VINITA S RAO vs M/S ESSEN CORPORATE SER.P.LTD.

The Supreme Court upheld the orders of the Karnataka High Court allowing the criminal revision petition under Section 397(1) of the Code of Criminal Procedure, 1973, which set aside the earlier orders of the Fast Track Court and the Chief Metropolitan Magistrate regarding a complaint under Section 138 of the Negotiable Instruments Act, 1881. The Court emphasized that the respondents, as financial consultants, had a fiduciary duty to return the shares entrusted to them and that their failure to do so constituted an offence under the NI Act. The appeal was dismissed, affirming the High Court's decision.