FIR quashed as Company not an accused & no direct allegations against directors

S.K. Goel Vs State of Jharkhand (Jharkhand High Court) Held that criminal proceedings cannot continue against the directors against whom there is no direct allegations of mala fide and importantly the company is not made an accused. Facts- The FIR was lodged by the informant alleging therein that the informant and his wife opened two Demat Trading Accounts through franchisee agents in M/s Bonanza Portfolio Ltd., whose partners/ proprietors are S.K. Goyal, S.P. Goyal, V.K. Agarwal, Shiv Kumar Goyal, and Narendra Singh. The informant used to invest most of my money in Yes Bank Shares’ futu...