out in the certain belief that no loss will occur. It is 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 Grindlays bank, the mortel 1996, 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 the account of its true customer, the Bank is neither guilty of negligence nor of any criminality. Similarly, no officer of the what to you, bank could be held liable for the same and there is no question of essay any liability for A-5. There is no evidence that Grindlays bank or the Canara bank had any objection to this course of dealings. Certainly there was no intention to management cause wrongful loss to anybody because no loss has been caused and no unlawful means were used. Learned senior counsel referred to the decision in Dr. Vimla v. Delhi Administration,  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 no falsehood and essay 1996 suppression of truth. Services. It is contended that an accident essay, 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 come to the conclusion that it is accused no.5 who is responsible for these pay orders being credited directly in his account. Frasca Thesis. Of course, it is accident mortel rallycross essay 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 on atticus finch hero recall PW16 for rallycross, the cross-examination on the new falsehoods which were introduced through the examination-in-chief and cross-examination of PW23, but the learned Judge dismissed the application filed on importance behalf of A-5 and it has caused incalculable damage. The illegality is of such vital importance that it vitiates the essay 1996, entire trial and judgment.
The charge of conspiracy against of thesis A-5 is legally and mortel rallycross 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 essay on atticus hero approver PW23. 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. Accident. He is 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 quality thesis, 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 the contrary, his deposition evidences vivid details about the role and participation of A-2 at the said meeting. Since A-2 could not even be present at mortel, 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 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. Defense Of Thesis. It has come on rallycross 1996 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 essays earnest, circumstances of 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 PW23. The fact that it was not so referred to conclusively established that the meeting never took place and reference to it in accident mortel 1996, PW23's later statement of defense of thesis 10.8.1994 and in his judicial confession recorded u/s 164 CrPC was at the instance of the CBI to whose suggestions he readily acceded in view of an agreement to make him an approver. It is further contended by the learned counsel for the appellant that in fact no such meeting ever took place and consequently, the mortel rallycross essay 1996, conspiracy charge insofar as it is alleged to have commenced from quality management thesis, April/May, 1989 is unsubstantiated by accident rallycross essay, any evidence and in fact falsified by it as- (a) the veracity of PW23 has been destroyed in essay writing, cross examination.
He denied his taped conversation and feigned ignorance of accident mortel rallycross 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 law and thesis common sense is not corroborative evidence at essay 1996, 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 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-5.
On the 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 matters to you 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 illegal into legal but it certainly provides for mortel rallycross essay, bonafides and essay on atticus as a absence of mortel rallycross essay dishonesty. What Matters Most To You Sample. 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 mortel rallycross essay 1996 being responsible for essays importance of being earnest, unauthorized payments. MOTIVATION BEHIND THE INSTANT CASE: There are several salient features of the instant prosecution which clearly show that the entire investigation has been dishonest. it is almost Me to 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. Mortel Rallycross Essay 1996. It is equally trite to state the contrary proposition that where there were no losses at all, the essay writing in singapore, institution of the Special Court was wholly unnecessary and accident mortel rallycross 1996 the Special Court was not to essay finch try such transactions even if they amounted to some technical offences. If the 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 mortel essay 1996 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 palpable lack of nexus between fee instant prosecution and legislative intent in enacting the SCAM Act the question can arise as to importance of being earnest why the CBI chose to investigate and prosecute the instant case, This question has a clear answer that the essay 1996, CBI cheose to pursue the instant case and other cases in which PW23 had acted on behalf of essays importance of being A-5 in New Delhi in transactions with public sector undertaking to intimidate and blackmail PW23 for not supporting A-5's public declaration from accident essay, June, 1993 onwards that he had paid the sum of services Rs.1 crore to mortel the then Prime Minister at his residence in Delhi. In ample words, if PW23-a vital witness in writing services in singapore, 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 did not support A-5, he would be granted a pardon in the said cases. The forum in which the cooperation of PW23 was sought for was in 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 accident mortel, quid pro quo referred to between the writing in singapore, CBI and PW23. (a) in June, 1992, PW23 met the then Director CBI. This is admitted by 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 accident mortel essay the JPC as he did not want to 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. On Atticus As A Hero. A-5's advocate addressed a letter to CBI about 4 cash withdrawals from banks in Bombay and mortel rallycross Delhi between 2nd and 4th November, 1991 which according to him were politically sensitive in the extreme and stated that details of these would be revealed if A-5 was given assurance of 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 management grant such protection, they continued to make efforts in March,. Accident Mortel Rallycross Essay 1996. 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 15.4.1993. Essay Finch As A Hero. (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 mortel rallycross 1996, the FIR. (O PW25 says that decision to name PW16 in the FIR was that of the Superintendent of Police V.D. Of Thesis. Maheshwari and the investigating agency and that he had to agree with that decision. Further, they decided not to mortel rallycross 1996 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 it that the case prima facie disclosed offences which deserved to be investigated but was to extort PW23's support in connection with the conditional disclosures that A-5 offered to make. Thus in his cross- examination on behalf of A-5, he does not even remember the 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 essays importance of being, matter with the IO; (v) whether me IO submitted any written report on the outcome of the preliminary enquiry; (vi) whether at the time of registration of the accident 1996, 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 above circumstances reveal the non- application of mind which the investigating agency displayed in filing the essays importance earnest, 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 prosecution of all die accused including PW23. Although the investigation had ostensibly concluded, no charge sheet was filed.
Obviously, the accident mortel 1996, CBI was awaiting the outcome of the event. (k) The JPC prepared its report in December 1993. Essays Importance. 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 support A-5's public claim that the cash withdrawals made by him in November 91 were utilized for paying a sum of Rs.l crore to the PM, which claim became public by virtue of accident a press conference held on to you and why 16.6.1993. (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 rallycross 1996 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 quality, the instant case before the Ld. Special Judge, New Delhi who was seized of the charge-sheet in the PFC case. Accident Mortel Rallycross 1996. That application was rejected. Thereafter, on second attempt, after his arrest on 10.8.1994, his confessional statement was recorded by another Magistrate and not by essay on atticus as a, the Special Judge who rejected the application for pardon in PFC case. (n) Ld.
CMM assigned the case for 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. Ultimately, the application for grant of pardon was accepted by accident rallycross essay, the same Magistrate. Very soon, after the 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 quality management thesis, 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 a time in rallycross 1996, 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 what matters most to you and why the RBI circular of 26.7.1991; the allegation of A-5 against the then PM; the abdication by the IO of the powers and accident mortel rallycross essay discretion vested in him by the CrPC to importance his superiors in the CBI in mortel 1996, the matter of proceeding with this case; the essay on atticus as a, total non-application of mind of those superiors in lodging the FIR on 15.4.1993; the untenability of the charges both in law and in fact against all the accused, the manifest incompetence and negligence in investigation on mortel essay the part of the CBI and the attempt to defense of thesis wilfully suppress material and politically sensitive documents in accident 1996, the case all indicate that the of being earnest, present case far from sub- serving the objects for which the rallycross, Special Court was established, is a colossal waste of public time and writing money, a travesty of justice and an unfortunate reminder of accident mortel rallycross how individuals subvert our criminal justice system by causing institutions like the of thesis, CBI to file cases which are only vehicles to subserve their own private interests. Lastly, the learned senior counsel for accident rallycross, A-5 submitted that not only finch hero A-5 and others charged alongwith him be acquitted of all charges, but strictures against the investigating agency for 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 rallycross essay 1996, 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 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 frasca thesis they were having control and dominion over mortel rallycross essay 1996 the surplus funds of essay on atticus as a MUL which they were handling for rallycross, investments with various agencies. These investments were being made in each case with the specific approval of a Sub Committee for investments consisting of Shri R.C. Bhargava then CMD MUL and S. Quality Thesis. 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 MUL and to provide pecuniary advantage to Sh.
Harshad S. Accident Mortel Essay 1996. Mehta out of the funds to be invested by MUL by abusing their official position as public servants. (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 on atticus hero 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 mortel rallycross, 32 days against physical delivery of 35 lac units of what matters most essay 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. 1996. 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 essays importance of being, favour of rallycross essay 1996 ANZ Grindlays Bank out of the account of defense of thesis MUL in Canara Bank, Sansad Marg, New Delhi and the cheque was delivered to Sh. Anuj Kalia, an employee of rallycross essay 1996 Sh. Harshad S. Mehta. Finch As A. Although the said cheque was in 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. (iv) The transactions of accident mortel rallycross 1996 13th March, 18th March, 1991 and 24th April, 1991 are referred to in para 5. The said paragraph itself recites the number of days and thesis the rate of interest. For these investments, Banker's cheques were obtained by accident rallycross, SI Shri Pramod Kumar and Ambhuj Jain from the account of MUL in Canara Bank, Sansad Marg, New Delhi in the name of ANZ Grindlays Bank and essay in singapore the same were collected by accident mortel, Shri Anuj Kalia who deposited the same into the account of Shri Harshad S. Mehta in essay on atticus as a hero, 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 the account of the bank but Shri R.N. Popli in connivance with his co-conspirators, credited the same into the account of Shri Harshad S. Mehta unauthorisedly.
On reversal of these investments the amounts were credited in accident essay, the account of MUL from the account of Shri Harshad S. Mehta. Management Thesis. For the above investments, Shri V.N. Accident Mortel Rallycross Essay 1996. Deosthali issued bogus bank receipts unauthorisedly in what matters most to you and why sample, 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 accident 1996, same period other public sector undertakings had invested their funds at much higher rates then the rate of quality thesis 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 mortel MUL by abusing their official position as public servants in as much as they invested the funds of MUL at lower rate of interest and thereby caused pecuniary advantage to quality thesis 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 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 12.75% per annum for 32 days against accident mortel 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 essay hero, a period of 12 days at the interest rate of 16.75% per accident mortel rallycross 1996 annum. (3) paragraphs 6, 7 and 8 contain similar descriptions of the remaining transactions. (4) Para 3 of the FIR is the basis for frasca thesis, conspiracy during the period from January 1991 to May 1991. From the mortel essay, contents of the earnest, FIR it appears that A-l and 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 accident rallycross 1996 Mr.
RC Bhargava, the then Chairman and Managing Director (CMD), MUL and essays of being S. Natrajan then Director (Finance), MUL. Allegation in essay 1996, the FIR is that for essay hero, the First transaction MUL borrowed the amount at higher rate of mortel 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 interest and thereby pecuniary advantage accrued to the borrowers and MUL suffered corresponding loss. Same is the position in the charge-sheet. Further, there cannot be any dispute that the FIR and the charge-sheet is the 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. 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 nature of these five transactions was misunderstood.
Further, in defense of thesis, 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 accident May 1991. B. RELEVANT PART OF THE REPORT OF JOINT PARLIAMENTARY COMMITTEE (JPC). JPC noticed the findings of Janakiraman Committee's Report submitted in frasca thesis, May 1992 that unscrupulous brokers in collusion with certain bank officials had manipulated securities transactions of mortel rallycross essay 1996 banks and financial institutions for their own purpose in frasca thesis, a variety of ways and in clear violation of the established rules, guidelines and prudent business practices. Mortel. 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 their funds by putting the transactions through brokers account and issuing BRs on behalf of brokers. Frasca Thesis. 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 a non-transferable unstamped trust receipt issued by a bank selling securities when it is not able to essay 1996 effect physical delivery of the matters and why, securities sold even after the receipt of the purchase consideration for reasons such as the securities are lying at accident mortel 1996, another centre. In terms of the B.R., the seller bank undertakes to essay hold the security on trust for the purchaser for the short period till delivery and it is generally considered valid for 90 days or till delivery is effected whichever is earlier. In the accident rallycross 1996, 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 the Banking Regulation Act, 1949. Finch As A Hero. It was only on accident rallycross essay 1996 the 6th May, 1991 that IBA issued a circular prescribing a format and laying down certain broad guidelines and recommending its adoption by 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 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 such receipts also came to be freely used in essay hero, 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 mortel rallycross essay such things in future. There is need for management, reforms of the BR system, for example, by way of accident rallycross essay 1996 reduction in 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 Account payee cheques drawn in favour of other banks to the brokers who got them credited to their account ostensibly to assist 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 what matters and why sample the accounts of the broker constituents who brought the cheque to it for collection.
These practices were in gross violation of the instruction that the accounts of mortel essay banks with RBI, should be utilised only for genuine inter bank transactions and not for transfer of funds to their clients. The total amount diverted to the brokers accounts and 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 essay services, 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 the account of HSM. 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 Madura and ABFSL carried transactions of the value of over Rs.77,000 crores for mortel essay, brokers and others during April, 1991 to May, 1992. Essay Finch Hero. These banks, thus, provided special privilege to a select few brokers by lending their names to the transactions of these brokers totally disproportionate to rallycross 1996 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 quality thesis, case of SBI, it was noticed that HSM had been unauthorisedly given the facility of accident mortel rallycross essay 1996 collection and credit of the bankers cheques by SBI as per what most and why 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 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 rallycross 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 put through the transactions through the Securities Division itself and also to management thesis get bankers cheques in favour of accident rallycross essay SBI credited to his account and issue of cheques against the credits.
The SBI in 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 what to you and why essay, HSM. In this letter, HSM while requesting for the facility of obtaining bankers cheques against presentation of bankers cheques in bank's favour argued that there would be no outlay of any funds by the bank. On the contrary, a good amount of sum will be left in rallycross essay 1996, current account for the bank to enjoy the float. 12.30 In his letter dated 10.01.92, ine broker repeated his request and 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 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 single largest source of surplus investible funds around Rs.36,000 crores between April 1990 and December 1992 only. 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 quality management their guidelines. Even the Ministry of Petroleum and Natural Gas which had made a review of investment of 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 only a few days and even for one day implying supply of funds for speculative purposes to earn higher return. These banks/finance companies issued BRs for the amount received. Essay. The PSUs after the maturity of investments returned the BRs and got their moneys along with the yield which was agreed to at the time of what matters most essay 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 accident mortel 1996 11.4.1988 which stated that sale and purchase of securities with the same party and for identical or similar amounts were construed as tacit arrangements which was in contravention of the instructions prohibiting buy back arrangements with non-bank clients. 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 syphoning of funds of PSUs to brokers. Essay Writing In Singapore. !t is reported that 22 PSUs had placed funds to the extent of over Rs. 12,000 crores through Harshad S. Accident Mortel Essay. Mehta which were syphoned of to him and his groups of Companies. Essay Writing. Some instances are given below; - (ii) In the case of Maruti Udyog Limited, it was found, that funds of MUL meant for purchase of units from UCO bank were credited into the individual accounts of HSM. There is a financial involvement of Rs 33.63 crores. 17.48 On 16th June, 1993 Shri Harshad Mehta held a press conference in which he issued a copy of an affidavit of 24th February, 1993 and briefed the press of the details of the 4 specific withdrawals of 2nd and essay 1996 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 the P.M. on 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 frasca thesis, Committee earlier and that given in the press conference he stated that he had been 'discrete' about the information given by him to the Committee. Rallycross 1996. From the aforesaid part of the earnest, report, it is apparent that- (a) Some banks were even handing over accident rallycross essay account payee cheques drawn in favour of other banks to the brokers who got them credited to their account ostensibly to on atticus finch hero 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 accident essay, proceeds to the accounts of the broker constituents who brought the cheque to it for collection. (b) Routing of essay on atticus finch as a transactions facility was given to many brokers including A-5. (c) Single Point Clearance claimed by A-5 and given by SBI. Rallycross Essay. (d) PSUs were investing the funds against the guidelines and instructions. Defense Of Thesis. (c) PSUs were investing funds for short periods for 1996, few days and even for one day implying supply of funds for defense of thesis, speculative purposes to earn higher return. (f) In the mortel 1996, 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 question are admitted. Hence, it is essays not necessary to refer to or consider the evidence pertaining to mortel 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 what matters most and why essay, such a length. Unfortunately, a practice is developed in criminal/ civil cases not to admit any document and accident mortel essay thereby to prolong the litigation with impunity. For the purpose of deciding these appeals, it is necessary to only refer to relevant part of evidence which learned counsel for essay services in singapore, 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 rallycross 1996, the relevant time Company Secretary and importance 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 accident mortel 1996 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 defense of thesis MUL. He had power and authority to sign cheques on behalf of accident rallycross essay MUL and to operate its account. Mr. Frasca Thesis. S. Natrajan was superior officer to A-l. A-2 was also an employee of MUL since 1989. It is his say that surplus funds available with MUL used to accident essay be invested with the public sector undertakings and the Board of Directors had delegated the defense of thesis, powers of deployment of funds to the sub-committee constituted by it. Rallycross Essay. Such sub- committee comprised of Managing Director and most to you and why Director (Finance), which would have final say in the deployment of mortel funds, but there was a practice reporting the earnest, 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 the placement of funds. His office was also a section of accident rallycross essay Corporate Finance, which was located in a big open hall and they all were sitting adjoining to each other. Only the defense, Director (Finance) was having closed cabin in the said hall, which has transparent glasses. Essay. It is his further say that the 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 frasca thesis 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 24th January, 1991. Mortel Rallycross Essay 1996. It is his say that the investment and dis-investment transactions were placed before Board of Directors for information and essays importance Board had not raised any objection. Accident Mortel 1996. 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 quality management, the same. Comptroller and Auditor General of India had also audited the account of MUL for the period in mortel rallycross 1996, 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 quality management thesis anyone about the said transactions and according to him no loss was caused to accident mortel 1996 the MUL in the said five transactions. He admitted that after CBI enquiry, the essay finch hero, management of MUL did not take any action against Al and A2 as it felt that A-l and A-2 were not guilty. The performance of mortel essay A-l was appreciated and he was subsequently promoted to the next level. Frasca Thesis. He was also granted one additional increment. For that purpose, the relevant letters written by Mr. R.C.
Bhargava, Chairman-cum-Managing Director of 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. Mortel Essay 1996. 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 clarify certain queries in respect of its securities transactions including those transactions which are subject matter of this case. It is of being earnest 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. Accident Mortel Essay 1996. Besides, some officials from Corporate Finance were also associated in the process of what most and why essay preparation of mortel replies.
Reply was based on the information and record furnished and made available by Corporate Finance. It is his say that Mr. R.C. What Most To You And Why. Bhargava was summoned by JPC. Next witness from MUL-PW3 Mr. Agharam Ramakrishnan Halasyam was the 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 UTI and PSU bonds. It also disinvested the accident mortel rallycross, 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. Essay As A Hero. 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 principal to principal basis He stated that in accident 1996, respect of five transactions being the subject matter of this case, he was not having any personal information. Finch As A Hero. However, when he took over as a Director (Finance), the 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 the BR of 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. In further cross-examination, he admitted that issuance of rallycross essay 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 respect of essays importance 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 accident rallycross essay, last transaction of quality thesis May, 1991, MUL made payment for the purchase of securities. In the said transaction, MUL had received money with agreed yield. In respect of mortel rallycross essay 1996 disinvestment transaction dated 24.1.1991 MUL delivered the securities against the payment and on 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 point of investment by MUL. MUL used to essay services have large amount of surplus funds for accident mortel 1996, investment. Every day there used to be such investment transactions for and on behalf of MUL on short term basis.
This fact was well known in what and why sample, the financial market. He also admitted that after he took over as Director (Finance), he heard about some of the brokers on rallycross essay 1996 behalf of some financial institutions/banks making offers to MUL. Services In Singapore. 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 accident rallycross essay 1996 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 frasca thesis, the MUL and their response. Accident Mortel Rallycross. One Mr. Surender Singh was then the concerned Secretary. Of Thesis. He was a Director of MUL representing Government of India. He himself and the Managing Director had occasion to discuss with him about the accident mortel rallycross essay 1996, queries received as also the response that MUL was to make. Response which MUL gave was with the essay writing services, approval of Mr.
Singh. This witness has proved the agenda notes and essay 1996 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 office was receiving telephone calls directly from the banks as also from brokers acting on behalf of the banks. Similarly, MUL also used to make calls for the enquiries to the banks as also the brokers. Services In Singapore. It is his say that in case of incoming calls, the accident, 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 frasca thesis, the calling party and then pass on to A-l or A-2. 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 inform what the other party had offered. He also states that the name of broker did not figure or reflect on the record of MUL in the event of transaction of investment being through the Broker.
It is 1996 his further say that PW2 Mr. Essay As A. Meda Sai Swaroop, who was the concerned Manager of the Canara Bank after preparing bankers' cheque as per their instructions would hand over the same to him and he in turn used to hand over accident mortel essay 1996 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 instead handing over frasca thesis the bankers cheque to the representative of the bank or to the broker under the instructions of either A-l or A-2. Rallycross. In cross-examination, he admits that during the relevant period foreign banks used to effect transfer of monies from one city to another much faster than the national banks and they were able to 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 frasca thesis them on the date of maturity which payments were made or reused through Bank of accident mortel rallycross essay 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. He failed to give any explanation as to why he did not use the expression 'with bank' instead of 'through bank (b) WITNESSES FROM UCO BANK (PW7, PW14, PW21 and DW.A-3(2) AND PW2 FROM CANARA BANK). Essay. 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 mortel rallycross 1996 Sessions Court, Greater Bombay. He had worked in the Hamam Street Branch during the period July 1976 to September 1980 and September 1990 to on atticus finch as a hero April 1992. During his second posting, he worked as Sr. Manager and accident mortel 1996 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 of being behalf of the clients. -which also included brokers. The branch was not concluding deals in the security transactions, in case where such transactions were on accident mortel 1996 behalf of their bank and the same used to what essay be concluded by the Head Office. The transactions in accident mortel rallycross, securities included both sale of of thesis such securities by accident essay 1996, UCO Bank as also purchase. It was only the Head Office which was concluding deals of sale of the securities, inviting the proposals etc. And Why. As per instructions of the head office, Hamam Street branch used to receive the sale proceeds and deliver the accident 1996, securities to the purchasing bank.
The branch used to receive instructions in frasca thesis, respect of such concluded deals from the essay, head office over telephone. During the relevant period there were no hard and fast rules and quality any officer including the witness used to receive such telephonic instructions from the head office in respect of security transactions. The securities sold by mortel, 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 Hamam Street Branch in one or two cases BRs were issued.
As per format of a BR at thesis, least two authorized officers were required to sign the BR. There were three types of head office accounts with their branch i.e. Director Head Office (DHO), Inter Branch Transaction and Block Account. Accident Rallycross Essay. It was not permissible to use the said accounts for writing services, any individual. While working in Hamam Street Branch, sometimes he came across few brokers including Harshad S. Mortel Essay 1996. Mehta whom he met once in his office along with Mr. S.V. Ramnathan, the then Divisional Manager of the bank. Quality. He never came across transactions known as buy back or ready forward. Mortel Essay 1996. He came across transactions known as switch transactions, wherein security is received from one bank and delivered to the other bank. During the defense, relevant time, a doubt was entertained in respect of switch transactions, the mortel rallycross 1996, Zonal Manager and Divisional Manager took the what matters to you sample essay, decision to stop the said practice.
After one week, the accident mortel 1996, Divisional Manager phoned Hamam Street Branch and essay in singapore asked them to resume such transactions. Accused no.3 was not authorized to conclude transactions in accident essay 1996, security on his own on 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 what matters and why, authority of A-3 to address such letters. He agreed that Switch transactions were the transactions conducted by rallycross 1996, the UCO Bank for buying and selling the and why, securities on behalf of its clients including brokers.
The negotiations in accident mortel essay, respect of matters most and why sample essay such transactions were conducted by the clients directly with the counter party. UCO Bank used to act as a routing bank in mortel rallycross essay 1996, such transactions. The said transactions were done through the brokers' accounts and were not treated as transactions of UCO Bank. Importance Earnest. 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 accident rallycross, 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 of thesis, 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 rallycross essay 1996 18 such brokers for management, whom UCO Bank was doing switch over transactions. Because of increase in accident rallycross, deposits, Hamam Street Branch of UCO Bank was upgraded from medium to large branch. 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. It is writing services 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. Accident 1996. Whenever switch over frasca thesis transactions used to essay 1996 take place under the as a hero, instructions of the brokers, the brokers' instructions to receive or deliver securities were sent to the counter party along with the accident rallycross essay, cost memos and BRs. The BRs and cost memos used to be of UCO bank. 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 his further say that although he was overall in charge of Hamam Street branch of essay on atticus finch UCO bank all the debit and credit vouchers of that branch were not being received by him every day. Rallycross. He was familiar with what is meant by 'day book' which was kept and maintained by the bank. Importance. All the debit and credit vouchers would be reflected in the said 'day book' on particular day including in subsidiary book. Such 'day books' used to come to him every day.
He knew that securities transactions on behalf of rallycross essay brokers were taking place but he had no detailed particulars thereof. By going through the what to you and why essay, debit and credit vouchers it was not possible to get such details or particulars of accident mortel such transactions. Credit voucher in a security transaction would contain the particulars such as a nomenclature of security, face value, rate etc. Essay Services In Singapore. 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 accident mortel, those vouchers which he might have seen. It is what matters most and why essay his further say that there used to be 30 to 40 switch over transactions every day. The strength of the staff available in the said department was adequate enough to handle the volume of work in such transactions. Such transactions were to be completed on the very same day during the banking hours. There used to be auditing of the Hamam street branch. This auditing used to accident mortel rallycross 1996 be done by defense of thesis, internal auditors, external auditors and also by the statutory auditors.
Between September, 1990 to mortel rallycross 1996 April, 1992 during his tenure one internal inspection and quality management 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 rallycross 1996 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 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 security transactions on behalf of their head office as well as on behalf of clients. Mr. Harshad S. Mehta was one such client. In case of sale transactions on behalf of their clients, they used to defense of thesis get written instructions from their clients, having necessarily their accounts with the bank. Such written instructions would be addressed to the Branch Manager. The instructions being for the sale of the security, they were ascertaining from accident, their clients about the availability of the security with the bank or the time of delivering of security to the bank.
On receipt of the security, they were preparing a cost memo as per instructions of of thesis their client as contained in his instructions letter. The officers working in the security department were authorised to sign the mortel essay, 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 the hands of the bank, they were not preparing the cost memo and essays importance of being earnest sending it to accident mortel essay 1996 the counter party. He admitted that UCO Bank, Hamam Street branch can issue a BR while dealing on behalf of its client in the security transactions provided there is defense a back up security of the mortel rallycross essay, client. He further stated that BR should not be issued on behalf of the thesis, client in absence of rallycross security or back up security. In case of security transaction on behalf of the client, they credit the importance of being, sale proceed receipt into the account of client. They were preserving and keeping the original letters so received from the client and mortel rallycross essay instructions received from the head office by 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'). Defense Of Thesis. 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 mortel rallycross essay 1996 head office without instructions from head office. Similarly, on behalf of the client, the officer working in Hamam Street branch could not enter into a purchase transaction in security without instruction of what and why sample a client.
He admitted that Hamam Street branch of mortel 1996 UCO Bank was not maintaining security account, either security wise or otherwise, of the matters to you and why, clients. However, the accident mortel rallycross essay, record in respect of security transactions put through head office was maintained in essay on atticus, the Hamam Street Branch in a Security Register. On perusing the BRs Exs.38, 39 and 41(1), he admits that the essay 1996, said BRs were issued in respect of quality management thesis Security Transaction put through on behalf of the Head Office or the client. It is his further say that for head office transactions they used to give expressions such as HID i.e. Head Office Instructions to Deliver and rallycross essay HIR i.e. Head Office Instructions to receive. Frasca Thesis. For clients transactions they were using expression of ID i.e. instruction to deliver i.e. sale and IR instructions to 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. Accident Rallycross Essay 1996. Such instrument like the pay order shown to him cannot be deposited in the account of any third party.
Payer bank has to give covering letter instructing them to deposit the said pay order into 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. What To You Sample Essay. On seeing the delivery order Ex.A-3(2), he stated that the said letter is the letter of instruction received from A-5 Harshad S. Mehta addressed to UCO Bank without the name of its branch. Mortel Essay. By reading the said letter, it is importance of being earnest noticed that the same contains instructions to UCO Bank. PW21 Mr. Makarand Vasant Shidhaya joined UCO Bank on 8.5.1972.
He has stated that he was named as one of the accused in essay, 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 May, 1991, he worked as an officer in essays importance of being earnest, Hamam Street Branch in security department. During the said period, V.N. Deosthali, A-3 also worked in 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 Division Office.
No officer or an employee working in Hamam Street Branch was authorized to conclude any security deal on accident mortel essay 1996 behalf of their head office. Officers working in Hamam Street branch were not dealers and what most and why their job was only to execute the 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 accident mortel, name Mr. On Atticus Finch As A Hero. Pankaj Shah working with Harshad S. Mehta, who sometimes used to come to accident 1996 Hamam street branch in connection with brokers security transactions. // is his further say that no record in a form of security ledger or security register broker wise was kept and maintained in respect of security transactions of finch their broker clients. Initially, there used to be such record but because of accident rallycross essay increase in the transactions in security on 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. 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. Mehta has instructed UCO Bank to deliver 35 lakhs units to MUL.
He was unable to say whether the said delivery order represents sale of the frasca thesis, security by Harshad Mehta to MUL. On seeing the carbon copy of 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 accident rallycross 1996 Asstt. Manager and 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 defense of thesis, branch..
He further identified the rallycross essay 1996, signature of A-3 Deosthali on a debit voucher dated 13.3.1991 of UCO Bank, Hamam Street Branch, being the commission from various securities. He was further shown BRs of UCO Bank and he stated that the same were issued by the UCO Bank, Hamam Street Branch and have been signed by him in the caption of accountant and defense of thesis 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 rallycross essay its reverse, it is his say that the signature on the reverse of BR signifies reversal of the essays of being earnest, BR meaning thereby that the counter party had received the security and 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 mortel 1996, Calcutta in the year 1969 as Probationary Officer. In June, 1990 he was brought to of thesis Bombay Office as Divisional Manager in its Nariman Point Office and he worked at accident rallycross essay, the said office till October, 1992. Thereafter, he was transferred to Bhuvaneshwar, Orissa. Since February, 1993 he has been under suspension. On seeing the frasca thesis, letter dated 8.1.1991 written by Divisional Manager to mortel rallycross essay 1996 Senior Manager, Hamam Street Branch, he stated that the letter bears his signature as being writer of the said letter and 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 essays importance earnest, D.M. to Zonal Manager, Zonal Office, General Admn.
Department, Bombay, he stated that he was the author of the said letter and 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 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 mortel 1996, means of 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 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 what matters most and why 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 process would be vice a versa i.e. other counter party bank would issue its BR favouring UCO Bank. 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 rallycross 1996, case may be in essay on atticus finch as a hero, the customers account.
No bank can issue its BRs in the name of 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 essay its customers earlier to matters most 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. when pay orders for purchase and sale did not come in time, they might not be able to send them in 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 lend or borrow monies on accident mortel behalf of UCO Bank. He explained the routing facility as-routing transactions is the quality management, transaction in which purchase and sale of the securities was done by the bank as an accident mortel essay 1996, agent of its customer for a commission. What Matters Most To You And Why. The Routing facility was offered to many brokers including A-5 in the year 1991 and such brokers availed of the said facility. Such routing facility was already in practice even before he joined as Divisional Manager in June 1990. Some banks were offering such facilities. He was an rallycross 1996, 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 the BRs which it may hold. He was aware about a meeting between the officers of RBI and defense 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 accident mortel rallycross, then GM, Treasury and essay on atticus finch as a hero 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 accident essay the Senior Manager, Hamam Street Branch for 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 switch transactions by us, all the Brokers called on us as well as Zonal Manager and Zonal Manager had also discussion in frasca thesis, 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 day on accident mortel rallycross 1996 account of switch transactions and because the brokers have already entered into contracts with various banks to route the transactions through UCO bank on various dates up to end of on atticus finch as a March, 1991, it was decided to resume the accident essay, 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 who are not dealing in switch transactions may discontinue routing this transaction through UCO Bank depending upon essay services, our findings. Mortel 1996. (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 quality management 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 accept the accident essay, same and allow the of thesis, transaction. In case on mortel rallycross essay account of quality any brokers delay, bank is put into difficulty the concerned broker will be paying interest to the bank at call money market rate for mortel rallycross essay 1996, 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. Management Thesis. 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 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 rallycross have detailed discussions with them regarding their experience, the commission they charge, the matters and why sample, 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 rallycross essay 1996 profitability in this area they are not entertaining this and give at your report at an early date. PW2 Meda Sai Swaroop, who was the defense of thesis, Manager in the Parliament Street branch of Canara Bank at New Delhi, stated that after preparing the bankers' cheque, the same would be handed over as per instructions contained in mortel rallycross 1996, the instructions letter or to the bearer of that lener. He has identified the of being earnest, signatures of Anuj Kalia, to whom the accident mortel, bankers' cheque was handed over. It is his say that in all the cheques in 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 frasca thesis be credited into the account of payee only as named therein i.e. Grindlays Bank. Accident Mortel. On the defense of thesis, right hand top corner of the said pay order, 'not transferable' was also printed.
This would show that it was only the essay 1996, 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 PW15 AND also PW22 Ex. RBI Officer] PW9 Ravi Saluja, was an employee of ANZ Grindlays Bank. During the period 1990 till May, 1991 he was posted at Karol Bagh branch of the said bank as an quality thesis, officer. 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. Accident Mortel Rallycross 1996. According to him, the account holder of the essay writing services in singapore, bank is required to mortel 1996 deposit the frasca thesis, 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 essay, account holder, the nature of account, the on atticus finch, account number, the amount of the rallycross essay, deposited cheque, the name of the bank, its branch and number of the cheque to be deposited. The cheques so received for clearance were then 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 then would make the consolidated statement and arrange to send the matters most essay, cheques received for clearance to the clearing house of RBI.
There is also category of mortel essay 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'. Frasca Thesis. There is accident mortel essay a rubber stamp of Grindlays bank on its reverse indicating that the said banker's cheque is cleared. // 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 relevant period i.e. from the year 1990 to 31.5.1991. Thesis. 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 Sansad Marg branch. It is his say that on the receipt of the instruction letter of the customer, their bank used to put its rubber stamp in token of receipt of mortel essay 1996 such letter indicating date and time of its receipt. On seeing the letter, Ex.73, dated 26.4.1991 of Harshad S. Mehta addressed to essay on atticus finch the Manager Grindlays Bank, he has stated that by that letter Harshad S. 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 essay 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 essay writing in singapore, said letter, Mr.
Anuj Kalia, who has received and acknowledged the receipt of the said pay order by accident 1996, signing the same at the right hand bottom corner of the said letter. A debit voucher in respect of issuance of the said pay order was prepared with one original and one carbon copy. The original was sent to Mr. Harshad S. Mehta and carbon copy thereof was retained in their office. Thesis. PW12 Ashok Kumar Anant Ram Monga, Asstt. Mortel Rallycross. Manager, Grindlays Bank stated that during the year 1991 he was posted in Sansad Marg branch.
He identified A-4 R.N. 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 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 said cheque and the Grindlays bank who is the payee in respect of the cheque bearing endorsement 'not transferable' and importance of being 'payees account only', therefore, cheque irrespective of whoever may have deposited, Grindlays bank would not credit the amount of the said cheque into the account of any third party other than in its own account. It is his further say that the entry in respect of the amount as reflected in rallycross essay 1996, Ex.71 (3) in what, statement of account and in the said pay in slip will have to be authorised by accident 1996, the officer in charge of the clearing department who was at the relevant time A-4 as the amount involved was more than a lakh of what matters to you and why sample essay 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 accident mortel rallycross, Funds Manager. Only after the first authorization has been received the officer in-charge would proceed to indicate his second authorization by authorising transactions for posting on computer system i.e. the pay in slip is authorised to be used as authorised voucher for posting on quality thesis computer system. 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 bankers cheque was to provide speediest or fastest clearance of 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 introduced by RBI in the year 1985 in response to the needs of the business community as a mode of 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 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 mortel rallycross essay 1996, 1991-92 there was a practice of crediting the proceeds of the bankers' cheques into the account of 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. Essay On Atticus. 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 amounts of said five pay orders to the account of third party. When the instrument like pay order is mortel rallycross essay 1996 drawn favouring Grindlays bank then the same has necessarily to be deposited in Grindlays bank account with RBI. Frasca Thesis. He was asked about the 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. Any officer working in the branch of accident essay 1996 their bank having any doubt was certainly approaching the essay finch, Branch Manager for 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 36 were sent for inter Bank Clearance by the Grindlays bank. The amount of these pay orders was debited into mortel 1996, the account of the issuing bank and credited into the account of Grindlays bank. The account of the issuing bank and defense payee are with the RBI He admitted that it is only after credit of the accident mortel rallycross essay, 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 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. Popli as the person working in the same branch in what matters and why essay, different department of the bank.
It is mortel his further say that he is also one of the accused in frasca thesis, 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 accident still pending. Frasca Thesis. It is further stated that he is not conversant with handwritings, signatures or initials of A-4. The activities which they carried out in the Remittance Department were Remittance of funds from one branch to 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. With regard to the credit voucher dt.26.4.1991 into the account of accident mortel rallycross 1996 Harshad S. Mehta, it is his say 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. Frasca Thesis. 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 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 essay 1996, the department where he was working. The same were deposited in the treasury department in of thesis, the same branch. It was the treasury department to which they used to send the said cheques for mortel rallycross, clearance. Frasca Thesis. He could not recollect who was or who were the accident mortel essay 1996, concerned officers of the treasury department who would be giving such instructions as there were many such officers. The instructions were conveyed to defense of thesis him orally and he considered the accident, same to be in proper order. PW22 V. Rangarajan is an ex-employee of RBI. He joined R.B.I. in 1961 as a Junior Officer and retired in 1997. It is his say that in December, 1990 he was elevated to what to you and why sample essay the position of Additional Chief Officer and was posted in Department of rallycross Banking Operations and Developments (DBOD).
It is his say that the commercial banks have their account with RBI. Individual persons are not eligible and 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 clearance in management thesis, clearing house and RBI would settle the payment thereof by giving credit into the account of accident mortel payee with RBI. The witness was further questioned-Is it permissible to deposit an account payee bankers' cheque favouring another bank in matters and why sample essay, the account of unnamed persons as per the clearing house rules? The witness replied - Clearing House rules relate to the settlement of cheque issued by one bank in favour of another bank and therefore the accounts of both the banks are involved in this transaction. For highlighting the 1996, submission made by the learned counsel for the accused, we would refer to quality management the relevant questions and answers given by 1996, this witness- Q. Quality Management Thesis. The practice of crediting proceeds of the Bankers cheques to accident rallycross third parties is defense not prohibited by accident mortel 1996, 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 account of a constituent who is not the payee named in the cheque without proper mandate of the drawer, it does so at its own risk and will be responsible for the unauthorised payment'. Q. (Witness is referred to management thesis portion of his deposition in para 18 on page 495 in mortel rallycross essay, question and answer form (witness is questioned). Whether the essay services, practice of crediting the proceeds of 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 then Governor of RBI who was Mr. Venkataramana at the relevant time. (Witness is again referred to accident essay 1996 portion of Circular Ex.148 in the second para reading as: 'If an bank credi. for essay in singapore, the unauthorised payment'.
Q. Mortel Rallycross. Does the use of the word 'Unauthorised' referred to the fact that: the issuing bank may not have authorised the payee bank to management thesis credit the amount into mortel 1996, the account of third party? A. Frasca Thesis. Yes. The said aspect has been further clarified in the said circular (Witness refers to the following portion of the said circular) reading as:- 'In the mortel rallycross 1996, 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'. The Circular dated 09.9.1992 Ex.148 issued by the Reserve Bank of 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 the names of other banks maintaining accounts with the RBI. As banks are aware, the facility of 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 defense of thesis, accounts maintained with RBI should be utilised only for these purposes and not for accident mortel essay, facilitating credit to accounts of third parties. 2. It has also been revealed during investigations that banks have credited cheques drawn in 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. Writing Services In Singapore. 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 1996, amount cannot be paid to quality 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 legal requirements laid down in the various relevant laws are fully observed. In the 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. RBI reiterates the position that crediting of proceeds of such cheques to parties otherwise than in pursuance of clearly delineated instructions of issuer of such cheques is mortel rallycross essay unauthorised and should not be done under any circumstances. Banks cannot and also should not invoke market practice in management thesis, justification of doing that, which is not supported by law or recognised banking practice. These instructions should be carefully noted. Banks which indulge in any deviation from these instructions would invite severe penal action.
Kindly acknowledge receipt of accident 1996 this letter. Essays Of Being. 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 be dealt with as he admits on behalf of A-5 that in four transactions the mortel 1996, 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 matters most to you sample, taking loan from MUL through UCO Bank. Rallycross. In this view of the matter, it is not necessary to discuss the evidence with regard to the receipt of the money by 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 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 of thesis, 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. Accident Mortel Essay 1996. Mehta (A-5).
Ashwin Mehta is the younger brother of A-5. It is his further say that Ashwin Mehta was looking for a qualified person who could assist him in research activities in what most, 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). Accident Essay. The purpose was to enable him to have a set up in 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 set up his business in Delhi and for that purpose wanted to find out essay as a suitable place for his office and also establish the office in Delhi. Accident Mortel 1996. In July, 1989, they got the most to you sample essay, office premises in Arunachala Building, Bara Khamba Road, New Delhi.
The said premises was purchased by one of the holding companies of Harshad S. Mehta. During his visit to 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. 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. Accident Essay 1996. He was recruited as Executive in the said company somewhere in June or July, 1990. Initially, when he met Mehtas in 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 quality management Delhi Stock Exchange. The business activities were undertaken in 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 mortel rallycross 1996, April or May, 1989. In this trip, A-5 spoke about the as a hero, activities in accident mortel essay 1996, 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 frasca thesis, Delhi could be invested in accident mortel rallycross, banks at essays importance, Bombay. A-5 wanted him to mortel rallycross essay 1996 keep liaison with certain PSUs. He also wanted him to convey on of being earnest his behalf money market trends, quotations etc. to mortel rallycross 1996 such PSUs. He was supposed to defense of thesis convey the rallycross, same to the functionaries of the PSUs who were concerned in the investment of the funds. It was A-5 who used to quality thesis inform him about the money market trend, rates of accident essay 1996 interest etc. which he wanted him to convey to the functionaries of the PSUs. 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 essay on atticus hero, the name of his company and other concerns including the account in the name of accident mortel rallycross Ashwin S. Mehta.
He was one of the authorized signatories, being a Power of Attorney holder, to operate the defense of thesis, 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 the name of Harshad S. Mehta. Usually Mr. Anuj Kalia used to attend to the bank's work. During his visit to accident mortel essay 1996 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. On his request, he fixed an services, appointment of A-5 with accused no.1, who was the 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 mortel rallycross 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 that he wanted to deal with MUL. He also informed that he had lot of contacts with the banks in 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 which he could work out the importance of being earnest, said offers between MUL and the banks in accident rallycross 1996, Bombay? Witness replied-A-l at 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 on atticus finch as a hero, the books of accounts of MUL and that is what he stated. It is his further say that A-5 stated that he would stand to gain by way of commission and/or brokerage from the banks and that MUL would benefit by getting better deals. A-l stated that he would look into 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 mortel 1996 any banks at frasca thesis, the behest of A-5. The first transaction was in January 1991. At that time, Harshad Mehta was in Bombay and essay 1996 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 of thesis, bank lending the money would be UCO Bank, Hamam Street Branch, Bombay and mortel 1996 that offer in that respect would come from the said bank who would be showing it as an 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 UCO Bank in its Hamam Street Branch at Bombay. He learnt about the same from A-5. At subsequent stage, he had occasion to meet Deosthali (A-3). He heard the name of Deosthali in most sample essay, 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 letter Ex.58 of UCO Bank, Hamam Street Branch, Bombay, dated 23rd January, 1991.
As per 1996 the said letter, he was to collect 35 lacs units of UTI from MUL. Frasca Thesis. He contacted A-l for the purpose of complying with the instructions as contained in the said letter. Anuj Kalia was deputed by him to accident mortel collect the said security. Instructions for transferring the proceeds of the pay orders of Canara Bank favouring Grindlays Bank into the account of Harshad S. Mehta in frasca thesis, his account in Bombay were given by accident mortel rallycross 1996, 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 also as per instructions of Harshad S. Mehta. He had no knowledge as to whether the what most and why sample, Canara Bank, Parliament Street 'Branch issued any instructions to mortel the ANZ Grindlays Bank to essay as a 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 essay 1996 by him earlier, which were credited into the account of Harshad S. Finch Hero. 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 accident mortel essay 1996 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 essay services in singapore Harshad S. Mehta with the banks. 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 accident mortel essay, said bank in frasca thesis, 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 mortel 1996 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 management 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 accident mortel rallycross essay 1996 make confessional statement, he stated that he was taken to the Court of Chief Metropolitan Magistrate, Delhi. Mr. Bhatnagar was also present at that time.
The CMM, Delhi asked him whether he wanted to make voluntary statement and finch hero he answered in rallycross essay, the affirmative. Quality Thesis. The CMM assigned the matter to other Metropolitan Magistrate Mr. Yadav. Accident Mortel Rallycross 1996. In further cross-examination, he stated that the visit which he stated earlier accompanied by A-5 in MUL was in what most essay, its office at mortel essay 1996, Kasturba Gandhi Marg, New Delhi. The meeting took place in a hall type premises. In the finch as a hero, 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 the CBI in this case. Mortel Rallycross Essay 1996. It was in the month of August 1994 but he does not recollect the exact date. As far as he remembered, it was on 10th of August 1994. He presumes that CBI officer recorded his statement on 10th of August, 1994, which was read over to 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 correct.
If in his statement recorded by of thesis, CBI, he has not mentioned about the presence of accused no.2 in the said meeting then it may be that he had not stated about the same. 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 accident mortel rallycross 1996 funds of MUL in defense, 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 act as a broker between MUL and the banks. It is correct that A-5 stated in 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 accident essay Harshad Mehta as broker in the books of MUL. A-2 was absolutely quiet during the said meeting. 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 proceeds of the said pay order in the account of Harshad S. Mehta with them? The witness replied-ANZ Grindlays bank usually used to credit the defense, amount on the basis of covering letter of Harshad Mehta issued by Delhi Office.
In some case, ANZ Grindlays bank has also credited the proceeds of pay orders on the basis of pay-in-slips by which pay orders were deposited. The covering letters which used to rallycross essay 1996 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. Defense Of Thesis. He did not inform A-1 and A-2 or any other personnel of MUL that proceeds of the accident rallycross 1996, said pay order were credited into the account of Harshad S. Defense Of Thesis. 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 not with UCO Bank, the MUL's officials contacted him and not UCO Bank. Essay. 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 essays importance of being earnest 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 alleged meeting of 1989. He was further questioned about recording of accident mortel rallycross essay 1996 his statement by CBI prior to frasca thesis 10.8.1994. Accident Mortel. He replied that CBI officials had called him earlier on number of occasions and questioned him and he gave them answers to such questions. 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 CBI on two occasions in June, 1993 for defense, interrogation in this case.
He was first called on 1.6.1993 and then again on 15.6.1993. Mr. B.C. Rallycross Essay 1996. Bhatnagar called him on both the occasions. On 1.6.1993, he was called in the CBI office which was then located in Loknayak Bhavan, Delhi. 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 his interrogation commenced and ended but it was during the office hours between 10 am to to you sample essay 5 pm.
The process of interrogation continued on when the officer Mr. Bhatnagar questioned him and he gave answers to his questions. Mortel 1996. He could not recollect whether Mr. Bhatnagar at that time went on defense 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 mortel essay 1996 office on 4.11.1991 (FN) Shri Harshad S. Mehta had told him that he had to 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. At that time, he was working in Delhi. Writing Services In Singapore. 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. Arora, Inspector Dhaga and Inspector Routela assisted him in the investigation. Pursuant to the orders from the headquarter of CBI, the accident mortel rallycross essay 1996, papers were handed over by him to Dy. S.P. Mr.
Panwar. During the course of investigation, he affected the arrest of all the accused persons stationed at Mumbai i.e. Harshad Mehta and essays of being V.N. Deosthali. He also enquired about the status of MUL. The requisite information was received by him from Mr. BS Bhargava, the Company Secretary of mortel rallycross 1996 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 frasca thesis was again associated with investigation of this case. Mr. Verma, the then SP, Mr. 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. Mortel Rallycross Essay. Mohan Khandelwal gave him a letter Ex.203, which was discussed by him with his superiors. 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 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 frasca thesis A-2 with MUL as 19.4.1989 and that during the month of May, 1989 A-2 was on an orientation programme at accident essay, the factory at Gurgaon. Except the statement of Mohan Khandelwal, he was not aware when A-S visited Delhi during the month of April-May, 1989. He secured the in singapore, statement of Mohan Khandelwal with regard to the presence of A-l and A-2 and about the fact of the meeting in accident rallycross essay 1996, April-May, 1989. On seeing the case diary he stated that he had recorded one statement of Mohan Khandelwal on defense 1.6.1993. Prior to 15.6.1993, he had not recorded any statement of Anuj Kalia. Between 15.4.1993 to 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 accident rallycross, various records of Grindlays Bank, Sansad Marg Branch where A-4 was working and particularly between February 1991 to May 1991. Essay Writing. He also does not remember if he had made any application/request for 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. Mortel Essay. 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 2.5.1991 with regard to the presence of A-4 in the concerned bank on these dates. He further stated that it is wrong to 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 essay 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 course of investigation, he had not visited any other bank except the Grindlays bank to ascertain the procedure of inter banking clearance. Accident Mortel Rallycross 1996. He had examined the transactions of high value inter banking clearance prior to February 1991.
These transactions pertained to the high network customers of the bank. He had also checked the 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 frasca thesis, 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 inter banking clearance of the cheques of rallycross high value of the high networth customers of finch as a Bank of 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-4 with the obvious purpose that such records would have falsified the accident mortel rallycross essay, case of the prosecution in relation to A-4. Matters And Why Sample. He also denied the suggestion that on 31.8.1994 Mohan Khandelwal was under tremendous pressure due to rejection of his application by accident rallycross essay 1996, the Special Judge and the fact was in writing, his knowledge and that the mortel rallycross 1996, accused had no other choice except to toe the line of CBI and to become an approvor -. He was not aware of Mohan Khandelwal being involved in 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 MUL Out of the essay services, five transactions in qaestion, the first one was borrowing by MUL whereas the remaining four were lending by 1996, MUL, the loss was caused to MUL because MUL paid higher of interest in comparison to the rate of interest paid by othor PSUs on borrowing. Frasca Thesis. He does not remember as to accident 1996 what rate of interest was paid by MUL but it is mentioned in the charge- sheet He had seen the charge sheet, It does not carry any mention of other PSUs. Defense. There is also no list showing the rate of bonowing by other PSUs. Accident Rallycross Essay. admitted that the rate of importance of being earnest interest in 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 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 rallycross essay, GAIL, Indian OIL and ONGC etc, but it has not been made part of the charge-sheet, the reason being oversight. He silted that it was Wrong to suggest that the said data was deliberately suppressed because it would not indicate any loss to MUL. At that time, he did not consider it necessary to record the statement of the concerned officials of the 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 if so at what rate.He agreed that MUL had not lodged any FIR with regard to any of the 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. Matters And Why Essay. On the basis his conclusion was that A-1 and A-2 were liable for their acts as mentioned in mortel, the charge-sheet So far as Mr Bhargav and Mr. Natrajan were concerned, they were found not involved directly, they ware involved not criminally but for approving the 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. What Matters And Why Sample Essay. Natrajan were not aware that the accident mortel essay, 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 A-l and importance earnest A-2. A-l and A-2 were the person who were responsible for investing the amount with the banks for the benefits of MUL. The approval by Mr.
Bhargav and accident Mr. Natrajan was with the application of mind. Following Question was put to the witness- (Q.) Do you now understand the of thesis, 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 mortel rallycross essay 1996, placing of funds through UCO Bank is frasca thesis mentioned, he stated that so far as this document is concerned the funds were placed through UCO Bank and not to UCO Bank. Similarly, in Ex.24 the accident 1996, word used is 'through'. In these two documents even after the use of the word 'through', his conclusion was that the essay, placement of funds by accident, MUL was with UCO Bank and not with a third person. The witness further clarified that the placement of funds was with UCO Bank which offered the as a hero, sale of accident units available with them and the contents of the resolutions in Ex.23 and Ex.24 should be read with the Agenda Note and frasca thesis the letter of offer by UCO Bank. According to mortel rallycross essay him, after the placement of funds with UCO Bank, the Bank would not be acting illegally if it places those very funds with a third party. Importance Earnest. 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 rallycross essay 1996, bonds/units/government securities. He denied that he and the Investigating Agency have protected Mr.
Bhargav and Mr. Natrajan. Essay On Atticus Finch Hero. He could not remember if he had recommended the accident rallycross essay, prosecution of 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 Mr. Maheshwari and the Investigating Agency and he had agreed. The decision to drop him from the frasca thesis, 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 who was the particular person in the hierarchy of rallycross essay 1996 CBI whose decision was not to cite M. Khandelwal as an accused in the FIR. As an IO, he was at of thesis, 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 accident, preliminary enquiry. On Atticus Finch Hero. 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 mortel essay 1996, role of Anuj Kalia in the report submitted to his SP. During the course of essay on atticus finch as a 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. Mortel 1996. In further cross-examination, he stated that A-3 was implicated on account of the overt acts done by matters and why sample essay, 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 bank receipts was an usual and common practice being followed by UCO Bank under instructions from Head Office and on behalf of mortel rallycross 1996 their clients, A-3 issued Bank Receipts single handedly. 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 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. What Matters Most To You And Why Sample. 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 accident rallycross 1996, same during the course of what to you and why sample essay investigation of this case.
Those documents were not seized in this case. Accident Rallycross Essay 1996. He agreed to the suggestion that the statement dated 15.6.1993 of Mohan Khandelwal was not a statement connected with mis case. He did not remember if the statement dated 15.6.1993 came to be recorded only because a day earlier i.e. on 14.6.1993 Harshad Mehta happened to frasca thesis convene a press conference in which he leveled me allegations of having paid Rs.One crore to Narsimha Rao, the accident rallycross 1996, then Prime Minister and in which Mohan Khandelwal was a vital witness. What Matters To You. He did not know if the accident mortel essay 1996, said statement dated 15.6.1993 had been brought to the notice of Mr. Narasimha Rao and essays of being his advisors. 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. It is stated that the said company namely M/s Growmore Research and accident mortel rallycross essay 1996 Assets Management Ltd. was a family concern of A-5. During 1990 and 1991, A-5 used to importance of being earnest visit the said office at Delhi once in mortel 1996, a few months or so. During the said period, A-5 was stationed in defense, Mumbai.
It is further say of this witness that he got himself appraised of the accident mortel rallycross 1996, nature of the business of the said company which was to conduct the research in what most to you and why essay, Stock Market and to make investments in stock market and similar services of broker. The witness further stated that during his visits to mortel rallycross 1996 Grindlays bank in connection with the work of their company, he came across an officer by on atticus finch, name R.N. Popli, (A-4) working with the said branch of Grindlays Bank. and mortel essay that A-4 was attached to Remittances Department. Sometimes, he also worked in other department. The witness also stated that in connection with the office work, he had occasion to visit the office of MUL situated at quality thesis, Kasturba Gandhi Marg, New Delhi on few occasions. Rallycross. On seeing the letter Ex.58 issued by the UCO Bank on 23.1.1991 addressed to to you and why sample MUL, New Delhi, he stated that he had an occasion to handle the mortel 1996, said letter.
The said letter was given to him by Mohan Khandelwal. At that time, he was also given one more letter by Mr. Essays Importance. 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 mortel essay 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 management, envelope containing units of UTI from 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 mortel Mr.
Mohan Khandelwal. He was instructed by Mr. Frasca Thesis. Khandelwal to go to the office of MUL and accident meet either A-l or 2 and collect the defense, banker's cheque and then deposit the same into the account of Harshad S. Mehta with Grindlays bank, Sansad Marg Branch. He was not appraised and he was also not aware in mortel 1996, respect of what transaction the essays of being earnest, said payment was made for as he was simply told to collect the cheque. On seeing the pay-in-slip dated 25.2.1991 [X-18 (Ex.100)] of ANZ Grindlays bank, the accident mortel essay, witness stated that the writing services in singapore, same is pay in slip on the printed format of ANZ Grindlays Bank.
The same is written in his handwriting and mortel rallycross 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 detached part from 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 of thesis, the said bank on the counter foil of the mortel rallycross, said pay-in-slip. On seeing Ex.26-MUL's instruction letter dated 25.2.1991-the witness stated that it is the essays, letter on the strength of which he collected the pay order Ex.28. The same bears his signature at mortel essay 1996, two places marked as Ex.27(l) and in singapore 27(2) in the said letter. Handwritten portion thereon reading as Mr.
Sai Swaroop Please deliver the accident rallycross essay 1996, cheque to Mr. Anuj Kalia is the essay on atticus as a, handwriting of A-2 and he identified the accident rallycross 1996, same being familiar therewith. On Atticus Finch Hero. 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 him in his own handwriting and he identified the same. The same has been signed by Mr. Mohan Khandelwal under the caption of authorized signatory and he identified the same being familiar therewith. Accident Mortel Rallycross Essay 1996. He wrote the said letter under the instructions of Mr. Mohan Khandelwal.
The said letter was written for depositing the bankers' cheque of essays of being Canara Bank mentioned therein into the account of A-S as such letters used to be written for depositing bankers cheques into the said account. On seeing Ex.102-detached part of essay 1996 pay-in-slip of Grindlays bank dated 13.3.1991-the witness stated that the same was in his handwriting and he prepared the same for depositing bankers' cheque of Canara Bank, Parliament Street Branch, as per its number and management amount mentioned therein into the account of mortel 1996 A-5. On seeing Ex.76, the witness stated that he wrote the said letter under instruction of Mohan Khandelwal. He handed over the letter Ex.76 along with pay-in-slip Ex. On Atticus Finch. 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 accident mortel rallycross 1996 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 A-4 as he was the on atticus as a, concerned officer handling the said work and accident mortel 1996 he was also instructed by Mr. Khandelwal to frasca thesis 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 number and amount mentioned therein into the account of A-5. He deposited the said cheque by the said slip under the instruction of Mr. Khandelwal.
On seeing Ex.26, which is an instruction letter dated 25.2.1991 of mortel rallycross essay 1996 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 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. In the cross-examination, the witness stated that he was questioned by the CBI Officers in Scam related cases. He does not recollect exactly but somewhere in defense, july or August, 1992 he first time came to accident mortel essay be questioned.
He had received a process at that time from the CBI Officer. He does not remember the frasca thesis, name of the essay 1996, 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 this case. To the question that-during February and May, 1991 A-4 was not working in Remittance Department in Grindlays Bank in its branch at Sansad Marg,-he replied that he was not knowing about his department but he knew where he used to defense of thesis sit in the said branch. CW1 Mr. Mortel Rallycross Essay 1996. Vishnu Deo Maheshwari, SP CBI stated that during the years 1991, 1992 and 1993 he was supervising investigation of cases relating to what matters essay anti corruption offences. In the year 1992-93 Mr. Amod Kanth, the accident mortel rallycross essay, 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. Frasca Thesis. He was asked to explain about his precise role in mortel essay, the process of of being supervision/investigation of the accident mortel rallycross essay, 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 frasca thesis, documents collected as abo the statements of witnesses and to essay discuss with I.O. as well as senior officers. Writing Services In Singapore. Besides supervision of the mortel 1996, investigation of the case, the of thesis, then DIG Mr. Amod Kanth ordered to examine one Mr. Mohan Khandelwal with the assitance of I0 about the 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. Essay. Khandelwal on 15.6.1993 in defense, presence of I0 at Delhi. He stated that FIR was registered on 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. Accident Mortel Essay 1996. 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. Essay Writing In Singapore. He did not know why the said statement dated 15.6.1993 of mortel rallycross 1996 Mr.
Khandelwal was not furnished and or included along with the papers accompanying the charge sheet submitted before the importance earnest, Court. Mortel Rallycross 1996. He did not instruct the most and why essay, investigating officer of this case not to include the said statement along with the charge sheet. So long as he handled the accident mortel rallycross essay, 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. Essay Services In Singapore. He did not remember any other role of accident mortel Mr. Khandelwal that was discovered during the frasca thesis, said period but the accident, fact that he was the constituted Attorney was discovered. What Most To You And Why Sample Essay. He further did not remember as to why Mr. Khandelwal was not named as accused in the FIR. The attention of the accident mortel rallycross, witness was drawn to the parts of the writing services, statement of Mr. 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 accident rallycross essay the office and delivered to 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. Mehta who took it in finch as a, the Honda Car of accident mortel 1996 Shri Sunil Mittal and took away the money to some place not known to him. (iii) Visited at on atticus finch as a hero, ANZ Grindlays Bank along with Shri Anuj Kalia. Rallycross Essay 1996. (iv) The cheque was encashed and cash was brought to matters essay the office but the suitcase containing cash remained in the office NE 118. (v) At about 3-4 p.m. Mortel Rallycross 1996. Shri Harshad S. Mehta came to office in the car of Shri Sunil Mittal and 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. 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. Essay Hero. 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 accident rallycross essay 1996 Shri Sitaram Kesari) and taken inside that room. Essays Of Being Earnest. (ix) While returning from that room Shri Kesari asked Harshad S. Mehta to accident mortel rallycross essay write amount towards donation to Congress Party funds; (x) Harshad S.Mehta initialed in frasca thesis, the note book produced by Shri Kesari. (xi) Then all three of them returned to office from where he remained in 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 1996, same bank.' The witness was questioned-whether the quality, said evidence of Mr. Essay. Khandelwal denying the essay, recording of his said statement was true? The witness replied 'No'. He had recorded the rallycross essay 1996, 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 SI. Nos.(i) to (xii). On the basis of the quality management thesis, 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 the evidence of the case which he has registered as per accident mortel rallycross essay the FIR?
To this question, he replied that he did realise so and defense of thesis 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 chemicals since about last two years. 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 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 behalf of A-S. His duty was to 1996 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 defense delivery orders were generated from the computer and handed over to him. On receipt thereof, he used to depute the accident, delivery boys to the concerned banks for essays importance, the purpose of collecting or receiving the deliveries of the securities. After collecting the mortel 1996, securities, the same used to be sent to UCO Bank, Hamam Street Branch, Bombay. Defense Of Thesis. The delivery boys would deliver the securities and men collect the bankers cheques from UCO Bank and deliver again the said bankers cheques to accident mortel rallycross 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 various brokers which included his master A-5. He used to do daily reconciliation with UCO Bank, Hamam Street Branch, Bombay in respect of the security position in the account of A-S on telephone. After confirming the importance, 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 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 same used to 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 respect of 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 RC Case No.8(A)/92. He was aware that A-5 was kept in the CBI custody for mortel rallycross essay 1996, well over 90 days. Essays Importance Earnest. He was not knowing whether A-5 was under CBI custodial interrogation. Accident Rallycross Essay 1996. ALLEGED CONSPIRACY In this case, conspiracy is the basis for convicting the quality, accused. Special Court has mainly relied upon the evidence of PW23 for holding that prosecution has established conspiracy on the basis of rallycross essay so-called meeting between A-1, A-2, A-5 and PW23 Mohan Khandelwal in defense, the month of April/ May, 1989.
For conspiracy, it is the prosecution version that A1 to A5 entered into a criminal conspiracy to siphon-off the funds of MUL in mortel 1996, favour of A-5 and of thesis afore-quoted five transactions took place, even though there was a specific bar of granting loan by MUL to individuals. Mr. Mortel Essay 1996. Mahesh Jethmalani who appeared as amicus curiae for A-3, submitted that the importance of being, conspiracy charge is not tenable for the following reasons:- (a) It is absurd to suggest that the conspiracy took place in 1989 and the first overt act in pursuance of that conspiracy took place in March, 1991. The link between the conspiracy of 1989 and the first overt act of March, 1991 is accident 1996 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 essay in singapore, 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 accident 1996 the sole evidence of the what most to you sample, approver PW23. Now in this very case it has been held by accident mortel rallycross 1996, the previous Bench that the pardon granted to the approver by the Magistrate was invalid. Where the pardon granted is frasca thesis without jurisdiction the use of the accident mortel rallycross, evidence may not affect the 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 Solicitor General during his long arguments never once relied upon the evidence of the approver. (d) The veracity of of thesis 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 all material particulars through independent evidence. The conviction cannot be based on sole evidence of an approver. It is submitted that in the instant case there is no corroboration of the so-called conspiracy through any independent evidence; in fact the 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 accident mortel essay 1996, 13 Members of 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 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 attempt to threaten PW23 for not disclosing to the public what he had informed to Shri Sharma, DIG Special Investigation Wing privately. The registering of the cases had the desired effect-PW23 did not reveal his knowledge to 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 frasca thesis cases against PW23 intimidated him sufficiently not to accident divulge the of thesis, information he was aware of. He submitted that this is crystal clear from the evidence of mortel essay 1996 CW1 Mr. V.D. 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 handed over the said amount to him. To suppress this, Mr. Khandelwal was made approver. The learned counsel for of thesis, all the accused contended that prosecution story of mortel rallycross 1996 conspiracy between Al to A5 is absurd, subsequently developed and cooked up. It is contended mat one of the purposes for what and why, developing the story of 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 the Special Court. Mortel. The transactions of giving loan by frasca thesis, A-5 on 24.1.1991 to MUL and borrowing by A-5 on 13.3.1991 which was repaid on 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 accident mortel rallycross essay 1996, allegation of conspiracy between the accused since 1989, apart from importance, being unreliable, is cooked up. For appreciating the contention, we would refer to the FIR which was lodged on mortel rallycross 15.4.1993. Defense Of Thesis. In the FIR, (in para 3) it has been mentioned that- 'S/Shri Pramod Kumar and accident rallycross 1996 Ambhuj Jain entered into a criminal conspiracy during the period from January, 1991 to May, 1991 at Delhi and Bombay with V.N. What Matters Most To You Sample Essay. Deovasthali an officer of UCO Bank, Hamam Street Branch, Bombay, R.N. Popli of 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 rallycross, said surplus funds of MUL and to provide pecuniary advantage to 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 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 May, 91 at Delhi and essay Bombay with V.N.
Deosthali (A-3), then Asstt. Accident Rallycross Essay. 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 and why 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 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 mortel rallycross essay, 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 the evidence of approver PW23 Mohan D. Khandelwal, who was associated with A-5 for the purpose of carrying out research in share market and companies in Delhi somewhere in the month of February or March, 1989. During his visit to essays of being 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 PW23 that A-5 desired that he should fix an appointment with A-l who was the 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 that he was having lot of accident rallycross essay contacts with the 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. Writing Services. 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. Accident Essay 1996. Harshad S. Mehta. Mr. Importance Of Being Earnest. Mehta would not appear in the books of accounts of MUL and accident rallycross 1996 mat is what he stated. Ans.
35. Mr. Harshad S. Mehta stated that he would stand to gain by way of commission and/or brokerage from the banks. He also stated that MUL would benefit by getting better deals. Ans. 36. The accused no. 1 stated that he would look into any good proposals if Mr.
Harshad Mehta did not come into essay, 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 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. Rallycross 1996. There is no evidence that A-5 suggested for commission of any illegal act. Essays Importance Of Being Earnest. 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 the office of MUL at 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 rallycross essay 10.4.1989 and 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 said meeting is, on essay on atticus finch hero the face of it, absurd. For this purpose, it has been pointed out that by an office order dated 4.4.1989 Ex.Al and Ex.A2 (5), A-2 was appointed and thereafter he joined the rallycross essay 1996, MUL on 19.4.1989 as Junior Officer on probation. He was sent for refresher course from 1st May. In this set of circumstances, it would be difficult to 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 the meeting. PW23 has admitted in defense, cross-examination that he was first summoned by CBI in June, 1993 for interrogation on two occasions, i.e. on accident essay 1996 1.6.1993 and 15.6.1993. In further cross-examination, he admitted that neither he could recollect the exact date and matters most to you and why essay time of the meeting which took place in the premises of accident essay 1996 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 essay on atticus as a hero, 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 omission in rallycross, 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 defense, 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 accident rallycross 1996, 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 one of the essay in singapore, employees was PW-4 Rajan Ramgopal who joined the Corporate Finance Cell of MUL sometime in the year 1986 as deposed by accident rallycross, him. He stated that he used to 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 management thesis, 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. Shrinivasan used to sit next to him. Thereafter, he states that while working with Corporate Finance Cell of MUL, he had not heard the name of accident mortel 1996 Harshad Mehta and that he had never seen the 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 essay on atticus hero, alleged meeting.
The other employee who was also working in the said room is not examined by 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 accident rallycross essay 1996 MUL in the month of writing services in singapore 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 accident essay 1996, 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 most to you and why sample essay A1 as stated by PW23 in the meeting was limited to the extent that MUL could not deal with or involve the brokers and that he would look into 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 accident mortel rallycross 1996, 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 made to prove the same. Subsequently developed prosecution version that conspiracy was hatched in what matters and why, April/May, 1989 on accident mortel essay 1996 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 transactions in 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 that they were party to essays earnest 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 name of and through UCO Bank and in four transactions UCO Bank in turn gave the rallycross essay, said amount to A-5. It is and why 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 Grindlays Bank to Anuj Kalia representative of A-5. Grindlays Bank deposited the said amount in rallycross essay, the account of A-5 at frasca thesis, Delhi and thereafter transferred the same to the account of rallycross essay 1996 A-5 at Bombay. Subsequently on the same day, it was transferred to UCO Bank and UCO Bank gave cheque to A-5. From the nature of aforesaid transactions, whether conspiracy can be inferred? It is true that apparently transactions are not simple. It casts serious doubt with regard to what to you and why sample essay functioning of Banks and MUL. But as against this, the 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 case of accident 1996 security transactions on behalf of the client, they credit the sale proceeds receipt into frasca thesis, 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 accident mortel essay 1996, banking hours.
DW-A3(2) Mr. Defense. Ramnathan, who was the mortel, Divisional Manager of quality UCO Bank at 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 mortel essay also with General Manager and Dy. General Manager of UCO Bank. it appears that such irregular and unjustified banking practice had developed. But in view of the matters most to you sample essay, evidence for accident, such routing/switch transaction developed by the banks/brokers, it cannot be inferred that there was any conspiracy between Al, A2 and essay finch hero 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 banks revealed that some banks were even handing over account payee cheques drawn in accident essay, favour of other banks to defense of thesis the brokers who got them credited to their account ostensibly to assist the latter in transferring the funds quickly to meet their obligations. This was done as per informal understanding and in essay 1996, the name of market practice. The payee bank used to credit the defense, proceeds to accident rallycross the accounts of the broker constituents who brought the cheque to it for management thesis, collection. The JPC also observed that routing of transactions of many brokers including A-5 had been carried out by mortel essay 1996, 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 PSUs, it cannot be inferred that there was any conspiracy between the banks and PSUs or that there was conspiracy between A-l, A-2, A-3, A-4 and A-5. Further, in 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. Frasca Thesis. 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 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. At the accident essay, outset, it is to be stated that accused were tried under the SCAM Act which was preceded by an Ordinance promulgated on writing services 6th June, 1992. In the accident mortel essay, year 1992, it was noticed that there was a scam in the stock exchange as there was sudden rise or fall of prices in frasca thesis, 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 1996 most of them were laymen.
As per the Statement of Objects and Reasons of the Act, large scale irregularities and defense of thesis malpractices were noticed by accident essay 1996, the Reserve Bank of essay services India (RBI) in relation to transactions in both the rallycross 1996, Government and outer securities indulged in by some brokers in collusion with the banks and financial institutions. What Matters And Why. The irregularities and mal- practices noticed by the RBI were with regard to mortel rallycross 1996 diversion of funds from banks and financial institutions to individual accounts of what matters and why sample 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 mortel 1996, particular to ensure speedy recovery of of thesis huge amount involved, to punish the mortel rallycross essay, 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 High Court would have jurisdiction in respect of any offence referred to in sub-section (2) of Section 3 of the SCAM Act. Defense. Section 3(2) reads thus:- '3. Appointment and functions of Custodian.- (2) The Custodian may, on being satisfied on information received that any person has been involved in any offence relating to mortel rallycross essay transactions in defense, securities after the 1st day of April, 1991 and on and before 6th June, 1992, notify the name of accident mortel 1996 such person in essay in singapore, the Official Gazette.' Hence, under the accident mortel rallycross essay 1996, 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 defense follow the procedure prescribed by the Code of Criminal Procedure for rallycross, the trial of warrant cases before a Magistrate. Sections 6 and 7 inter alia provide that the Special Court would have exclusive jurisdiction to take cognizance of or to on atticus hero 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 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 trust or fraud and forgery are required to be established by the prosecution on the touchstone of rallycross 1996 ingredients laid down under the relevant provisions of Indian Penal Code and by following the Evidence Act. Hence, for conviction under Section 403 and/or Section 405 IPC the prosecution is required to establish the ingredients of said sections beyond reasonable doubt. Therefore, as the prosecution has failed to establish the conspiracy, the jurisdiction of the Special Court would be limited only for the transactions which took place after 1st April, 1991. In the present case, only frasca thesis two transactions, i.e., dated 24.4.1991 and mortel 1996 2.5.1991 would be covered. CASE AGAINST A-l AND A-2 In this case, as the prosecution has failed to establish criminal conspiracy, we are required to consider the prosecution case against each accused for the acts committed by them and to find out whether they have committed any offences. Defense Of Thesis. The case of the accident mortel rallycross essay, prosecution against A-l and A-2 is essay as a hero 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 accident mortel rallycross essay 1996, use of A-5. This is on account of the services in singapore, fact that they were authorised to invest the money in defined securities in a transaction with Public Sector Undertakings only. They, however, knowingly entered into a series of 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 any event while holding office as a public servant obtained a pecuniary advantage for accident mortel essay 1996, 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 die prosecution witnesses of the MUL inter alia establishes the following- (a) A-l was the 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 of thesis place the proposals before the Board and accident mortel rallycross obtain approvals for the investments in what matters and why sample, question. (d) MUL did not engage services of brokers for its transactions. (e) A-1 and A-2 used to give instructions on accident mortel 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 employee of A-5. (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 essay as a hero 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 accident mortel 1996, problem of writing in singapore UCO Bank. (i) The contention that A-l was instructed by UCO bank to 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. (j) In any event, there was no authorisation to purchase any securities from any brokers. There was no mention of the monies being given on mortel loan to any broker. It bears emphasis that surplus funds were many times invested in securities in buy back transaction, in that the what most sample, arrangement would be to purchase a security and then resell it within a stipulated time after the identified period at a price which would include the cost of purchase plus the stimulated interest. This transaction was considered as placement of accident mortel rallycross 1996 funds with PSUs. The witnesses have clearly stated that the only authorisation for placement of on atticus finch as a hero surplus funds was PSUs and not private person.
CHARGES AGAINST A-2. Mortel. (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 frasca thesis, the name of ANZ Grindlays bank and also wrote in his own handwriting to Canara Bank that the pay order might be handed over to one Mr. Anuj Kalia (PW16) [Ex.26-first transaction). (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 26.4.1991 (Ex.41 4th transaction). 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 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 accident mortel rallycross essay 1996 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 UCO Bank. A2 signed the said letter being authorised signatory. PW8 in his entire deposition has nowhere mentioned that the letter was written under instructions of essay 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 accident mortel essay 1996, 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. To You And Why Sample. A2 signed the accident essay 1996, letter being authorised signatory. No charge has been framed against on atticus as a A2 in respect of any BR. Since the prosecution had cited document Ex.41 during arguments before this Court, the same is accident mortel 1996 being replied to by A-2 as under:- A2 saw this BR at the time of what most essay discharge as authorised signatory after MUL had got the money back and mortel essay 1996 the transaction had got reversed.
When PW4 who was the custodian of all records of every transaction and essays earnest 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 accident mortel essay 1996 hold that the 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 to you sample, mentioning in mortel rallycross essay, 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 being delivered to MUL cannot be termed in any way as dereliction of 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 matters sample essay the sub-committee of the MUL regarding transfer of mortel essay 1996 funds to UCO Bank on UCO Bank's instructions through Grindlays Bank; (b) A-l mis-represented to the sub-committee by not putting to writing their knowledge the accident mortel rallycross 1996, resolution of the Board dated 4th May, 1989; having any dominion over MUL's properties. 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 defense, favour of A-5. MUL has given funds to mortel rallycross 1996 the UCO Bank and it is not the function of MUL to verify from UCO Bank as to how the quality management, said funds are utilised; (f) The charges under the provisions of mortel rallycross 1996 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 letters pertaining to the relevant transactions shown to essay services them pertain to a transaction conducted on behalf of accident essay 1996 their bank or on behalf of the essays of being earnest, client broker, and. (h) Prosecution has failed to examine material witnesses, i.e., Mr.
R.C. Bhargava, Chairman-cum-Managing Director and Mr. S. Natrajan, Director (Finance), even though they were available all-throughout and accident mortel rallycross essay who were examined by the JPC and IO. I would first refer to what most sample essay 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 accident rallycross 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 essay on atticus as a hero, Managing Director and Director (Finance) has been delegated the authority by the Board to facilitate taking faster decision in this regard. Mortel Rallycross. The details of what matters most to you 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 a position to give funds.
As a result of this, there is an increasing competition between PSUs affecting the yield on such loaning of funds. 4.0 In an effort to maximise yield on surplus funds, it is proposed to invest funds in accident mortel essay 1996, the units of UTI, Central Govt. securities, public sector bonds either through scheduled banks or directly. These investments, at times, are expected to fetch a higher rate of return than what is available on loaning of funds to PSUs without involving any risk as to 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 what to you and why essay, time to time in the purchase of mortel rallycross units of UTI, Central Government and State Govt. Securities, public sector bonds either through scheduled banks or directly. What Matters Most And Why Sample Essay. 6.0 In March, 1989, MUL invested surplus funds in PSU Bonds, Units of 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 accident rallycross, opportunity of frasca thesis high yield during such periods. 7.0 The Board may kindly approve proposals in paras 5.0 and 6.0 above. 1996. Much has been contended that the Board resolution dated 4.5.1989 (Ex.9) passed by the Board of Directors of MUL prohibits granting of loan in favour of individuals and, therefore, transactions by A-5 with MUL are illegal and against the policy of MUL and, therefore, A-5 misappropriated, even though temporarily, the amount of MUL.
T'he afore-quoted resolution inter alia provides that it was open to the MUL to invest the surplus funds in frasca thesis, the UTI units through scheduled banks or directly. The reason being, these investments were expected to fetch higher rate of interest than what is available on loaning of accident essay 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 frasca thesis invest surplus funds of the Company in the purchase of units of UTI either through scheduled banks or directly. It is admitted position that on the basis of the resolution, sub-committee was constituted consisting of accident mortel 1996 Chairman-cum-Managing Director and Director (Finance) for the purpose of investment It is also proved that all the five transactions took place after the sub- committee passed appropriate resolutions. Essay Writing Services In Singapore. 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 essay resolutions is finch hero 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. Accident Essay. These investments have been made for a period of essay writing in singapore 3 months to accident rallycross 6 months on 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 finch as a hero borrow funds or withdraw money from PSU's. One of the options available for accident rallycross 1996, borrowing was to 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. Essays Importance Of Being Earnest. 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 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 accident mortel 1996, additional interest advantage ranging from 1 to of thesis 2.5% p.a. for Maruti. 4.0 Maruti will have an interest advantage of approximately Rs.27.00 lacs against accident rallycross essay such disinvestment made for hero, 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. 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 accident essay 1996, 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 quality management thesis Rs. 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 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. Accident Rallycross. 1.0. We have received a proposal for investment of Rs. Defense Of Thesis. 14.45 crores in accident mortel rallycross 1996, 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 quality thesis, Units through UCO Bank for a period of 5 days. The expected yield will be 21%p.a. Accident. Submitted for 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 frasca thesis 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. The resolution was put to essay 1996 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 essay services 2 days. The expected yield is 26.25% per annum. 2.0 We have received a proposal for investment of Rs.30.00 crores in Units/PSU Bonds/Government Securities through Bank of America for a period of 29 days with effect from accident rallycross 1996, 2.5.91. Essay Writing. The expected yield will be 23% p.a. Submitted for mortel 1996, approval of the committee of Directors for 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 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. Of Thesis. Securities aggregating to Rs.30 crores for a period of 29 days beginning 2.5.91 at an expected yield of 23% p.a. The resolutions were put to vote and carried unanimously. Accident Essay 1996. 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 management Grindlays Bank to accept the fund beginning 24.4.91.
Accordingly, the mortel 1996, 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. 1.0 We have received a request from defense, UCO Bank for placement of Rs. 10.00 crores in units. The placement will be for a period of 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 accident mortel rallycross 1996 America for placement of importance earnest Rs. Accident Mortel Essay. 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 of being renew the inter corporate deposit of Rs.5.50 crores @ 22% per annum for rallycross, a period of 5 days with effect from defense of thesis, 02.5.91. Submitted for accident rallycross 1996, 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 defense of thesis, Units aggregating to Rs.10 crores for mortel 1996, a period of five days w.e.f. 2.5.91 at an expected yield of 21% p.a. 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 22% p.a. RESOLVED FURTHER that Maruti may place funds with M/s Infrastructure Leasing and Financial Services Limited by renewal of the 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 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 units through UCO Bank as per quality management thesis the proposal. As against this, in Ex.42 dated 2.5.1991 which is mortel rallycross 1996 last resolution, it has been specifically mentioned that MUL may place funds 'with UCO Bank' in units for defense, 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 rallycross 21% p.a. Matters Sample. 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. This change of phrase reveals that the nature of transactions was known to the Directors and that units were to be purchased for a limited period through UCO Bank and for the last transaction the essay 1996, amount was placed with UCO Bank. The afore-quoted resolutions also reveal that when the 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 the resolutions, the period of investment which is what matters to you sample essay only for few days (i.e. 12, 5, 2 and rallycross essay 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 frasca thesis such transaction was nothing but loan. Purpose of having UTI units was to accident essay 1996 secure repayment of loan, that is to say, in case of failure to repay on 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 defense, last week of December and in the month of January, 1991, the rallycross essay 1996, receipt of payments by MUL was relatively less and it was required to borrow funds or withdraw money from PSUs. However, in the documentation, the borrowings were required to 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. Essays Of Being. Therefore, it is proposed to accident mortel essay 1996 show such borrowing as reduction in our investments. This has been discussed with Company Secretary also who is matters most to you and why sample essay agreeable for such treatment. This would indicate that whatever may be the essay, documentation of purchase or sale of UTI units, the essays of being, same would not reflect the true and accident mortel rallycross essay real nature of of thesis 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 mortel rallycross, 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 frasca thesis transaction of rallycross essay 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. Further, mere is nothing on quality management 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 accident rallycross essay funds, did not know that the frasca thesis, funds were meant for accident rallycross, A-5. They were throughout monitoring the transactions in what most and why, question but are not examined by prosecution for reasons best known to it This course adopted by 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. Mortel Rallycross. R.C. Bhargava and Mr. Natrajan during the investigation to quality ascertain if any other higher authority of MUL was involved in essay, the case and found that they were not involved directly. It is his say that the proposals put up by of thesis, A-1 and A-2 were approved by Mr.
Bhargava and Mr. Natrajan but they were not aware that the investment in 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 behalf of aforesaid two responsible persons of MUL i.e. the Chairman and accident mortel rallycross 1996 Managing Director of MUL and Director (Finance) of MUL. 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 essay, 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 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 accident 1996 (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. Natrajan, Director (Finance) of defense of thesis MUL were fully aware of all the accident mortel, transactions in question. PW4 also admits that- (a) MUL used to frasca thesis invest in accident, securities through brokers quoting on behalf of the quality management, banks on the basis of telephone calls; (b) The name of broker did not figure or reflect on the record of MUL in the event of accident essay 1996 transaction of finch as a investment being through the mortel rallycross essay, brokers; (c) Medasai Swaroop, the concerned Manager of the Canara Bank after preparing the cheques would hand over the same to frasca thesis him and he would in turn hand over the cheque to rallycross essay 1996 the representative of the bank or the brokers; (d) Because of the pressure of work he was not going to essays importance of being respective bank but the cheques were handed over to the representative of the essay 1996, bank or to the broker under the instruction of either A-l or A-2; (e) During the relevant period foreign banks used to effect transfer of defense of thesis money from one city to another much faster than the national banks and accident rallycross 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. 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 proposals for investments before the Director (Finance). Essays Importance Earnest. With regard to mortel rallycross essay the five transactions in question, in cross-examination, he admits that he did not have any personal information. (b) He admitted that looking at writing services, the BRs of UCO Bank, on accident rallycross essay 1996 the face of it, no suspicion would arise and that issuance of BRs necessarily indicates that bank issuing it would be holding the security covered under the said BR. The BR also would acknowledge the receipt of monies from MUL for essay services, the purchase of security, (c) He agreed that MUL had not suffered any monetary loss in any of the five transactions and 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. 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 its meeting held on 4.5.1989 decided that surplus funds may be invested in accident mortel rallycross 1996, 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 Secretary, Finance and Secretary Industry.
All the frasca thesis, investments were made with the prior approval of the Sub-Committee and placed before the Board for accident rallycross essay 1996, information. 2(b). To the best of defense of thesis our knowledge, RBI has not issued any guidelines which are applicable to companies incorporated under the Companies Act for investment of surplus funds. MUL has complied with all the rules and regulations prescribed under the Companies Act, 1956 for 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. Accident Mortel Essay. 30.S.92 and instead has been placing surplus funds only as inter corporate loans. 4(g). The investments of these funds were authorised by the Committee of Directors consisting of Managing Director and Director (Finance) within the quality, parameters approved by the Board in its meeting held on mortel essay 1996 4.5.89. Essays Importance Of Being. 5.1 . As per the joint Venture agreement dt. 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 mortel essay 1996 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. What Most And Why Sample Essay. 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. Accident Mortel Essay 1996. 9(a). In all such transactions of purchase of units, funds were transferred to UCO Bank, Bombay by quality management, way of banker's cheques in accident mortel rallycross essay 1996, favour of ANZ Grindlays Bank strictly in accordance with the written instructions regarding remittance of funds by UCO Bank, Bombay. Of Thesis. The funds were not credited by Maruti to the individual account of Mr. Harshad Mehta. Maruti had no means to rallycross know or any knowledge how UCO Bank, Bombay used the funds paid by Maruti for quality management, purchase of units.
The fact that the funds were credited by UCO Bank came to the notice of MUL in accident mortel rallycross essay 1996, October, 1992 when CBI started the enquiry. On Atticus Hero. There is accident rallycross 1996 absolutely no connivance between any Maruti official and Mr. Most To You And Why Sample Essay. 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 public sector bank was not doing things in rallycross essay, the straight forward manner. In the essay on atticus finch as a, first transaction, Maruti sold units worth Rs.5 crores to mortel essay UCO Bank, Bombay and received the frasca thesis, money on 24th January, 1991. Maruti, thereafter bought back the units after 32 days and the total cost of funds for 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 rallycross essay 21% p.a. Finch. respectively. In the circumstances, there is no need for the company to take any action. 10(a) The letters from 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 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. Accident Mortel. 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 UCO Bank, Bombay for all transactions of investment except for the last investment of Rs.10.39 crores for 5 days in May, 1991, These funds were received back alongwith the quality thesis, expected yield. As UCO Bank, Bombay did not deliver the Bank Receipt in the last case, Maruti altogether stopped dealings with UCO Bank. The aforesaid para-wise reply given by the MUL to JPC establishes that- (a) Such transactions were an effort to maximise the yield on surplus; funds. Maruti Udyog is accident rallycross essay a joint venture company and is to manage as a commercial enterprise with a view to provide its shareholders reasonable return on their equity investments in Maruti. Thesis. (b) The investment of these funds were authorised by the Committee of Directors consisting of Managing Director and essay 1996 Director (Finance). (c) The transactions were reported to the Board and none of the Directors had objected to this and they were not considered to be irregular. (d) For the first time in writing in singapore, Government Auditors Review of accident mortel essay 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. What Matters Sample. (f) There is absolutely no connivance between any Maruti official and mortel rallycross Mr. V.N. Deosthali of UCO Bank or Harshad S. Mehta. (g) Investments were made to optimize return for the Company and were made through a Public Sector bank. Quality. (h) Funds were received back along with expected yield. (i) In the essay 1996, circumstances, there is no need for of thesis, the Company to accident essay take any action against the officers.
From the aforesaid evidence it is totally misconceived to of being contend that A-l or A-2 were having any dominion over the MUL funds. The aforesaid assertions by the MUL before the mortel rallycross essay, JPC would certainly mean that Al or A2 have not done anything dishonestly with the intention of causing wrongful gain to AS or wrongful loss to MUL or that Chairman and Managing Director Mr. Bhargava or the Director (Finance) were not knowing about such transactions through UCO Bank. What can be stated from the essay services, evidence discussed above is:- (1) Resolutions used the phrase through UCO Bank whenever necessary. It also used the words 'with UCO Bank' or 'with Bank' which ever is the Bank as per the nature of the 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 rallycross the decision of the Sub-Committee consisting of Chairman-cum-Managing Director and the Director (Finance). They were having dominion over such property. A-l or A-2 were only required to carry out the directions issued by the Sub-Committee. (4) Resolutions passed by the Sub-Committee were approved by the Board. None objected to 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 as a hero behalf of 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 they were promoted. (7) Issuing of cheques by Canara Bank in favour of Grindlays Bank was as suggested by rallycross essay 1996, the UCO Bank (A-3). Quality Management. (8) Further this was a commercial practice adopted by accident, many banks for transmitting the funds at of being, the earliest. This practice rightly or wrongly was developed with the PSUs and accident mortel essay 1996 financial institutions. (9) PW4 Rajan Ramgopal admits that MUL used to invest in certain securities through brokers and the name of the broker did not figure or reflect on most sample essay the record of 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 accident mortel rallycross Grindlays Bank for transmitting the funds of MUL to UCO Bank, Bombay. (11) No objection was raised during internal or statutory audit despite the fact that Comptroller and Auditor General had also audited the accounts. For the what matters most and why essay, reasons stated above, neither A-1 nor A-2 can be convicted for essay 1996, the alleged offences. No doubt A-2 is already acquitted by the Special Court. CASE AGAINST A-4 Before discussing the prosecution case against A3, I would deal with the prosecution case against of being earnest A-4 who was working in the Clearing Department of Grindlays Bank, New Delhi. A-4 is 1996 convicted under Section 120B r/w Sections 409/467/468/471 of IPC and finch as a hero 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 essay, Canara Bank favouring Grindlays Bank into writing in singapore, 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 rallycross essay 1996, 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 as a hero, a sum of Rs.7,62,45,000 issued by Canara Bank favouring Grindlays Bank into account of A-5. In support of charges, prosecution has relied upon accident 1996, 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 most Reserve Bank of India. It is contended on behalf of prosecution that from the evidence of witnesses of mortel rallycross 1996 ANZ Grindlays Bank, the following stands proved- (a) That A-4 was the officer in charge of the clearing department. Defense. (PW12) (b) The entries in respect of these transactions would have to be authorised by the officer in charge of the rallycross essay 1996, clearing department- in quality thesis, view of the 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 mortel, the offence for which he is quality thesis convicted. It is his contention that with regard to accident rallycross 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 on atticus finch as a hero, the Grindlays Bank were deposited in me account of Grindlays Bank and not in the account of A-5. For this purpose, he referred to accident mortel the evidence of finch as a 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. 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 PW25 Mr. B.C. Accident Essay. Bhatnagar, the Investigating Officer, who deposed that there were number of officers involved, and essays importance earnest referred to the part of PW25's deposition, wherein he stated that-he does not remember if he had made any application/request for mortel rallycross 1996, 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 importance of being, said Bank with regard to the documents like attendance register, duty roster or any other similar document showing the presence of accident mortel rallycross essay 1996 particular officer at particular time.
For considering the contentions raised by the learned counsel for the parties, I would refer to frasca thesis what emerges from the evidence of the relevant witnesses:- PW9 Ravi Saluja states that the rallycross essay, cheques so received by the ANZ Grindlays Bank for clearance were sent to the clearing department for what matters to you sample essay, 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 arrange to accident mortel essay 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 frasca thesis, issuing bank can use the format of pay order also. 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 rallycross essay 1996 stamped 'not transferable'. There is 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 his posting during the essays earnest, 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 ANZ Grindlays Bank branch along with the Manager and in that capacity he used to rallycross 1996 have supervision over the working of the concerned clearing department.
He states that in these types of transactions there are two authorizations required, the matters most, first authorization relates to giving credit to the third party which is mortel rallycross 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 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. Defense. The other settlement which is high valued settlement which was introduced by RBI in 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 rallycross cheques. He was shown entry Ex.71(4) of dated 13.3.1991 into the accounts of services in singapore Harshad S. Mehta. He stated that the then officer in charge of essay 1996 clearing department had authorized the said entry to be made in the statement of account. He could not recall the essays importance earnest, name of the said officer who was in charge of clearing department. He agreed that in 1991-92 there was a practice of crediting the proceeds of the bankers cheques into the account of 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. Mortel Rallycross 1996. The Grindlays bank had not received any complaint from MUL for crediting the amounts of of thesis said five pay orders to 1996 the account of third party. He was asked about the category of customers regarded as High Networth customers. Importance Earnest. 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. The services to be extended to the customers like high networth customers would be decided by the branch manager. In the accident mortel rallycross essay, cross- examination, it is his say that all the 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 of being earnest 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 accident mortel rallycross essay 1996 payee were with the RBI. Essays Importance Of Being Earnest. He admitted that it is only after credit of the proceeds of the said five pay orders into the Grindlays bank account that the proceeds thereof in turn were credited into the account of A-5. He further stated that during the accident rallycross essay 1996, relevant period i.e. in the year 1990-91, to essays of being 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 accident mortel rallycross 1996 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 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 respect of 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 essay writing services 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 1996, 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 what most sample essay, same has necessarily to be deposited into pits i.e., Grindlays Bank Account with RBI. Accident 1996. Q. Would it be correct to 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. Management. Such classification is rallycross generally given by defense of thesis, the concerned manager of the mortel rallycross essay 1996, 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 permission of the RBI obtained as far as your bank is concerned? A. Matters To You. 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 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 the Grindlays Bank.
It is correct that the amounts of the said pay orders were debited into the account of issuing bank and credited into the account of 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 mortel 1996 the same was prepared on the basis of on atticus hero credit advice received from the RBI. 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. 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 clearance in clearing house and RBI would settle the payment thereof by giving credit into the account of payee with RBI. In view of the aforesaid evidence, it can be stated without any doubt that all the 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 accident essay, the account of essay finch as a Grindlays Bank. Hence, it is established that the amount of account payee and non-transferable pay orders were only 1996 credited in the account of Grindlays Bank. In this set of circumstances, it is not necessary to what most to you and why sample essay 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 mortel rallycross 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. Of Thesis. If the amount is credited in the account of Grindlays Bank, question is-how is A-4 liable? There is nothing on record to accident 1996 establish who directed that the essay services, said amount should be credited in the account of rallycross A-5. The evidence led by the prosecution nowhere reveals that A-4 credited the said amount into 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 frasca thesis, the account of mortel essay 1996 A-5. The evidence of PW12 Ashok Kumar Monga also reveals that there was a practice of crediting the proceeds of the banker's cheques into the account of on atticus finch as a 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 accident mortel rallycross the deposits maintained by the customers or other business potentials. 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 quality thesis as to where the appellant was posted during the 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 essay, absence of of thesis any such evidence, the charge under Section 120B and substantive offences under Section 409 are not proved. Accident Mortel Essay 1996. 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 relevant period nor any record like the duty register was seized by the I.O. He admits that in importance of being earnest, matters of debit and credit, various officers at 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 mortel rallycross essay do with the credit of the proceedings of the pay order into the account of 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 evidence, the conviction of A-4 for 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 guilty of the offence under Section 13(l)(c) r/w 13(2) of PC Act. (b) He fabricated a set of 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 BRs (signed by him purporting to be an management thesis, accountant although he was an Assistant Manager). (c) His fraudulent misrepresentations of showing a transaction of purchase/sale of securities between UCO Bank and MUL were to enable A-l, A-2 and A-5 to misappropriate the rallycross, funds of 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 frasca thesis, BRs purporting to be the representation that a set of securities was being held by mortel, UCO Bank on behalf of MUL and defense of thesis the same had been sold by UCO Bank to MUL and mortel rallycross thereby committed an essay services, offence under Section 467 IPC. (e) He forged the mortel rallycross essay, letters and he dishonestly made and/or signed the documents with the intention of causing it to management be believed mat such document was signed under the authority of UCO Bank. Accident Mortel Rallycross 1996. He is, therefore, guilty of offence under Section 468 read with Section 464 IPC. (0 Having forged the quality thesis, documents as aforesaid, he used these documents and, therefore, he is guilty of the offence as charged under Section 471; and. (g) That the accident mortel rallycross 1996, documents created by A-3 were intended to misrepresent the position of UCO Bank is also clear from the fact that the writing in singapore, 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 accident mortel 1996, evidence of frasca thesis PW14. The intention of A-3 to misrepresent to MUL that there would be a transaction between MUL and UCO Bank is clearly established. Accident Essay. It is contended on behalf of the prosecution that from the evidence of the witnesses following stands proved:- (a) That the essays, documents were not prepared in the normal course of business but outside the office. (PW6) (b) That the UCO Bank's branch was not authorised to conclude deals (PW7). If there had to be a genuine transaction of sale of essay securities between the UCO Bank and essay finch MUL then that deal would have to be concluded between the mortel rallycross essay, Head Office of the bank and MUL. Frasca Thesis. (c) The Bank (as a corporate entity, and a Govt. Company) could not lend its name to a private broker to enable him to obtain funds from any other Public Sector Undertaking, the 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 mortel essay 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 of thesis commercially did not arise. (d) It is submitted that the evidence of the officers of the UCO Bank that the Bank would act for mortel rallycross, the brokers, is being misconstrued. The banker can, on behalf of the broker, undoubtedly undertake such activities as are common in commercial usage. However, it is obvious that such an activity should not be illegal, or to attain unlawful purposes i.e. to deceive another corporate entity. Of Being. If MUL had authorised placement of funds only with PSUs, then it is obvious that it would not be in the interest of the 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 accident essay apparent from the plain language of the letter. It is clear that A-3 would not be authorised to write such letters unless he had been permitted to do so by frasca thesis, the Head Office. On this apparent tenor, the letter would commit the UCO Bank personally to a transaction of sale/purchase of rallycross essay 1996 securities and essay A-3 was not authorised to accident mortel do so. The letters written by A-3, therefore, were purporting to be with an 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 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 position of the UCO Bank is also clear from the fact that the identification, which should have been put on the document that it was a transaction for and on behalf of a client, was not so placed on the document-this is the of thesis, 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 UCO Bank. Mr. Mortel Rallycross Essay. 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 essays importance, bank even after 26.7.1991 to act as broker on behalf of their clients. It only provides that banks cannot issue bank receipts. 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 rallycross 1996, A-3 to MUL [Ex.60] and of being earnest Ex.23, which is an agenda note for the meeting of the Directors for rallycross 1996, investment of funds to be held on 13.3.1991 and the resolution of the same date passed by the Chairman and the Managing Director as well as Director (Finance) of frasca thesis 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 submitted on behalf of rallycross essay A-3 that the writing in singapore, 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 the account of rallycross essay A-5 allegedly by A-4. The funds were already credited to quality management thesis A-5's account by Grindlays bank. New Delhi from where the rallycross, 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 on atticus as a hero, Grindlays Bank, Bombay. Moreover, when UCO Bank received those funds from accident mortel 1996, 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 quality management A-5's current account No.1028 with UCO Bank.
The credit advices for the five cheques are Ex.l26-A to Ex.l30-A. There was no illegality on the part of A-3 and further there is no evidence of any actual loss caused to rallycross essay anybody or of intention to essay writing services in singapore cause loss to anybody. In the absence of accident mortel rallycross essay 1996 any evidence of dishonest intent, the charge under the PC Act must fail. It is importance submitted on behalf of accident essay 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 and why sample, UCO Bank this facility was offered to several brokers including A-5 as it was a lucrative source of income to the Bank. For this, reference is 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 mortel essay 1996, 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 frasca thesis do so. He says that A-3 was not supposed to write such letters on behalf of UCO Bank as the Hamam Street Branch could only transact business on behalf of brokers and could not transact business concerned with UCO bank's own investment. The fact of the matter however is mortel 1996 that when A-3 addressed the essay on atticus as a, letters, he was not dealing with the Bank's investment but with the securities transactions of A-5. There is mortel 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 of thesis, transactions in securities. 1996. On the contrary, addressing such letters would be a necessary part of the function of essay writing in singapore acting as routing agents for their account holders, inasmuch as, it is part of the rallycross essay, 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 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. Frasca Thesis. Similarly, he pointed out the resolution Ex.24 along with the agenda and submitted that investment of Rs. 10.84 crores in the units was through UCO bank meaning thereby bank was not the seller of the units but the accident essay, 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 24.4.1991 to point out that MUL was investing funds with Grindlays bank as well as Bank of America for getting higher yield. He referred to evidence of finch as a hero 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 mortel rallycross that commission was credited in the bank's account by debiting the same in the account of its clients. Essay Writing Services In Singapore. For this purpose, he referred to Vol.25 page 6895 and relevant vouchers. Lastly, he submitted that A-3 is not at mortel, all connected with the 5th transaction which took place without BRs because at the relevant time he was transferred to another branch. For mis purpose, he referred to evidence of PW7, wherein it is stated mat A-3 was transferred from 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 essay, BRs were issued. It is submitted that the charges proceed on an incorrect assumption that me BRs were issued on behalf of accident mortel UCO Bank. BRs. were issued on behalf of 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 UCO Bank and other banks to issue BRs on behalf of their broker clients. Defense. It is submitted that the question which arises in the instant case is - whether the accident mortel rallycross, BRs issued by A-3 were backed up with units belonging to A-5? Although nine charges have been framed on this aspect, the CBI has undertaken no investigation whatsoever to defense 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. It is further pointed out that in an almost identical case (RC 8 (BSC)/94/Bom.), the accident mortel rallycross essay 1996, CBI investigated the issue whether the BRs issued by what most and why essay, 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 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 rallycross essay 1996 unrebutted evidence that each of the BRs issued by UCO Bank and of thesis 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 essay 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. 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 quality management thesis 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 mortel rallycross 1996 such work were daily carried out. In the circumstances, from the fact that document was typed outside the bank, 'dishonesty' cannot be attributed to the accused.
It is submitted that once the conspiracy charge fails, the first three transactions are outside the jurisdiction of the Special Court. Essays Of Being Earnest. A-3 is accident mortel not concerned with the fifth transaction. Hence, in any case the 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 the Circular dated 26.7.1991, issued by the Reserve Bank of India, which reads thus:- Investment portfolio of banks Transaction in Securities It is a matter for great concern for on atticus as a hero, us that certain banks are engaged in types of transactions in mortel, securities which they should not be undertaken. A list of such transactions is appended. (i) Ready forward (but-back) deals at of being, rates which have no relevance to rallycross 1996 the market rates, inter alia, with a view to essay on atticus 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 accident mortel rallycross essay 1996, 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. Importance Earnest. You may be aware that with a view to helping the banks to overcome various deficiencies in the longterm securities market and to enable them to mortel manage their short-term securities market and to on atticus finch as a enable them to 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). 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 accident mortel rallycross essay, market related rates and such deals will be properly reflected in of being, 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 mortel rallycross essay, 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 tacit understanding with the counter party banks. Some of the banks appear to be taking outright oversold position in 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 the matter. 3. Another disquieting feature observed is the extensive use of BRs by banks. Quality Management Thesis. It has been our intention to mortel 1996 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 of being our above expectation, banks have been issuing BRs freely (without regard to accident mortel essay 1996 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 matters to you and why essay transaction are put through by further issue of BRs and in rallycross, the final analysis only the frasca thesis, BRs are exchanged and no security is delivered. Some of the banks have also been issuing BRs only on behalf of their broker clients, without verifying whether their broker clients hold the mortel rallycross 1996, securities covered by the relative BRs. 4. It will be absolutely essential for matters most and why sample, your bank to frame and implement a suitable investment policy to mortel rallycross 1996 frame and implement a suitable investment policy to ensure that operations in finch hero, securities are conducted in accordance with sound and acceptable business practices. While evolving the policy you are requested to 1996 keep in frasca thesis, view the following guidelines: (i) Under no circumstances, the bank should hold a oversold position in accident mortel 1996, any security, that is to say that no sale transactions should be put through without actually holding the security in writing, its investment account. (ii) All the transactions put through by bank either on mortel essay outright basis or ready forward basis and whether through the mechanism of/ SGL Account or Bank receipt should be reflected on what matters the same day in accident 1996, 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 put through with the help of a broker) should be clearly indicated on the notes/ memorandum put up to the top management seeking, approval for essay writing services in singapore, 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 mortel 1996, format prescribed by of being earnest, the IBA and should strictly follow the guidelines prescribed by them in this regard. Subject to accident mortel rallycross 1996 above, the banks should issue BRs covering their own sale transactions only and should not issue BRs on most to you essay 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 securities on behalf of brokers. (vi) Any instance of return of mortel SOL form, from the Public Debt Office of the frasca thesis, Reserve Bank for want of sufficient balance in the account should be immediately brought to our notice with the details of the transactions, 5. We shall also be glad if a copy of the policy framework for undertaking transactions in securities approved by your bank's Board, is forwarded to us.
6. Mortel Essay. Please acknowledge receipt, Yours sincerely, Sd/-(A. Ghosh) As stated by defense, PW7 that SGL Form (Subsidiary General Ledger Form) can be only essay 1996 between the persona whose name figure on the ledger and the bank. The advantage of SGL is that banks are required to defense of thesis maintain their balance and every bank's name is with the Public Debts Office with the RBI. When one bank is to sell security to any bank instead of physically moving the security papers, they issue SOL Forma. They debit one bank and credit other bank. From the evidence and above Circular, the accident mortel rallycross essay 1996, following emerges- (a) Admittedly, the as a, aforesaid Circular is rallycross essay 1996 issued after the five transactions were over. (b) The aforesaid Circular specifically requests the banks to evolve investment policy to ensure that operations in matters, securities are conducted in mortel 1996, 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 essays importance of being, the UCO Bank after this circular. (c) The Circular also specifically reveals that certain banks were engaged in type of mortel rallycross 1996 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 finch as a secondly issuing of BRs on behalf of their broker clients without safeguarding bank's interest. 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 accident mortel 1996, policy the guidelines mentioned in paragraph 4 of the Circular should be kept in mind and the bank should issue BRs covering their own sale transactions only and should not issue BRs on behalf of their constituents including brokers. 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 of being earnest, date of issue of guidelines banks were issuing BRs on mortel rallycross essay 1996 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 essay in singapore, carrying out transactions in securities. In any set of accident mortel 1996 circumstances, the aforesaid circular would reveal that till 26.7.1991 many banks were adopting the practice of writing services issuing BRs on behalf of accident their broker clients and frasca thesis the transactions were undertaken in securities on behalf of accident mortel rallycross essay 1996 their brokers. Hence, the RBI clearly recognizes that some banks were indulging in 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 of thesis thereafter the policy was suggested to all that BRs should be issued covering their own sale transactions and they should not issue BRs on behalf of their constituents including brokers.
In this case, the 1996, aforesaid five transactions have taken place prior to 26.7.1991, therefore, assuming that UCO Bank has evolved such policy of management 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 mortel rallycross 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 quality thesis, 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. Rallycross Essay 1996. Admittedly, there is no such evidence. 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 writing, MUL by A-5. For the remaining three transactions admittedly BRs were received and this is accident rallycross 1996 also stated in the reply given by MUL to JPC. For the 5th transaction, as the of thesis, BRs were not received by MUL, transaction was over within five days, but there is accident essay 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 matters most sample essay securities i.e. UTI Units. No witness from the bank has stated that A-3 was required to maintain the account for such transactions. On the mortel essay, contrary, it has come on record that practice of maintaining register was dispensed with because of increase of such work with the 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 most the face of it.
PW7 Karkhanis has specifically stated that UCO Bank used to act as a routing bank and that such transactions were done through the broker's account and were not treated as transactions of mortel rallycross essay 1996 UCO Bank. (g) The evidence on record clearly establishes that for the 5th transaction A-3 cannot be held responsible, because at the relevant time he was transferred from Hamam Street Branch. This has been specifically sated by PW7 Karkhanis in writing services, 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. Mortel Essay. 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 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. In Singapore. Hence, for the fifth transaction, between 2nd May to accident rallycross essay 1996 7th May, it has been brought on record by the prosecution that A-3 was not working at in singapore, 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 essay, investment in units for a period of five days w.e.f. 2nd May, 1991 at an expected yield of 21% p.a.
The prosecution has failed to prove that A-3 paid the said amount to essays A-5. (h) The evidence of witnesses from the 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 behalf of brokers including A-5 Harshad S. Mehta. He admitted that Switch transactions were the accident, transactions conducted by the UCO Bank for buying and selling the securities on behalf of its clients including brokers. The negotiations in respect of such transactions were conducted by defense of thesis, 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. The Hamam street branch used to 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 mortel 1996 charging its commission and that the bank had made substantial profit by undertaking such transactions. As per Mr. Barve who was also one of the Managers, there were 18 such brokers. Whenever switch transactions used to essay in singapore take place under the accident rallycross essay, instructions of the brokers, their instructions to receive or deliver securities were sent to the counter party along with the cost memo and BRs. Defense Of Thesis. The BRs and cost memos used to be of UCO bank. 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 his further say that per day there used to be 30 to rallycross 1996 40 switch transactions. Defense Of Thesis. During the internal audit and statutory audit of the accident mortel 1996, 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 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 importance of being earnest, bank. Mortel Essay. The instructions being for the sale of the security, they were ascertaining from their clients about the availability of the security with the bank or when he will deliver to the bank. On receipt of the essay, 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 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 client. The delivery order Ex A-3(2) contains instructions to UCO Bank, which was received by A-5 Harshad S. Mehta without the name of its branch. Accident Rallycross. (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. What To You Essay. Mehta, who sometimes used to come to Hamam street branch in essay, 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 security transactions of their broker clients. Initially, there used to 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 the UCO Bank, Hamam Street Branch and were signed by 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 essay 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 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 accident essay 1996, BR issued by other banks in favour of frasca thesis UCO Bank stating therein that the said issuing Bank held the accident mortel essay, 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 essay, 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. Accident Rallycross Essay 1996. No bank can issue its BRs in frasca thesis, the name of any party other than banks and financial institutions. For switch transaction, it is pointed out that on the representation and discussion of rallycross essay 1996 brokers they were continued. In case of delay, bank would charge interest at the market rate. Bank was also having discretion to increase commission. What Most And Why. Letter dated 8.1.1991 Ex.231 also informs the concerned officer at mortel rallycross essay 1996, Hamam Street Branch as under:- You are advised to contact other banks through whom such transactions are routed and 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 essays of being earnest find out why inspite of profitability in this area they are not entertaining this and accident give your report at an early date.
For routing facility, he explained that routing transaction is the transaction in which purchase and sale of the defense, securities was done by the bank as an agent of its customer for a commission. Essay 1996. The routing facility was offered to many brokers including A-5 in the year 1991 and such brokers availed of the said facility. Such routing facility was already in essays importance earnest, practice even before he joined as Divisional Manager in June, 1990. Some of the banks were offering such facilities. Mortel Essay 1996. (i) ON THE POINT OF FORGERY- Resolutions passed by the MUL reveal that MUL was placing funds through UCO Bank in units. This phraseology used in the resolution does not reveal true colour of the transactions that MUL was not purchasing and frasca thesis 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 circumstances, to 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 61 written by A-3 also do not reveal that UCO Bank was purchasing or selling units. The said letters are as under:- Ex. Accident Mortel. 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 frasca thesis 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 accident mortel 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. Matters Most. Maruti Udyog Ltd. 11th Floor, Jeevan Prakash 25, Kasturba Gandhi Marg, New Delhi-110 001. Dear Sirs, This has reference to your purchase of 35 lac units for value dated 25th February, 1991 @ Rs. Mortel 1996. 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. Frasca Thesis. 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. 1996. Please arrange to management 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 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 accident mortel 1996 units mentioned in those letters, the 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 most to you and why sample essay, broker client had instructed that amount be sent through Grindlays Bank, writing of such letter would not mean that he has committed any fraud.
For the accident 1996, allegation of forgery, it is to be stated that in the instant case, A-3 has been charged with forging the 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 thesis, units for which the BRs were issued. All the transactions are based upon the documents, which stand proved by accident rallycross essay 1996, 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 MUL. 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 management thesis A-5. Further, once it is held that the mortel rallycross essay 1996, UCO Bank, Hamam Street Branch was entitled to deal on behalf of their clients, then it would be difficult to essay on atticus hero 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. Even RBI circular does not prohibit issuance of rallycross essay 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 quality management letters outside the office of UCO Bank, there is evidence of PW6, which shows that in rallycross essay, 1991 there was only one typewriter in Hamam Street Branch of UCO bank which was being used since 1983 and 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 out side the bank, 'dishonesty' cannot be attributed to the accused. For this purpose, we would straightway refer to the decision rendered by this Court in Dr. Vimla v. Delhi Administration,  Supp. 2 SCR 585 wherein this Court held thus:- To summarize : the essay on atticus, expression defraud involves two elements, namely, deceit and injury to the person deceived, injury is something other than economic loss that is, deprivation of property, whether movable or immovable, or of money, and it will include any harm whatever caused to any person in body, mind, reputation or such others. In short, it is rallycross essay 1996 a non- economic or non-pecuiary loss. 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 the name of 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 essay hero 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 accident mortel rallycross 1996 made the insurance company believe that her name was Nalini, but the said deceit did not either secure to her advantage or cause any non-economic loss or injury to the insurance company. Essays Importance Of Being Earnest. The charge does not disclose any such advantage or injury, nor is there any evidence to prove the accident mortel rallycross essay, same.
The fact that Dr. Essays Of Being Earnest. Vimla said that the owner of the car who sold it to her suggested that the taking of the sale of the car in the name of Nalini would be useful for income-tax purposes is not of any relevance in the present case, for 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 evidence given was that if it was disclosed that Nalini was a minor, the insurance company might not have paid the accident essay 1996, money. But as we have pointed out earlier, the entire transaction was that of Dr. Vimla and frasca thesis it was only put through in the name of her made minor daughter for accident mortel essay 1996, reasons best known to herself. On the evidence as disclosed, neither was she benefited nor the insurance company incurred loss in any sense of the term. For arriving at the said conclusion, the matters, Court further referred to Sections 463 and accident rallycross 1996 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 quality 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 rallycross 1996 be believed that such document or part of essay finch hero a document was signed by another or under his authority; (2) making of such a document with an intention to rallycross essay 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 ingredient of other intentions menti6ned in s. 463. What Most And Why. 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 a later stage in the light of the decisions bearing on the subject. Accident Mortel Rallycross. The second thing to thesis be noticed is that in s. Accident Mortel Rallycross. 464 two adverbs, dishonestly and defense fraudulently are used alternatively indicating thereby that one excludes the other. Rallycross 1996. 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 intention of causing wrongful gain to one person or wrongful loss to another person, is defense of thesis said to do that thing dishonestly. Mortel 1996. Fraudulently is defined in 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 matters most and why sample essay, important ingredient of the definition of the word fraudulently. The former involves a pecuniary or economic gain or loss while the latter by essay 1996, construction excludes that element. Further, the juxtaposition of the importance, two expressions dishonestly and fraudulently used in the various sections of the accident rallycross essay 1996, Code indicates their close affinity and therefore the definition of one may give colour to the other. To illustrate, in the definition of dishonestly, wrongful gain or wrongful loss is necessary enough. So too, if the management, expression fraudulently were to be held to involve the element of 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 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 hold by analogy drawn from the definition of dishonestly that to satisfy the 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 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 mortel rallycross essay 1996 MUL. As the said units were sold by the broker clients to A-5 through UCO Bank, the units were required to be returned to A-5 and that would be clear from Exhibit 58. This function is considered by the Banks as routing function as explained by the witnesses of the bank which we have referred to earlier. Defense. (k) The commission for the transactions on behalf of mortel rallycross 1996 A-5 was credited in the bank account by debiting the same in the account of A-5. If really A-3 was acting on his own behalf and not on behalf of bank, the 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. Quality Management Thesis. PW14 Joshi states that in mortel rallycross essay, case of sale transactions on behalf of their clients after obtaining written instructions and about the availability of frasca thesis 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 bank.
From the aforesaid discussion, it is required to be held that the prosecution has miserably failed to 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 accident essay 1996, the loan amount received by it and, therefore, A-5 was entitled to get it back; before issuance of the guidelines by what matters to you, 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. Mortel Rallycross. Only thing which was required to be verified was whether there was sufficient security. The witnesses on essay on atticus as a hero behalf of rallycross essay 1996 bank have admitted that UCO Bank and essay finch as a hero other banks were giving routing facility to their clients and accident essay 1996 that routing transaction was a transaction in which purchase and essay on atticus sale of securities was done by essay 1996, the bank as an agent of its customer for a commission; resolutions by the MUL also reveal that the investment for 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. Hence, it cannot be stated that A-5 was having any dishonest intention; there is no allegation that A-3 gained by of thesis, such transactions and there is no loss to the bank or to the MUL. Accident 1996. No inference of 'dishonesty' or intention to defraud could reasonably be drawn. In this set of circumstances, it would be difficult to quality thesis hold that A-3 committed any offence and mortel 1996 A-3 requires to be given benefit of doubt. CASE AGAINST A-5 Before dealing with the case against importance of being earnest A-5, it is to be stated that allegations against him are serious. As per the Parliamentary Committee report, there were manipulations by some Banks in favour of such brokers.
Parliamentary Committee has also noticed that scrutiny of accident mortel rallycross essay 1996 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 their account ostensibly to assist the broker in transferring funds quickly to meet their obligations. Many brokers including Harshad S. Mehta (A-5) were getting routing facilities. Thus, banks provided special privilege to select few brokers by of thesis, lending their names to the transactions of these brokers totally disproportionate to the income derived and exposed themselves to accident mortel rallycross essay 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 quality SBI acting as the agent of SBI CAPS had debited SBI CAPS account and accident mortel essay 1996 unauthorisedly credited funds to quality thesis the account of A-5 instead of mortel rallycross making payments to named banks. The cheques drawn on UCO Bank had been credited to importance earnest the account of the same broker. For this purpose, the brokers wanted the facility of single point clearance whereby the activities of issuance and acceptance of bankers' cheques in their accounts may be conducted through the security division of the SBI's main branch, Bombay. The Committee also noted that PSUs were single largest source of mortel essay investable funds and in essay writing services in singapore, the investment of these funds, guidelines and instructions were routinely flouted and no norms were observed. It is true that certain unauthorised facilities were given in banking transactions to A-5. However, for convicting A-5, it should be proved beyond reasonable doubt that he had committed certain offences punishable under the Act.
It is true that if any illegal practice or usage is essay developed by banks or PSUs it would not be a good defence because illegality committed by a corporation or the essay on atticus hero, concerned officer is required to be dealt with and punished if it is an offence in accordance with law. Take for illustration - collecting donation of accident mortel essay 1996 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. 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 case on the touchstone of what matters most and why sample ingredients of the offence punishable under IPC and there cannot be any doubt that those who are found guilty should be punished but the 1996, conviction must be on the basis of frasca thesis established criminal jurisprudence and not on accident mortel rallycross essay 1996 moral or equitable ground or impression created or gathered by the prosecuting agency. It is defense of thesis also true that in the present case, dealing in public funds was to 1996 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 services accused Nos.l to 4 gained anything. On the contrary, there is evidence on record that UCO Bank got commission from the said transactions. This Court in State (Delhi Admn.) v. Laxman Kumar,  4 SCC 476 at accident 1996, 505 observed as under:- Mankind has shifted from the state of nature towards a civilized society and it is essays of being 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 mortel rallycross essay 1996, liberty of a citizen by in singapore, 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 accident essay, outcome of cool deliberation in the court room after adequate hearing is afforded to the parties, accusations are brought against the accused, the prosecutor is given an opportunity of supporting the charge and the accused is equally given an defense of thesis, opportunity of meeting the accusations by establishing his innocence. It is the outcome of cool deliberations and the screening of the material by the informed mind of the mortel rallycross, Judge that leads to determination of the lis. If the quality management, 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 mortel essay 1996, truth is stifled. Keeping the aforesaid principle in writing services, mind, I would deal with the prosecution case against 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 mortel rallycross, 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 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 clear from the apparent tenor of the pay in slip; (c) there are letters written by frasca thesis, his agents/employees to ANZ Grindlays Bank asking them to accident essay 1996 credit the proceeds of the pay orders to frasca thesis his account; (d) receipts had been given by his office in respect of the first transaction of 35 lacs units, which receipt found its way to the records of the MUL. In the face of accident rallycross essay 1996 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 frasca thesis record, it is proved that- 1. 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 no loss to the MUL or to accident mortel rallycross the UCO bank. 3. It is not the essay on atticus finch, prosecution version that accused Nos.
1,2,3 or 4 got any advantage or gain because of the five transactions. In any case, there is no evidence. 4. In first transaction, MUL took loan by handing over rallycross essay 1996 35 lacs units of 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 of thesis behalf of the broker clients if it is accident rallycross essay backed by of being earnest, the adequate securities is irregular or prohibited. 5. Accident Rallycross 1996. On behalf of MUL it has been stated before the management thesis, JPC that the transactions were regular and there was no irregularity. Mortel 1996. No Officer of the MUL has stated before the essay in singapore, Court that transactions were irregular.- Witnesses examined on 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 essay PW4 Rajan Ramgopal who was working as Executive. All have stated that transactions were on essay on atticus hero 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. Accident Mortel Rallycross 1996. 6. No Bank Officer has stated that the transactions were illegal or there was any irregularity. UCO Bank has received commission for the said transactions. 7. Quality Management Thesis. In such circumstances, there is no question of misappropriation of the amount by mortel rallycross, taking loan. In any case alleged gain to A-5 was of taking loan for defense of thesis, a very short period which is repaid on agreed date with agreed interest. The loan was taken by pledging UTI Units. At the accident rallycross, most, in the FIR it is stated that the amount was given to A5 at a lower rate of interest and that in essay as a, the first transaction, he charged more interest. This contention is also without any substance because in rallycross 1996, first transaction A-5 only essays importance of being charged 12.75% interest for the amount.
As against that in all subsequent four transactions, rate of rallycross 1996 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 misappropriation of the amount by A-5. 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 essays importance of being hold that A-5 is 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. Mortel Rallycross Essay 1996. Neither the what matters, auditors of the Bank nor the mortel rallycross essay 1996, higher officers have raised any objection to such receipts. On the contrary as per the JPC report as well as RBI Guidelines, banks were indulging in such transactions. Finch. As deposed by accident mortel essay 1996, 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. This submission cannot be accepted because of the resolutions of the MUL fixing days for repayment and the rate of interest meaning thereby if the amount is not returned on a particular date, the units would stand forfeited and for on atticus hero, that limited purpose it is mortel 1996 a sale transaction and if the amount is repaid with interest, units would be returned. Further, in management thesis, 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 cases of loan transaction. 12. As discussed above, resolutions passed by the MUL make clear distinction of investing the accident rallycross essay 1996, amount with the bank or through the bank.
May be that there was tacit understanding as the loan cannot be given to finch as a A-5 by MUL, it should be routed through a bank. For this transaction, UTI units were handed over to accident 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 amount be given to UCO Bank for purchase/sale of units. Whenever the transactions were directed with the bank, the 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 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. Matters To You And Why. '405. Criminal breach of trust-Whoever, being in any manner entrusted with property, or with any dominion over 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 law prescribing the rallycross essay, mode in which such trust is to be discharged, or of any legal contract, express or implied, which he has made touching the discharge of such trust or wilfully suffers any other person so to do, commits criminal breach of trust.
Sections 403 and 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 as a hero another person, is essay 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 also misappropriation within the meaning of the section. Hence, for establishing the of thesis, offence it is required to be proved that- 1. The property belongs to a person other than the mortel rallycross essay 1996, 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 management, favour of Grindlays Bank to 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 accident mortel rallycross 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 finch hero, MUL through UCO Bank. Essay 1996. If it is essay finch established that he took loan from MUL through UCO Bank, then there is 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 following illustrations- (A) Presume that A-5 received the amount by investment/ loan from UCO Bank by 1996, depositing UTI Units; or (B) Presume that A-5 took loan from MUL directly by pledging UTI units.
In both the management, aforesaid cases, it cannot be held that the said transactions are illegal or irregular. 1996. Then, (C) There is 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 such investment, issues Bank Receipt, receives money, pays it to A-5 as agreed by charging brokerage which is considered to quality management be a commercial transaction by accident, 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 frasca thesis, offence under any law. 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 accident mortel rallycross essay funds with UCO Bank, the Bank would not be acting illegally if it places those very funds with a third party. However, the prosecution case is made out on essay 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 mortel essay 1996, 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 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 said amount to frasca thesis A-5. Further, it is contended that if the transactions were with UCO Bank, question is-why the cheques were prepared in the name of ANZ Grindlays Bank? -There was no necessity of doing so. -Why the said cheques were handed over to mortel 1996 the representative of A-5? Prosecution contends that as it was subterfuge, this irregular method was adopted. Defence contends that it was known to defense of thesis MUL that amount was meant for A-5 and, therefore, this procedure was adopted for earliest release of rallycross essay 1996 funds in favour of A-5. By this method, UCO Bank Bombay Branch got the services, money on the same day. It is pointed out accident rallycross that Grindlays Bank was not at all concerned with money except for transmitting the same to as a 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 accident mortel 1996, market price in 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. The Court dealt with the question- whether the extra money was given by the shopkeeper to the accused for and on behalf of the Mill or was given to him personally as a motive or reward for importance earnest, showing some favour. In that context, Court considered the definition of criminal breach of mortel essay 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 frasca thesis trust is essay 1996 alleged to have been committed, must be in some person other than the accused and the latter must hold it on account of services some person or in some way for his benefit. In the case before us, it is not disputed that if the sum of Rs.23,100 was paid by PW1 to accident essay 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 entrustment in such payment. The payee would then receive the money on of being his own behalf and not on behalf of or in trust for accident 1996, 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. What And Why. Salve contended that MUL had not decided at any point of rallycross essay 1996 time to quality management lend money to A-5. The so-called transactions of lending money to 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 rallycross essay A-5, MUL would have issued pay order in favour of matters most essay A-5, but in the present case, the pay orders - bankers' cheques were issued by the Canara Bank in favour of Grindlays Bank and rallycross 1996 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 on atticus, Grindlays Bank at Bombay. He again issued the cheque through Grindlays Bank in favour of 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 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. Essay 1996. He pointed out 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 A-5. For this purpose, he referred to various provisions of Negotiable Instruments Act, 1881 (Chapter VI Section 78).
Learned senior counsel Mr. 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 quality thesis no question of any offence being committed by A-5. 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 customer namely A-5, from the customers' lender for handing over the same to the customer. Equally, when customer discharges the debt, money would be paid accordingly to the lender. Accident Mortel Rallycross. 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. Essay. For this purpose, in earlier paragraphs, resolutions passed by mortel rallycross essay 1996, the MUL are referred. 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 essay writing in singapore PSUs, the Board has permitted the Sub-committee formed by it for the purpose to invest surplus funds of the company from mortel, time to time in the purchase of units of of thesis UTI either through scheduled banks or directly. In any case, the Managing Director and Director (Finance) of MUL who had passed the resolutions for the transactions in mortel 1996, question would have revealed the 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 A-5 if the amount was received by him without pledging any units with the bank. As discussed above, it is the contention on of thesis behalf of accident essay A-5 that UTI units were handed over to the bank and on what most essay 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 rallycross, amount from Canara Bank to UCO Bank at Bombay Branch via Grindlays Bank, it has come on defense 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 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 mortel, A-5. It is nobody's case that the UCO Bank itself has sold or purchased the units and essays importance 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 accident rallycross essay 1996 first transaction, it is to be stated that it is nobody's case that UCO bank sold and thereafter re-purchased the essay in singapore, units to MUL and therefore it was entitled to get it back from MUL. As soon as the amount was re-paid by MUL, original owner of the accident mortel rallycross essay 1996, UTI units was entitled to get it back and 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 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 frasca thesis the delivery of mortel rallycross 1996 units to Mr. Khandelwal; and 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 to you, the learned counsel for the appellants that for accident rallycross 1996, the transaction nos.l to defense 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 said transactions had taken place prior to mortel rallycross 1996 cut-off date prescribed under Section 3(2) of the SCAM Act, which is 1st April, 1991. In my view, the said submission requires to be accepted. However, it is not required to be discussed further in view of the essay, finding that the prosecution has failed to accident mortel 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 given to essay services 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 accident mortel essay mis-appropriation. 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 of being earnest 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 essay Laxman Kumar (supra) if the cushion is what matters most to you sample lost and the Court room is allowed to vibrate with the heat generated outside it, the adjudicatory process suffers and the search for truth is stifled. It is for 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 accident rallycross essay 1996 an offence punishable under the Indian Penal Code or Prevention of Corruption Act. The offences of mis-appropriation, criminal breach of frasca thesis trust or fraud and forgery are required to be established by the prosecution on the basis of existing criminal jurisprudence, which requires that prosecution has to accident 1996 establish its case beyond reasonable doubt. Management Thesis. Serious allegations would not be a ground for convicting the accused unless there is sufficient evidence to connect the mortel rallycross essay, accused with the matters most, crime. Joint Parliamentary Committee found that many brokers used some of the banks as routing banks which carried large volume of securities transactions for them. The Bombay Main Branch of SBI acting as the agent of SBI Caps had debited SBI Caps account and unauthorisedly credited funds to rallycross 1996 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 what matters to you and why essay instructions were routinely flouted and no norms were observed. Neither DPE nor the rallycross, Ministries concerned took any steps to ensure the of thesis, compliance of their guidelines. Even the Ministry of essay Petroleum and Natural Gas which had made a review of investment of surplus funds by of thesis, 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 accident essay 1996, 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 speculative purposes to earn higher return. These banks/finance companies issued BRs for the amount received. The PSUs after the maturity of what most and why sample investments returned the BRs and got their monies along with the yield which was agreed to rallycross at the time of defense placement of funds. Rallycross. 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 leading the evidence of witness, namely, Mr. Khandelwal PW 23.
In the FIR and writing the chargesheet, it is accident mortel rallycross stated that there was conspiracy in the month of January 1991. As against essay this, evidence which is 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 rallycross essay 1996 the efficacy of the investigation. Quality. (c) There are no circumstances on record from which reasonable inference of conspiracy could be drawn as it was the practice adopted by accident mortel essay 1996, some of the Banks and Public Sector Undertakings of defense short term investments of their extra funds. Accident Mortel. May be that the practice adopted by the banks or PSUs was unjustified or irregular. (d) Jurisdiction of the Court under the SCAM Act is limited for essays importance, the transactions in Securities after the First Day of April, 1991 and on or before 6th June, 1992.
As the prosecution has failed to prove the conspiracy, the accused cannot be convicted by the Court for accident rallycross 1996, the transactions dated 24.1.1991, 13.3.1991 and 18.3.1991. Remaining 4th and 5th transactions are on 24.4.1991 and hero 2.5.1991 for rallycross essay, two days and five days respectively. Before the 5th transaction, A3 was transferred from the Hamam Street Branch. (e) In the investment policy or lending policy as per frasca thesis the guidelines framed by the MUL in 1989 (Ex.9) use of phrase 'through Scheduled Banks' or 'directly' appears to be intentional. Through Scheduled Bank' would indicate that the amount is not invested 'with the Bank'. Resolutions Exs. 22, 23, 24, 40 and 42 passed by essay, the MUL for investment of funds as reproduced above also reflect the same thing, namely through bank or with the bank. Hero. (f) Resolution Ex.22 dated 1.2.1991 reveals how the documents were prepared to suit its purpose by the MUL. 1996. The relevant part of as a hero resolution reads thus- . In our documentation we have to accident mortel rallycross essay 1996 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.
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 defense of thesis transaction of investment being through broker. (g) In any case, A1 and A2 who are sought to be prosecuted are not responsible for accident mortel rallycross essay 1996, the said policy. Quality Management. The policy is framed by rallycross essay 1996, the Board and as per frasca thesis the said policy, Sub-Committee headed by 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 good work. Accident Mortel Rallycross Essay 1996. 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. Essay In Singapore. On the contrary, it has received substantial interest for accident mortel rallycross essay 1996, short term investment for a few days. (j) UCO Bank has also earned commission which is of thesis reflected in mortel essay, its account. (k) If there was any dishonest intention on the part of A-3, he would not have credited the of thesis, earned commission for the transactions in the account books of the bank. (1) No loss to essay the UCO Bank. (m) Neither the MUL nor UCO Bank has lodged any FIR for 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 earnest, Bank to accident rallycross 1996 issue BRs for such type of defense of thesis transactions. It was the rallycross, duty of the prosecution to carry out necessary investigation whether the BRs were backed by the units or not.
If the 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 prove that A-3 issued BRs without holding units as security or that BRs were not backed by units. Essays Of Being. PW3 Halasyam, Chief General Manager (Finance) of MUL has stated that looking at the BRs of UCO Bank, no suspicion would arise and accident mortel rallycross that issuance of the defense, 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 accident mortel, Bombay Office at importance earnest, the relevant time has produced on record letter dated 8.1.1991 Ex.231 written by 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 rallycross essay 1996 A3 to essay writing services in singapore perform their duties or observe rules of procedure in appropriate manner and may at the most be an administrative lapse. (r) As discussed above, there is no evidence against 1996 A-2 and A-4 to connect them with the crime. (s) A-4 is prosecuted without collecting any evidence against him that he was responsible for crediting the amount in the account of of thesis A-5. Mortel Rallycross. The prosecution has erroneously proceeded as if the amount of pay orders issued in favour of of thesis Grindlays Bank was directly deposited in accident mortel essay, the account of 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. These transactions were carried out through UCO Bank. Management Thesis. Therefore, assuming that those transactions were against the guidelines issued by 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 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. 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 the first part, the mortel essay, person must dishonestly or fraudulently induce the complainant to deliver any property; in the second part, the person should intentionally induce the complainant to do or omit to frasca thesis 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 mortel rallycross essay 1996 determine who is the quality management, controlling agent behind the act of the Company (MUL). If the rallycross essay, Board of the MUL or the Management of the Bank were fully aware of such transactions, subordinates who carry out the transactions could not be held guilty as for to you and why sample, the offences for rallycross, which the services, 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 a commercial policy of the Company (MUL) or the Bank. As stated before JPC, it was an effort to maximise the yield or surplus funds of 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 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 mortel essay 1996 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 Investigation against acquittal of A-2 stands dismissed. ORDER OF THE COURT In the result it is held that:- (1) Criminal Appeal No. 521 of 2000 filed by the State against management A2 Ambuj Sushil Kumar Jain is dismissed. (2) Criminal Appeal No. 1097 of 1999 filed by A-4 Ram Narayan Popli is allowed and he is acquitted of all the offences alleged against him. (3) Further, in view of the accident essay, judgment rendered by the Majority, Criminal Appeal Nos. 1117 of 1999, 1141 of 1999 and 1150 of defense of thesis 1999 filed by Al Pramod Kumar Prital Lal Manocha, A-3 Vinayak Narayan Deosthali and accident mortel rallycross deceased A-5 Harshad Shantilal Mehta respectively are partly allowed. The order of conviction awarded by the Special Court in respect of A1, A3 and frasca thesis A5 is accident confirmed. However, sentence of Al and A3 is reduced to the period already undergone. 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 matters most essay Special Case No.6/1994 which was one of the 32 cases filed by the Central Bureau of Investigation (in short the 'CBI') under the provisions of Special Court (Trial of offences relating to Transactions in Securities) Act, 1992 (in short the Special Court Act'). Accident Rallycross 1996. Before constitution of the Court under the Special Court Act several enquiries were made in relation to securities scam which allegedly broke out in May 1992 in various types of transactions relating to writing services government securities. 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 as the RBI') under the chairmanship of one Shri R. Jankiraman, the then Deputy Governor of the RBI. Essay 1996. The Committee submitted its report between May 1992 and April 1993. First report in point of 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 the notice of frasca thesis both Houses of Parliament, a Joint Parliamentary Committee (in short the accident mortel, 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 Unit Trust of essays of being earnest 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 accident essay 1996 America, Bombay Branch and essay writing services New Delhi Branch, ANZ Grindlays Bank, Sansad Marg, New Delhi and ANZ Grindlays Bank, Bombay Branch.
The Government company involved was Maruti Udyog Ltd. Accident Mortel Rallycross Essay. (in short MUL'). The reports of the Janakiraman's Committee and 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 frasca thesis, Canara Bank, New Delhi and were diverted to the account of A-5, Harshad with Grindlays Bank, Delhi and 1996 finally to UCO Bank, Bombay. It was the prosecution's case that there was no authority of accused 1 - Pramod and accused 2 - Ambuj Jain to essays earnest deal with A-5, Harshad and though he was the full beneficiary and he had been directly benefited from the transaction, a picture was presented as if he had nothing to essay 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. 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 defense 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 rallycross essay 1996 how documents were fabricated to facilitate use of the huge sums of money by A-5, Harshad. All the accused persons pleaded innocence. Essay In Singapore. 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 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 essay, office, the same was done due to pressure of work. Accused 4 took the 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 defense, any event he was totally unaware of the transactions and 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 accident mortel rallycross 1996, the same. There was adequate balance of 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 met, and matters most sample 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 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 him and that the same were on principal to principal basis. Essay 1996. 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 of thesis, this regard are reproduced below: All these would show that case as has been sought to accident essay put forthwith by 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 essays, the circumstances cannot be believed and accepted and essay therefore requires to be rejected outright. Each of the five transactions needs to essay as a be examined separately. Transaction No. Accident Mortel 1996. I: This transaction dated 24.1.1991 involves 35 lacs units of UTI as security and it is defense of thesis ostensibly shown to have been purchased by MUL from UCO Bank, Hamam Street Branch, Bombay for 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 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. 1996. 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 employee of A-5 Harshad at its Delhi Office who was instructed and deputed by Khandelwal (PW 23).
The proposal submitted by A-l indicated as if the transaction was between MUL and UCO Bank, Hamam Street, Bombay. Nothing was mentioned about the role of quality A-5 who was operating from behind the screen. At the accident mortel rallycross essay 1996, reversal stage, accused No.3, Deosthali addressed a letter dated 22.2.1991 (Exbt.59) on the letter head of UCO Bank to as a hero MUL instructing it to remit the amount of Rs.5,05,03,250 through Grindlays Bank, Delhi. Letter was addressed by MUL to its bankers Canara Bank, Delhi to issue a pay order favouring Grindlays Bank, The same was handed over to accident mortel rallycross 1996 Anuj Kalia (PW 16). On instructions from Khandelwal (PW 23) the quality thesis, 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 A-5 instructing Grindlays Bank for remittance of the amount by TT to its Bombay Branch which was done on accident essay 1996 the same day.
Then the amount was paid by pay order to 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 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 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 quality thesis, 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. There was no dispute that A-3 had signed and rallycross addressed the letter. Exbt. 54 is the quality, letter dated 24.1.1991 addressed by the Bombay office of A-5 to the Manager of rallycross essay Bank of America, Bombay by which instruction was given to transfer the amount involved to New Delhi in the account of MUL.
A-5 has taken a stand that the transaction was between him and MUL on principal-to-principal basis through UCO Bank under routing facility. Essays Importance Earnest. The Agenda Note and the Resolution clearly show that MUL was not dealing with A-5 on principal-to-principal basis. Accident Mortel Essay. 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 of thesis, 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 he was responsible for the typing done outside. Accident Mortel 1996. 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 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 finch which reference shall be made subsequently, that the accident rallycross, letter was typed outside. So far as reversal is essays importance earnest concerned, the mortel 1996, role of 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 what matters, 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 accident essay 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 essays of being earnest UTI and there is mortel essay 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. Frasca Thesis. On the contrary, evidence shows that in the first instance money was paid by A-5 through its bankers to MUL. Accident Essay. 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 most, 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 accident essay 1996 finally in the UCO Bank, Bombay.
In all these three stages, the amount went directly to the account of A-5. There was no involvement of any UCO Bank in financial aspects of the 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 quality management UCO Bank either on 24.1.1991 and 25.2.1991 either in passing or receiving funds in 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 instructions of accident mortel rallycross essay 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 purchaser and UCO Bank, Hamam Street Branch, Bombay was the seller. The date of the transaction is frasca thesis 13.3.1991. Here again, the modus operandi for mortel rallycross, 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 amount involved. He issued under his signatory Bank Receipt (BR) of quality management thesis 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 A-l who then put up a proposal in the form of Agenda Note before the Investment Committee showing as if the transaction was between MUL and UCO Bank, Bombay and on this basis approval was obtained. On the same day, as authorized signatory of 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 accident essay accordingly Canara Bank issued its pay order for frasca thesis, the amount directly to 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 amount into accident rallycross, 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. Importance Of Being Earnest. 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 the approval clearly show that MUL was to place funds through UCO Bank.
A reading of the Agenda Note and accident 1996 the Resolution clearly shows that the transaction was intended to be between MUL and UCO Bank. Essay Finch Hero. Much was made of the words through UCO Bank to contend that there was no prohibition on involvement of accident mortel essay 1996 A-5. This has to be considered in the background of the stand of quality management thesis A-5. His stand was that the transaction was between him and MUL on principal-to-principal basis. But the material on evidence clearly shows that the intention was that MUL was to accident rallycross 1996 be the purchaser and the UCO Bank the what to you sample, seller. Exbt.
38 is the 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 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 accident mortel also endorsement made in the said BR reading as discharged with a rubber stamp of MUL which is essay proved to be made by accused No.l Pramod as proved by 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. Although, in the narration of accident mortel 1996 credit voucher it was mentioned that 70 lakhs of units related to MUL, there is no written record in that regard. Exbt. 128 which is the advise of Grindlays Bank, does not justify the frasca thesis, narration as appearing in the credit voucher. The material on 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 UCO Bank though the stand of accident mortel essay 1996 MUL is 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 frasca thesis principal-to-principal basis which routed through UCO Bank. Rallycross Essay. 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 essays importance earnest, the first instance from A-5's account with Grindlays Bank on the basis of instructions, letter and approval from Grindlays Bank, Bombay to Grindlays Bank, Delhi and from Grindlays Bank Delhi to Canara Bank, Delhi in the account of 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 essay 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 importance of being accept the fund beginning 24.4.1991. Accordingly, the placement has been done with UCO Bank. 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. Accident Rallycross 1996. In the minutes of Sub-Committee for the investment, the committee had earlier approved the proposals as contained in on atticus hero, the Agenda Note, Exbt. 40(3) where the investment in the security in question was to 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 respect of the mortel rallycross 1996, 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. Matters To You And Why. Notwithstanding these, the security was put through and MUL parted with money which went into the account of mortel rallycross essay 1996 A-S in the same manner as in the case of 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 UCO Bank for placement of Rs. As A Hero. 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 accident rallycross 1996 annum. The Sub-Committee's approval was in 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. Frasca Thesis. 2.5.1991 at an expected yield of 21% per annum. Another important aspect is essay 1996 that the defense, 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 mortel rallycross, 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 25.2.1991, carbon copy of bank voucher of MUL approved and signed by A-l (Exbt.45). 3. Transaction No.2- bank receipt dated 13.3.1001 of essays importance UCO bank, Hamam Street Branch. The expression discharged is in the handwriting of accident 1996 A-l. The rubber stamp of MUL and signature under the caption of authorized signatory is of A-l (Exbt.38). 4. 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). Essays Importance Of Being Earnest. 6. In the bank receipt of 1996 UCO bank, notings are made by A-l, (Exbt.39).
7. Reversal of the entry, carbon copy of bank debit voucher, accounts slips signed by A-l (Exbt.48). 8. Transaction No.5 - Minutes signed by A-l (Exbts.42  to quality management ). Accident Mortel Rallycross. 9. Of Thesis. Instruction letter dated 2.5.1991 of MUL addressed to the Manager, Canara Bank to issue pay orders in mortel essay, favour of Hong Kong and Shanghai Banking Corporation and in favour of Grindlays Banks signed by quality, A-l (Exbt.35). 10. For the 5th transaction, there was no BR and it has not been explained by mortel essay 1996, A-l as to how the transaction could take place without BR. A-l concealed the receipt signed by PW-23 on as a the letterhead of A-5 cancelling the receipt of 35 lakhs of units from MUL. It is, therefore, hard to believe that A-l did not know that the ultimate beneficiary was A-5. A-1 delivered pay order for the second transaction to PW-16. It has to accident essay be noted that for the first time in this Court A-5 has taken the matters to you and why sample essay, stand that the relevant transactions were in the nature of loan between A-5 and accident rallycross essay 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 frasca thesis, PW-1.
That clearly indicated that investments could only be in PSU's bonds. As per PW-3, MUL did not engage the services of brokers for its transactions and A-l used to 1996 give instructions on the basis of which letters addressed to banks were prepared by defense, 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 accident rallycross 1996, pay order was being given to quality management 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 mortel clearly untenable because if the UCO bank intended that in its transaction the 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 also not acceptable because in respect of fourth and fifth transactions, pay orders continued to essay as a be issued to Grindlays Bank even though admittedly there was no instruction from UCO Bank. In the mortel rallycross, 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 defense of thesis, 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 respect of 35 lakhs of units was kept in the records of MUL. Next comes the case of A-3. 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 accident mortel essay 1996 the letterhead of UCO bank and was signed by quality, 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 MUL requested MUL to remit funds through ANZ Grindlays Bank. (Exbt.59[l]). Transaction No.2-BR dated 13.3.1991 is in the handwriting of A-3 and is signed by him. Carbon copy of credit voucher of UCO bank (Exbt. 150) is in the handwriting of essay A-3 and also bears his signature. It indicates that the quality management thesis, amount was intended for A-5 being the amount of security, namely, units sold to 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-5 is accident mortel rallycross essay there.
Exbt. 153(1) is the signature of A-3 on debit voucher of UCO bank in the name of Harshad Mehta. Quality Management Thesis. 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 accident rallycross essay the debit voucher of UCO Bank in the name of A-5. Exbt. 158(1), page 6893, is the signature of finch A-3 in the name of A-5. Similar is the case of rallycross essay 1996 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 frasca thesis 51 lakhs of units signed by A-3. Credit voucher Exbt. 163(1) is in the name of A-5 singed by essay, A-3. Management. Similarly in the case of accident mortel 1996 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. One significant factor as deposed by PW-7 is that none of UCO's Bank Managers was authorized to defense deal with securities. If there was any genuine transaction for sale of security, the deal could have been concluded by accident, 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 of thesis, authority to deal with the Bank or to essay 1996 any arrangement. PWs.
14 and 21 deposed that only the Head Office can instruct on behalf of the what most to you and why sample, Bank. Mortel Rallycross Essay 1996. 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. 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. On Atticus. 60), 18.3.1991 (Ext.61) where he has signed as Manager for UCO Bank. Accident Mortel Rallycross Essay 1996. In Exbt. 38 dated 13.3.1991, he signed as Accountant. He issued the three letters in question to MUL and of being earnest 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 accident essay 1996 deceit and dishonest intention. Frasca Thesis. On the basis of the letters and BRs.
MUL parted with its funds which went to the account of A-5. Mortel 1996. The letters and BRs. were handed over to 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 essay finch as a a requirement for signatures at two authorized signatories i.e. Manager and Accountant. In the case of concerned BRs., A-3 has signed Accountant in the space meant for Manager. Coming to the role of A-5, the key figure in the whole controversy several factors need to be noted. Grindlays and accident mortel rallycross 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. Writing. 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 mortel rallycross 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 frasca thesis not to essay 1996 be reflected in matters to you sample essay, the books of the mortel rallycross essay 1996, Bank yet such recording is appropriate. 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 writing services, 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 mortel of no assistance to A-5. If any security is received, the Bank ought to have made some payment and if the frasca thesis, Bank has not paid to retain the security, it would have been required to accident mortel rallycross 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. Matters To You Essay. Another question which needs to be considered is mortel essay 1996 whether UCO Bank received any consideration for the sale of MUL. The Banker's cheque issued by Canara Bank on MUL's account was received by Grindlay's Bank and credited to the account of A-5, and 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. Defense. Thus, UCO Bank did not receive any money in the transaction.
For the 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). These were deposited as though he was the payee. It is clear from the descriptions in accident mortel rallycross, the pay-in slips, letters written by his agent/employees to to you sample essay Grindlays Bank giving, clear instructions to remit the 1996, proceedings of Pay Orders to his account. Receipts given by A-5 in respect of the defense, first transaction of mortel rallycross essay 35 lakhs of units were in the records of management MUL. It is 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 accident mortel rallycross 1996 the Board that the transactions were in reality with A-5, The subterfuge adopted was to conceal actual state of affairs and to 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 frasca thesis the accounts of A-5 or funds were received from 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. Accident Mortel 1996. Exbt.
82, is a letter dated 2.5.1991 addressed to the Manager, Grindlays Bank, New Delhi for remitting the sum of money to of thesis his account at M.G. Road, Bombay. Accident Mortel Essay. 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 frasca thesis, transactions were between MUL and UCO Bank and accident mortel rallycross essay not with any individual. The letters written by A-3 are admittedly not typed in the bank's office and essay in singapore significantly there was no outward reference number given on essay them, as is the admitted usual practice.
For the what most essay, 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 accident rallycross essay 1996, Banking Act. It is not one of the permitted acts. There is also not a question paying of as a any commission on accident essay purchase/sale of transactions. What Most To You And Why. The transactions are, therefore, not transparent. The counter party i.e.
MUL does not appear to rallycross essay 1996 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 fact there was no authorization from MUL in this regard. The cheques were account payee cheques. In Exhibit 38 dated 13.3.1991, A-3 has signed as Accountant. Defense. The document uses the expression cost. Though the receipt was from A-5, it was indicated as if it was from 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 mortel essay not to UCO Bank and there was no question of MUL issuing the cheque to Grindlays Bank. It would have been to UCO Bank. Grindlays Bank made the matters most to you and why, payment and accident 1996 UCO Bank had nothing to do with MUL.
The draft was in the name of UCO Bank. In essence, UCO Bank has not received any money from MUL. There was no direction given by Grindlays Bank, Parliament Street. All the frasca thesis, 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. 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 Khandelwal (PW 23) by MUL and the receipt was passed by PW 23. 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 accident mortel essay, pay orders issued by MUL through its bankers, Canara Bank towards the consideration of the security was handed over to of thesis 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 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. Accident Rallycross 1996. (PW 23) Khandelwal, valuable securities of frasca thesis crores of 1996 rupees and essay services pay orders were delivered by MUL for which receipts were issued on accident 1996 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 the transactions addressed to MUL were firsts received in the office of A-5 and were then passed on to MUL. Essay Hero. In respect of the conspiracy in April/May, 1989 it is of interest to note that in the meeting i.e.
4th May, 1989 the Board of Directors of MUL resolved and decided to deploy the surplus funds into 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 mortel rallycross, deals would be between MUL and banks structured and frasca thesis suggested by him i.e. Harshad S. Mehta. Mr. Mehta would not appear in the books of accounts of MUL and that is what he stated. Though, attempt was made to 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 mortel concerned, there is no letter or the BR. Though accused No.5, was the 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. Essay Writing. It would be relevant to take note of the various offences alleged to accident mortel 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 public servant, or by banker, merchant or agent- Whoever, being in any manner entrusted with property, or with any dominion over property in essay on atticus, 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 rallycross 1996, a term which may extend to ten years, and shall also be liable to on atticus finch as a hero fine. Section 420: Cheating and dishonestly inducing delivery of property- Whoever cheats and thereby dishonestly induces the 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 a term which may extend to seven years, and shall also be liable to 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 adopt a son, or which purports to give authority to any person to mortel essay make or transfer any valuable security, or to receive the principal, interest or dividends thereon, or to receive or deliver any money, movable property, or valuable security, or any document purporting to essays importance be an acquittance or receipt acknowledging the payment of money, or an acquittance or receipt for the delivery of accident rallycross 1996 any movable property or valuable security, shall be punished with imprisonment for life, or with imprisonment of either description for essays, 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 either description for accident 1996, a term which may extend to seven years, and shall also be liable to on atticus finch as a hero 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 mortel rallycross essay 1996 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 frasca thesis, question of conspiracy. Accident Mortel Rallycross 1996. Section 120B of importance of being earnest IPC is the provision which provides for mortel 1996, 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 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 on atticus as a a criminal conspiracy unless some act besides the agreement is done by one or more parties to such agreement in pursuance thereof. The elements of a criminal conspiracy have been stated to essay 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 co-operate for the accomplishment of the object by the means embodied in the agreement. Essay In Singapore. or by any effectual means, (d) in the jurisdiction where the statute required an rallycross, overt act. Defense Of Thesis. The essence of a criminal conspiracy is the unlawful combination and ordinarily the offence is complete when the combination is framed.
From this, it necessarily follows that unless the statute so requires, no overt act need be done in furtherance of the conspiracy, and that the object of the combination need not be accomplished, in mortel rallycross essay 1996, order to constitute an indictable offence. Law making conspiracy a crime, is designed to curb immoderate power to essays importance earnest do mischief which is gained by a combination of the 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 ground for visiting conspirators and abettors with condign punishment. The conspiracy is accident mortel rallycross 1996 held to be continued and renewed as to all its members wherever and whenever any member of the conspiracy acts in furtherance of the importance of being, common design. (See: American Jurisprudence Vol.11 See 23, p. 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. Accident Mortel Essay. Offence of criminal conspiracy has its foundation in an agreement to 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 intention only, it is not indictable. Frasca Thesis. When two agree to accident rallycross 1996 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 agreement between persons who are alleged to conspire and the said agreement should be for doing an illegal act or for doing illegal means an act which itself may not be illegal. Therefore, the essence of criminal conspiracy is an agreement to do an illegal act and on atticus 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 accident 1996 after the occurrence have to be considered to decide about the complicity of the importance, 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 accident mortel 1996, 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 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 of thesis, part express and in part implied. The conspiracy arises and the offence is committed as soon as the agreement is made; and the offence continues to be committed so long as the rallycross essay, combination persists, that is frasca thesis until the conspiratorial agreement is terminated by completion of its performance or by accident rallycross 1996, abandonment or frustration or however, it may be. The actus rues in essay writing services, a conspiracy is the agreement to mortel execute the illegal conduct, not the execution of it.
It is not enough that two or more persons pursued the same unlawful object at the same time or in importance of being earnest, the same place; it is 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. There is no difference between the mode of proof of the accident essay, offence of conspiracy and that of any other offence, it can be established by direct or circumstantial evidence. (See: Bhagwan Swarup Lal Bishan Lal etc. etc. v. State of what matters most and why sample essay Maharashtra, AIR (1965) SC 682 at p. 686. 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 essay, 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 conspiracy or after he left it. Anything said, done or written is a relevant fact only. What Matters Most To You Essay. as against each of the persons believed to rallycross essay 1996 be so conspiring, as well as for essay writing services in singapore, the purpose of mortel rallycross essay 1996 proving the existence of the conspiracy as for 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 matters most sample a conspiracy; (2) if the said condition is mortel rallycross essay fulfilled, anything said, done or written by any one of them in reference to 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 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 what most to you and why essay, conspiracy or after he left it, and (5) it can only be used against a co- conspirator and 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 inference.
The inferences are normally deduced from acts of parties in pursuance of a purpose in common between the conspirators. Rallycross. This Court in V.C. Shukla v. State (Delhi Admn.),  2 SCC 665 held that to frasca thesis prove criminal conspiracy there must be evidence direct or circumstantial to show that there was an accident essay 1996, agreement between two or more persons to commit an management, offence. There must be a meeting of minds resulting in accident mortel essay, ultimate decision taken by the conspirators regarding the commission of an offence and where the factum of conspiracy is sought to be inferred from frasca thesis, circumstances, the prosecution has to show that the circumstances give rise to rallycross essay a conclusive or irresistible inference of an writing in singapore, agreement between two or more persons to commit an offence. As in all other criminal offences, the 1996, prosecution has to discharge its onus of proving the case against the accused beyond reasonable doubt. The circumstances in quality management, 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 illegal means. A few bits here and 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 accident rallycross 1996, 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 alleged conspiracy.
Privacy and secrecy are more characteristics of a conspiracy, than of of thesis a loud discussion in an elevated place open to public view. Direct evidence in accident essay, proof of a conspiracy is seldom available; offence of conspiracy can be proved by either direct or circumstantial evidence. It is not always possible to give affirmative evidence about the date of the formation of the criminal conspiracy, about the persons who took part in the formation of the conspiracy, about the essay hero, object, which the objectors set before themselves as the object of conspiracy, and about the manner in which the object of conspiracy is to be carried out, all this is necessarily a matter of inference. The provisions of accident rallycross 1996 Section 120A and 120B, IPC have brought the law of conspiracy in of thesis, India in mortel rallycross 1996, line with the English Law by making the overt act unessential when the and why, conspiracy is to commit any punishable offence. The English Law on accident mortel 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 doing the act, or effecting the in singapore, purpose for which the accident mortel rallycross 1996, conspiracy is formed, nor in attempting to do them, nor in inciting others to do them, but in the forming of the scheme or agreement between the parties, agreement is essential. Mere knowledge, or even discussion, of the plan is essay as a not, per se, enough.
Glanville Williams in the Criminal Law (Second Ed. P. Accident Rallycross Essay 1996. 382) states- The question arose in an lowa case, but it was discussed in most to you essay, terms of conspiracy rather than of accessoryship. D, who had a grievance against accident essay P, told E that if he would whip P someone would pay his fine. 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. while summing up the case to Jury in Regina v. Murphy, [(1837) 173 ER 502 at of being earnest, p. 508] states: I am bound to tell you, that although the common design is the root of the charge, it is not necessary to prove that these two parties came together and rallycross 1996 actually agreed in terms to have this common design and to pursue it by common means, and so to carry it into essay on atticus finch as a hero, execution. This is not necessary, because in many cases of the mortel 1996, most clearly established conspiracies there are no means of 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 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 quality management, conclusion that they have been engaged in a conspiracy to mortel rallycross essay effect that object.
The question you have to ask yourselves is, had they this common design, and did they pursue it by management thesis, these common means the design being unlawful. As noted above, the essential ingredient of the offence of criminal conspiracy is the accident mortel essay, agreement to commit an what to you and why sample essay, offence. Accident Mortel Rallycross 1996. In a case where the management, agreement is for accomplishment of an essay 1996, act which by itself constitutes an offence, then in that event no overt act is matters most sample necessary to be proved by mortel rallycross, the prosecution because in such a situation, criminal conspiracy is established by proving such an agreement. Where the management, conspiracy alleged is with regard to commission of a serious crime of the nature as contemplated in Section 120B read with the proviso to sub-section (2) of Section 120A, then in accident mortel, that event mere proof of an agreement between the accused for frasca thesis, commission of such a crime alone is accident essay 1996 enough to bring about a conviction under Section 120B and essays of being earnest the proof of any overt act by the accused or by mortel essay 1996, any one of them would not be necessary. The provisions, in such a situation, do not require that each and every person who is a party to the conspiracy must do some overt act towards the what matters, fulfilment of the object of conspiracy, the essential ingredient being an agreement between the conspirators to commit the crime and 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 Bihar, AIR (1994) SC 2420. The conspiracies are not hatched in open, by their nature, they are secretly planned, they can be proved even by circumstantial evidence, the lack of direct evidence relating to mortel rallycross conspiracy has no consequence. See: E.K.
Chandrasenan v. State of Kerala, AIR (1995) SC 1066. In Kehar Singh and Ors. v. The State (Delhi Administration), AIR (1988) SC 1883 at p. 1954, this Court observed: Generally, a conspiracy is hatched in secrecy and it may be difficult to adduce direct evidence of the same. The prosecution will often rely on evidence of acts of various parties to infer that they were done in 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 matters most to you essay, court must enquire whether the two persons are independently pursuing the same end or they have come together to accident mortel rallycross essay 1996 the pursuit of the unlawful object. The former does not render them conspirators, but the latter does. It is, however, essential that the essays of being, 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 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. See: State of Bihar v. Paramhans, (1986) Pat LJR 688. Rallycross. To establish a charge of conspiracy knowledge about indulgence in either an illegal act or a legal act by illegal means is essay services in singapore 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. Finally, when the ultimate offence consists of a chain of actions, it would not be necessary for the prosecution to mortel rallycross essay 1996 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 frasca thesis ( 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 accident rallycross essay 1996 conspiracy in India in line with English law by making an overt act I inessential when the to you, conspiracy is to commit any punishable offence.
The most important ingredient of the rallycross, offence being the agreement between two or more persons to do an illegal act. In a case where criminal conspiracy is 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. The former does not render them conspirators but the defense of thesis, latter does. For the offence of 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 rallycross essay 1996 thoughts sharing the unlawful act is of thesis not sufficient. A conspiracy is a continuing offence which continues to subsist till it is executed or rescinded or frustrated by 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. Rallycross. It is not necessary that each conspirator must know all the of being, 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 accident rallycross essay 1996, whom the agreement is essays importance earnest effected; and accident rallycross essay (3) a criminal object, which may be either the ultimate aim of the agreement, or may constitute the means, or one of the means by which that aim is to be accomplished. It is immaterial whether this is on atticus finch 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 do an unlawful act by unlawful means and rallycross essay 1996 was elaborated by Willies, J. on behalf of the judges while referring the question to the House of Lords in Mulcahy v. On Atticus Finch As A. 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 rallycross 1996, the agreement of two or more, to what matters most essay 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 carry it into effect, the mortel essay, very plot is an act in itself, and what matters to you and why the act of each of the parties, promise against promise, actus contra actum, capable of being enforced, if lawful; punishable of for rallycross essay 1996, a criminal object, or for the use of criminal means.' This Court in B.G. On Atticus Finch As A Hero. Barsay v. State of Bombay held: The gist of the offence is an agreement to break the law. The parties to such an agreement will be guilty of criminal conspiracy, though the illegal act agreed to mortel essay 1996 be done has not been done. So too, it is an ingredient of the offence that all the quality management thesis, parties should agree to do a single illegal act. It may comprise the commission of a number of mortel acts.
Under Section 43 of the Indian Penal Code, an act would be illegal if it is an offence or if it is prohibited by law. In Yash Pal Mittal v. Frasca Thesis. State of Punjab,  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 mortel 1996 every detail of the 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 achieve the common goal of the conspiracy and defense there may be division of performances in the chain of actions with one object to achieve the real end of which every collaborator must be aware and in mortel rallycross, 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 some of the conspirators even unknown to what to you essay the others. The only relevant factor is that all means adopted and illegal acts done must be and rallycross 1996 purported to 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 frasca thesis Maharashtra,  2 SCC 443, it was held that for an offence under Section 120B IPC, the accident essay, prosecution need not necessarily prove that the perpetrators expressly agreed to do or cause to be done the illegal act, the agreement may be proved by necessary implication.
After referring to some judgments of the United States Supreme Court and of this Court in Yash Pal Mittal v. Management. State of Punjab,  4 SCC 540, and Ajay Aggarval v. Union of accident essay 1996 India,  3 SCC 609 the Court in State of essays importance Maharashtra v. Som Nath Thapa,  4 SCC 659 summarized the position of mortel 1996 law and the requirements to establish the charge of conspiracy, as under: (SCC p. 668, para 24). 24. The aforesaid decisions, weighty as they are, lead us to conclude that to what sample essay establish a charge of conspiracy knowledge about 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 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 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 bring home the accident essay 1996, charge of conspiracy, that each of the conspirators had the in singapore, knowledge of what the accident 1996, collaborator would do, so long as it is in singapore known that the collaborator would put the goods or service to an unlawful use. See  8 SCC page 203 Slate of Kerala v. P. Sugathan and Anr. As was observed by this Court in State of accident mortel rallycross 1996 Kerala v. Services. P. Essay. Sugathan and of thesis Anr.,  8 SCC 203, it would be extremely difficult to find direct evidence in case of mortel rallycross essay criminal conspiracy. Writing Services In Singapore. The circumstances and surrounding factors have to mortel rallycross 1996 be taken note of. In the instant case, the accused 1, 2 and 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 involve brokers and did not want to deal with them This itself deals of fatal blow to essay services 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 mortel rallycross essay, the resolution. If the clear understanding of A-l was that the essay services in singapore, deal should not be dealt with or involved any broker then the question of A-5 acting as broker does not arise. Mortel Essay 1996. 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. What Matters Most And Why. 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 MUL; but would stand to gain by way of commission and as a brokerage from the Bank. The statement of A-l that he would look into mortel essay 1996, any good proposals if A-5 does not come to the picture shows that the actual state of essay services in singapore affairs was intended to accident mortel 1996 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 contrary clearly proves conspiracy. 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 create confidence the repayments are made so that for essay on atticus finch as a, 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. 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 accident mortel rallycross essay 1996, offence of criminal misappropriation is characterized by an actual fraudulent appropriation of property. There is not originally wrongful taking or moving as in the case of theft but the offence consists in on atticus finch as a hero, wrongful appropriation of property, consequent upon a possession which is lawful. The offence is distinguishable from criminal misappropriation because subject of it is not the property which by some casual act or otherwise, but without criminal means, comes into the offender's possession; but the property which is entrusted to 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 the trust. Sections 407 to 409 make special provisions for accident rallycross, 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 trust, there must be an entrustment, there must be misappropriation or conversion to one's own use, or use in essays importance earnest, 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 mortel essay 1996 a negative part. The positive part deals with criminal misappropriation or conversion of the property and the negative part consists of frasca thesis dishonestly using or disposing of the property in violation of any direction and of law or any contract touching the discharge of trust. Accident Mortel Rallycross. 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 their securities against the stipulated terms of the contract entered into by the parties with an intent to cause wrongful loss to the pledgor and wrongful gain to the Bank there can be no question but that the Managing Director has necessarily mens rea required by Section 405. Of Being. The term 'entrustment' is not necessarily a term of law.
It may have different implications in different context. In its most general signification all it imports is the mortel 1996, handing over possession for on atticus as a hero, 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 misappropriation is dishonest even though there was an intention to restore it at some future point of time. As noted by this Court in Jaikrishnadas Manohardas Desai and accident Anr. v. State of Bombay, AIR (1960) SC 889), to establish the management thesis, 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 him or over which he has dominion. Rallycross 1996. The principal ingredient of the offence being dishonest misappropriation or conversion which may not ordinarily be a matter of direct proof, entrustment of property and failure in breach of an obligation to account for the property entrusted if proved may in the light of other circumstances, justifiably lead to an inference of dishonest misappropriation or conversion. Section 420 deals with cheating and frasca thesis dishonestly inducing delivery of property. The offence of cheating is made of two ingredients. Deception of accident mortel 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 offence are that the person deceived delivers to 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 consequence of his having been deceived by earnest, the accused and that the accused acted fraudulently or dishonestly when so inducing the person.
To constitute the accident, offence of cheating, it is not necessary that the management, deception should be by express words, but it may be by conduct or implied in the nature of the transaction itself. 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. 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 rallycross 1996 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 frasca thesis, document was forged. Mortel Rallycross. Section 463 defines forgery and Section 464 deals with making a false statement. Frasca Thesis. 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 any person, or to support any claim or title, or to cause any person to part with property, or to enter into 1996, 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 on atticus as a cause damage or injury to the public or to any class of public or to any community. The expression 'intent to defraud' implies conduct coupled with intention to accident mortel rallycross essay 1996 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. Importance Earnest. The term 'forgery' as used in 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. Mortel 1996. The questions are (i) is the document false (ii) is it made by the accused and (iii) is it made with an intent to defraud. If at all the questions are answered in the affirmative, the accused is guilty. In order to constitute an offence of essay finch forgery the documents must be made dishonestly or fraudulently.
But dishonest or fraudulent are not tautological. Fraudulent does not imply the deprivation of property or an element of injury. Mortel Rallycross. In order to be fraudulent, there must be some advantage on the one side with a corresponding loss on the other. Every forgery postulates a false document either in whole or in part, however, small. What Most To You Sample Essay. The intent to commit forgery involves an intent to mortel 1996 cause injury. A person makes a false document who dishonestly or fraudulently signs with an essay finch hero, intent or cause to 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 found that the accused by giving such false description intended to make out 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 place of statutory and regulatory functions. There is accident no public interest involved in such practices and defense they cannot be a substitute for compliance with the regulatory or statutory prescriptions.
An attempt was made to 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 their stand that the practices were a part of rallycross essay 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 various provisions, it is clear that the offences under the Indian Penal Code alleged have been established against the accused persons.
The learned Special Judge was, therefore, justified in frasca thesis, convicting accused 1, 3 and 5. Section 13(2) of the PC Act is accident 1996 intended to deal with aberrations public servants. In view of the finding that A-l in furtherance of criminal conspiracy, in frasca thesis, his capacity as public servant abused his position by causing and/or allowing MUL's funds to be utilized for the wrongful gain of mortel rallycross essay 1996 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. Management. The offences in these cases were not of the accident rallycross 1996, conventional or traditional type. The ultimate objective was to use public money in a carefully planned manner for personal use with no right to do it. Funds of the as a, public bodies were utilized as if they were private funds.
There was no legitimacy in mortel rallycross essay 1996, the transactions. Huge funds running into hundreds of crores of MUL, a Government company, were diverted and 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 essay on atticus, the present appeal is only tip of the iceberg. There were several connected cases and interestingly some of the prosecution witnesses in rallycross essay 1996, the present case are stated to be accused in matters, those cases. That itself explains the thread of self-perseverance running through their testimony.
Therefore, the need to pierce the accident rallycross, facadial smoke screen to unravel the truth to lift the veil so that the management thesis, apparent, which is not real can be avoided. The proverbial red herrings are to mortel rallycross 1996 be ignored, to find out the guilt of the accused. The cause of the community deserves better treatment at the hands of the Court in defense, 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 aggrieved if economic offenders who ruin the economy of the accident, State are not brought to book. Frasca Thesis. 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 interest of the Community can be manifested only at the cost of forfeiting the trust and faith of the mortel 1996, community in the system to administer justice in an even handed manner without fear of 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 defense, country has seen an alarming rise in white-collar crimes which has affected the fibre of the country's economic structure. These cases are nothing but private gain at accident essay, the cost of public, and lead to economic disaster. The convictions of accused 1, 3 and 5 are in order and what matters most to you and why sample 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 accident, pendency of the appeal. A-1 and A-3 were small flies who appear to management 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 the learned counsel for the accused-appellants that higher ups of MUL and Banks can not certainly be unaware of the 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 essay 1996, 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 the death of A-5, we feel custodial sentence for the period already undergone (which we are told was for a number of months) would meet the ends of the justice. While fixing the quantum of on atticus finch hero sentence, we have duly considered the fact that in the instant case the accident mortel rallycross, 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 of thesis learned Brother Shah though not with the reasoning in their entirety regarding dismissal of the appeals against acquittal of A-2, and setting aside the conviction of A-4.
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My Trip New York City Essays and Research Papers. Emily Baker English 1101 11:00 A.M. 2 October 2012 Experiencing New York as a Marching Band Member The . city lights, attractive sights, and bustling lifestyles were what I had only seen on television and dreamed of at night. I had only heard stories of this place, always imagining what it would be like to rallycross 1996, live in such a colossal city . Essays Importance Of Being! This was a gift; my chance to accident mortel, do exactly what my mother did her senior year of high school. The people and of thesis places I saw, the events and accident mortel experiences I got to. English-language films , Family , Manhattan 1264 Words | 3 Pages.
The London is my favourite place The excitment as you look around you and frasca thesis see crowds of essay 1996, people from all over the world. It makes you reallly . And Why Essay! think about how one place can attract so many people; sky scraper buildings, glamourous clothes shops filling the high streer, (A girls paradise) kids in the park and essay cafes galore. Many people come here in search of one thing. celebrities come here to shoot a movie which is essay on atticus finch, pretty cool walking about exploring the exciting things that surround you, and. Arc de Triomphe , London , London Eye 1036 Words | 3 Pages. Narrative Essay of a trip to NEW YORK. night before with anticipation, I hadn't gone on a trip in rallycross, two years and I was a little nervous. It would be the 1st time I would fly since . September 11, 2001 and the whole thing made me uneasy.
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New York City may not be the official capital of The United States of America, but it sure could be because of its overwhelming presence in mortel essay, the United States as well as the what matters to you and why sample whole world. New York. Immigration to accident mortel rallycross essay 1996, the United States , Manhattan , New York 2581 Words | 9 Pages. “Summer Solstice, New York City ,” by Sharon Olds and “Death of a Window Washer,” by management thesis, X.J. Kennedy. “Summer Solstice, . New York City ” is about an attempted suicide incident. Accident Mortel Essay! “Death of a Window Washer” describes a scene of a window washer who was killed by accident. With different descriptions and details regarding the denouement of the main characters and the reactions of the other people, the two poets portrayed the dark and light side of defense of thesis, human nature. “Summer Solstice, New York City ” uses juxtaposition.
Global city , Hardcore punk , John F. 1996! Kennedy International Airport 1102 Words | 3 Pages. Road Trip from New York to Florida. Road Trip to Florida Introduction: Have you ever had an idea to quality thesis, make a road trip to Florida? If yes, what would you choose: . just drive straight or have some stops? I wanted to show you one way of realizing that trip , which I’m planning to do soon. Thesis Statement: Route from New York to Florida with amazing stops on the way, such as Cape May, Chincoteague Island, Chesapeake Bay Tunnel/Bridge, Virginia Beach, Charleston, Savannah and our final point – Jacksonville.
Discussion Section: . American Revolutionary War , Beach , Chesapeake Bay 490 Words | 3 Pages. Personal Writing: Living in Both Texas and New York City. Personal Writing: Living In Both Texas and New York City Where a person was born or raised often plays an . Accident! important role in their lives. There are often comparisons between a urban civilization to rural civilization. What Matters Most To You Sample Essay! Humans adopt to different environments that would be the most suitable for rallycross essay 1996 their style of living. Society as a whole didn't tell us where civilization should take place. Choosing the right place for quality management thesis a living depends on the matters of self preference and comfort. American Broadcasting Company , Amtrak , Chicago 1225 Words | 3 Pages. One Place I Would Like to Visit on a Class Trip New York City.
a class trip New York City is the one place I would very much like to visit on mortel essay 1996, our next class . trip . Essays Importance Of Being! New York City is very large and has lots of exciting and mortel rallycross essay educational activities, such as going to the theater, museums, landmarks and shopping. New York City is located in the state of New York , only 30 minutes to Newark Airport in New Jersey. It makes a perfect place for a class trip . Essay Hero! The tourist season runs the rallycross essay 1996 entire year, making visiting time flexible. Frasca Thesis! New York City is usually. Manhattan , New Jersey , New York 1397 Words | 4 Pages. A History of rallycross essay 1996, Central Park in New York City. for impressive buildings and valuable real estate. Why Between 1821 and frasca thesis 1855, New York City nearly . Accident Mortel Rallycross Essay 1996! quadrupled in population. As the city expanded, people were drawn to the few open spaces, mainly cemeteries, to get away from the earnest noise and mortel chaotic life in essay on atticus as a, the city . Before long, however, New York City's need for accident rallycross 1996 a great public park was voiced by the poet and essay on atticus editor of the then-Evening Post (now the New York Post), William Cullen Bryant, and by the first American landscape architect, Andrew Jackson. Andrew Jackson Downing , Calvert Vaux , Central Park 583 Words | 4 Pages.
Mr. Roper “The Art of the City ” It was six o'clock in the morning, I lay there eyes wide open like a toddler on Christmas morning. . Excitement flowing through my veins. I could hear the bustling movement of morning rush-hour, I could no longer wait for mortel rallycross 1996 the others. I open the blinds to an inspiring view of the one of the most powerful buildings in the city , The Empire State building. Finally, the beautiful city of New York lay at my fingertips.
I had waited my whole childhood for the chance. Aesthetics , Art , City 1006 Words | 3 Pages. Why New York is the City That Never Sleeps. ?Alex Bauer Informative Presentation Outline Topic: New York City General Speech Goal: To Inform Specific . Speech Goal: I want my audience to recognize what makes New York City the city that never sleeps. Introduction I. Attention Getter: I want all of essay as a hero, you today to imagine yourselves walking down a street, but this is mortel rallycross 1996, no ordinary street. Thesis! You feel like you’re a mouse in rallycross essay, a maze, the skyscrapers are keeping you trapped within the city , thousands of people walking in different directions. Madison Square Garden , Manhattan , New York 1404 Words | 5 Pages.
were vulnerable to the Nazi attacks and that no human should have to go through that pain and suffering no matter what condition of living. “We are alive. We . are human, with good and bad in us. That's all we know for finch sure. We can't create a new species or a new world. That's been done. Now we have to live within those boundaries. What are our choices? We can despair and curse, and change nothing. Essay! We can choose evil like our enemies have done and create a world based on hate. Or we can try to make.
Elie Wiesel , Jews , Nazi Germany 1828 Words | 5 Pages. New York City Immigrant Experience. ?Title: New York City’s Immigrant Experience in The Late 19th Century During the year 1492, the history of American Jewish . commenced which marked the eviction of Jews from Spain and thereby, landing in America. This marked the defense of thesis starting of rallycross, Jewish communal society in North America. The colonial Jews never crossed the mark of being 1/10th of a percent of American population, but they managed to essay in singapore, establish the patterns of Jewish community life which persisted for many generations. This marked the beginning. 19th century , American Jews , Immigration 1006 Words | 7 Pages. John Etefia Tomek Research Paper The New York City Draft Riots that took place July 13-16 of 1863 during the . Mortel Essay 1996! Civil War are considered the what matters to you largest civil insurrection in the American History. The riots started off as a protest against the Conscription Act passed in mortel rallycross, March of 1863, which made all single men age 20-45 and married men up to 35 were subject to the draft lottery. The part of the Conscription Act that really caused an uproar was not only the fact that it forced men to go and essay finch as a hero fight in. Abraham Lincoln , American Civil War , Confederate States of America 1318 Words | 4 Pages.
Sensory Detail Description of New York City. “Next stop will be New York Penn station everyone, New York Penn station.” The muffled sounds of the . conductor’s voice echoed through out the train. Everyone seemed to rise in unison, as if it were rehearsed, to prepare for our arrival. The train comes to a screeching halt, and mortel rallycross essay the hissing of the doors opening reveals Penn station. As I embark from the train on frasca thesis, to the pavement, I am suddenly bombarded by a mob of people pushing in one direction, forcing me up the narrow escalator. Accident Mortel 1996! I arrive at the. Amtrak , Grand Central Terminal , Madison Square Garden 979 Words | 3 Pages. alone?
S/P Today I will inform my audience about the decisions homeless people have to make. Essay Services In Singapore! C/I Many homeless people opt to stay on the . streets rather than in accident mortel 1996, a shelter. V/S After today you will understand why homeless people who live on the street. Transition Our homeless society is now growing very quickly and uncontrollably. Body I. What Matters Most And Why Sample! New York City began this year with the largest number of homeless people crammed into shelters since the city began keeping count 20 years ago.
Homelessness , Homelessness in the United States 722 Words | 3 Pages. ?INTRODUCTION: Instilled from accident essay, only an idea make my trip became the pioneer of the entire online travel industry in India. It has . revolutionised over years creating customer satisfaction through its cutting edge technology. It aimed to frasca thesis, offer a range of best-value products and services along with dedicated round-the-clock customer support. It offered customers the convenience of online booking of mortel essay, tickets at rock bottom prices.
Make My Trip proactively began to diversify its product offering, adding. American Express , Customer service , Hotel 1116 Words | 4 Pages. My Love-Hate Relationship with New York. New York City is a fascinating place with too much charm for its own good. Frasca Thesis! It is evident in both E.B. Accident Mortel Rallycross! White’s Here . is New York and frasca thesis Goodbye to All That, by Joan Didion that it is easy to fall in love with New York . However, it isn’t too hard to fall out of love with this city , either. White mentions three types of New Yorkers: natives, commuters and non-natives, and how they contribute to the quality of this city . Accident Mortel Rallycross Essay 1996! Didion tells us the story of her arrival to New York from the West, and discusses her.
E. B. White , James Thurber , Love 1052 Words | 3 Pages. New York City Transit Analysis Determinants of impasse MTA thought that they could strong arm the on atticus as a . union as they had in the past. In 1999 and 2002 MTA threatened the union with fines and jail time if they did not negotiate. Therefore, union leaders accepted terms and contracts that they normally would not have if they had other options. Accident Mortel! But members of the sample essay union were tired of promises by management of better working conditions and wage increases that did not cover the cost of inflation. 2005 New York City transit strike , Long Island Rail Road , New York 1160 Words | 4 Pages. September 2014 Narrative Essay - My trip to Italy I could feel the accident essay anticipation rising within myself knowing that . my trip to Italy was just a few weeks away. I had waited my whole life for frasca thesis this one moment. It was near the month of April, and that meant spring break was just right around the corner.
To give a little bit of background, I come from an Italian family. I have yet to see the beautiful terrain where my ancestors had originated, but I do know that my family stems from rallycross essay 1996, Naples, Terre, and. Ancient Rome , Colosseum , Italy 1482 Words | 4 Pages. * Essay When you associate anything with New York City it is usually the extraordinary buildings that pierce the . sky or the essay writing services in singapore congested sidewalks with people desperate to shop in the famous stores in mortel rallycross 1996, which celebrities dwell. Even with my short visit there I found myself lost within the Big Apple. The voices of the to you and why essay never-ending attractions call out and envelop you in accident rallycross 1996, their awe. Essay Services! The streets are filled with an atmosphere that is like a young child on a shopping spree in a candy store.
Although your feet. Hudson County, New Jersey , Hudson River , New Jersey 860 Words | 3 Pages. 02. Rallycross Essay! BLACK MOZART 03. HIGHER (R. Leslie, R. Ibanga) Produced by !llmind for Little Trouble Big China Ryan Leslie for Les Is More LLC.
Piano: Ryan Leslie. . Additional Vocals: David Lee Bennet. Recorded by matters, Ryan Leslie at Wall Street Wonderland, New York , NY. Accident Mortel Rallycross! Mixed by !llmind and Ryan Leslie at nHow Studios, Berlin, Germany. FEATURING COURTNEY BENNETT (R.Leslie, C. McCormick) Produced by Cardiak for frasca thesis Heartfelt Productions Ryan Leslie for accident rallycross 1996 Les Is More LLC. Thesis! Piano: Ryan Leslie. Recorded by Hristo. New Jersey , New York , New York City 1031 Words | 4 Pages. The summer before my junior year in high school, my family and mortel rallycross essay 1996 I took a trip to a completely new . world. Being from a small town, I had never really been exposed to the elements of a large city such as New York City . On Atticus As A! My trip there was like discovering an entirely new way of life that I had only heard stories of previously. For about the mortel rallycross essay tenth time the morning of the quality management thesis flight, I checked my room to make sure I didn’t leave anything essential behind. My stomach was doing flips as we arrived at the.
Automobile , City , Empire State Building 665 Words | 2 Pages. New York City. Rallycross Essay 1996! Compare/contrast essay. NEW YORK CITY There is a huge difference between a city in the Mid-West, such as Columbus in the . Essay Writing In Singapore! state of Ohio, and east coast landmark, such as New York City . Each city has its stereotype, something everyone can say. Accident Essay! For instance, New York equals skyscrapers and lots of essay on atticus hero, people. Whereas when you say Columbus, people tend to accident mortel essay, think of average size city , rather quiet for essay on atticus as a hero it?s size. Lets take a closer look.
Majority of people have a very set feeling about New York : they love it or they hate it. Some. Big Apple , Broadway theatre , Gang 730 Words | 3 Pages. I am lucky enough to say that my dad took me to Amsterdam. I was seventeen at the time and a junior in high school. To a seventeen year-old, . Amsterdam is known as the party capital of the world, or the Las Vegas a Europe (minus the billionaire casinos).
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With a population of 8,175,133, New York. Brooklyn , Long Island , Manhattan 1347 Words | 4 Pages. Rent Control and Rent Stabilization in essays importance of being earnest, New York City. insightful discussion of the controversy surrounding rent control. 11. Evaluate the pros and cons of rent control and rent stabilization in rallycross essay 1996, NYC. Rent . control is the government imposition of price ceilings on rent for apartments in certain areas of a city . The goal is matters most and why sample, usually to protect the mortel essay rights of the essays poor.
Thus, in a rent controlled or rent stabilized building, the amount of mortel essay, rent will not increase as quickly as inflation. While the moral side of rent control may have some appeal, in the long run. Better , Landlord , Price ceiling 1263 Words | 4 Pages. Rising Sea Levels in New York City. ?DNY: Landscapes in New York 11/12/14 Term Paper – Rising Sea Levels and PlaNYC Ban Ki-moon once said, “Climate change does not . respect border; it does not respect who you are - rich and poor, small and big. Therefore, this is what we call 'global challenges,' which require global solidarity.” This quote shows how we as a world must work together to try and slow down climate change because it is something that is affecting us all, and eventually will distress us all in essays earnest, a very drastic manner, due. Climate change , Greenhouse gas , London 2770 Words | 9 Pages.
Bishop Ben Hardy English 111 February 5, 2013 Senior Trip When my senior year came, I knew I had a trip of a . lifetime to look forward to. Accident Mortel 1996! A trip that gave me a chance to most to you, experience the big city life and get away from the accident mortel 1996 mountains for a week. I had looked forward to this trip my whole high school career and could not believe it came and what matters sample essay went so quickly; I could not believe that my Senior class went to New York and Washington. My senior trip was an experience that I had never dreamed of. This. English-language films , Memorial , Monument 1086 Words | 3 Pages. My favorite trip I've ever been on 1996, was definitely my first trip to New . York City . Through the many stores and massive crowds of essays importance of being earnest, people I learned some important life lessons, other than how much I enjoy elbow room. Essay 1996! The Big Apple was more that just a city to frasca thesis, me, it was an experience, in accident 1996, fact, the whole trip was an experience! Whether it was the airplane ride to Manhattan, the city itself, or the Yankee game we went too, I had an amazing time. I never will forget that early morning where drove.
Baseball , English-language films , Major League Baseball 667 Words | 2 Pages. New York City: Geography, History and Sights. Write a five-page research paper New York City 1. Geography 1.1 Climate 1.2 Districts 2. History 3. . Transportation 4. Sights 4.1 Statue of Liberty 4.2 Times Square 4.3 Broadway 4.4 Empire State building 4.5 Central Park 4.6 Brooklyn Bridge 4.7 Rockefeller Center 5. Sports 1. Geography New York City is one of the most famous cities in the world. “The Big Apple” or “the City that never sleeps” is located in the New York the state. New York City is located on the East coast of. Brooklyn , Empire State Building , Manhattan 1672 Words | 5 Pages. Order and Disorder in New York City in the 1800s. In 1825 there were just over 100,000 people living in New York City . Finch As A Hero! Life for New Yorkers had been a . steady, regular flow of every day life but the period between 1825 and 1860 was a time of truly unprecedented growth but a new era of modern lifestyle was about to emerge and take New York’s citizens by surprise.
What used to be a very traditional way of life started becoming more modernised and by accident mortel rallycross essay, the end of the 1960s, the New York population had reason to essay on atticus hero, that of one million people. 1996! There were. City , Grid plan , New York 861 Words | 3 Pages. New York City and Gentrification Ways. 2, 2013 Abstract To examine or explore the effects of gentrification, when a group of people of a particular Race is unable to . maintain their resources; they are inevitably removed from their environment.
There will become a new set of a particular race that will be able to services in singapore, maintain and accident mortel perhaps create a different environment with their cultures and religious beliefs. INTRODUCTION The purpose of defense, this research paper is to explore and examine the. Apollo Theater , Duke Ellington , Gentrification 2127 Words | 7 Pages. New York City Draft Riots of 1863. New York City Draft Riots of mortel essay 1996, 1863 In September of 1862, President Lincoln . announced the Emancipation Proclamation. Essay Writing Services In Singapore! This was to take effect on January 1, 1863; this document was what freed the mortel rallycross essay slaves in states that were still in rebellion with the Union. Essay On Atticus! At the mortel rallycross 1996 time the Emancipation Proclamation was not what New Yorkers wanted to see embraced. In March of 1863, a form of a stricter draft law was formed. The law required all male citizens between twenty and thirty-five.
African American , Black people , Conscription in the United States 1348 Words | 4 Pages. Causes of the New York City Draft Riots of 1863. The New York City draft riots of management, 1863 were the essay 1996 cause of a particular feeling among blacks that were recently freed . by the Emancipation Proclamation. Since, at the time, blacks were not considered citizens the as a hero lottery that was the draft itself did not include those that were not citizens. Btu since the blacks were free but not citizens then they were the spark of rallycross essay 1996, much hatred that was aroused by finch as a hero, certain factors, particularly from the Irish and German immigrants. Rallycross! The press, fueled part of defense, this hatred. American Civil War , Black people , New York City 2033 Words | 6 Pages.
An Artistic Story of New York City in 1932- New York Mural, Davis, Stuart. November 17, 2012 Essay II, Word Count: 2268 An Artistic Story of New York in 1996, 1932 The purpose of services, this essay is to rallycross essay, discuss . the ways Stuart Davis uses the elements of art and principals of design in his painting, New York Mural, 1932. In the beginning of this essay, there is defense of thesis, a description of Davis’ biological information and essay 1996 what was happening in most to you and why, New York during the years preceding the painting. It will discuss three elements of accident rallycross, art to include: line, shape and color. The principals of design. Cubism , Empire State Building , History of painting 2263 Words | 6 Pages. My Unforgetable Trip to California. My Unforgettable Trip to what to you and why, California Mirna El Hadi American Intercontinental University . English 106 Dr. Rebecca Coleman January 12, 2013 “ My Unforgettable Trip to California” This past April, my friend and accident mortel 1996 I took a five-day trip to California, where we visited San Francisco and the Napa Valley wine country.
We flew out on a Friday morning and frasca thesis stayed in the Golden State until Wednesday afternoon. Accident Mortel Rallycross! During our visit, we saw quite. American Viticultural Area , California wine , Chardonnay 852 Words | 3 Pages. Should I Visit Gotham City or New York City? Should I Visit Gotham City or New York City ? Having grown up reading comics books I am well . aware of the what most essay bum rap comics get.
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Ferry , Manhattan , Mind 1518 Words | 4 Pages. The New York Times The New York Times is frasca thesis, a well established newspaper in our nation today that is . Mortel! known for their elite writers and editors. The popular newspaper company has been publishing newspapers out of New York City since 1851 and was first called the New York Daily Times but later changed to essay as a hero, just The New York Times in 1857. The New York Times is considered the mortel rallycross essay 1996 last major newspaper to put colored images inside their papers. Their philosophy was to stay true to black and white and put “All. Broadsheet , Democratic Party , New York City 838 Words | 3 Pages. Sin City vs.
The Big Apple Abstract The purpose of this paper is to compare and contrast the two cities of Las Vegas, . Nevada and New York , New York . Essays Importance Earnest! Both cities offer a vast array of entertainment, luxurious accommodations, and world-class dining. There are many things that are close to being the mortel same in both cities , a visitor is able to gamble in either place, a visitor is of thesis, able to see a beautiful skyline, and take in the sights of a world famous city . There are marked differences in the. Broadway theatre , Chicago , Hotel 1942 Words | 5 Pages. Providing Free Wi-Fi to New York City. Providing Free Wi-Fi to New York City Defining the mortel rallycross 1996 Solution: New York . City is a city with a large population of people, lots of skyscraping buildings, numerous businesses, and a lack of available free WI-FI service. Today we will be working on developing a way to provide free WI-FI to frasca thesis, all of New York City . First we have to look at the reasons, resources needed, and problems which will be on the road to mortel rallycross, providing such service to New York City . To define the problem a little in depth, we need to. Bluetooth , Critical path method , Gantt chart 2451 Words | 6 Pages. Descrpition Essay on New York City. Macy Climer The city that never sleeps When you think of New York City , you most likely imagine . the writing extraordinary buildings that fly in accident rallycross 1996, the sky or the crowded sidewalks with hundreds of people shopping on essay writing services, every corner.
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Broadway , Broadway theatre , Empire State Building 930 Words | 2 Pages. Salem Witch Trials and New York City. did the religious fervor of New England Puritans decline after 1660? How did the accident 1996 Salem witch episode reflect the tensions and changes in frasca thesis, . seventeenth-century New England life and thought? The Puritans were a group of people who grew discontent in the Church of England that had a profound influence on the social, political, ethical, and theological ideas of England and rallycross 1996 America. Management Thesis! Puritans immigrated to the New World, where they sought to accident mortel rallycross essay 1996, found a holy commonwealth in New England. And Why Sample! Although the Puritans. American Revolutionary War , Benjamin Franklin , England 1908 Words | 5 Pages. America. It was first settled in 1625, known as New Amsterdam by the Dutch. It is accident rallycross essay, known as the quality management thesis city that never sleeps. . New York City is probably one of the most interesting cities in accident rallycross, the world.
It has something to offer to essay on atticus, everybody. From the moment you land in New York City there is mortel 1996, a realization that you have landed in a different world. New York City is home to virtually every nationality on earth. With each culture represented in New York City by quality thesis, individuals alone the many opportunities to visit. Hudson River , Manhattan , New Jersey 623 Words | 2 Pages.
Why Are New York City Subway Trains and accident rallycross essay Buses so Unsanitary? time so unsanitary that it’s unbearable. Many times when we are on the train we find ourselves switching the cart we are in, and frasca thesis with all hope, searching . for a better one. As it turns out, we are always stuck with the same old dirt. Mortel! This is a New York City phenomenon. Why should we travel to work surrounded by piles of filth daily? I initially encountered this problem when I first started going to high school. This was the what to you sample first time I had started taking the 1996 train and of thesis buses everyday.
Amtrak , Homelessness , Mind 1313 Words | 3 Pages. Trip to India Peering out of the international terminal window, I gaped at the colossal Boeing-747 plane standing in front of mortel essay 1996, me, with not . Essays Importance Of Being Earnest! just one floor but two floors of accident rallycross essay 1996, seats. All buzzed up in excitement, I bombarded my father with questions about my first real trip to India. Defense! I say my first real trip because the first time I had been there was when I was an infant, probably being passed around and adored by countless relatives. When are we leaving? When will we get there? Where are we staying. Economy of India , India , Middle class 1816 Words | 4 Pages. from this point of view that this paper discusses the importance of New York as a fashion city . A fashion . capital is a city that has major influence on the global fashion trends as well as the core of the fashion industry, where activities such as designing, production and retailing of fashion items, events like fashion week and accident rallycross 1996 fashion awards as well as other fashion-related activities gain important economic output. Such cities normally have a wide range of financial, business, cultural, and entertainment.
City , Fashion , Fashion design 2646 Words | 7 Pages. The summer before my junior year in frasca thesis, high school, my family and accident rallycross I took a trip to a completely new . world. Being from a small town, I had never really been exposed to the elements of a large city such as New York City . My trip there was like discovering an on atticus as a hero entirely new way of life that I had only heard stories of previously. For about the tenth time the morning of the mortel flight, I checked my room to on atticus as a, make sure I didn’t leave anything essential behind. My stomach was doing flips as we arrived at the. Automobile , City , Empire State Building 664 Words | 2 Pages. Standing only at five feet high in 1996, New York City , the beautiful New York . City in the summer time rises with an frasca thesis amazing sunrise. The rays of the sun mix with three different shades of bright and dark colors like red, orange, and yellow. The dark blue sky is still filled with lingering clouds that flee from the sun as it makes its assent. The skyline of New York City casts a gorgeous reflection onto the East River. Mortel Rallycross 1996! New York is earnest, one of the best known cities in United States with a total area is.
Brooklyn , Manhattan , New York 865 Words | 2 Pages. Food System ?Nowadays, a life in a huge megalopolis like New York can be very advantageous for a person in things like an . easy access to business, culture, politics, and entertainment. However, live in the big city can has its own negative sides. Scott Stringer, in accident essay 1996, the report “Food NYC: A Blueprint for essay services in singapore Sustainable Food System” points out serious nutrition and pollution issues in the city . Indeed, there are a lot of problems that New Yorkers have to face with, but a lack of “affordable and healthy”. Agriculture , Carbon dioxide , Food security 909 Words | 3 Pages.
settled in accident mortel essay 1996, what is now called Manhattan. Following that, in 1524, French explorers discovered New York State and essays of being allowed the . Rallycross! Dutch colonies to retrieve the and why sample essay area in 1609. In 1664 England purchased the island of Manhattan and transformed it into mortel rallycross 1996 a major trading port for the 13 original colonies. New York City then became an area of great population and essays diversity. In the early 18th century, New York City was still owned by the British, but immigrants from the rallycross Netherlands, England, France, and Germany. American Revolutionary War , Brooklyn , Long Island 2449 Words | 7 Pages. Since my childhood I dreamed about traveling around the world. Last year in summer my dream finally came true. I took a . trip to essay as a hero, Europe.
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Cold War , Communism , Communist state 1089 Words | 4 Pages. ?Elliott Gengo AP US DBQ Summary 10/7/14 Document A Thomas Jefferson wrote to accident mortel rallycross essay, Gibeon Granger . about the powers of the states. Jefferson believes the country is too large to have a single federal government. Importance Earnest. He believes that the states should have some power too. Jefferson says the Republicans have accepted these rights from the Constitution and the federalists have opposed them. Document B Jefferson tells Samuel Miller that the Constitution doesn’t give the essay 1996, federal government. Democratic-Republican Party , Federalism , James Madison 910 Words | 4 Pages. Articles of Confederation Ap Us History Dbq. Essay #4 Trevor Gaston 10/21/10 AP US History C-Block “From 1781 to 1789, the Articles of Confederation . provided the United States with an effective government;” a bold statement considering the fact that the Articles lasted only 8 years.
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DMusialik@schools.nyc.gov 2014-2015 School Year Congratulations! You have been accepted into the Advanced Placement United States History . Course for rallycross essay, the 2014-2015 school year. With over 100 well qualified applicants, you made the cut of only 36 students. You should be very proud of yourself. Prepare to immerse yourself in the great story that is U.S. History . As Mark Twain once wrote, “Truth is stranger than fiction, but it is because fiction is essay services in singapore obliged to stick to possibilities; Truth isn’t. Accident Mortel Rallycross 1996. Africa , History of the United States , Martin Luther King, Jr. 623 Words | 2 Pages.
Anthony Edwards 8/24/12 AP US History - Jones Colonial America DBQ An . interesting characteristic of the colonies that the importance earnest, English founded during the 17th and 18th centuries on accident mortel rallycross, the eastern coast of modern day America is that while all were indeed settled by people from England they each developed their own very distinct cultures and ways of defense, life. Accident Mortel Rallycross. While the varying environments from essay in singapore each colony to accident essay 1996, the next certainly isn’t a negligible factor in the diversification of. Colonialism , Colony , Connecticut 2011 Words | 5 Pages. ? AP U.S. History Summer HW Sec. 1: 1. Essays Importance Of Being Earnest. The settlers were finally able to get food when the accident, Indians decided to give them corn . and bread. The problems that still remained were that they were once again running out of food and they had no houses to to you sample essay, live in. This led to sickness and accident mortel rallycross, starvation amongst the settlers. Frasca Thesis. 2. The indications that Smith gave that morale and leadership were problems for the young colony were that their president of the colony, Captain Wingfeild, was deposed of his presidency. Agriculture , Colonialism , Colony 1524 Words | 5 Pages. AP United States History Document-Based Question After its victory over Britain in the War of 1812, the United States of . America became immersed in national pride which led to Era of Good Feelings, a period of unprecedented political unity. However, problems and disagreements grew behind the facets of the era that manifested nationalism.
Sectionalism began to form as the dissent between the north and the south and different political figures intensified. Divergence among politicians was. American Civil War , James Monroe , John Quincy Adams 957 Words | 3 Pages. 1993 DBQ New England and Chesapeake were two of the first colonies settled by people of English origin. That is accident mortel rallycross essay where the similarities . end. These two colonies evolved into two completely different societies. Matters Most To You Essay. There are many factors that contributed to the different lifestyles. These factors include government of society, socioeconomic status, and climate. These four exceedingly important aspects of rallycross, any society provided a split in thesis, these two early English colonies. Rallycross Essay. Those who arrived in what matters most and why essay, the.
Colonialism , Colony , New England 1241 Words | 4 Pages. membership reaches 5 million Scopes Trial –Evolution, Tennessee Model T Ford drops to cost $290 (3 months wages) “Scarface” Al Capone begins 6 years of . gang warfare Nellie Tayloe Ross elected Governor of Wyoming, First woman governor of accident mortel essay, a U.S. State US troops occupy Nicaragua Lindbergh’s first solo flight across the Atlantic; Sacco and Vanzetti executed; Babe Ruth hits 60 home runs for the Yankees; Al Jolson stars in The Jazz Singer, the first talking film U.S. Services In Singapore. citizenship granted to inhabitants. Aaron Burr , Alexander Hamilton , Democratic-Republican Party 416 Words | 3 Pages. Ch. 12 1) Among the primary reasons that young farm women moved from the farms to work in textile mill towns in accident 1996, the early 19th century was: To escape farm . life and earn wages 2) The history of Lowell epitomizes this transition: Self-sufficient farm families to urban wageworkers 3)In the pre-industrial system, a boy who wanted to learn a trade Entered a formal apprenticeship system 4)The organization of a family business in quality, the pre-industrial era was Patriarchal 5) If you lived in rallycross 1996, Boston. Abraham Lincoln , American Civil War , Compromise of 1850 1039 Words | 4 Pages. Cynthia Ms.
Conboy AP U.S. Essays Of Being. History 25 January 2012 After the 13th Amendment was passed, African American slaves were . freed from accident essay their lifetime involuntary servitude, and life for them seemed to be on the way to happiness (Document A). An economy that worked without slaves was a new concept to the South; freedmen were joyous about it, and white planters loathed it. The United States underwent a sort of revolution in its economy and its social hierarchy (Document D). After the Civil War ended. African American , American Civil War , Black people 717 Words | 2 Pages. Bay colony was a stable , well ordered and essay as a hero, well planned colony. The Chesapeake colony was not well planned and mortel essay, as organized as the New England Colony (doc c) . . The emigrant list in doc c. was less detailed then the New England colony and this shows us the lack of organization. The people in this colony often took oaths on supremacy and wanted to migrate due to essays earnest, freedom.
England was primogeniture , the oldest son inherited everything and the second and third born sons didn't really have an opportunity. Connecticut , Connecticut Colony , Human migration 563 Words | 2 Pages. Ap World History Dbq Christianity. Unit 6 DBQ When thinking about the history of the world, one must always consider that merchants as well as trade have played an . immerse role in accident mortel, shaping the world as it is today. They are responsible for many of the cross-cultural interactions that we have had in the past. Christianity and Islam, the two predominant religions of the world today, have both grown and spread through merchants and trade also.
These two chief religions both have attitudes towards merchants and finch hero, trade that have either. International trade , Islam , Merchant 1597 Words | 4 Pages. AP European History DBQ Activity Using the APEURO DBQ from mortel rallycross essay 1996 2008 answer the . Matters Most And Why Sample Essay. following questions. Write down the question you are going to be answering. Explain the reasons for the adaptation of a new calendar in the revolutionary France and analyze reactions to it in the period of 1789 to 1806. Write down the 6 elements of the basic core you will be scored on and explain how you will receive these points.
1. Thesis 2. Majority. Catholic Church , Documents , Explanation 349 Words | 3 Pages. AP American History DBQ : Jacksonian Democracy Jacksonian democracy was created during the antebellum America. The . Jackson democrats made an mortel rallycross essay 1996 attempt to grant power to the lower classes while decreasing the essay writing in singapore, influence of the rich and potent. Mortel. The Jacksonian democrats viewed themselves as saviors of the common people and ruled by the means of a powerful executive branch who attempted to destroy aristocracy in America. Quality Management Thesis. In reality, they were typically very wealthy, they disregarded the capability of the. Andrew Jackson , Democracy , Democratic Party 715 Words | 3 Pages. DBQ : US expansion American expansion in the late 19th century and early 20th century held many similarities to accident essay 1996, that of early . American expansionism. The motives for early American expansion held similar to that of the turn of the 19th century in that the defense, United States has grown in the reasoning of Manifest Destiny, the accident rallycross essay, progress of the American economy and an increasing perception of American racial supremacy. Through the as a, course of history , American expansionist incentives have shifted from withstanding.
19th century , American Civil War , Cold War 1159 Words | 4 Pages. 2013 1. The Great Gatsby motion pictures is a drama film. 2. The Great Gatsby shows us the various love affairs that goes on in the essay 1996, raging . 20s of New York City, through the viewpoint of Nick Carraway. Throughout the movie, relationships, hidden pasts, secrets, and affairs between Nick’s friends are revealed and shown. Gatsby, who is known to hold extravagant parties in the probation period of US history , befriends Nick in order to get close to his cousin Daisy, his first ever love. However. F. Scott Fitzgerald , Film , Great Depression 2295 Words | 6 Pages. ? AP – United States History STUDY GUIDE - Test #1 (Units 1-3, Chapters 1-9) 1. Importance Of Being Earnest. Explain the official ending of the American . Revolution in 1783? 2. In 1754, identify Benjamin Franklin and accident rallycross 1996, his use of a political cartoon at the Albany Congress on importance of being, “the present disunited state of the British Colonies”. 3. On the issue of women’s rights, the delegates to the Constitutional Convention did what? 4. Identify the English relationship with Native Americans in the early history of Virginia.
5. Which general. Benjamin Franklin , North America , Thirteen Colonies 1347 Words | 4 Pages. The 17th and 18th centuries saw the embryonic stage of women#8217;s quest for intellectual and social parity with men. Mortel. The evolution of women#8217;s fight . for equal opportunities was bogged down by a long history of stereotyping and condescension. Women were weaker physically, bore children and nurtured them. The economics and essays importance of being, culture of Europe at this time was strongly influenced by religion and resulted in prejudice against mortel rallycross essay 1996, women. The dominating religions of Europe in the 1600#8217;s and 1700#8217;s. Discrimination , Equality , Equals sign 1046 Words | 3 Pages. Ap Us History - Industrialization Notes. control pretty much unaffected , US vs E.C. Knight Company, defines manufacturing as not commerce and thus, free from government oversight . Encourages industrial reorganization and 1,207 firms disappear as merger capitalization rises to writing services in singapore, $2.2 billion B ut, 1898 and 1899, Supreme Court rules that any comb. of business firms “formed to fix prices or allocate markets” violates Sherman Antitrust Act – merger movement declines temporarily after formation of US Steel in accident mortel 1996, 1901 Industrialization.
Andrew Carnegie , ExxonMobil , John D. Rockefeller 1135 Words | 7 Pages. James Richards Harris 3rd The Fatal Flaws of the Constitution ( DBQ ) During the as a, 1850’s, the supreme and absolute Constitution, which had . previously seen no topic it couldn’t resolve or illuminate in the eyes of its interpreters, was faced with its toughest, unrelenting foe; the issue of slavery, and accident mortel rallycross, the locations that it existed in or was desired to exist in. Ultimately, this issue led to what matters to you sample essay, the demise of the accident rallycross, Union that had been created under the watchful and guiding eye of the Constitution. This. American Civil War , Compromise of 1850 , Confederate States of America 979 Words | 3 Pages. ?2007 DBQ At the height of the Han and Roman Empires, the emergence of technological advancements heavily influenced their societies. These . advancements had several benefits in improving the social order of the empires, however they also had their negative effects; the essential argument being that the more elaborate, and intricate the inventions were, the higher they were considered in the social classes.
The simpler, craft-like inventions on the other hand, were said to be made by men who are. Ancient Rome , Byzantine Empire , Elite 893 Words | 3 Pages. the Mohicans” HS: he was a very successful novelist in America in the early 19th century. Importance Of Being Earnest. 9. John Marshall- was the accident rallycross 1996, Chief Justice of the Supreme Court . during 1801 to 1835 and presided over many of the most influencial cases in Supreme Court history like McCullouch vs Maryland. He was in frasca thesis, favor of loose construction and this shows up in his case decisions. HS: Is considered the most influencial Chief Justice of the Supreme Court ever. 10. John C Calhoun- Leader of the Fugitive Slave Law. Andrew Jackson , James Monroe , John Quincy Adams 2310 Words | 7 Pages. Accident Rallycross. Imperialism Dbq Ap European History. believed that Imperialism gave the opportunity to civilize the barbaric people from the to you, African colonies. Rudyard Kipling’s “The White Man’s Burden” . expresses their duty to rallycross 1996, do so.
Prince Leopold, heir to the throne of Belgium and future king said “let us see where there are unoccupied lands… where are to be found peoples to civilize, to lead to essay services in singapore, progress in every sense” (Document 1). Martial Henri Merlin, governor general of French Equatorial Africa announced that “We [France] went there by virtue of. Africa , British Empire , Colonialism 832 Words | 3 Pages. accurately analyze the responses to Buddhism is a document from a woman. This document would be helpful due to the fact that all of these documents are . written by men and there isn’t a woman’s perspective to balance out the spectrum. This would give us a general idea of how someone of lesser power felt about the essay, religion. However, not everyone thought that Buddhism could solve their problems and rejected the spread of Buddhism. Document four by Han Yu completely mocks Buddhism and claims it. Buddhism , China , Confucianism 1014 Words | 3 Pages. then the VP shall act as President if he cannot -Neither slavery nor involuntary servitude shall exist within the US -Congress shall have power . to of thesis, enforce this article by appropriate legislation -All persons born or naturalized in the US are citizens of the US and of the state where they reside -No state shall make or enforce any law which shall abridge the privileges or immunities of mortel rallycross, US citizens -No state shall deprive any person of life, liberty, or property without due process of law -No state shall. 1791 in American politics , Amendments of the Constitution of Ireland , Amendments to the United States Constitution 704 Words | 4 Pages. In Singapore. Summer 2012 Assignments: Due Thursday, September 6th.
Welcome to AP . US History ! The following is a summer . assignment to get you started for the new school year. Part I: Textbook Assignment. Accident Rallycross Essay 1996. (Use the textbook if you received it in June or download the PDF files or use the dropbox link) Part II: Free Response Question Essay Part I: Use your American Passages textbook if you have, or Download the pdf files titled “ AP US CH 1” and “ AP US Chapter 2 excerpts” Read. As you read, Outline the chapter and. Essay , Following , Protestant Reformation 993 Words | 5 Pages. of 1789 1788 Bill of Rights 1786 Annapolis Convention 1787 Northwest Ordinance 1787 Shay’s Rebellion Great Compromise of 1787 1787 The Federalist . Papers 1790 Second Great Awakening 1791 Democratic Republican Party formed 1791 First Bank of US 1793 Eli Whitney- Cotton Gin 1795 Pinckney’s Treaty 1795 Treaty of defense, Grenville 1794 Jays Treaty 1794 Whiskey Rebellion 1798 Alien and 1996, Sedition Acts 1798 Virginia and Kentucky Resolutions 1797 XYZ affair 1798 Quasi- French War 1801 Midnight. American Revolution , Andrew Jackson , George Washington 810 Words | 6 Pages. in their way.
This mental warfare is quality described in document 3, where it is said that the accident essay, Mongols would completely surround the city they were attacking in . order to appear much larger in number that they actually were. Frasca Thesis. While it is accident mortel often said that history is told from the point of view of the victors, this does not pertain to the Mongols. Being illiterate, they could not keep records, and defense of thesis, instead relied on the efforts of their subjects to keep the empire running smoothly. This also means that all primary. Black Death , Central Asia , Genghis Khan 1120 Words | 3 Pages. Mortel Essay. Throughout history , there is not an event that can relate to defense, the one of the accident mortel, American Revolution. This revolution that took place in quality management, the . Americas had many events that led to this revolution for the colonies. Accident Mortel Essay 1996. The events that slowly crept up to the much-needed revolution was in the period from 1750 to 1776. Earnest. During this time, the struggling American colonies that were under control by accident mortel rallycross essay 1996, the English and essay finch hero, its parliament were dealing with different situations politically, socially and economically that led.
American Revolution , Benjamin Franklin , Boston Tea Party 1057 Words | 3 Pages. Ambiguous ruling by a badly divided court that dealt with affirmative action programs that used race as a basis of rallycross essay, selecting participants. The court general . upheld affirmative action, but with a 4/4/1 split, it was a very weak decision. Clinton v. Essay Finch. Jones ( 1997 ). Rejecting an appeal by Pres. Rallycross. Clinton in a sexual harassment suit, the Court ruled that a sitting president did not have temporary immunity from a lawsuit for actions outside the realm of official duties. Boy Scouts of America v. Dale (2000). The.
Brown v. To You Sample Essay. Board of Education , Dred Scott v. Sandford , First Amendment to the United States Constitution 1186 Words | 3 Pages. to mortel, see dissension against Lincoln as too moderate. He used a lot quotes from defense soldiers, activists, and African American newspapers to accident mortel rallycross 1996, tell the story of how . the African American community participated in the Civil War. He used this book to tell the history of how the importance, Union victory that liberated African-Americans in the South once and for all was in large measure due to the efforts of Black folks, both free Blacks in the North, and mortel essay 1996, the former slaves and Northern Blacks who fought in the Civil War. . Abraham Lincoln , African American , American Civil War 2062 Words | 7 Pages. The US’s victory in the Mexican War resulted in renewed controversy over the issue of of thesis, extending slavery into the territories, a possible split in the Whig . and accident mortel, Democrat parties over finch hero, slavery, the cession by Mexico of an enormous amount of land to the US , and a rush of settlers to new American territory in California 3. The Wilmot Proviso, if adopted, would have prohibited slavery in any territory acquired in the Mexican War 4. The debate over slavery in the Mexican Cession threatened to split. Abraham Lincoln , American Civil War , Compromise of 1850 1089 Words | 3 Pages. ?Writing In AP US History U.S. History Essay Writing / Exam Information The AP U.S. . History Exam is 3 hours and 15 minutes long and includes both a 100-minute multiple-choice / short-answer section (Part I) and a 95-minute free-response section (Part II). 1996. Each section is divided into two parts, as shown in the table below. Student performance on these four parts will be compiled and weighted to frasca thesis, determine an AP Exam score. AP Scores are 5 – 1. Section Question Type Number of Questions Timing Percentage.
American Civil War , Greek loanwords , Historiography 1641 Words | 6 Pages. Document-Based Question: Religious Views on War Complete and rallycross 1996, submit this assignment by defense of thesis, the due date to receive full credit. (45 points) 1. To complete this . Graded Assignment, retrieve the Religious Views on War DBQ . Use this document with its essay instructions and the DBQ Checklist to complete this DBQ essay. Accident 1996. Please consult the rubric throughout the essay, process. Using the documents, compare the views of major world religions on war. What additional kind of document(s) would you need to compare the views of. Abrahamic religions , Bible , Christianity 1003 Words | 3 Pages. Accident Essay. DBQ 2 The French-Indian War was a major turning point in relations between the Americans and the British. Essay In Singapore. American colonists were . generations removed from their British ancestry, and it showed on the battlefield.
The Brits and Americans had different tactics and ideals during the war. Accident Mortel Essay. These differences created bitterness between the Americans and British economically, theologically, and socially following the war due to the fact that the frasca thesis, British controlled the colonies and could therefore tax. American Revolution , American Revolutionary War , Benjamin Franklin 591 Words | 2 Pages. President Herbert Hoover, a Republican, had control of the United States from 1929 to 1933, the beginning of the economic downfall. Hoover created a . Accident Rallycross. laissez-faire government; the government was not involved in everyday business, instead it was a very hands off approach and daily life just took its path.
When Franklin D. Roosevelt became president in 1933 the economy was now deep in a huge downward spiral, and he raised a new Democratic approach to run the government and United States. The United. Democratic Party , Franklin D. Roosevelt , Great Depression 1172 Words | 3 Pages. APUSH DBQ 6 All throughout the 1800's, slavery was a very controversial topic. During the defense of thesis, 1860 election, Abraham Lincoln was asked about . his views on slavery.
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Byars email@example.com 1. Essays Of Being. Students need to accident mortel essay, read book #1 Patriots: The Men who started the American Revolution by A.J. Services In Singapore. Langguth [ISBN?10: 0671675621] by August 17, 2010. Students need to read book #2 K Blows Top: A Cold War Comic Interlude Starring Nikita Khrushchev, America's Most Unlikely Tourist by 1996, Peter Carlson [ISBN?10: 1586484974] by January . Americas , Caribbean , Indigenous peoples of the Americas 1305 Words | 3 Pages. English Colonies in North America (Ap Us History) AP US History English Colonies in North America Before the seventeenth century, countries such as Portugal and . Spain had controlled the rich lands of the Americas, and England was left out of the race due to religious conflict back home. Essay Finch Hero. However, when Queen Elizabeth came into accident rallycross essay power, England’s power also rose in the colonial game in the America. Some of the first colonies they gathered are the what to you and why essay, ones of Virginia and Carolina. They also acquired the colonies of Massachusetts Bay and Rhode Island. British America , Colonialism , Former British colonies 1253 Words | 4 Pages. Document Based Question Guidelines for DBQ’s (document based questions): On the mortel essay 1996, AP exam, you will encounter a specialized type of frasca thesis, essay . known as a DBQ . Although these are often intimidating at first, students eventually learn that the DBQ is their friend. If you can master the skill of writing a good DBQ , it doesn’t matter what question the College Board throws at you in accident mortel essay, May—you can handle it! 1.The DBQ is essentially a short research essay where someone else has done all the research for.
19th century , 21st century , 2nd millennium 1379 Words | 4 Pages. Martin Luther Dbq-Ap European History. Justine Chapel November 19, 2012 AP Euro P3 Martin Luther DBQ By the 1500’s many issues shows signs of disorder within the . Church. The idea of selling indulgences (forgiveness for sin) for clergy benefit began to negatively spread throughout the people, along with opposition to pluralism (holding more than one office). This sparked many attempts to reform the church through individual groups, one of which being the Brotherhood of Common Life.
One of their accomplishments was starting schools for. Catholic Church , Indulgence , Martin Luther 1053 Words | 3 Pages. Frasca Thesis. AP WORLD HISTORY Name___________________ DBQ Period ______ Description: Students will research and accident mortel rallycross, then . create their own document-based question ( DBQ ) in AP World History . The DBQ should follow the format used on what to you and why essay, the Advanced Placement Examination, and students should observe the following guideline: 1. The question should be phrased using one of the mortel rallycross 1996, following key terms or phrases: • -Defend or refute • -Analyze • -Evaluate • -To what extent and in what ways . APA style , Diary , Following 394 Words | 4 Pages. Ap European History Renaissance Education Dbq Exercise. Earnest. Renaissance Education DBQ Exercise During the Renaissance, scholars became more interested in the humanistic features of society, . and humanistic educators based their teaching models on Greek and rallycross 1996, Latin classics.
Renaissance education was One apparent purpose of frasca thesis, a Renaissance education was to praise the value of useful education, through the teaching of the classics, mainly Greek literature that was written by Greek philosophers, mathematicians and other important figures. Some criticised. Ancient Greek , Education , History of accident rallycross, education 909 Words | 3 Pages. * high degree of social mobility. No classes, no one really had the of being earnest, “upper hand”. Colonial Americans were able to go from “rags to riches” with somewhat . Accident Rallycross Essay. of an defense of thesis ease. Makers of America: The Scots-Irish Know: The Session 4. Rallycross 1996. How had the history of the Scots-Irish affected their characteristics? * they distanced themselves from the Anglican church.
This affected their religious choices later on – they accepted Presbyterianism, not Anglicanism. Clerics, Physicians, and Jurists . Benjamin Franklin , British Empire , Colonial history of the United States 418 Words | 3 Pages.
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Columbia MBA Essays for January and August 2015 Admission. Whoever designed Columbia Business School’s The MBA Application Process webpage deserves a design award. If you have not done so, take a look at that page. Accident Mortel Rallycross 1996. It does a really nice job laying out the admissions process in a visually appealing way. Defense. Columbia Business School has modified their MBA application essay set, but only essay 1996 one question has changed completely. Those applying for January and August 2015 entry will find that they are likely to spend as much time thinking about essay writing, how to answer Columbia’s essay questions as answering them. Given the limited space applicants will have to work with, coming up with answers that stand out is critical. You can find testimonials from my clients admitted for CBS here. Since 2007, when I established my own consultancy, (I have been an MBA admissions consultant since 2001) I have been fortunate to work with 24 clients admitted to essay 1996, Columbia Business School for frasca thesis either January or August admission. Before discussing the mortel rallycross, essays, I will discuss who J-Term (January Entry) is for and differences between Early Decision and importance of being earnest, Regular Decision for rallycross essay 1996 August Entry.
For my analysis of recommendations for 2015 admission, please see here. For my analysis of Columbia Business School application interviews, please see here. The first thing to frasca thesis, keep in mind about admission to both January Term and accident 1996, August Term (ED and RD) is that Columbia uses a rolling admissions system. While there are final deadlines, since applicants’ files are reviewed and decisions are being made as they apply, by frasca thesis, the time that that the final deadlines have arrived most seats are already filled. Rolling admissions works just like buying assigned seats for an airplane, movie, concert, etc.
When they are gone, they are gone. Mortel 1996. Columbia’s rolling admissions system is a differentiator from other top MBA programs because only Columbia uses this system. Rolling admissions is essay, commonly used by EMBA programs. Here are some common issues that arise when considering J-term: Is J-term easier to get into than August entry? There is much speculation on rallycross essay 1996 this issue, but no admissions data.
All I know for sure is that relatively late application to J-term has not prevented my clients from essay services in singapore being admitted, whereas late application to RD is accident mortel rallycross essay 1996, a real problem simply from a seat availability perspective. In one way, J-term is clearly easier: Unlike an August entry RD and (and to a lesser extent ED) applicant, someone applying to Columbia J-term can really be assumed to essay writing services, prefer Columbia over all alternatives. This can make interviews a bit easier in the sense that August entry Columbia alumni interviewers are notorious for being particularly aggressive at determining whether the interviewee’s first choice is really Columbia. Since J-term has no real US rival, this topic can be easily dispensed with. Alternatives to mortel rallycross, J-term: There are no US alternatives to J-term worth mentioning if someone wants a January start. Kellogg and frasca thesis, Cornell offer one year MBAs, but neither Kellogg nor Cornell start their programs in January and both are accelerated programs in terms of the accident, number of essay on atticus finch hero, courses taken.
Only J-term makes it possible to do a full two-years of courses on rallycross such an writing services, expedited basis. In addition, the Kellogg program is extremely restrictive, since one has to have the equivalent of an undergraduate degree in mortel essay, core business courses to attend it. Cornell is also restrictive (Graduate degree or specialized professional certification required), while Columbia has no such restrictions. I have had clients who apply to quality management thesis, J-term and mortel 1996, IMD and/or INSEAD. Both IMD and INSEAD have January entry. Still J-term is an incredibly different program in terms of length and content from either of these top European programs. LBS, which does not have a January start, would also be another alternative to CBS in the sense that it can be completed on finch hero an accelerated basis. Still I don’t have many clients who apply to both CBS J-term and LBS and as is generally the rallycross essay 1996, case with US schools, I don’t think they pay much attention to non-US programs as competitors. Can an August entry applicant reapply to management thesis, J-term? Yes! You could be rejected from ED or RD for August 2014 entry and reapply for January 2015 entry.
If you entered in January 2015, you would graduate in the Class of 2016 with those who entered in August 2014. I have worked with a couple of reapplicants who were admitted to J-term after being dinged from the accident rallycross 1996, August entry for that same graduating class. The key issue is explaining why J-term is now a better choice. August Entry: ED Versus RD. Applying for Early Decision (ED) is ideal for anyone who considers Columbia to essays importance earnest, be their first choice and mortel, is ready by essay on atticus finch as a hero, the application deadline of October 8th. Columbia takes ED very seriously, so I suggest you do as well. Accident Rallycross 1996. CBS ED really is essays importance of being earnest, unique among top MBA programs and the decision to commit to it should not be taken lightly. Every year many applicants to mortel essay 1996, Columbia Business School have to deeply consider whether to essays importance of being, apply to the ED or RD round.
First keep the official statement from Columbia regarding ED in accident rallycross 1996, mind: Candidates have decided that Columbia is their first choice and must sign the following statement of commitment within their applications: I am committed to attending Columbia Business School and will withdraw all applications and decline all offers from other schools upon admission to essay services, Columbia Business School Applicants must submit a nonrefundable $6,000 tuition deposit within two weeks of admission. In my experience, there are two types of applicants to ED. The first type are those people who really consider Columbia as their first choice and accident mortel essay, sometimes make or hope to make no other applications. For this type of applicant, choosing ED is easy. Quality. The second type of applicant likes Columbia, but it is accident essay 1996, not necessarily their first choice. This type of applicant applies to ED because it is perceived as easier to get admitted to than Regular Decision (RD). This type of applicant treats the frasca thesis, $6000 deposit as an insurance policy in mortel rallycross, the event that they are not admitted to HBS, Stanford, and/or Wharton (I don’t know of frasca thesis, any cases of applicants forfeiting $6000 to mortel 1996, go to other top programs, but suppose some one has done it). What Matters Most To You And Why Sample Essay. If they do get into HBS, Stanford, or Wharton and break their commitment to Columbia, they lose $6000 and make Columbia admissions mad.
Can Columbia do anything aside from keeping the money? No. For those who have no problem breaking oaths and mortel rallycross essay 1996, losing $6000, treating ED as possible insurance is a rational decision through clearly not an importance earnest, ethical one. Essay 1996. As an admissions consultant, my sole concern is helping my clients reach their admissions objectives, so I don’t pass judgment one way or another on this issue. Based on my sense of how seriously admissions takes ED, I was not at all surprised that the Columbia Admissions office did not respond to my request to meet with them last fall since I don’t advocate on services behalf of their ED policy. No problem, I visited CBS anyway, attended a class, and met with former clients. I do recommend the January 7th Merit Fellowship deadline or earlier as optimal for rallycross essay 1996 applying to RD. While you can consider January 7th to be kind of a “Round Two Deadline,” I recommend you apply as soon as you are ready to management, do so. Mortel 1996. I would especially encourage those coming from groups with large numbers of applicants (American males from Wall Street and Indian males in frasca thesis, particular), to make their applications to RD ASAP.
That said, RD takes applications until April 15, 2015, so applications are still viable for some applicants until quite late in accident rallycross 1996, the admissions cycle. In general, applying late in frasca thesis, RD is best for mortel rallycross essay 1996 those with highly unusual backgrounds, stellar backgrounds, no need for defense merit scholarships and a love of accident mortel rallycross, gambling. In other words, if you are not exceptional, applying late in RD to on atticus finch, Columbia is a very high risk activity. How to leverage RD to your advantage when applying to other MBA programs in rallycross essay 1996, the First Round. If you are applying in the first round, an ideal time to apply to Columbia is after you have completed all the quality management, applications that were due in September to mid-October. Accident Mortel Essay 1996. Assuming you are relatively freed up, while you are waiting for frasca thesis your R1 invites, apply to Columbia. This means you will be considered early in RD and that is an advantage because there will be more seats available. How to leverage RD to accident mortel 1996, your advantage when applying to of being, other MBA programs in the Second Round. Since most R2 applications are due in January, applying to Columbia in November or December will still give you a relative advantage over those applicants that apply right before the Merit Deadline.
Again, the earlier, the better your chance for an available seat. I have taken the essay questions from the online application. Instructions: In addition to mortel rallycross essay 1996, learning about defense of thesis, your professional aspirations, the Admissions Committee hopes to gain an understanding of accident essay, your interests, values and motivations through these essays. Thesis. How you answer these essays is at your discretion. There are no right or wrong answers and we encourage you to answer each question thoughtfully.
The “What is your immediate post-MBA professional goal?” question, Essay 1, Essay 2 and accident mortel essay 1996, Essay 3 are all required. What is your immediate post-MBA professional goal? Required by frasca thesis, all applicants. 75 characters including spaces!) Take this very short statement seriously. Last year, it was 100 characters long (and the year before that 200 characters), but it has now been cut to 75 characters. Remember this is accident mortel essay, 75 characters, not words! This would be about 10-20 words. Given the length, you can’t possibly expect to explain what you want to do short-term. Essay Writing Services In Singapore. That is what Essay 1 is for. In fact, it is best to simply write this little statement after you have a good working version of rallycross essay 1996, Essay 1.
CBS actually provides examples of possible responses in the online application: Examples of possible responses: “Work in and why sample, business development for a media company.” “Join a consulting firm specializing in renewable energy.” “Work for an investment firm that focuses on real estate.” As you can see from the above examples, CBS is looking for a short, but a very clear statement of what you intend to do after your MBA. If you have difficulty explaining your immediate post-MBA plans in the space given, I think that is likely an accident rallycross, indication that your plans are too complex, vague, or otherwise not well thought out. What you state here should be backed up by what you discuss in importance earnest, Essay 1 (or the reapplicant essay for reapplicants) and possibly in the other essays. If you can be clever or catchy in formulating this response that is fine, but it is a completely secondary consideration to simply stating something that is very clear and that is mortel rallycross, completely consistent with what you write in Essay 1. Being clever os not critical here, being clear is. Essay 1: Given your individual background and goals, why are you pursuing a Columbia MBA at this time? (500 words) (Maximum 500 words) This is a revision of the question from last year, which did not include “and goals.” Since it does mention goals, explain your goals here. While you will have stated your immediate post-MBA goals in 75 characters, you need to explain that and your longer goals here. Don’t worry about any redundancy, just make sure your answers are consistent.
Be strategic and management, thoughtful about you are wanting a Columbia MBA now: Given the importance of mortel rallycross 1996, being able to state your post-MBA goal clearly in thesis, 75 characters or less as well as the accident rallycross, need in Essay 1 to earnest, explain why you want a Columbia MBA now, is is critical that you be strategic and essay 1996, thoughtful in presenting your post-MBA plans and your reasons for wanting a Columbia MBA. If you are having problems clearly articulating your goals either in Essay 1 or in defense of thesis, the 75 character statement, I think Gap, SWOT, and ROI analysis are great ways for understanding what your goals are, why you want a degree, and how you will use it. The following image may not work for all browsers. If so, see here. Next, analyze your present strengths and weaknesses for succeeding in your present career.
In particular, some of your greatest strengths may have been demonstrated outside of work, so make sure you are accounting for them. Strengths: What are you good at? Where do you add value? What are you praised for? What are you proud of? Weakness: What are you bad at? What are you criticized for? What do you try to mortel 1996, avoid due to your own limitations? What do you fear? Next, analyze your situation in right now. What opportunities exist for your growth and success?
What threats could limit your career growth? Balance Experience and Why Columbia? Columbia is writing, specifically asking why now in essay, reference to your background as well as your goals. As result, you will need to explain “Why an MBA now?” in relationship to who you are and what you have done so far. I think it is important that you provide Columbia with insights about your background, but don’t let your explanation of your past experience crowd out answering why you need a Columbia MBA now. Given limited space you need to quality management thesis, tell a story about your background that connects to rallycross, why you want an MBA. That story is likely to primarily relate to of thesis, your professional background, but your personal experience, and your motivations are also important potential justifications for accident rallycross essay 1996 why you want an MBA. Make it personal! By moving away from the formulaic standard “What are your long and short-term goals and why do you want an MBA now from Columbia”, it is clear that Columbia is emphasizing personality and why MBA in this answer and just not goals and MBA. Therefore your answer to this question should not merely be a one-dimensional answer focused solely on career goals. At minimum your personal motivation for your goals should really come into play here.
1. Is there anything in the essay that repeats what is said in the other essays? If so, you can probably cut it out. 2. Essays Earnest. Do you find yourself needing to explain too much context about your background? If so, consider whether any of it can be explained in mortel essay, the Optional Essay. 3. Do you find yourself extensively name dropping? “I met with Anand Kumar (Class of 2006), Sally Johnson (Class of 2009), Taro Suzuki (Class of 2010), Anat Weinstein (Class of quality management, 2011), Mohammad Efendi (Class of 2012), and Tom Lee (Class of mortel essay, 2013)…” (Note all these names were made up and any relationship to actual Columbia alumni is merely coincidental). If you do, consider cutting or summarizing it. Also consider whether this can be included in the Optional Essay. 4. Do a paragraph by paragraph and then a sentence by sentence search for earnest redundancy. When a client asks for accident mortel my help in cutting words, that is management thesis, what I do first.
5. Now the really hard part. You have a tight text and it is still over accident mortel, the word count. You have cut something “important.” Prioritize your content and frasca thesis, eliminate low priority items. Rallycross 1996. Killing good sentences is never fun, but sometimes is simply necessary. The day I visited Columbia Business School last year was when they rolling out their new branding campaign, At the Very Center of Business (Thanks for the free breakfast. I could have taken a t-shirt too, but I make it a rule never to wear a university’s t-shirt unless I am student or an alumnus). After you watch the video, I suggest reading their detailed press release on frasca thesis At the Very Center of Business, which I will discuss below.
Compared to last year’s topic on New York City, this topic is actually wide enough to make for more potentially interesting answers. On one level, CBS is at the center because it is in NYC . I could make the same totally cynical comment I made last year about how the focus on NYC here is a way to avoid the fact that their new campus will not be ready until 2017-2018 , but I would not do that. Accident Mortel 1996. I just did again! Sorry… I know the Columbia folks can take my jab, they are tough, they are New Yorkers. Anyway everyone knows you don’t go to Columbia Business School right now because of the state of the art facility (And after visiting CBS, NYU, Wharton, Cornell, as well as looking into Yale’s new building last fall, I can tell you the classrooms at Columbia are underwhelming) you go because of the finch, quality of the faculty and adjunct faculty, the school’s deep connections to Wall Street and all other major industries in the city, the networking opportunities, the interning opportunities, the diversity of CBS students, and mortel essay 1996, the city of NYC. Anyone who is considering Columbia and does not factor NYC into the equation would surely be missing a critical part of the what to you sample, school’s value proposition. I was recently talking with a potential client who did not quite get this value proposition because he was simply fixated on the classroom. While classroom technology plays a role in selecting a school, a full-time two-year MBA program at a top American school is simply not reducible to essay 1996, the building. Essay On Atticus As A Hero. I think this is especially true of accident mortel essay 1996, Columbia. Writing In Singapore. That said, at accident rallycross essay least in importance, the class I visited, the rallycross essay, professor was great, the students were friendly but highly engaged, and even though the whiteboard was old school (Just like in defense, the video) and hard to accident rallycross essay 1996, see, I was impressed.
Columbia really is at the center of on atticus as a hero, NYC, but so is NYU Stern (And given Stern’s greater proximity to Wall Street, Soho, start-ups, etc, I think I would be careful about claiming to be at the center of NYC). Of course, Columbia wants to claim that it is at the worldwide center of business. Maybe, but it has no exclusivity in that regard, but don’t tell them that. I think the branding concept reflects this school’s desperate need to assert its self-importance and to have applicants affirm this. Saying you are at the center is an incredibly narcissistic statement. “I am at the center” is a statement of accident rallycross essay 1996, self-importance. It is pure arrogance. It reflects an underlying insecurity about one’s place in defense, the universe, in rallycross essay, other words, if someone tells you they are the center, assume they probably are not. At minimum, assume they have a strong need to be loved. I have always maintained that Columbia needs to feel loved. Essay Writing In Singapore. This is especially true in the interview process.
It is also true in the essays. Therefore, YOU MUST TAKE ADVANTAGE OF THE COLUMBIA BUSINESS SCHOOL’S SENSE OF INSECURITY, ITS DESIRE TO BE LOVED, BY AFFIRMING HOW ITS CENTRALITY WILL BENEFIT YOU! Use the At the Very Center of Business branding campaign to help you brainstorm content for Essay 2: Which of these pillars will you take advantage of? Think about each of them to come up with 1-3 topics for this essay.
-What specific research activities at Columbia really excite you? How will you use this research? Will CBS help you become a thought leader? How? – See my suggestions for accident essay learning about Columbia in Essay 1 above. -How will leverage the access you gain at CBS? In what ways?
For what purpose? -What do you hope to gain from the community? -How will being at the center help you have impact? What kind of impact do you want to have? In Essay 1, you are explaining why you need an MBA from Columbia now and would surely be addressing particular aspects of the MBA program in your answer.
In Essay 2, you really are focused on explaining why being at services the center itself would benefit you . The reasons might relate to mortel essay 1996, your professional goals, but may very well be highly personal or most likely a combination of the two. Given the length, I suggest you focus on two to three ways you anticipate that being at the center will impact your experience. An effective answer here will provide the essays, reader with greater insight into essay 1996 your personality, interests, and motivations. A bad answer might very consist of making a bunch of general comments about why NYC would be great, but not giving the defense of thesis, reader into any insight about you. Essay 3: What will the people in accident mortel rallycross, your Cluster be pleasantly surprised to learn about you? (Maximum 250 words) This question did not change from last year.
I love “SURPRISE US” questions. Frasca Thesis. Actually, one of the things I do in my initial consultations with potential clients is ask this question because it helps me understand whether the person I am talking to has really had to ever sell themselves as a person (and just for getting a job). Accident Rallycross Essay 1996. Unlike Columbia, I don’t use it as a basis for selecting clients, but rather as way to gauge an as a hero, applicant’s self awareness and ability to mortel rallycross essay, respond spontaneously to an unexpected question. The wording, pleasantly surprising , is frasca thesis, really important. The topic(s) you should be positive aspects of who you are. This is an essay about how you will add value to your Cluster (If you have no idea what that is, see here).
Good answers here are really engaging and very unique. I actually like this question quite a bit because it is a great way for applicants to highlight some really unique aspect or aspects about accident essay, themselves. Frasca Thesis. The point is that it should be something that would not be obvious about you. The focus may be on something very specific that you did or something about your character. Whatever it is, it should not simply be pleasantly surprising, but also relevant in some way. It might be something that will add value to your Cluster. Accident Rallycross 1996. If it is quality, highly personal, it should reveal a quality or aspect to you that is not merely interesting, but also something really worth knowing. Accident Rallycross. A good answer here might involve an unusual hobby or experience, but the possibilities are endless. Bad answers to this question will likely to do the following: -Focus on something that is relatively obvious from your resume. -Focus on something that does not really have any clear selling points about matters most to you and why essay, who you are.
Optional Essay: Is there any further information that you wish to accident mortel essay, provide the defense, Admissions Committee? Please use this space to provide an explanation of any areas of accident essay 1996, concern in defense, your academic record or your personal history. (Maximum 500 words) As with other school’s optional questions, do not put an obvious essay for another school here. If you read the above, it should be clear enough that this is the place to explain anything negative or potentially negative in your background. If you have no explanation for something negative, don’t bother writing about it. For example if your GPA is 2.9 and you have no good explanation for mortel essay 1996 why it is 2.9, don’t bother writing something that looks like a lame excuse. This is more likely to hurt than help you. In the same vein, don’t waste the committee’s time telling them that your GMAT is defense of thesis, a much better indicator than your GPA (the opposite is also true).
They have heard it before and accident essay 1996, they will look at both scores and can draw their own conclusions without you stating the obvious. That said, if you have a good explanation for frasca thesis a bad GPA, you should most certainly write about it.In addition to GMAT/GRE, TOEFL, and GPA problems, other possible topics include issues related to recommendations, serious gaps in your resume, concerns related to a near total lack of accident rallycross, extracurricular activities, and major issues in your personal/professional life that you really think the admissions office needs to know about. You can certainly write on something positive here if you think its omission will be negative for you, but before you do, ask yourself these questions: 1. If they did not ask it, do they really need to essays of being, know it? 2. Will the topic I want to accident mortel, discuss significantly improve my overall essay set?
3. Is the topic one that would not be covered from looking at other parts of my application? 4. Is the essay likely to be read as being a specific answer for Columbia and not an obvious essay for another school? If you can answer “Yes!” to all four questions, it might be a good topic to write about. When judging reapplicants, Columbia makes it perfectly clear what they are expecting. Defense Of Thesis. See here for 1996 their criteria. Clearly this essay gives you the opportunity to: 1. Showcase what has changed since your last application that now makes you a better candidate. 2. Thesis. Refine your goals. I think it is reasonable that they may have altered since your last application, but if the change is accident mortel rallycross essay, extreme, you had better explain why. 3. Make a better case for why Columbia is right for you.
For more about my many posts on reapplication, please see here. I have helped a number of reapplicants gain admission to Columbia. Columbia Loves to Be Loved. One thing that is consistent about frasca thesis, Columbia Business School is accident rallycross essay, that they want to know that their school is your first choice. If you have an what matters most, alumni interview you can be expected to be asked about that very directly. See here for my advice on Columbia interviews.
Best of luck!
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Accident mortel rallycross essay 1996 - American Longevity Center
correct job resume You’ve reached one of the best sources for resume information anywhere. The discussion below, about the rallycross essay, surprisingly intricate question of how to spell “resumé,” is what matters essay, just one example of accident rallycross essay 1996, how deeply I’ve gotten into every aspect of resumes. There’s a lot of information on this site that you won’t find put together in one place anywhere else. (Be sure to add it to your favorites.) Some of that information will change the way you think about resumes—and make your job search a lot more successful and a lot less worrisome. I don’t settle for frasca thesis, the myths that the majority of resumé writers and advisersincluding some so-called “experts”have repeated endlessly for years without ever thinking to check them. Mortel Rallycross 1996? Some of those mythslike the “functional resumé” or the matters to you and why essay, one-page resumé for experienced peoplecan wreck your job search all by themselves. Read more about these “Killer Myths” on the Tips F.A.Q. page. You’ll find the #1 Resume Tip on that page especially helpful, too. The FAQ section of the Tips FAQ page takes you right to answers to some commonly asked questions. Look through the Resumé Glossary, with definitions and accident essay 1996 in-depth information about resume terminology and technology. There’s also a unique guide to Shopping For Resume Services.
Check the Testimonials page for comments from my clients about the difference my expertise makes. And then take a look at essay writing services, the home page to start finding out how I work. This expertise means that I can give exceptional value for your money, even compared to other resume services in the same price range. And the payback to you for that extra quality can be immense. All factors considered, I think “resumé” (one accent), though it has no historical basis, is the rallycross 1996, best spelling for this word when used as an English word to refer to a summary of quality thesis, someone’s qualifications for employment. This spelling has, in fact, become increasingly accepted over accident mortel rallycross the last twenty or thirty years. “Resumé” in this sense is an English word, not a French one. It’s not pronounced like the French word. And it doesn’t even have this meaning in what to you sample essay, FrenchFrench, like British and International English, uses the Latin term “curriculum vitae,” or “CV” for short. (Both terms have a narrower sense in the U.S.) With both its pronunciation and its meaning changed, “resumé” can well be said to have become completely assimilated to English. Many other French words went the accident mortel rallycross, same route centuries ago, with the importance, accents usually dropped. Since it’s not a French word (in this sense), the accident, accents can be dispensed with unless they are necessary to show pronunciation.
But in what matters to you and why sample essay, this particular word, the accent over the final -e is still necessary, to indicate pronunciation and to rallycross distinguish “resumé” from the verb “resume.” (In addition, the spelling with two accents is services in singapore, awkward in mortel rallycross essay, English because, in the English pronunciation, the first “é” stands for a different sound than does the second.) This is not a question the average job-seeker needs to sweat over. “Resumé” and “résumé” are always acceptable. “Resume” is very widely accepted too, though it should be avoided in fields where language skills are highly valued. Whichever spelling you prefer, make sure you use it consistently (except in the case of e-mailssee below). But make sure you read the essays, following important technical note: IN PLAIN TEXT IT’S SPELLED DIFFERENTLY . . . At least in the U.S., accented characterslike the accident mortel essay 1996, “é” in resuméshould never be used in quality, plain-text documents, such as e-mails and Web forms. Since accented characters are not part of the ASCII character set that is still a standard for much software in the U.S., they sometimes get converted to other characters or combinations of characters, and show up as nonsense characters on the recipient’s end.
In these documents, “resume,” without accents, is safest. It’s also best to avoid using accented characters in essay 1996, filenamesespecially if you’re sending the files to someone else. HOW TO TYPE THE ACCENT. In Windows: In Word, you can type Ctl-' (that is, hold down the Control and apostrophe keys at the same time) and then press the ‘e’ key. In other Windows applications, use Alt-130 (that is, hold down the Alt key while typing 130 in frasca thesis, the numeric keypad the all-numbers section on the right of 1996, most full-sized keyboards). What Matters To You And Why Essay? On a Mac: Press Option-e and 1996 then press the ‘e’ key. Essays Importance Of Being? Unix systems are less standardized in this respect. Try Compose-e-'. Rallycross? If your keyboard doesn’t have a Compose key, you can probably map that function to on atticus finch as a hero an existing key, such as right-Alt. By the way, it’s an accent, not an apostrophe
these are two completely different things. There’s one way to spell it that’s always totally wrong: with an apostrophe instead of an accent, like this: resume’. If you spell it with no accents (resume), well, that’s the only way to spell it in plain text, and in other cases, the reader will assume that you can’t be bothered to type the accident rallycross, accent. Of Thesis? They may or may not downgrade you on that score. But if you spell it with an apostrophe instead of an accent, they’ll see that you don’t even know what the accent is. You don’t have to sweat over the spelling of “resumé.” But as a professional writer I have to rallycross make a considered decision about which spelling to use, and finch hero want to choose the best if one is even a little better than the accident rallycross 1996, others. When you start looking closely at the question of how to spell the name of that vital piece of paper, it gets rather more complicated than most spelling questions are, because there are an unusual number of factors involved. Essay Services? In this case, sorting out those factors, weighing them, and working out the best balance between them is a matter for painstaking thought by experienced professional language mechanics with some specialized linguistic knowledge.
I’ve had my shot at it, and the conclusions above are based on that effort. In case you’re interested, I’ve written down the details below. THE WHOLE THING. The spelling with two accents follows the French spelling, but in the case of “résumé,” that spelling is mortel essay, problematic when used by quality English-speakers, for accident rallycross essay, reasons given below. On Atticus Finch As A Hero? Omitting both the accents follows the normal English practice with assimilated foreign words, but this, too, is problematic in accident mortel rallycross 1996, the case of essay services in singapore, this particular word. The spelling with one accent, which offers a solution to both problems, seems to essay 1996 be a recent development that is increasingly accepted in English usage. Good English dictionaries in essays importance earnest, the past generally gave “résumé” as the reference spelling, and recognized “resume” (no accents) as well. For instance, “resumé” isn’t found in the first edition of the Random House Dictionary (unabridged, 1966) or the full Oxford English Dictionary (2nd ed., 1989). More recent editions of authoritative dictionaries ( Random House Dictionary , 2nd ed., 1987; American Heritage Dictionary , 3rd ed., 1992; and the Shorter Oxford English Dictionary , 5th ed., 2002) also recognize “resumé.” The fourth edition of the American Heritage Dictionary (2000) gives “resumé” as the reference spelling. The Shorter Oxford notes that the spelling “resumé” (one accent) is accident mortel 1996, particularly associated with the sense of importance of being, a summary of employment qualifications, which sense is “chiefly North American.”
The pronunciation “REH-zoo-may” is standard in English regardless of spelling or sense. (French also places the rallycross essay 1996, primary stress on the first syllable, though the stress is essays, not as noticeable as it is in English.) Good writers don’t depart from historical spelling without some strong reason that is widely recognized, and then only in those rare cases where there is no stronger reason for essay, retaining the historical spelling. The development of a consensus about such changes takes time, even when the questions are simple enough to be decided by the accumulation of decisions made on the fly by knowledgeable writers. In the case of the what and why, word “resumé,” however, there are an unusual number of conflicting factors bearing on the question. This complicates and 1996 slows down the evolutionary process. Conscious, detached thought, and a bit of research, are required to sort out the defense of thesis, issues decisively. At the same time, it’s not an urgent matter even for most language specialists. So it’s likely that few qualified people have ever sat down and accident rallycross essay tried to weigh all the factors and find the best resolution to quality the conflicts. And in any case, it would take time for word to get around. This, perhaps, is why “resumé” is accident mortel essay, only shown in recent dictionaries. What To You Sample? (The article on “résumé” at http://en.wiktionary.org/ is mortel rallycross 1996, a good one. The postings I’ve seen on Web discussion forums only demonstrate the inadequacy of casual opinions on frasca thesis this particular questionwhether they come from laymen or, worse, from the accident rallycross essay 1996, second-rate professionals who are the defense, source of most of the writings on language and grammar seen by accident mortel essay 1996 the public.
This includes some books that pass for style guides in some offices.) In the frasca thesis, case of “resumé,” there is a strong reason for making a change from the historical spelling. As an English word, the spelling “résumé” seems inescapably awkward, given the actual English pronunciation of the word. That’s because writing two accents here gives conflicting cues to an English-speaker. With the English pronunciation, if the word is spelled with two accents, the same sign represents two different sounds in accident rallycross 1996, the same wordin the first syllable, ‘é’ is pronounced like the short ‘e’ in bet, in the third syllable it is pronounced like the long ‘a’ in “may.” (That sort of ambiguity, of essay services, course, is notoriously common with English spellingbut not within the same word, and not with written accents. “Résumé,” as far as I know, is the only word used in English that presents an ambiguous case with written accents, so there is rallycross, no group of similar cases that can constitute a generally accepted rule for pronunciation. A native familiarity with English spelling doesn’t help us in the case of relatively recent foreign borrowings like this.)
Furthermore, there is essays importance earnest, no strong reason for retaining the first accent in the English word. Accident Rallycross 1996? Except in foreign words and on atticus finch hero phrases (which are normally italicized in print), English never writes accents unless they are absolutely necessary to indicate pronunciation. The first accent in “résumé” is not reflected in the English pronunciation. If it were, I’d say “ray-zoo-may,” not “reh-zoo-may.” (If I were speaking French, I’d say “hray-zoo-may.”) Someone reading “résumé” knows, of course, how the word is pronounced. But there’s still a hitch in the reading while the signs are interpreted. If there are too many little hitches like this, they add up to a document that is difficult to read, which distracts the reader from the content and creates a bad impression. Accident Rallycross? Good writing eliminates such hitches wherever possiblebecause if they aren’t eliminated wherever possible, they quickly add up to bad writing. Therefore, when “resumé” is used as a fully assimilated English word, with a meaning it doesn’t have in French, we should feel free to dispense with the first accent. The second accent, however, is still highly desirable for the purpose of distinguishing “resumé” from the verb “resume,” and more generally for the purpose of indicating that, unlike most words in finch, English with a final -e, the final syllable is pronounced. (That’s why proper English spelling requires that we keep the French accent on in words like “café.”)
Used in mortel essay, English for this purpose, “resumé” is not a partial (and therefore incorrect) preservation of the French spelling. It is an ad hoc, unhistorical improvisation of the sort that has long been used in a few exceptional cases where historical spellings and normal spelling conventions yield results that are consistently felt as awkward even by practiced English-speakers. Another instance of such unhistorical improvisation that is sometimes seen is the spelling “uncoordinated” (with a diaeresis over importance earnest the second ‘o’). Regular English spelling conventions call for “uncoordinated,” which, as with “coordinated,” suggests a wrong pronunciation (and makes an American think of accident mortel rallycross essay 1996, light beer). The usual device of frasca thesis, a hyphen (as in “co-ordinated”) yields “unco-ordinated.” This looks even worse than “uncoordinated” since, especially if one is being historically conscious, only prefixes allow the option of hyphenation, because they are grammatically distinct. But unlike “co-,” “unco” is accident mortel rallycross 1996, not a prefix. (As readers of Robert Burns know, it can stand alone as an adjective or adverbbut that’s Scots, not standard English.) “Unco-” in essay, “uncoordinated” is, to be sure, a joining of two prefixes. But since combinations of two prefixes are somewhat unusual, and accident rallycross essay 1996 their separation from the main word by hyphens quite rare, “unco-,” when first seen, prompts the mind to what most and why sample try to mortel rallycross 1996 interpret it as a single prefix, which leads to a dead end. To avoid this hitch, the spelling “un-co-ordinated” would be required, which is carrying things much too far. So the diaeresis is brought in quality management, instead, to signify that both the rallycross 1996, first and second ‘o’ are pronounced.
Lest I carry this treatise unco far, I will stop, and place further discussions in the following appendix, if anyone wants to go farther. It could be argued that, because English does put the primary stress on the first syllablein contradistinction to the verb “resume”the first accent therefore has some use for indicating this pronunciation. I believe, however, that there is no real necessity for this. Quality Management Thesis? Subject to correction by specialists in English phonology, it seems to me that it’s natural for someone starting to read the word “resumé” to put the primary stress on the first syllable. Mortel Rallycross Essay? That’s because in English, a three-syllable word with a secondary accent on the last syllable, normally (again, as it seems to me) gets the primary stress on the first syllable.
Stressed syllables within a word are normally separated by one or more unstressed syllables, making for a sort of underlying rhythm. (It’s on the basis of this rhythm that everyday speech improvises more subtle nuances of quality, intonationjust as formal poetry does with its more rigorous rhythmic schemes.) In “resumé,” it would be contrary to habit to have the primary stress on the second syllable, immediately followed by accident rallycross 1996 the secondary stressand the accent on the final syllable definitely indicates some stress there. So there’s no need to write an accent to indicate the primary stress on the first syllable. English-speakers (or at least, American-speakers) only rarely use the borrowed French word in its original, general sense, to mean “a brief summary” of whatever is frasca thesis, being spoken of. If you do use it in this sense, I think it’s best to avoid ambiguity by treating the word as a foreign borrowing: spell it résumé , and perhaps italicize it as a foreign term. The anglicized pronunciation (“REH-zoo-may”), however, is accident rallycross essay, still correct for what matters most and why, this sense when used in English speech. Using the Frenchified English “RAY-zoo-may” is also an option, especially if it’s being thought of mortel essay, as a borrowed French word. Like most English “French,” it’s really a half measure.
However, pronouncing the frasca thesis, ‘r’ à la française would be going too far, if you’re speaking English. Accident Essay 1996? English-speaking listeners who don’t know French well will think you have something wrong with your throat. Those who do know French well will think, quite correctly, that the hypercorrect pronunciation is an affectation. Office hours: MondayFriday, noon6 Central Time. Evening and weekend telephone availability by appointment or chance. Outside office hours, leave message: I’ll respond ASAP. Toll-free number available on request, for customers in U.S. states outside Minnesota.
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