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Spatial Disparities and Poverty: The …

Asian development bank institute research paper series

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Spatial Disparities and Poverty: The …

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 asian development bank research series, as UCO Bank') wherein Harshad S. Thesis Bank Uvt? Mehta A-5 is payee or recipient of the amount, which are mentioned hereunder:- ___________________________________________________________________________ __ Trans. A-5 Dates Days Rate of Amt. Rs. Bank Institute Paper Series? 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 aqa gcse, MUL Remarks-MUL delivered 35 lacs Units of bank institute paper UTI to A5. 02. Borrow-13.03.91 25.03.91 12 16.75 10,11,50,000 5.56,995 10,17,06,200. -ed Remarks-UCO gave BR to MUL for 70 lacs Units. 03. Borrow- 18.03.91 22.03.91 5 21.00 10,83,75,000 3,11,775 10,86,86,775. -ed Remarks-UCO gave BR to csbm coursework, MUL for 75 lacs Units. R.N. POPLI v. C.B.I. [M.B. SHAH, J.] 141. 04.

Borrow- 24.04.91 26.04.91 2 26.25 7,62,45,000 1,09,650 7,63,54,650 -ed Remarks-UCO gave BR to MUL for 51 lacs Units. -05. Borrow- 02.05.91 07.05.91 5 25.00 10,39,50,000 2,99,090 10,42,49,090 - ed ___________________________________________________________________________ __________ Remarks-Number of Units not known but only value stated in chargehseet. Undisputedly, (a) the receipt and the payment of asian institute research paper amount was for a fixed period; (b) interest rate was fixed and was received or paid as agreed; (c) for csbm coursework, the first transaction, before receiving the development bank institute research 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 thesis bank uvt repaid on date fixed; (e) commission/brokerage is received and credited by the UCO Bank for which there are credit entries in the account books; (f) there is no loss to the MUL and the UCO Bank; (g) accounts of UCO Bank are audited, no objection is raised by internal or external auditors; and (h) accounts of MUL are also audited and there is no objection raised by the internal or external auditors to such transactions; (i) no suggestion that any accused gained by such transactions except that A-5 got loan. Development Institute Research Series? On the basis of the aforesaid special features of the prosecution story, the csbm coursework Special Court, Bombay under Special Court (Trial of development institute research paper series 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 undergraduate thesis, the offences of asian development bank institute cheating, criminal breach of 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 471 of the Indian Penal Code (IPC) and Section 13(lXc) read with Section 13(2) of the Prevention of Corruption Act, 1988 (hereinafter referred to 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 law coursework, cheating MUL and was also charged under Section 471 read with Sections 467 and development bank 468 of IPC for fradulently and la fille du regiment dessay dishonestly using letter-heads and BRs of UCO Bank, Hamam Street Branch, Bombay knowing the same to be false and forged documents as also forging certain documents to be used as valuable securities. A-5 Harshad Shantilal Mehta was also charged for the offence punishable under Section 403 of IPC. By judgment and order dated 27th/28th September, 1999, the learned Special Judge acquitted accused No.2 and convicted accused Nos.l, 3, 4 and development paper series 5 as under:- 1. A-l Pramod Kumar Pritam Lal Manocha, A-3 Vinayak Narayan Deosthali, A-4 Ram Narayan Popli and A-5 Harshad Shantilal Mehta are convicted being the parties to criminal conspiracy alongwith Mr. Mohan D. Khandelwal (PW23) between the period of essay April - May, 1989 to asian bank research paper, 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 A-5 HSM with ANZ Grindlays Bank, Sansad Marg, New Delhi branch and law coursework thereby committing offences of asian development series criminal breach of trust fraudulently using forged documents, abuse of public offices, dishonest appropriation of the amount of Rs.38,97,20,000 punishable under Section 120-B r/w Sections 409, 467, 468 and 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 thesis bank uvt convicted for furtherance of criminal conspiracy in his capacity as a public servant viz. being Deputy Manager (Finance) of MUL at bank institute series, the relevant time, for causing and/or allowing MUL's fund wrongfully to 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 respect of property of thesis bank uvt Maruti Udyog Limited, Delhi, then Government company of 35 lakhs Units of UTI, valued at Rs.4,99,45,000 by dishonestly and in asian development bank paper series, violation of specific directions of the Board of ap biology essay question Directors of MUL, delivering the institute research series same to ontario thesis, Mr. Mohan D. Khandelwal (PW23) in knowing that Mr. Khandelwal was an Attorney of accused no.5 Harshad S. Mehta; (iii) A-l is convicted for offence under Section 409 of asian development series IPC for 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 a sum of Rs.l 0,11,50,000 drawn in favour of Grindlays Bank and made payees A/c only, by ap biology essay 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 asian institute convicted for ap biology essay, 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 institute paper made payees A/c only by aqa gcse law coursework dishonestly delivering the same to Mr. Anuj Kalia (PW-16) knowing that the said Mr.

Anuj Kalia was an employee of accused no.5 - HSM; 3. 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 asian research allowing use of funds of ontario undergraduate thesis conference MUL to be wrongfully gained by A-5; (ii) A-3 is convicted under Section 467 of IPC in furtherance of criminal conspiracy, he on or about 23.1.1991 at Bombay having forged a letter dated 23.1.1991 (Ex.58) with the dishonest intent of authorizing remittance of MUL's funds of Rs.4,99,45,000 to bank research, Bank of America, New Delhi by accused No.5 to MUL, Delhi and further dishonestly authorizing the delivery of valuable securities of 35 lacs of units of 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 csbm coursework 468 of IPC for asian series, having forged a letter dated 23.1.1991 (Ex.58) of UCO Bank, Hamam Street Branch, Bombay knowing it to be a false and thesis bank uvt forged document; (v) A-3 is convicted under Section 467 of IPC for development bank, having forged on or about 13.1.1991 the document to be a valuable security with the banker receipt No.1121 dated 13.3.1991 (Ex.38) for Rs.l0,11,50,000 with intent to make MUL believe the UCO Bank, Hamam Street Branch, Bombay was holding 70 lacs units of UTI for the face value of 7 crores and law coursework 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 development institute research paper series, the sum of Rs.l0,11,50,000 in the name of MUL with the intent that the aqa gcse law coursework said document should be used for bank institute research series, cheating; (vii) A-3 is convicted under Section 471 r/w sections 467 and psychology undergraduate 468 of 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 bank institute research series, 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 thesis convicted under Section 468 of IPC for asian development bank institute research, 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 dishonestly used the letter dated 13.3.1991 (Ex.60) as genuine knowing it to ontario undergraduate thesis conference, be false and forged document; (xi) A-3 is convicted under Section 467 of IPC for having forged BRs for Rs.l0,83,75,000 (Ex.39) with the intent to make MUL believe that UCO Bank was holding 75 lacs units of UTI of the face value of Rs.7,50,00,000 which UCO Bank, Hamam Street Branch, Bombay was to deliver to asian bank research series, 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 468 of IPC for dishonestly using the BR No.l 132 dated 18.3.1991 for begins, Rs. 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. Development Institute Paper? BR No.166 dated 24.4.1991 for Rs.7,62,45,000 (Ex.41) with the intent to make MUL believe that UCO Bank, Hamam Street Branch Bombay was holding 51 lacs units of 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 intent to make MUL believe that it should be used for cheating; (xvi)A-3 is convicted under Section 471 r/w Sections 467 and 468 of IPC for having fraudulently and dishonestly used the thesis bank uvt said BR dated 24.4.1991 (Ex.41) as genuine knowing it to be a false and forged document; 4. Asian Bank Paper? 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 du regiment dessay cd, 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 said Cheque into the account of Grindlays Bank, New Delhi; 5. ACCUSED NO.5 Harsh ad Shantilal Mehta- (i) A-5 is convicted under Section 403 of IPC for having dishonestly misappropriated four bankers' cheques to wit:- (a) Cheque No.645585 dated 13.3.1991 for Rs.l0,11,50,000, (ii) cheque no.646402 dated 18.3.1991 for Rs. 10,83,75,000, (iii) cheque no.863237 dated 24.4.1991 for Rs.7,62,45,000, (iv) Cheque no.863260 dated 2.5.1991 for Rs. 10,39,50,000 [Exs. 30, 32, 34 and 36] aggregating to Rs.38,97,20,000 drawn by MUL on its bankers viz. Canara Bank, Sansad Marg Branch, New Delhi in favour of Grindlays Banks.' Against the said judgment and order, A-l Pramod Kumar Pritam Lal Manocha has filed Criminal Appeal No.l 117 of 1999, A-3 Vinayak Narayan Deosthali has filed Criminal Appeal No. 1141 of 1999, A-4 Ram Narayan Popli has filed Criminal Appeal No. 1097 of development bank series 1999 and A-5 Harshad Shantilal Mehta has filed Criminal Appeal No.

1150 of 1999. Against the on safety acquittal order of A-2 Ambuj Sushil Kumar Jain, Central Bureau of Investigation has filed Criminal Appeal No.521 of 2000. 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 him. However, his wife filed Criminal Misc. Petition No.574 of 2002 on 16.1.2002 for continuing the asian bank institute said appeal. By order dated 24.1.2002, we granted such permission and appeal is heard on merits. The prosecution version is csbm coursework that A-1 Pramod Kumar Pritam Lai Manocha was an employee (Dy. 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 bank institute paper, Hamam Street Branch, Mumbai; A-4 Ram Narayan Popli was an employee (Officer attached to the Remittance/ Clearance Section) of ANZ Grindlays Bank, Delhi Branch; and A-5 Harshad Shantilal Mehta was a financial broker operating in money market and securities. In short, it is the prosecution version that A-1 to A-5 entered into a criminal conspiracy to siphon off the funds of thesis bank uvt MUL in asian research, favour of A-5 for ap biology question, which afore-quoted five transactions took place, even though there was prohibition on granting loan by MUL to individuals.

It is stated that A-l and A-2 were working closely and development paper series they had dominion over the property of MUL. A-1 used to place the proposal before the Board and obtain approval for thesis bank uvt, the investments. A-l and A-2 used to give instructions on the basis of which letters addressed to asian development bank institute research, banks were prepared. It is at home alleged that they misappropriated the property in violation of the law as well as their duty (express and implied) by making it available for use of A-5. This is on account of the fact that they were authorised to invest the 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 asian development bank paper series result of making the funds of MUL available to A-5. It is also the prosecution version that they [Al, A2 and A3] being public servants during the material time, abused their position and thereby conferred a pecuniary advantage upon thesis bank uvt, A-5 and in any event while holding office as a public servant obtained a pecuniary advantage for A-5 against asian development institute paper series, 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 pretence that the funds were being drawn for purchasing securities from UCO Bank but diverted these funds to the accounts of ap biology essay question A-5 for which A-l and A-2 played the role of misrepresenting to MUL and withdrawing the development bank institute series funds. A-3 forged documents which helped A-l to secure the release of monies from MUL. A-l conspired alongwith A-3 and A-4 for making money available to essay, A-5, who became the prime beneficiary of the money.

The bankers' cheques were handed over, on the instructions of A-l and A-2, to Anuj Kalia an employee of A-5. Learned senior counsel Mr. Ram Jethmalani appearing for A-5 at the outset submitted that from the aforesaid five transactions, it is apparent that the investment/loan was for a short period. Yield - interest is at a higher rate. According to him, the development amount is thesis bank uvt 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. Asian Research Paper? First transaction is loan taken by the MUL through UCO Bank from on safety begins at home, A-5 on the basis of 35 lacs of UTI units given by MUL to asian development institute paper, A5 through UCO Bank. It is his submission that in view of these facts it is apparent that prosecution is motivated and the conviction of the accused requires to be set aside. For the prosecution, it is the contention of the learned Solicitor General Mr. Harish N. Salve that the aforesaid transactions were subterfuge or a facade for a loan transaction which cannot be entered into by MUL in favour of A-5. It is his contention mat in the background of the resolutions passed by the Board of csbm coursework Directors of MUL and on asian the basis of the ap biology guidelines issued by the RBI, MUL could not give loan to A-5 and, therefore, there was a conspiracy between A-l and asian institute paper A-5 for diverting the funds of MUL by having subterfuge of sale or purchase of units of UTI by the UCO Bank to thesis, MUL.

In furtherance of the said conspiracy, for 2nd to 5th transactions, A-l got issued cheques by asian development paper the Canara Bank in favour of Grindlays Bank which in turn transferred the said amount in account of A-5, first at Delhi and thereafter at Bombay. ANZ Grindlays Bank's Bombay Branch issued cheque to UCO Bank at Hamam Street and from there the amount was paid to A-5. For this subterfuge, MUL delivered cheques to A-5 through its representatives. If the transaction was between MUL and UCO Bank, the cheque would have been delivered to the representative of UCO Bank either at Delhi or at Bombay. If there was a loan transaction between the 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 csbm coursework as loan could not be given to A-5 in his individual capacity, it was given to A-5 by creating forged documents. He pointed out that after receiving the cheques issued by Canara Bank on behalf of MUL in favour of Grindlays Bank, the same were immediately encashed on the same day and thereafter Grindlays Bank, New Delhi again transferred the bank institute same to its Bombay branch in favour of A-5. Thereafter, A-5 gave cheques to UCO bank. This itself indicates that as the transactions were not genuine, irregular and illegal procedure was adopted for encashing the thesis bank uvt cheques.

Therefore, this is a case of misappropriation and forgery. Further, if there was genuine sale of units by UCO Bank to MUL, the transactions would have been straight forward between UCO Bank and MUL. Asian Development Bank Paper? 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 csbm coursework, a manner which is sinister or contrary to law then it cannot be said that the transaction was as per asian development bank institute paper series, the commercial practice. It is a case of forgery because certain sets of law coursework documents are created where there is no real or genuine transaction. It is asian development bank institute series also contended that A-3 was not having any authority to purchase or sell units on behalf of the on safety at home Bank.

Secondly, he got letters. Exs.58, 60 and 61 typed outside the office and nobody knows wherefrom the said letters were got typed and this would not be in normal course of development paper series business. This would be a most relevant factor for judging whether his act was dishonest or not. A-3 wrote a document, which he had no authority to write, with a specific motive to enable the transaction to be completed and money pulled out of MUL and he issued Bank Receipts (hereinafter referred to as 'BRs') without having security, namely, having UTI units. Thesis Bank Uvt? The learned counsel admits that there is no direct evidence on record to 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 asian bank research paper series case remains a simple one. Csbm Coursework? Admittedly, five transactions took place between MUL and A-5 during the period from end of January to beginning of May, 1991. Asian Development Bank Series? As per the first transaction, A-5 lent money to MUL. Loan period was for a period of 32 days and the interest rate was 12.75%. MUL returned the loan amount on due date with agreed interest. This was secured loan as MUL transferred and cd delivered 35 lac unite of UT1 to A-5. Asian? Though, formally it was an out and out sale by la fille dessay cd 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 asian paper series, each transaction. All the aqa gcse said four transactions were backed by BRs as collateral security and the BRs were backed by requisite number of development bank research paper units. Loan was for a short period e.g.

2nd transaction was for 12 days, 3rd was for five days, 4th was for two days and 5th for five days. Interest rate was also high i.e. 16.75%, 21%, 26.25% and 25% respectively. It is his submission that it is absurd to suggest that A-5 committed any offence or offences, but the prosecution is a piece of political revenge against A-5 for disclosing certain facts to the press against the political leaders. He contends that transactions were loan transactions because in all these transactions the rate of interest and number ;f days for which the loan was being advanced was settled before die money and the units changed hands. This is consistent only with the transaction being a loan transaction. He also submitted that mainly the begins prosecution case in the FIR dated 15.4.1993 which was lodged after preliminary enquiry which started from 15.9.1992 as well as in the charge-sheet submitted by the CBE on 15.12.1994 was that MUL gave loan to A-5 at asian development bank research paper series, a lower rate of interest and aqa gcse law coursework 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 asian development institute amount at a higher rate of psychology undergraduate thesis interest at 12,75% per annum for 32 days against physical delivery of 35 lacs Units of the UTI; (3) paragraph 5 of the asian bank 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 12 days at the interest rate of 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 thesis conference, favour of Grindlays bank for expeditious transmission of amounts to A-5, the loan transactions were only for a few days and if couple of days are lost in realising the paper series 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 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 psychology thesis no question of asian development bank paper conspiracy to siphon off the surplus funds of MUL as the amount was lent on security and repaid with interest on due dates. He contends that prosecution has tried to prove the theory of so-called absurd conspiracy by the sole evidence of approver PW23 and has failed to prove the same miserably. He pointed out that before taking loan, units of UTI were deposited or were with the UCO Bank and there is no evidence on record to establish that units were not with the UCO bank at the time when the BRs were issued. It is his submission that in a criminal prosecution it is absurd to suggest that defence has to prove that BRs were obtained without sufficient security. Ontario Psychology Undergraduate Thesis? The prosecution witnesses of the development bank institute research paper 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 similar transactions RC.8(BSC)/94/Bom, was lodged and a report was submitted before the Court stating that there was no case against the accused. After investigation, it was discovered that the BRs were indeed backed up by the securities, hence the CBI filed closure report dated 11.11.1994 Ex.A-S-116 before the csbm coursework High Court and the said report was accepted on 17.3.1997. That order was upheld by this Court. However, the CBI proceeded with this prosecution for an oblique motive. In written submissions filed on behalf of A-5, it has been further stated that the charge against A-5 reads as under: - That you accused no.5 in furtherance of the aforesaid conspiracy did dishonestly misappropriate 4 banker's cheques to wit. Cheque No.645585 dated 13.3.1991, cheque no.646402 dated 18.3.1991, cheque no.863237 dated 24.4.1991 and asian development paper series cheque no.863260, dated 2.5.1991 aggregating to ontario, Rs.38,97,20,000 drawn by institute research MUL on its bank to wit the Canara Bank, Connaught Place Branch in favour of the ANZ Grindlays Bank and you thereby committed an ap biology essay offence under Section 403 of the IPC. It is contended that the point of determination is - whether this charge is legally sustainable. In other words whether borrowing money on 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 development bank institute research series accused appropriated the cheques to himself; (ii) that the appropriation was a misappropriation; (iii) that it was dishonest He submits that the first ingredient is csbm coursework 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 development research, somebody else and law coursework 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 institute series MUL to A3. The cheques and ontario thesis conference 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 asian bank research paper series prosecution case that the amount was in fact meant for Grindlays bank but it is the prosecution case that the amount was meant only for undergraduate, A-5. It is argued that when in the four transaction the loan was advanced by development series 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 on safety begins money to Grindlays bank. 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 bank institute research paper contention of the prosecution that the Grindlays bank should have first credited the amount to itself and csbm coursework then after some interval paid to development bank institute research paper series, 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 conference 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 development bank research series submitted that PW12 Ashok Monga, Asstt. Essay On Safety At Home? Manager, ANZ Grindlays Bank has fully supported the existence and propriety of this practice.

The kind of development institute research paper pay order like Ex.30 has never been held to be a cheque. To hold it to be a cheque would lead to some absurdity. Section 128 of the Negotiable Instruments Act lays down that when a cheque is crossed, the banker on whom it is drawn shall not pay it otherwise than to undergraduate thesis, banker. It is obvious that if the payee is itself a banker he cannot be expected to present it to another banker for collection. 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 development bank institute paper 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 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 thesis bank uvt Bank is neither guilty of negligence nor of any criminality. Similarly, no officer of the bank could be held liable for asian development bank research paper series, the same and there is no question of any liability for A-5. There is thesis bank uvt no evidence that Grindlays bank or the Canara bank had any objection to this course of dealings. Certainly there was no intention to 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, [1963] Suppl.

2 SCR 585 and submitted that unlike the above case, every thing in the present case is above board, there is no deceit, there is no falsehood and development bank series suppression of on safety begins truth. It is contended that an approver's evidence cannot be accepted without corroboration and certainly not when it is in conflict with the bank institute paper 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. Of course, it is without prejudice to the arguments that the amount is csbm coursework not directly put into his account. It is contended that even though it was necessary to recall PW16 for bank research series, the cross-examination on the new falsehoods which were introduced through the examination-in-chief and on safety at home cross-examination of PW23, but the learned Judge dismissed the application filed on behalf of A-5 and it has caused incalculable damage. Development Institute Series? The illegality is of such vital importance that it vitiates the entire trial and judgment.

The charge of conspiracy against csbm coursework, A-5 is legally and factually absurd, false and frivolous. The alleged conspiracy is supposed to have originated in April/May, 1989. The sole prosecution witness who deposed about the alleged meeting of April/May, 1989 is approver PW23. 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. Research Paper? According to him, the alleged meeting took place either in April or May, 1989 at the office premises of MUL, K.G. Thesis Bank Uvt? Marg, New Delhi. 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 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 the meeting as he was not employed with MUL on that date, it is asian development paper series 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 la fille du regiment cd, the irresistible inference that his deposition regarding the alleged meeting is totally concocted. It has come on record that PW23 disclosed regarding the alleged meeting, only on 10.8.1994. Indeed, the very suggestion by PW23 that a police officer who interrogated him would not question him about the circumstances of five transactions is institute research paper series absurd and essay begins at home 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. Asian Bank? The fact that it was not so referred to conclusively established that the meeting never took place and reference to it in PW23's later statement of 10.8.1994 and in his judicial confession recorded u/s 164 CrPC was at the instance of the question 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 conspiracy charge insofar as it is alleged to have commenced from April/May, 1989 is unsubstantiated by any evidence and in fact falsified by it as- (a) the development bank paper veracity of PW23 has been destroyed in cross examination.

He denied his taped conversation and feigned ignorance of du regiment dessay police statement. He suppressed truth from the asian bank 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 common sense is not corroborative evidence at all. Learned Judge has held that evidence of Khandelwal is ontario conference corroborated from what followed thereafter in asian development bank institute research series, the form of various transactions between MUL and aqa gcse 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 bank research series objects of the conspiracy is alleged to be 'dishonest misappropriation'. This has obviously reference to the 34th charge against A-5.

On the question 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 420. The learned Judge has recorded no conviction under this charge and development institute research paper all the accused against whom this charge was framed are deemed to be acquitted of this charge. The charge of ap biology essay question 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. Development Research Paper? If a practice is illegal, it may not convert that which is illegal into legal but it certainly provides for bonafides and du regiment cd absence of dishonesty. From this circular, it is clear that the development paper series scheduled banks were being advised against a practice which might put them in difficulty.

They were Fanning the aqa gcse risk of being responsible for 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 asian development bank institute research paper financial institutions in securities where such losses arose as a result of such transactions. It is equally trite to state the contrary proposition that where there were no losses at all, the institution of the Special Court was wholly unnecessary and the Special Court was not to try such transactions even if they amounted to some technical offences. Ap Biology Essay? 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 development institute research series Financial Institutions etc. in essay begins at home, 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 asian bank institute, 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 why the question CBI chose to development bank paper, investigate and prosecute the instant case, This question has a clear answer that the CBI cheose to pursue the instant case and other cases in which PW23 had acted on behalf of A-5 in csbm coursework, New Delhi in transactions with public sector undertaking to development bank paper, intimidate and blackmail PW23 for not supporting A-5's public declaration from June, 1993 onwards that he had paid the sum of Rs.1 crore to the then Prime Minister at his residence in Delhi. In ample words, if PW23-a vital witness in A-5's allegation against the then PM-supported the allegation of A-5, then he would be prosecuted along with accused no 5 in the instant case and other cases. If he cooperated and 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 du regiment dessay cd, A-5 's allegation against development institute research paper, Shri Narsimharao. the then Prime Minister. Following consequences of events conclusively establish the quid pro quo referred to aqa gcse, between the CBI and PW23. (a) in development bank institute research paper series, June, 1992, PW23 met the then Director CBI. This is essay begins at home 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 development bank institute paper series source disclosed to Mr. Dessay Cd? Sharma has not been revealed by the latter to bank institute paper series, 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 csbm coursework, a separate note have described this change in status of PW23. (f) On 17th February, 1993. A-5's advocate addressed a letter to CBI about 4 cash withdrawals from banks in Bombay and Delhi between 2nd and 4th November, 1991 which according to development bank, 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 grant such protection, they continued to make efforts in ap biology essay, March,. 1993 to obtain A-5's narration on asian research paper 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. Cd? (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 bank paper series, the FIR. (O PW25 says that decision to name PW16 in the FIR was that of the Superintendent of Police V.D. Maheshwari and the investigating agency and that he had to agree with that decision. Further, they decided not to cite PW23 as an accused in the FIR, (I) The evidence of VD Maheshwari as a court witness completely corroborates the fact that the FIR was registered not because the investigating agency had applied its mind and ontario 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 asian development bank institute research, 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 csbm coursework, the instant case before the FIR was registered; (Hi) whether he interrogated PW23; (iv) whether he discussed the development bank institute series 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 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 FIR. The only circumstance that Maheshwari recalls is that the decision to essay on safety begins, 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 CBI was awaiting the outcome of the bank institute research event. (k) The JPC prepared its report in du regiment cd, December 1993. In January 1994, the said report was made public. The report disclosed that PW23 fulfilled his part of the bargain with the CBI refusing to support A-5's public claim that the cash withdrawals made by him in November 91 were utilized for paying a sum of development institute research Rs.l crore to the PM, which claim became public by virtue of a press conference held on 16.6.1993. (1) In the ap biology question very next month after the publication of JPC report, a charge- sheet was filed in a case dealing with the funds of development bank Power Finance Corporation in thesis bank uvt, which A-5 and PW23 were cited as accused. (m) On 26.5.1994 PW23 made an application u/s 306 read with S.164 Cr.P.C. that his judicial confession be recorded and that he be made an approver in the instant case before the Ld. Special Judge, New Delhi who was seized of the charge-sheet in the PFC case. That application was rejected. Thereafter, on bank research second attempt, after his arrest on 10.8.1994, his confessional statement was recorded by another Magistrate and essay not by the Special Judge who rejected the application for pardon in development research paper series, PFC case. (n) Ld.

CMM assigned the cd 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 asian development institute paper 21.10.1994. Ultimately, the application for essay at home, grant of pardon was accepted by the same Magistrate. Very soon, after the asian research paper series said pardon was granted, the ontario undergraduate thesis conference charge sheet was filed on development research paper 6.12.1994 i.e. within a period of six weeks from the pardon being granted. (o) The absence of any loss to MUL in the instant case, the absence of proof whether A-5 made any gain in the instant case; the fact that the transactions took place at ap biology question, a time in which three of them were beyond the time period for which the Special Court exercises jurisdiction; the development institute paper fact that all five transactions were prior to the RBI circular of 26.7.1991; the allegation of csbm coursework A-5 against the then PM; the abdication by the IO of the powers and discretion vested in him by the CrPC to his superiors in the CBI in the matter of proceeding with this case; the asian research paper 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 on safety the part of the CBI and the attempt to wilfully suppress material and politically sensitive documents in the case all indicate that the present case far from sub- serving the objects for which the Special Court was established, is a colossal waste of public time and money, a travesty of justice and an unfortunate reminder of how individuals subvert our criminal justice system by causing institutions like the CBI to file cases which are only asian bank institute series vehicles to subserve their own private interests. Psychology Undergraduate? Lastly, the learned senior counsel for A-5 submitted that not only A-5 and development bank paper others charged alongwith him be acquitted of all charges, but strictures against csbm coursework, the investigating agency for bringing the system of criminal justice administration into disrepute be passed. Before dealing with the institute paper contentions raised by the learned counsel for A-S and essay on safety begins CBI and asian research paper series before narrating submissions made by 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 they were having control and dominion over the surplus funds of MUL which they were handling for investments with various agencies. These investments were being made in ap biology essay, each case with the specific approval of a Sub Committee for investments consisting of Shri R.C. Bhargava then CMD MUL and S. 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 development bank institute research Ambhuj Jain entered into ontario conference, 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 asian development institute research paper ANZ Grindlays Bank, Delhi and Sh. Harshad S. Mehta a broker, his employee Anuj Kalia and ap biology question certain other unknown persons with the development research series object to misappropriate the said surplus funds of MUL and to provide pecuniary advantage to Sh.

Harshad S. Mehta out essay, of the funds to be invested by MUL by bank research series abusing their official position as public servants. Dessay? (iii) In pursuance to the said criminal conspiracy, Shri V.N. Asian Research Paper Series? Deosthali wrote a letter on 24.1.91 to MUL to undergraduate, effect physical delivery of 35 lacs units of UTI to Sh. Mohan Khandelwal, the attorney of Sh. Harshad S. Mehta and an amount of development bank Rs.4,99,45,000 was credited to the account of MUL in Bank of csbm coursework America at Delhi out of the account of Sh. Development Bank Institute Paper? Harshad S. Mehta. This amount was borrowed by MUL at higher interest rate of 12.75% per annum for 32 days against physical delivery of 35 lac units of UTI. The physical delivery of 35 lac units was taken by Sh. Anuj Kalia on the basis of receipt given by thesis bank uvt Sh. Mohan Khandelwal on the letter head of Sh.

Harshad S. Mehta. After expiry of 32 days the principal amount together with interest totalling to Rs.5,05,03,250 was refunded by MUL on 2.5.91 for asian development institute research paper series, this refund Sh. Ambhuj Jain obtained banker's cheque in favour of ANZ Grindlays Bank out of the thesis bank uvt account of MUL in Canara Bank, Sansad Marg, New Delhi and the cheque was delivered to Sh. Anuj Kalia, an employee of Sh. Harshad S. Mehta. 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 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 the rate of asian development bank institute series interest. For these investments, Banker's cheques were obtained by SI Shri Pramod Kumar and ap biology essay Ambhuj Jain from the account of MUL in Canara Bank, Sansad Marg, New Delhi in the name of institute paper series ANZ Grindlays Bank and the same were collected by Shri Anuj Kalia who deposited the same into the account of Shri Harshad S. Mehta in ANZ Grindlays Bank, Sansad Marg, New Delhi. As these Banker's cheques were in the name of ANZ Grindlays Bank, they should have been credited into 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. Psychology Conference? Mehta unauthorisedly.

On reversal of these investments the amounts were credited in development research, the account of MUL from the account of Shri Harshad S. Mehta. For the above investments, Shri V.N. Deosthali issued bogus bank receipts unauthorisedly in pursuance of the said conspiracy. With regard to the 5th transaction dated 2.5.1991, similar averments are made in paragraph 7. (v) The enquiry into the said PE disclosed that MUL, Delhi during the said period had invested its huge surplus amounts with other banks and public sector undertakings on higher rate of interest. Similarly, during the same period other public sector undertakings had invested their funds at much higher rates then the rate of interest on aqa gcse law coursework which MUL had made aforesaid four investments. Asian Development? (vi) S/Shri Pramod Kumar and Ambhuj Jain in pursuance of said conspiracy misappropriated funds of MUL by abusing their official position as public servants in as much as they invested the funds of MUL at lower rate of interest and thereby caused pecuniary advantage to 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 thesis bank uvt 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 physical delivery of 35 lacs Units of the UTI; (2) paragraph 5 of the charge-sheet referring to asian development institute, the transaction of 13th March, 1991 describes it as an investment of 10 crores and odd from MUL for a period of at home 12 days at the interest rate of 16.75% per annum. (3) paragraphs 6, 7 and 8 contain similar descriptions of the remaining transactions. (4) Para 3 of the FIR is the basis for conspiracy during the period from January 1991 to May 1991. From the contents of the 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 asian development bank specific approval of Sub-committee for Investment consisting of Mr.

RC Bhargava, the then Chairman and Managing Director (CMD), MUL and S. Natrajan then Director (Finance), MUL. Ap Biology Essay? Allegation in the FIR is that for the First transaction MUL borrowed the amount at higher rate of interest of asian development institute research paper 12.75%. With regard to csbm coursework, the remaining transactions it is bank institute research alleged that MUL gave funds to A-5 at a lower rate of interest and thereby pecuniary advantage accrued to the borrowers and thesis bank uvt 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 development research paper basis in a warrant triable case. Essay Question? 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 the FIR as well as in the charge-sheet it is stated that conspiracy between the accused for the alleged transaction took place during the period from January 1991 to May 1991. B. RELEVANT PART OF THE REPORT OF JOINT PARLIAMENTARY COMMITTEE (JPC). JPC noticed the findings of Janakiraman Committee's Report submitted in May 1992 that unscrupulous brokers in collusion with certain bank officials had manipulated securities transactions of banks and financial institutions for paper series, their own purpose in a variety of ways and in clear violation of the established rules, guidelines and prudent business practices. Parliamentary Committee also noticed (i) number of irregularities including extensive use of BRs for ready forward transactions, (ii) issuance of number of BRs on csbm coursework the basis of one outstanding BR and issue of asian development institute research series 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 aqa gcse issuing BRs on behalf of brokers. For the development bank series BRs, the la fille du regiment 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 effect physical delivery of the securities sold even after the receipt of the purchase consideration for reasons such as the securities are lying at another centre. In terms of the B.R., the seller bank undertakes to development bank research paper series, hold the security on trust for essay question, the purchaser for the short period till delivery and asian development bank paper it is generally considered valid for 90 days or till delivery is du regiment dessay effected whichever is earlier. In the inter bank market, a large number of transactions in securities were being concluded by means of BR deliveries (instead of physical delivery of securities sold); however, there was no uniformity in the format of the BR and there were also not set guidelines for its usage. B.R. does not find a place in the Banking Regulation Act, 1949. Bank Series? It was only on the 6th May, 1991 that IBA issued a circular prescribing a format and laying down certain broad guidelines and recommending its adoption by member banks and other financial institutions like IDBI/IFCI/ ICCI/NABARD etc.

The RBI for la fille dessay cd, the first time inter alia issued instructions to research paper series, 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 ap biology such receipts also came to be freely used in security transactions. 4.32 The Committee is led to the conclusion that the asian bank institute research paper BR system has been considerably misused. Every step should, therefore, be taken to la fille du regiment cd, prevent recurrence of such things in future. There is need for reforms of the BR system, for example, by way of bank institute series reduction in the period of thesis bank uvt its validity and imposing of research series severe penalties for csbm coursework, 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 development bank institute paper series, the brokers who got them credited to their account ostensibly to assist the latter in transferring funds quickly to at home, meet their obligations. As per institute research series, informal understanding and in the name of market practice, the payee-bank used to credit the proceeds to the accounts of the broker constituents who brought the cheque to it for collection.

These practices were in gross violation of the instruction that the essay begins at home accounts of banks with RBI, should be utilised only for asian institute paper, genuine inter bank transactions and du regiment cd 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 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 asian development bank institute paper, the account of HSM. ROUTING OF TRANSACTIONS 12.24 Many brokers e.g.

HSM, HPD, ADN, Excel Co., NKA etc. used some of the csbm coursework banks as 'routing' banks which carried large volume of securities transactions for development bank institute research, them. Thus Andhra Bank, UCO Bank, BOK, Bank of Madura and ABFSL carried transactions of the value of over Rs.77,000 crores for brokers and others during April, 1991 to May, 1992. These banks, thus, provided special privilege to dessay cd, a select few brokers by lending their names to the transactions of these brokers totally disproportionate to the income derived and exposed themselves to great risk by irregularly issuing their own BR or SGL transfer forms against BR received or to be received in their favour. SINGLE POINT CLEARANCE 12.28 In the case of SBI, it was noticed that HSM had been unauthorisedly given the development bank paper series facility of collection and credit of the bankers cheques by ap biology question SBI as per his instructions. Development Bank Institute Research Paper Series? 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 aqa gcse his letter dated 19.8.91 and 10.01.92 for acceptance of bankers cheques from banks/organisations brought by him or his representative and issuance of bankers cheques there against. In fact, the broker wanted that the facility of 'single point clearance' whereby the activities of asian bank issuance and acceptance of bankers cheques in their account may be conducted through the ap biology Securities Division of the SBI Main Branch Bombay instead of the Personal Banking Division in asian development research paper series, the same branch where he had the account. This facility had enabled HSM to put through the transactions through the Securities Division itself and thesis bank uvt also to development bank institute research series, get bankers cheques in favour of 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 essay on safety begins, 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 current account for the bank to enjoy the asian development series 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 law coursework 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 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. The PSUs after the maturity of investments returned the BRs and got their moneys along with the asian bank research paper yield which was agreed to law coursework, at the time of placement of funds. Thus these transactions were in the nature of ready forward deals instead of genuine investment transactions which was in contravention of RBI guidelines issued on 11.4.1988 which stated that sale and purchase of securities with the same party and for 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 bank institute paper, some cases inquiries/investigations by CBl/internal auditors clearly established nexus between brokers, officers of PSUs/ banks resulting in du regiment cd, syphoning of funds of development research series PSUs to brokers. !t is reported that 22 PSUs had placed funds to the extent of over thesis bank uvt Rs. 12,000 crores through Harshad S. Mehta which were syphoned of to him and his groups of Companies. Some instances are given below; - (ii) In the case of development institute research paper Maruti Udyog Limited, it was found, that funds of MUL meant for purchase of units from la fille cd, 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 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 development paper 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 du regiment dessay, the inherent contradictions between what he had deposed before the Committee earlier and that given in the press conference he stated that he had been 'discrete' about the information given by him to the Committee. From the development bank institute research paper series aforesaid part of the report, it is apparent that- (a) Some banks were even handing over account payee cheques drawn in favour of other banks to the brokers who got them credited to their account ostensibly to csbm coursework, 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 asian development institute research series, credit the essay proceeds to bank institute research paper series, the accounts of the broker constituents who brought the cheque to it for collection. (b) Routing of transactions facility was given to many brokers including A-5. (c) Single Point Clearance claimed by A-5 and given by SBI. (d) PSUs were investing the funds against the guidelines and instructions. (c) PSUs were investing funds for ontario undergraduate thesis conference, short periods for few days and even for one day implying supply of funds for speculative purposes to earn higher return. (f) In the investment of these funds guidelines and instructions were routinely flouted and no norms were observed. Neither DPE nor the Ministries concerned took any steps to asian development bank research, 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 not necessary to refer to or consider the evidence pertaining to the transactions in question.

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

During the said period, MUL had several bankers, such as, Canara Bank, Bank of thesis bank uvt America and Bank of Tokyo. At that time, A-l Pritam Lai Manocha was Deputy Manager, Corporate Finance and one of his duties was deployment of funds of MUL. He had power and authority to sign cheques on behalf of MUL and to operate its account. Mr. Asian Development Paper Series? S. Natrajan was superior officer to A-l. A-2 was also an employee of ap biology MUL since 1989. It is development bank institute series his say that surplus funds available with MUL used to be invested with the public sector undertakings and the Board of csbm coursework Directors had delegated the powers of deployment of funds to the sub-committee constituted by it. Such sub- committee comprised of Managing Director and bank research paper Director (Finance), which would have final say in the deployment of funds, but there was a practice reporting the same to the Board of Directors in its meeting.

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

Company felt that there was need of optimum utilization of surplus funds to get best possible returns. It is development his say that four transactions of investment were approved by the sub-committee consisting of Mr. Law Coursework? 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. Development Institute Research Paper Series? It is his say that the investment and dis-investment transactions were placed before Board of Directors for du regiment dessay cd, information and Board had not raised any objection. In cross-examination, when he was asked whether he was aware that the representatives of the brokers representing the counter parties used to contact officials of the Corporate Finance Department, he stated, according to him, the Director of Finance might be knowing about the same.

He also admitted that there was a system of internal audit and a statutory audit and aforesaid transactions would be covered by the same. Comptroller and asian development institute series Auditor General of India had also audited the account of MUL for the period in thesis bank uvt, question and they had made their comments as 'nil', which means they made no comments in respect of said five transactions. He admitted that MUL has not lodged any complaint/FIR with the CBI nor made any complaint to anyone about the said transactions and according to development paper series, him no loss was caused to the MUL in aqa gcse law coursework, the said five transactions. He admitted that after CBI enquiry, the management of MUL did not take any action against development, Al and A2 as it felt that A-l and A-2 were not guilty. The performance of A-l was appreciated and he was subsequently promoted to csbm coursework, the next level. 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. Development? He has also admitted that A-2 Ambuj Sushilkumar Jain was also promoted by the management on considering his performance and merits. He further admitted that Joint Parliamentary Committee (JPC) was constituted by the Parliament for the purpose of inquiring into various securities transactions and MUL was required by the JPC to clarify certain queries in respect of its securities transactions including those transactions which are subject matter of this case. It is his say that he was associated along with Director (Finance) Mr. A.R. Halasyam and Mr RC Bhargava, Chairman-Cum-Managing Director for the preparation of the reply to essay on safety begins, be given to the JPC. Besides, some officials from Corporate Finance were also associated in the process of preparation of replies.

Reply was based on the information and record furnished and development institute paper series made available by Corporate Finance. It is his say that Mr. R.C. Bhargava was summoned by ap biology essay JPC. Next witness from asian bank institute paper, 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 csbm coursework, 1st June, 1991. According to him, in research paper series, 1991 MUL used to have surplus funds, which were invested in UTI and PSU bonds. Thesis Bank Uvt? It also disinvested the same when funds were required. This was done by the Corporate Finance Cell. For this purpose. Corporate Finance Cell used to get quotations from different banks for different kinds of securities and Finance Cell used to evaluate quotations received from the banks in terms of yields.

After such evaluation, Director (Finance) used to be apprised and then a decision would be taken depending upon the best yield possible. Thereafter, an asian development paper series agenda used to be put up to csbm coursework, the Director (Finance) for a final decision and that A-l used to convey such offers to asian bank institute paper, Director (Finance) orally. A-l also used to du regiment dessay, 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 asian bank MUL on principal to principal basis He stated that in respect of five transactions being the subject matter of this case, he was not having any personal information. Law Coursework? However, when he took over as a Director (Finance), the asian development paper same policy about the placement of funds continued. It is also his say that BR held by MUL is ap biology 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 asian research paper series the face of it. With regard to all five transactions, he stated the same thing. In further cross-examination, he admitted that issuance of 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 three transactions dated 13th March, 1991, 18th March,'1991 and 24th April, 1991, the payments made from MUL were for buying securities and securities were received and the subsequent delivery of the securities involved receipts of payment by MUL. For these transactions, MUL had also received the payments with agreed yield. In the last transaction of May, 1991, MUL made payment for thesis bank uvt, the purchase of securities. In the said transaction, MUL had received money with agreed yield. Research? In respect of disinvestment transaction dated 24.1.1991 MUL delivered the csbm coursework securities against the payment and on reversal received the development bank institute research paper series securities and made the payment. He further admitted that MUL had not suffered any monetary loss in any of the begins five transactions. In the five transactions there was optimum yield and utilization from the point of investment by asian development bank institute paper MUL. MUL used to have large amount of surplus funds for investment. Every day there used to be such investment transactions for ontario undergraduate conference, and on behalf of MUL on bank institute paper short term basis.

This fact was well known in the financial market. He also admitted that after he took over as Director (Finance), he heard about some of the brokers on behalf of la fille dessay cd some financial institutions/banks making offers to MUL. Such services included delivery of securities, delivery of offers and other connected documents including delivery of BRs. He further stated that essentially most of the offers in asian development bank series, 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 psychology thesis conference days (for two or three weeks) there might not be written proposal and development bank research he had heard this while discussing with A-l and A-2. He also admits that with regard to the JPC, he was concerned with the queries received by the MUL and their response. Du Regiment Dessay Cd? One Mr. Surender Singh was then the concerned Secretary. He was a Director of asian development institute series MUL representing Government of India. He himself and thesis bank uvt the Managing Director had occasion to discuss with him about the queries received as also the response that MUL was to make. Response which MUL gave was with the approval of Mr.

Singh. This witness has proved the agenda notes and resolutions passed by the Sub- Committee of MUL. Prosecution has also examined PW4 Rajan Ramgopal, Executive, who at the relevant time was posted as Accountant and working in Corporate Finance Cell under A-l and A-2. In examination-in-chief, the witness has stated that MUL through its Finance Cell used to deploy its surplus funds in Inter Corporate Deposit with Public Sector Undertakings and asian institute research paper also invest in securities through Banks and law coursework 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 development bank institute research paper banks. Similarly, MUL also used to make calls for the enquiries to the banks as also the thesis bank uvt brokers. It is his say that in case of incoming calls, the calling party would disclose its identity and would inquire about A-l or A-2. In case both being busy then he used to take down the particulars furnished by the calling party and then pass on asian development bank research to A-l or A-2. The calling party would ask whether MUL has any surplus funds for csbm coursework, deployment in securities. They used to pass on asian research paper series 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 la fille du regiment dessay cd the record of MUL in the event of transaction of investment being through the Broker.

It is bank research paper his further say that PW2 Mr. Meda Sai Swaroop, who was the concerned Manager of the essay question Canara Bank after preparing bankers' cheque as per their instructions would hand over the same to him and he in development bank paper, turn used to hand over the cheque to essay on safety begins, 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 institute paper series instead handing over aqa gcse law coursework the bankers cheque to the representative of the bank or to the broker under the instructions of either A-l or A-2. In cross-examination, he admits that during the relevant period foreign banks used to effect transfer of monies from one city to asian development bank, another much faster than the national banks and they were able to do so during the thesis bank uvt 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 development bank institute research, them on the date of undergraduate maturity which payments were made or reused through Bank of asian America. He further states that the brokers who used to contact them on behalf of their bank clients and financial institutions during the thesis bank uvt 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). PW7 Mr. Pradip Anant Karkhanis is a dismissed employee of development institute paper UCO Bank. He is one of the accused in a security scam related case being case no.5 of 1996 pending on the file of Sessions Court, Greater Bombay. He had worked in the Hamam Street Branch during the period July 1976 to September 1980 and September 1990 to April 1992. During his second posting, he worked as Sr. Manager and ontario psychology undergraduate conference was over institute paper all in-charge of the said branch.

It is his say that he was not familiar in detail with the csbm coursework working of the security department of the asian institute said branch. The security department used to attend the security transactions on behalf of the head office ay also on behalf of the clients. Du Regiment Cd? -which also included brokers. The branch was not concluding deals in the security transactions, in case where such transactions were on behalf of bank research paper series their bank and the same used to be concluded by the Head Office. The transactions in securities included both sale of such securities by UCO Bank as also purchase. It was only the Head Office which was concluding deals of sale of the securities, inviting the proposals etc. As per instructions of the head office, Hamam Street branch used to ontario thesis, receive the sale proceeds and deliver the securities to the purchasing bank.

The branch used to receive instructions in respect of such concluded deals from the head office over telephone. Development Research Paper? During the relevant period there were no hard and fast rules and any officer including the aqa gcse witness used to receive such telephonic instructions from the head office in respect of security transactions. The securities sold by their bank were not delivered in a physical form and their branch used to issue mostly SGL Forms. In case of some of the asian research series 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 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. It was not permissible to use the aqa gcse said accounts for any individual. While working in Hamam Street Branch, sometimes he came across few brokers including Harshad S. Mehta whom he met once in his office along with Mr. S.V. Ramnathan, the then Divisional Manager of the bank. Development Institute Paper? He never came across transactions known as buy back or ready forward. He came across transactions known as switch transactions, wherein security is received from one bank and delivered to the other bank. During the relevant time, a doubt was entertained in respect of switch transactions, the Zonal Manager and Divisional Manager took the decision to aqa gcse law coursework, stop the said practice.

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

The negotiations in institute paper series, respect of such transactions were conducted by the clients directly with the counter party. UCO Bank used to act as a routing bank in such transactions. The said transactions were done through the ontario undergraduate conference brokers' accounts and were not treated as transactions of UCO Bank. He did not know whether such transactions were ever undertaken by their head office. The Hamam street branch used to conduct its transactions on the instructions of the asian research head office and under the instructions of its clients on their behalf.

UCO Bank used to undertake such transactions on behalf of its clients on charging its commission and that the bank had made substantial profit by undertaking such transactions. Essay Question? 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 18 such brokers for whom UCO Bank was doing switch over transactions. Because of increase in asian development bank research paper, 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 csbm coursework transactions but did not agree that it was so doing for development institute paper series, 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 also his say that in some cases their bank received bankers cheques from aqa gcse law coursework, one bank and UCO bank issued its bankers' cheques to another bank. Whenever switch over transactions used to take place under the instructions of the asian development paper series brokers, the brokers' instructions to receive or deliver securities were sent to the counter party along with the cost memos and BRs. The BRs and cost memos used to thesis bank uvt, be of development institute research series 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 UCO bank all the debit and credit vouchers of that branch were not being received by him every day. He was familiar with what is meant by 'day book' which was kept and maintained by the bank. 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 brokers were taking place but he had no detailed particulars thereof. By going through the debit and credit vouchers it was not possible to get such details or particulars of such transactions. Credit voucher in a security transaction would contain the dessay particulars such as a nomenclature of security, face value, rate etc. Asian Development Institute Research Series? The name of the counter party may not necessarily be reflected in such vouchers. He might have seen some credit vouchers but he did not remember. He did not remember whether the names of the counter party were mentioned in those vouchers which he might have seen. It is his further say that there used to 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 begins at home volume of work in such transactions. Such transactions were to be completed on the very same day during the banking hours. Bank Institute? There used to be auditing of the Hamam street branch. Aqa Gcse Law Coursework? This auditing used to be done by internal auditors, external auditors and also by the statutory auditors.

Between September, 1990 to April, 1992 during his tenure one internal inspection and one statutory audit took place in respect of Hamam Street branch. He had gone through both these audit reports and no adverse comments were made over the switch transactions. PW14 Prem Shanker Joshi, who was Assistant Chief Officer in Merchant Banking Division, situated at YWCA Building, Madam Cama Road, Bombay, stated that in the year 1992, he was transferred as Manager in institute paper series, Security Section of csbm coursework Hamam Street Branch of UCO Bank and thereafter he was promoted as Sr. Manager in asian development research series, 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 thesis bank uvt behalf of clients. Mr. Asian Institute Series? Harshad S. Mehta was one such client. 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 on safety at home bank. Such written instructions would be addressed to the Branch Manager. 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 the time of delivering of security to the bank.

On receipt of the security, they were preparing a cost memo as per asian institute research paper, instructions of their client as contained in his instructions letter. The officers working in the security department were authorised to sign the cost memos and essay on safety begins at home 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 development bank institute series sending it to thesis bank uvt, 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 development bank institute research paper a back up security of the client. He further stated that BR should not be issued on psychology undergraduate thesis conference behalf of the client in absence of asian bank institute research paper series security or back up security. In case of security transaction on behalf of the client, they credit the sale proceed receipt into the account of client. They were preserving and keeping the original letters so received from the client and instructions received from the head office by telex or fax messages. In respect of security transactions executed for and on essay behalf of head office, Hamam street branch used to asian development institute research, debit and/or credit direct head office account (shortly known as 'DHO account'). It is his further say that the officer working in Hamam Street branch could not enter into any purchase transaction in security on behalf of head office without instructions from head office. Similarly, on behalf of the client, the officer working in Hamam Street branch could not enter into a purchase transaction in security without instruction of a client.

He admitted that Hamam Street branch of UCO Bank was not maintaining security account, either security wise or otherwise, of the clients. However, the record in respect of security transactions put through head office was maintained in the Hamam Street Branch in a Security Register. On perusing the BRs Exs.38, 39 and 41(1), he admits that the said BRs were issued in respect of Security Transaction put through on behalf of the Head Office or the client. It is his further say that for thesis bank uvt, head office transactions they used to give expressions such as HID i.e. Head Office Instructions to Deliver and HIR i.e. Development Bank Institute Research Paper? Head Office Instructions to receive. For clients transactions they were using expression of essay question ID i.e. instruction to deliver i.e. sale and development institute research paper 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 ontario psychology undergraduate thesis said instrument has to be deposited in the account of Payee named in the said instrument i.e. UCO Bank. Such instrument like the pay order shown to him cannot be deposited in development research paper, the account of thesis bank uvt any third party.

Payer bank has to give covering letter instructing them to deposit the asian bank research said pay order into the third party account, if so required. Ontario Psychology Conference? Such instruction letter containing instructions of the institute paper series payer bank are preserved along with other related records such as vouchers in their office. Essay On Safety At Home? On seeing the delivery order Ex.A-3(2), he stated that the said letter is the development bank paper letter of instruction received from A-5 Harshad S. Mehta addressed to UCO Bank without the name of its branch. By reading the said letter, it is noticed that the same contains instructions to UCO Bank. PW21 Mr. Makarand Vasant Shidhaya joined UCO Bank on 8.5.1972.

He has stated that he was named as one of the accused in 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 Hamam Street Branch in on safety, security department. Bank Institute Research Paper Series? During the thesis bank uvt said period, V.N. Deosthali, A-3 also worked in the said branch as an officer. Series? He himself and A-3 were empowered and authorized to law coursework, 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 institute research paper, 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 behalf of their head office. Officers working in Hamam Street branch were not dealers and 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 name Mr. Pankaj Shah working with Harshad S. Mehta, who sometimes used to come to 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 their broker clients. Initially, there used to be such record but because of at home increase in the transactions in security on behalf of their broker clients in large numbers, the practice of asian development bank institute research series 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 law coursework the letter head of A-5 Harshad S. Mehta, it is institute series 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 psychology thesis 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 security by Harshad Mehta to development bank series, MUL. On seeing the carbon copy of la fille dessay cd 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 asian bank paper series also bears his signature under the caption of Asstt. Manager and he identified his handwriting as also signature thereon being familiar therewith. The same also bears initials of Mr. Thesis Bank Uvt? H.L Naik, the institute research paper cashier of the branch..

He further identified the ap biology essay question signature of A-3 Deosthali on a debit voucher dated 13.3.1991 of asian development institute paper UCO Bank, Hamam Street Branch, being the commission from various securities. He was further shown BRs of UCO Bank and he stated that the csbm coursework same were issued by the UCO Bank, Hamam Street Branch and have been signed by him in the caption of accountant and he signed the said BRs after he found the contents thereof to be true. Asian Development Bank Research? With regard to the BR dt.29.4.1991 containing signature on its reverse, it is his say that the signature on the reverse of BR signifies reversal of the 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 Calcutta in thesis bank uvt, the year 1969 as Probationary Officer. Asian Bank Paper Series? In June, 1990 he was brought to law coursework, Bombay Office as Divisional Manager in its Nariman Point Office and he worked at development paper series, the said office till October, 1992. Thereafter, he was transferred to Bhuvaneshwar, Orissa. Since February, 1993 he has been under suspension. On seeing the letter dated 8.1.1991 written by law coursework Divisional Manager to asian development bank research series, 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. Ontario? He also identified the asian bank institute paper series initials of Karkhanis on the same and stated that he was working as Senior Manger in the said UCO Bank's branch at Hamam Street. On seeing letter dated 17.3.1992 written by D.M. to Zonal Manager, Zonal Office, General Admn.

Department, Bombay, he stated that he was the author of the 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 la fille du regiment dessay cd the file of the development bank research series Special Court. In connection with the said case Mr. Psychology Undergraduate Thesis Conference? Bhaskar Raichoudhary the then Zonal Manager in the rank of DGM was arrested in Special Case No.l of research 1993 who later on was turned to be an approver. Essay On Safety At Home? There is no departmental proceeding or inquiry instituted against him either by UCO Bank or Central Vigilance Commission in that matter. Bank Paper? A question was put to him-What was pre-condition to use BRs in ap biology essay, the security transactions and how transactions in securities by 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 behalf of its customers. When UCO Bank is selling its security on asian bank institute paper its own, it would issue its BR favouring the counter party bank. In case of purchase by UCO Bank the thesis bank uvt 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 case may be in the customers account.

No bank can issue its BRs in the name of research series any party other than banks and financial institutions. On seeing letter dated 8.1.1991, he stated that UCO Bank had stopped the routing transactions facility to all the brokers and its customers earlier to the said letter. The brokers represented that their certain security transactions -were in the pipelines to be routed through UCO Bank and hence this letter was written. Since there were no definite guidelines, they had certain apprehensions i.e. 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. Ap Biology Question? 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 asian development bank institute series behalf of UCO Bank. He explained the routing facility as-routing transactions is the transaction in which purchase and sale of the du regiment cd securities was done by the bank as an agent of its customer for a commission. Development Institute Series? 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 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 the officials of csbm coursework all the banks about reconciliation of outstanding banks receipts. To his knowledge, there were no outstanding BRs against UCO Bank. One Mr.

R. Venkatakrishnan, the then GM, Treasury and Investment Management Department attended the said meeting on behalf of UCO Bank. Letter dated 8.1.1991 (Ex.231) written by the Divisional Manager, UCO Bank, Divisional Office, Bombay to asian research paper, the Senior Manager, Hamam Street Branch for switch transactions reads thus- Re: Switch Transactions. We refer to aqa gcse, 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 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 asian development bank research series the understanding that Branch will never run into a difficulty and day on account of switch transactions and because the brokers have already entered into contracts with various banks to psychology conference, route the transactions through UCO bank on various dates up to end of March, 1991, it was decided to resume the switch transactions on the following terms: (1) The resumption is temporary and that bank after having detailed discussion further with individual brokers and after discussion with various bankers who are dealing in asian development research series, switch transactions and who are not dealing in la fille cd, switch transactions may discontinue routing this transaction through UCO Bank depending upon our findings. (2) The brokers will give us an advance list of transactions they are going to series, put through. (3) They will deliver the pay orders well in time to the Branch so that this can be sent in clearing in time.

If there is a delay in receiving the pay orders, bank will be perfectly in order to refuse to accept the csbm coursework same and allow the transaction. In case on account of any brokers delay, bank is put into difficulty the concerned broker will be paying interest to the bank at call money market rate for one day on the amount transacted on his behalf. (4) Bank may at its discretion increase the commission which is only Rs.300 per crore at asian bank research, present. (5) Special case should be taken that clearing particularly on Saturdays does not go against us on account of switch transactions. Law Coursework? 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 institute research paper series meantime, the undersigned is at home contacting the brokers separately and is having discussions with them. Two such brokers have already had discussions with the undersigned. Shortly the asian bank institute research paper matter will be discussed with a couple of other brokers also. Essay On Safety At Home? You are advised to contact other banks through whom such transactions are routed and have detailed discussions with them regarding their experience, the institute paper commission they charge, the modus operandi and their opinion why other banks are not entering the field.

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

This would show that it was only the payee of the said pay order which was entitled to receive the la fille du regiment dessay 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. Institute Series? (c) WITNESSES FROM ANZ GRINDLAYS BANK [PW9, PWI1, PW12 and PW15 AND also PW22 Ex. Ap Biology Question? 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 bank institute paper series said bank as an essay on safety begins officer. Asian Research Paper Series? It is essay on safety begins at home his say that ANZ Grindlays bank has a department known as clearing department and he is acquainted with the procedure of clearing department. He has stated about the procedure how the clearing aspect is processed. According to him, the asian bank account holder of the bank is required to deposit the cheque meant for clearance by on safety begins at home filling in slip known as pay-in- slip or deposit slip mentioning particulars such as the date of the deposit, name of the account holder, the nature of account, the research series account number, the csbm coursework amount of the bank research paper deposited cheque, the name of the essay question 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 asian institute consolidated statement and csbm coursework arrange to send the cheques received for clearance to the clearing house of RBI.

There is also category of cheque known as bankers' cheque, that is to say, a particular bank issues its cheques in favour of development bank research 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 thesis bank uvt same are not transferable. On seeing Ex.28, he stated that it is inter bank cheque in favour of asian development institute research series Grindlays bank issued by Canara bank bearing stamp 'Payee A/c only' and 'not transferable'. There is a rubber stamp of Grindlays bank on its reverse indicating that the said banker's cheque is cleared. Thesis Bank Uvt? // is his say that Grindlays bank would dispose off the asian bank institute research paper series proceeds of the said cheque as per the covering letter, ft is his further say that without instructions of essay on safety begins at home 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. 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 asian development bank customer, their bank used to put its rubber stamp in psychology thesis conference, token of receipt of paper series 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 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 cd, the benefit of MUL. As per the said letter, they issued bankers' cheque on the date itself for the amount as mentioned above and handed over the same to development institute research paper, the bearer of the said letter, Mr.

Anuj Kalia, who has received and csbm coursework acknowledged the receipt of the said pay order by signing the same at development institute research, the right hand bottom corner of the said letter. A debit voucher in respect of issuance of the thesis bank uvt said pay order was prepared with one original and one carbon copy. The original was sent to Mr. Harshad S. Development Bank Research Paper Series? Mehta and carbon copy thereof was retained in their office. PW12 Ashok Kumar Anant Ram Monga, Asstt. 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 thesis bank uvt 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 asian bank research paper series payee in respect of the cheque bearing endorsement 'not transferable' and '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 la fille du regiment dessay cd 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 Ex.71 (3) in asian development research paper series, statement of account and in the said pay in slip will have to be authorised by the officer in charge of the essay on safety begins clearing department who was at the relevant time A-4 as the amount involved was more than a lakh of rupees.

He could not identify the asian development bank initials appearing on the said pay in slip, who authorised the said entry. He stated that in csbm coursework, 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 asian bank series lastly the 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 thesis bank uvt computer system i.e. the pay in asian development institute, slip is authorised to be used as authorised voucher for posting on computer system. During the begins at home 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. Development Bank Institute? If the cd instrument is cleared through MICR clearance, the customer gets funds only on third day.

The other settlement introduced by RBI in development research paper series, 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 ontario psychology undergraduate, 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 asian development institute research, 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 1991-92 there was a practice of crediting the proceeds of the bankers' cheques into the account of third party other than its payee. Ap Biology Essay? 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 asian development bank paper, case of the said parties where their bank had allowed such credits. He further agreed that RBI had never taken any action against the Grindlays bank in respect of five pay orders shown to him earlier.

He was aware that RBI possessed the power to take action against any errant bank. The Grindlays bank had not received any complaint from thesis bank uvt, MUL for crediting the amounts of said five pay orders to the account of asian development bank institute research paper third party. When the on safety begins instrument like pay order is drawn favouring Grindlays bank then the asian bank institute research paper series same has necessarily to be deposited in Grindlays bank account with RBI. He was asked about the thesis bank uvt category of customers regarded as High Networth customers. Bank Paper? He replied-such classification is generally given by the concerned manager of the essay on safety begins at home bank having regard to the deposits maintained by the customer or other business potentials. Any officer working in the branch of their bank having any doubt was certainly approaching the Branch Manager for 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 the account of the issuing bank and credited into the account of Grindlays bank. The account of the issuing bank and payee are with the RBI He admitted that it is only after credit of the proceeds of the said five pay orders in to the Grindlays bank account that the proceeds thereof in bank institute research paper series, turn were credited into the account of A-5. PW15 Mr. Kanwal Krishan Kuda, Bank Officer, ANZ Grindlays Bank stated that in on safety begins, 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 different department of the bank.

It is his further say that he is also one of the accused in a case which has been instituted by the CBI in the Court of Special Judge at Delhi being CBI Case No.RC-2A/92 ACU-(I) which is still pending. It is further stated that he is not conversant with handwritings, signatures or initials of A-4. Development Bank Institute Series? 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 csbm coursework Harshad S. Asian Development Bank? 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 thesis bank uvt the basis of credit advice received from the RBI. It is his further say that Grindlays Bank did not receive any instructions from RBI for crediting the amount of the two vouchers shown to him earlier into the account of Harshad S. Asian Development Bank Institute Research Paper? Mehta. The cheques being the subject matter of the two credit vouchers shown to him were not deposited in the department where he was working. The same were deposited in the treasury department in the same branch. It was the treasury department to which they used to send the said cheques for clearance. He could not recollect who was or who were the concerned officers of the treasury department who would be giving such instructions as there were many such officers. The instructions were conveyed to him orally and he considered the same to be in proper order. PW22 V. Rangarajan is an ex-employee of la fille du regiment dessay cd 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 the position of Additional Chief Officer and was posted in Department of Banking Operations and Developments (DBOD).

It is development bank 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 aqa gcse law coursework R.B.I. The bankers cheque/pay order issued by institute research series 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 du regiment dessay, the account of research series payee with RBI. The witness was further questioned-Is it permissible to deposit an account payee bankers' cheque favouring another bank in the account of unnamed persons as per the clearing house rules? The witness replied - Clearing House rules relate to the settlement of 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 submission made by the learned counsel for the accused, we would refer to the relevant questions and answers given by this witness- Q. The practice of question crediting proceeds of the Bankers cheques to third parties is not prohibited by any Banking law or any guideline, rule or circular of the RBI.

A. (Witness refers to portion of the circular Ex. 148 in para 2 reading as under in development institute, 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'. Thesis Bank Uvt? Q. (Witness is referred to portion of his deposition in para 18 on asian bank institute series page 495 in du regiment dessay, question and answer form (witness is questioned). Whether the practice of crediting the proceeds of asian development bank series 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 psychology any prior circular on the subject I cannot say of bank institute 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 portion of Circular Ex.148 in the second para reading as: 'If an bank credi. for the unauthorised payment'.

Q. Does the use of the word 'Unauthorised' referred to the fact that: the issuing bank may not have authorised the payee bank to credit the amount into the account of third party? A. 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 case of 'account payee' cheques wherein a bank is a payee, the on safety begins at home 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 asian development bank institute research paper 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 ontario psychology undergraduate thesis transactions with RBI/Government, settlement of inter-bank transactions or adverse clearing balances. It is reiterated that the accounts maintained with RBI should be utilised only for institute research paper, these purposes and not for 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 thesis bank uvt other banks marked 'Account Payee' to the accounts of constituents even when they are not named in the cheques as the beneficiaries. 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 bank research paper series, that effect, the amount cannot be paid to the constituent. If any bank credits the account of a constituent who is not the payee, in the cheque without proper mandate of the drawer, it does so at its own risk and will be responsible for la fille du regiment dessay, 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 asian bank institute paper series 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 csbm coursework clearly delineated instructions of issuer of such cheques is unauthorised and should not be done under any circumstances. Banks cannot and also should not invoke market practice in justification of doing that, which is not supported by law or recognised banking practice. These instructions should be carefully noted. Banks which indulge in development bank series, any deviation from these instructions would invite severe penal action.

Kindly acknowledge receipt of this letter. Ontario Psychology Undergraduate Thesis? 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 asian bank institute research paper series, be dealt with as he admits on behalf of A-5 that in four transactions the amount was taken by A-5 and in first transaction he gave loan to MUL but as loan was given, he has not committed any illegality in taking loan from MUL through UCO Bank. In this view of the matter, it is not necessary to discuss the evidence with regard to psychology undergraduate thesis, the receipt of the money by A-5 through UCO Bank. However, we would refer to asian institute, the evidence of law coursework PW23, PW25, PW16, CW1 and DW5(8) pertaining to A-5 and other accused. Asian Development Series? 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 la fille State Bank of India upto the year 1986. Thereafter, in 1990 he got membership of Delhi Stock Exchange. It is his say that through a common acquaintance, he came across one Ashwini Mehta in the year 1988 and then with Harshad S. 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 the share market and he called him to come to Bombay to meet Harshad Mehta and accordingly he went to Bombay somewhere in asian development bank institute research, December, 1988 (when for the first time he met A-5). 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 csbm coursework 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. Development Bank Institute Research? A-5 wanted to set up his business in Delhi and for that purpose wanted to find out suitable place for his office and also establish the office in Delhi. In July, 1989, they got the essay on safety begins at home office premises in Arunachala Building, Bara Khamba Road, New Delhi.

The said premises was purchased by one of the holding companies of Harshad S. Asian Research Series? Mehta. Csbm Coursework? 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 institute series, Delhi. The said office premises were acquired with the csbm coursework full knowledge of A-5 who provided money for the same. It is his further say that he came across a person Anuj Kalia. He was recruited as Executive in the said company somewhere in June or July, 1990. Initially, when he met Mehtas in the year 1989, the business activities which were thought over were research activities on Delhi based companies as well as little bit of operations of Delhi Stock Exchange. The business activities were undertaken in 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 asian development institute Bombay Stock Exchange. After it was decided to set up office in ontario psychology, Delhi as stated earlier, A-5 made another trip to Delhi somewhere in April or May, 1989. In this trip, A-5 spoke about the asian development research paper series activities in money market.

He stated that money market business was much bigger than the stock market business. Ap Biology Question? He also told him that there were many P.S.U. Companies in Delhi; these PSUs had large investable surplus funds with them and development research series that such large funds of PSUs in Delhi could be invested in banks at Bombay. A-5 wanted him to keep liaison with certain PSUs. He also wanted him to convey on his behalf money market trends, quotations etc. to such PSUs. Aqa Gcse? He was supposed to convey the bank series same to essay on safety at home, the functionaries of the PSUs who were concerned in the investment of the funds. It was A-5 who used to institute research, inform him about the money market trend, rates of interest etc. which he wanted him to convey to the functionaries of the PSUs. A-5 was mostly in essay on safety begins at home, 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 asian research paper series Harshad Mehta, in the name of his company and thesis bank uvt other concerns including the account in the name of Ashwin S. Mehta.

He was one of the authorized signatories, being a Power of series Attorney holder, to operate the said accounts except one of the accounts which was opened in Citibank. He received the authority for the operation of some accounts which were in the name of Harshad S. Aqa Gcse? Mehta. Usually Mr. Anuj Kalia used to attend to the bank's work. During his visit to Delhi in April/May, 1989, A-5 made reference to MUL and bank series told that MUL had surplus investable funds as a PSU and they were very active in money market. On his request, he fixed an 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 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 essay, 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 said offers between MUL and the banks in Bombay? Witness replied-A-l at that time stated that the asian institute series MUL could not deal or involve the brokers.

A-5 stated that the deals would be between MUL and banks, structured and suggested by him and his name would not appear in the books of accounts of MUL and that is what he stated. It is la fille dessay 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 development bank institute research paper getting better deals. A-l stated that he would look into any good proposals if A-5 did not come into picture. Ap Biology Essay Question? The said meeting lasted for half an hour. He agreed that in development institute paper, connection with the said meeting transactions took place between MUL and any banks at on safety begins, the behest of A-5. The first transaction was in January 1991. At that time, Harshad Mehta was in Bombay and he was in development bank paper series, Delhi. At that time, A-5 informed him that MUL was interested in borrowing the monies. He told him that the securities which MUL would offer were units of UTI, the bank lending the money would be UCO Bank, Hamam Street Branch, Bombay and that offer in that respect would come from the la fille du regiment dessay cd 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. Development Research Series? Deosthali (A-3).

He was an officer working in begins at home, 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 development bank institute research paper series, 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 csbm coursework 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 bank paper series letter Ex.58 of UCO Bank, Hamam Street Branch, Bombay, dated 23rd January, 1991.

As per essay question, the said letter, he was to collect 35 lacs units of UTI from MUL. He contacted A-l for the purpose of research series complying with the instructions as contained in the said letter. Anuj Kalia was deputed by him to collect the said security. Essay? Instructions for transferring the proceeds of the pay orders of research paper series Canara Bank favouring Grindlays Bank into the account of Harshad S. Mehta in csbm coursework, his account in Bombay were given by him but he did so as per asian development series, instructions which he received from Harshad Mehta. He gave instructions in his official capacity being in thesis bank uvt, charge of Delhi office and also as per instructions of Harshad S. Mehta. He had no knowledge as to whether the Canara Bank, Parliament Street 'Branch issued any instructions to asian development institute series, the ANZ Grindlays Bank to credit the proceeds of the said pay order Ex.36 and the said proceeds of which were credited into the account of Harshad S. Mehta with Grindlays Bank. As per csbm coursework, his knowledge, the amount involved in four transactions referred to by him earlier, which were credited into the account of asian paper series Harshad S. Mehta were reversed at later stages. Thesis Bank Uvt? He further stated that he knew a person by name Ram Narayan Popli, A-4, and he identified him.

In the year 1991, A-4 was working with ANZ Grindlays Bank, Parliament Street Branch, New Delhi. He had occasions to meet him duting the year 1990-91 in the Parliament Street Branch of Grindlays Bank. The purpose of asian development bank research meeting was in connection with the ontario undergraduate conference operation of the accounts of Harshad S. Mehta with the banks. He was not aware what was his official designation at series, that time, but to his knowledge he was working in the Remittance Department of the said bank in its Parliament Street Branch office. He had no specific knowledge whether during the law coursework said period he was an officer or a clerk. Whenever, he used to meet A-4, he used to paper, have talk in connection with remittances which were to be received from ap biology essay, Bombay or remittances which were to be made from Delhi to Bombay branch and he requested him to expedite the process of the said work. A-4 appeared to be very cooperative. On seeing Ex.203, which is a letter written by the witness expressing his desire to make confessional statement, he stated that he was taken to the 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 he answered in the affirmative. The CMM assigned the matter to other Metropolitan Magistrate Mr. Yadav. In further cross-examination, he stated that the visit which he stated earlier accompanied by A-5 in MUL was in its office at Kasturba Gandhi Marg, New Delhi. The meeting took place in a hall type premises. In the said hall number of people which would include employees were sitting.

He further stated that their meeting was with A-l and A-2 who were sitting in the said hall. Asian Development Bank Research? He was not known to the other employees of MUL who were sitting in law coursework, the said hall. He and asian bank research paper series A-5 were sitting across the ap biology essay question table and in asian development paper series, front of them A-l and A-2 were also sitting there and conference the said meeting was among four of them. He was arrested by research the CBI in thesis bank uvt, this case. It was in the month of August 1994 but he does not recollect the asian bank 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 CBI, he has not mentioned about the presence of accused no.2 in question, the said meeting then it may be that he had not stated about the same. He agreed that Harshad S. Development Institute? Mehta elaborated to du regiment cd, A-1 and A-2 about excellent deals in the money market. A-1 showed interest in the deployment of funds of MUL in the money market in the said excellent deals as stated by A-5. At that time, A-1 stated that MUL could not pay any brokerage to the brokers. He further stated that A-5 did not specifically state that he wanted to 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 development paper series 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 thesis bank uvt Harshad S. Development Bank Institute Research? Mehta with them? The witness replied-ANZ Grindlays bank usually used to credit the law coursework amount on development bank institute research 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 be normally given to thesis bank uvt, 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 asian bank research paper series said pay order to the said bank. He did not inform A-1 and aqa gcse law coursework A-2 or any other personnel of MUL that proceeds of the said pay order were credited into the account of Harshad S. Development Bank? Mehta in ANZ Grindlays Bank. A suggestion was put to the witness that because officials of MUL knew that the csbm coursework transactions were with Harshad Mehta and bank paper not with UCO Bank, the MUL's officials contacted him and not UCO Bank. The witness denied the suggestion and stated that since all letters, bank receipts and securities involved in the transactions were received from Bombay office of csbm coursework Harshad S. Mehta through the asian institute series Delhi Office, the officials of MUL contacted him. He stated that he cannot say whether the officials of MUL contacted UCO Bank, Bombay.

He denied the ap biology question suggestion that he deliberately chose to forget the transactions of 1990 to connect the transactions of asian bank research paper series 1991 in this case with the alleged meeting of 1989. Thesis Bank Uvt? He was further questioned about recording of his statement by CBI prior to 10.8.1994. Bank Institute Paper Series? 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 ontario psychology thesis conference 10.8.1994 he was arrested. He was summoned by CBI on development two occasions in csbm coursework, June, 1993 for interrogation in this case.

He was first called on asian bank institute 1.6.1993 and then again on 15.6.1993. Mr. B.C. Bhatnagar called him on du regiment dessay cd both the bank institute series 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 5 pm.

The process of csbm coursework interrogation continued on when the officer Mr. Bhatnagar questioned him and he gave answers to his questions. He could not recollect whether Mr. Bhatnagar at that time went on recording his statements. On being shown para 32 of his deposition recorded by Mr. Bhatnagar under Section 161 CrPC, he stated that by development institute series reading the statement, he can say that he had not mentioned specifically the ap biology said fact in his statement before the CBI. He was further referred to his statement recorded on 15.6.1993 wherein he stated that 'earlier on arrival to office on bank series 4.11.1991 (FN) Shri Harshad S. Mehta had told him that he had to attend a meeting with PM on ap biology essay that day'. Development Institute Paper Series? The witness denied having made such statement before the thesis bank uvt 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 institute research paper, Delhi. Ontario Psychology Undergraduate Thesis Conference? Case No.RC.2(A)/93-ACU.VII was entrusted to him soon after the registration of asian development bank research series FIR of this case in 1993 itself. The FIR of this case was registered by Shri V.D. Essay Begins At Home? Maheshwari, who was the SP, CBI and Incharge of ACU (VII) Unit.

Mr. Asian Bank? 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 essay Inspector Routela assisted him in development bank research paper, the investigation. Thesis Bank Uvt? Pursuant to the orders from the headquarter of CBI, the papers were handed over by him to development research series, Dy. Thesis Bank Uvt? S.P. Mr.

Panwar. During the course of investigation, he affected the institute arrest of all the accused persons stationed at Mumbai i.e. Harshad Mehta and 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 MUL vide document Ex.21 During the course of investigation, one Mohan Khandelwal was arrested by Dy.S.P.

Shri Panwar. In August, 1994, he was transferred to BSFC and was again associated with investigation of this case. Mr. Verma, the then SP, Mr. JN Prasad, working as SP and Mr. US Dutt, then DIG were his superiors and were supervising the investigation. On or about 31st August, 1994, Mr. Mohan Khandelwal gave him a letter Ex.203, which was discussed by him with his superiors. It was decided that in case Mr. La Fille Dessay Cd? Khandelwal discloses the full facts he may be taken as an asian bank series 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. La Fille Dessay? He had ascertained the date of joining of A-2 with MUL as 19.4.1989 and that during the month of asian development bank May, 1989 A-2 was on an orientation programme at the factory at Gurgaon. Except the statement of Mohan Khandelwal, he was not aware when A-S visited Delhi during the csbm coursework month of April-May, 1989. He secured the statement of Mohan Khandelwal with regard to bank institute, the presence of essay on safety begins at home A-l and bank research paper series A-2 and about the fact of the meeting in April-May, 1989. On seeing the case diary he stated that he had recorded one statement of la fille du regiment Mohan Khandelwal on 1.6.1993. Prior to 15.6.1993, he had not recorded any statement of Anuj Kalia. Between 15.4.1993 to 15.6.1993 he had not interrogated Anuj Kalia.

In cross-examination, the witness stated mat he does not remember if during the course of investigation, he had checked up the various records of Grindlays Bank, Sansad Marg Branch where A-4 was working and particularly between February 1991 to May 1991. He also does not remember if he had made any application/request for production of bank institute series documents to the said bank during the said period and that he had conducted any search and seizure from the said bank with regard to the documents like attendance register, duty roster or any other similar document showing the presence of particular officer at particular time. He agreed that he neither saw nor took into possession any such record dated 25.2.1991, 13.3.1991, 18.3.1991, 24.4.1991 and 2.5.1991 with regard to the presence of A-4 in the concerned bank on essay on safety these dates. Asian Development Institute Research Series? He further stated that it is wrong to say that due to the five transactions in on safety, 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 asian institute mentioned in essay, the charge-sheet. Asian Bank Paper? In further cross-examination, the dessay cd witness stated that during the asian development institute series course of csbm coursework investigation MUL never complained of asian bank research paper 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. 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 la fille du regiment dessay high value transactions of inter banking clearance pertaining to high network customers of the bank between February, 1991 to May, 1991. After May 1991 he had not examined such kind of transactions of the bank. He could not remember as to how many transactions of the kind of nature referred to paper, 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 high value of the high networth customers of 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 csbm coursework suggestion that he had deliberately not checked up with Grindlays bank with regard to the attendance and posting etc. of A-4 with the asian institute research paper obvious purpose that such records would have falsified the case of the prosecution in relation to ap biology question, A-4. He also denied the suggestion that on 31.8.1994 Mohan Khandelwal was under tremendous pressure due to rejection of his application by the Special Judge and the fact was in his knowledge and that the accused had no other choice except to toe the line of CBI and to become an research paper 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 du regiment dessay cd five transactions in qaestion, the first one was borrowing by MUL whereas the bank paper remaining four were lending by MUL, the loss was caused to MUL because MUL paid higher of csbm coursework interest in asian development institute research paper series, comparison to ontario psychology thesis conference, the rate of interest paid by othor PSUs on borrowing. He does not remember as to 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. There is also no list showing the asian development institute series rate of bonowing by other PSUs. admitted that the rate of interest in the market fluctuates from day to day and hour to hour, He investigated on the aspcct as to on csbm coursework what rate of interest other PSUs borrowed on asian institute paper series 23.11.1991.

He had not reocorded the statements of any person from those PSUs. But he collected the thesis bank uvt data showing the borrowing rat of interested. He had collected such data from institute research paper series, 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 essay begins, MUL. At that time, he did not consider it necessary to record the statement of the asian institute research series concerned officials of the csbm coursework 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 asian development bank research paper series five transactions in question. Thesis Bank Uvt? He had recorded the statement of R.C. Bhargav and Natrajan during investigation to ascertain if any other higher authority of MUL was also involved in the case. On the basis his conclusion was that A-1 and A-2 were liable for their acts as mentioned in the charge-sheet So far as Mr Bhargav and institute series 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. Natrajan were not aware that the investment in fact has been made with A-5 through UCO Bank. Mr. Bhargav and csbm coursework Mr. Natrajan had bonafidely accepted the proposal put up by A-l and 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 Mr. Natrajan was with the application of mind. Following Question was put to asian institute research paper series, the witness- (Q.) Do you now understand the distinction between 'advancing to' and thesis bank uvt 'advancing through'? (A) Yes, when the advance is made to a person directly it is asian development bank series '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'. Du Regiment Dessay? On seeing Ex.23, wherein the placing of funds through UCO Bank is mentioned, he stated that so far as this document is concerned the funds were placed through UCO Bank and not to UCO Bank. Similarly, in Ex.24 the word used is 'through'. In these two documents even after the use of the word 'through', his conclusion was that the placement of funds by MUL was with UCO Bank and asian development institute not with a third person. The witness further clarified that the placement of funds was with UCO Bank which offered the thesis bank uvt sale of units available with them and the contents of the resolutions in Ex.23 and Ex.24 should be read with the Agenda Note and the letter of offer by UCO Bank. According to development institute research paper series, him, after the placement of aqa gcse funds with UCO Bank, the Bank would not be acting illegally if it places those very funds with a third party. He admitted that in asian institute series, Ex.24 MUL had adopted a resolution on the same day placing the law coursework funds with M/s Can Bank Financial Services for investment in asian development bank research paper, bonds/units/government securities. He denied that he and the Investigating Agency have protected Mr.

Bhargav and Mr. Natrajan. Undergraduate Thesis? He could not remember if he had recommended the prosecution of Mr. Bhargav and asian bank research paper Mr. Natrajan or that the Investigating Agency rejected that recommendation for extraneous reasons. The decision to name Anuj Kalia in thesis bank uvt, the FIR was of asian bank institute paper Mr. Maheshwari and the Investigating Agency and he had agreed. The decision to drop him from the list of accused was his and that of investigating agency. After recording statement of M. Khandelwal under Section 164 Cr.P.C. it was decided to drop him from the list of accused.

Till that time, he was an psychology undergraduate accused. It was the development series decision of Mr. Maheshwari and the Investigating Agency not to thesis bank uvt, cite M. Khandelwal as an bank research paper accused at the time of FIR. He does not know as to who was the particular person in the hierarchy of CBI whose decision was not to cite M. Khandelwal as an accused in csbm coursework, the FIR. Asian Development Research Paper Series? As an IO, he was at the bottom of the hierarchy i.e. Csbm Coursework? 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. Development Bank Institute Paper Series? He had only given his findings of the preliminary enquiry. During the course of preliminary enquiry, he had learnt that Anuj Kalia was the person who took the cheques of these five transactions to and fro, the bank and delivered them in essay, Delhi. He had mentioned the bank institute research role of Anuj Kalia in the report submitted to his SP. Ap Biology Essay Question? During the course of enquiry, he had also learnt the role of Mohan Khandelwal and that at all times Anuj Kalia was acting on his instructions. He had mentioned the fact in his report that Anuj Kalia was working under Mohan Khandelwal. In further cross-examination, he stated that A-3 was implicated on account of the overt acts done by him as mentioned in the charge-sheet. One of the overt acts of A-3 was issuing irregularly the bank receipts.

Although the asian development bank institute paper series issuance of bank receipts was an usual and aqa gcse common practice being followed by UCO Bank under instructions from Head Office and on behalf of asian bank institute series 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. Shidey who performed the role of A-3 after his transfer. On seeing the essay at home bank receipts Ex.A-5 (17) to development bank, Ex.A-5 (29), he stated that he had not seen the same during the ontario conference course of investigation of research series this case.

Those documents were not seized in thesis bank uvt, this case. 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 asian development institute research paper because a day earlier i.e. on 14.6.1993 Harshad Mehta happened to convene a press conference in aqa gcse, which he leveled me allegations of asian development series having paid Rs.One crore to Narsimha Rao, the then Prime Minister and in which Mohan Khandelwal was a vital witness. He did not know if the undergraduate thesis said statement dated 15.6.1993 had been brought to the notice of Mr. Bank Research Paper? Narasimha Rao and 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 begins at home, 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 Assets Management Ltd. was a family concern of A-5. Asian Bank Research? During 1990 and conference 1991, A-5 used to bank institute series, visit the said office at Delhi once in on safety begins at home, a few months or so. During the said period, A-5 was stationed in Mumbai.

It is further say of this witness that he got himself appraised of the nature of the business of the said company which was to conduct the research in development, Stock Market and to make investments in law coursework, stock market and similar services of broker. The witness further stated that during his visits to Grindlays bank in connection with the work of their company, he came across an officer by name R.N. Popli, (A-4) working with the said branch of Grindlays Bank. and 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 development bank institute paper office of MUL situated at Kasturba Gandhi Marg, New Delhi on few occasions. On seeing the letter Ex.58 issued by the UCO Bank on 23.1.1991 addressed to aqa gcse, MUL, New Delhi, he stated that he had an occasion to handle the said letter.

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

Mohan Khandelwal. Asian Research Paper? He was instructed by Mr. Khandelwal to go to law coursework, the office of MUL and asian bank paper meet either A-l or 2 and collect the banker's cheque and then deposit the same into undergraduate, the account of Harshad S. Asian Development Bank? Mehta with Grindlays bank, Sansad Marg Branch. La Fille Cd? He was not appraised and he was also not aware in respect of development bank institute series what transaction the begins said payment was made for asian development bank paper, 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 witness stated that the same is pay in psychology conference, slip on the printed format of ANZ Grindlays Bank.

The same is written in development institute research series, his handwriting and he identified the thesis bank uvt same. Asian Bank Research? 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 essay on safety at home 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 asian institute research paper series the said bank when the ap biology cheque was deposited. Such rubber stamp was also put by development bank research series the said bank on the counter foil of the said pay-in-slip. On seeing Ex.26-MUL's instruction letter dated 25.2.1991-the witness stated that it is the thesis bank uvt letter on the strength of which he collected the pay order Ex.28. Asian Research? The same bears his signature at two places marked as Ex.27(l) and 27(2) in the said letter. Handwritten portion thereon reading as Mr.

Sai Swaroop Please deliver the csbm coursework cheque to Mr. Anuj Kalia is the handwriting of A-2 and he identified the same being familiar therewith. Development Bank Paper Series? 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 ap biology 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 asian bank paper series 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. He wrote the la fille du regiment cd said letter under the bank research paper series instructions of Mr. Mohan Khandelwal.

The said letter was written for depositing the aqa gcse law coursework bankers' cheque of Canara Bank mentioned therein into the account of asian bank institute research paper A-S as such letters used to be written for depositing bankers cheques into essay question, the said account. On seeing Ex.102-detached part of pay-in-slip of Grindlays bank dated 13.3.1991-the witness stated that the 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 amount mentioned therein into the account of A-5. Asian Institute Research Paper Series? On seeing Ex.76, the csbm coursework witness stated that he wrote the said letter under instruction of Mohan Khandelwal. He handed over asian development institute paper the letter Ex.76 along with pay-in-slip Ex. 102 and Ex.30 to A-4 in essay, 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 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 concerned officer handling the said work and he was also instructed by asian development series Mr. Csbm Coursework? Khandelwal to do so. Institute Series? It is his further say that X-18 pay-in-slip dated 24.4.1991 of ANZ Grindlays Bank was filled in aqa gcse law coursework, by him and it relates to the deposit of bankers' cheque of Canara Bank, Sansad Marg Branch of the number and asian institute amount mentioned therein into the account of A-5. Essay On Safety Begins? 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 MUL to Canara Bank, Parliament Street Branch, the asian development bank research paper series witness stated that he read the name of la fille du regiment dessay cd Mr. Development Bank Institute Research? Sai Swaroop in the said letter in a portion which has been marked as Ex.26(3). Mr. Sai Swaroop was the ap biology essay question Manager of Canara Bank attached to Parliament Street Branch at asian development bank, 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 essay at home said letter. He could not recollect as to development research series, whether in fact he delivered 35 lacs units of UTI into aqa gcse, the office of bank research paper 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 july or August, 1992 he first time came to be questioned.

He had received a process at thesis bank uvt, that time from the CBI Officer. He does not remember the name of the officer who questioned him. He denied the suggestion that in asian institute paper series, the CBI Office he was told to implicate A-4 in this case and aqa gcse that he would not be implicated in this case. Asian Development Bank Paper? 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 sit in law coursework, the said branch. CW1 Mr. Asian Development Bank Institute Research? Vishnu Deo Maheshwari, SP CBI stated that during the years 1991, 1992 and 1993 he was supervising investigation of cases relating to csbm coursework, anti corruption offences. In the year 1992-93 Mr. Amod Kanth, the then DIG was his superior.

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

Bhatnagar who was the I.O. of the case as also with senior officials; examination or interrogation of asian bank research paper series witnesses and to assess the documents collected as abo the statements of witnesses and to discuss with I.O. as well as senior officers. Ap Biology Question? Besides supervision of the investigation of the case, the asian development bank institute 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 dessay cd accounts of A-5. Development Bank Institute Paper? Accordingly, he recorded the statement of Mr. Khandelwal on 15.6.1993 in presence of I0 at Delhi. He stated that FIR was registered on 15th April, 1993. It is his say that to ascertain whether any departmental irregularity was committed or any criminal offences were committed, the CBI instituted the preliminary enquiry. He admitted that mere is no statutory provision which permits or allows the investigating agency like CBI to institute and conduct preliminary enquiry as has been done in this case prior to the registration of crime. He did not know why the said statement dated 15.6.1993 of Mr.

Khandelwal was not furnished and or included along with the papers accompanying the charge sheet submitted before the thesis bank uvt Court. He did not instruct the investigating officer of this case not to include the said statement along with the charge sheet. So long as he handled the case, the said statement dated 15.6.1993 formed part of the record of development bank institute mis case. He further stated that the source information did not disclose commission of any offence. Ontario Psychology Conference? It was not clear -whether any criminal act was committed or any irregularity was committed. Bank Research Paper Series? He did not remember any other role of Mr. Khandelwal that was discovered during the said period but the fact that he was the on safety constituted Attorney was discovered. Asian Institute Paper Series? He further did not remember as to why Mr. Khandelwal was not named as accused in the FIR. The attention of the witness was drawn to the parts of the statement of Mr. Khandelwal recorded on psychology thesis conference 15.6.1993 by him, which are as under:- (i) For withdrawal of 25 lacs the institute research series self cheque signed by him was given to Shri Anuj Kalia who brought the cash to 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 the Honda Car of Shri Sunil Mittal and aqa gcse law coursework took away the money to some place not known to him. (iii) Visited at ANZ Grindlays Bank along with Shri Anuj Kalia. (iv) The cheque was encashed and asian development bank institute research series cash was brought to the office but the suitcase containing cash remained in the office NE 118. (v) At about 3-4 p.m. Shri Harshad S. Mehta came to office in aqa gcse, the car of Shri Sunil Mittal and the suitcase containing cash lying in NE 118 car was shifted to the car of bank research paper series Shri Sunil Mittal. (vi) He, Sunil Mittal and Harshad S. Mehta went to residence of Shri Sitaram Kesari, party Treasurer. Csbm Coursework? (vii) There he remained along with them in the front room. (viii)Later Shri Harshad S. Paper Series? Mehta and csbm coursework Sunil Mittal went inside the connected room and the suitcase containing the cash was picked up by asian bank series somebody from the Bungalow (Residence of Shri Sitaram Kesari) and la fille du regiment taken inside that room. (ix) While returning from that room Shri Kesari asked Harshad S. Mehta to write amount towards donation to Congress Party funds; (x) Harshad S.Mehta initialed in the note book produced by Shri Kesari. (xi) Then all three of asian bank institute research 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 same bank.' The witness was questioned-whether the aqa gcse law coursework said evidence of Mr. Khandelwal denying the recording of series his said statement was true? The witness replied 'No'. Csbm Coursework? He had recorded the 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 development bank research paper series, (xii). On the basis of the aforesaid statement, question was asked to the witness that-whether he realised that the psychology thesis conference 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 asian bank series, the FIR?

To this question, he replied that he did realise so and thereafter DIG Mr. Essay Question? Amod Kanth conducted some enquiry with Mr. Sitaram Kesari who revealed that he did not recollect about the donation to the party. Bank Research? DW5(8) Atul Manubhai Parekh stated that he is dealing with Pharmaceuticals and essay on safety begins at home 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 development bank institute series 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 csbm coursework, and on development institute paper behalf of A-S. His duty was to confirm about the delivery of the securities both delivery on behalf of A-S as also receipt on la fille du regiment dessay behalf of bank institute paper 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 delivery orders were generated from the computer and handed over to csbm coursework, him. On receipt thereof, he used to depute the delivery boys to the concerned banks for the purpose of collecting or receiving the deliveries of the securities. After collecting the securities, the same used to be sent to UCO Bank, Hamam Street Branch, Bombay. The delivery boys would deliver the securities and men collect the bankers cheques from UCO Bank and asian development bank paper deliver again the said bankers cheques to the banks from where they had earlier collected the essay securities in question. UCO bank, Hamam Street Branch, Bombay was giving routing facility for development, 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 position of the balance of the securities in a form of BRs held by question 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 development institute research paper series A-5. Apart from BRs the on safety at home securities in asian development bank institute research series, 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 aqa gcse law coursework A-S with UCO bank, Hamam Street Branch, Bombay. Asian? He agreed to the suggestion that UCO Bank, Hamam Street Branch, Bombay issued its BR in csbm coursework, respect of 70 lacs units of UTI on 13.3.1991 in respect of the development series second transaction favouring MUL. He was in Bombay when A-5 was arrested. Csbm Coursework? 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 well over 90 days. He was not knowing whether A-5 was under CBI custodial interrogation. ALLEGED CONSPIRACY In this case, conspiracy is the basis for convicting the asian institute paper accused. Special Court has mainly relied upon the evidence of PW23 for holding that prosecution has established conspiracy on essay the basis of so-called meeting between A-1, A-2, A-5 and PW23 Mohan Khandelwal in research, 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 favour of A-5 and afore-quoted five transactions took place, even though there was a specific bar of granting loan by MUL to individuals. Mr. Mahesh Jethmalani who appeared as amicus curiae for A-3, submitted that the 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 csbm coursework further broken by the fact that 13 other transactions took place in the year 1990 between A-5 and MUL. All these transactions have been brought out in cross-examination of PW23 and the relevant documents have been proved by the defence through their defence witnesses. (b) There can not be a conspiracy to siphon-off surplus funds when the overt acts show that nothing of that kind happened even once; monies were lent on security and bank institute research paper repaid with interest on the due date. (c) There was effort made to prove this absurd conspiracy based on the sole evidence of the approver PW23. Now in this very case it has been held by the previous Bench that the pardon granted to the approver by the Magistrate was invalid. Where the pardon granted is cd without jurisdiction the use of the 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 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 asian paper series 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 essay begins at home, the charge. Learned senior counsel Mr.

Jethmalani also referred to a note recorded by 13 Members of institute paper 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 csbm coursework least No satisfactory explanation about this was ever forthcoming'. It is submitted that from the development series aforesaid note inference is obvious - the undergraduate thesis conference registering of preliminary enquiry in this case and other cases was an asian development bank paper series attempt to threaten PW23 for not disclosing to the public what he had informed to essay on safety at home, 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 development institute research paper series, which he could be roped in. Obviously, the filing of cases against law coursework, PW23 intimidated him sufficiently not to divulge the information he was aware of. He submitted that this is crystal clear from the development institute research paper evidence of 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 all the accused contended that prosecution story of conspiracy between Al to A5 is absurd, subsequently developed and cooked up. It is contended mat one of the purposes for developing the story of conspiracy hatched in undergraduate thesis conference, the year 1989 might be for seeing that the offences are tried by the Special Court.

It is asian development institute paper series 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 dessay be tried by the Special Court. The transactions of giving loan by asian development institute research 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 begins at home 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 allegation of conspiracy between the accused since 1989, apart from being unreliable, is cooked up. For appreciating the contention, we would refer to the FIR which was lodged on 15.4.1993. In the FIR, (in para 3) it has been mentioned that- 'S/Shri Pramod Kumar and asian development bank Ambhuj Jain entered into a criminal conspiracy during the period from January, 1991 to May, 1991 at Delhi and Bombay with V.N. Essay Begins? Deovasthali an officer of institute research series UCO Bank, Hamam Street Branch, Bombay, R.N. Popli of csbm coursework ANZ Grindlays Bank, Delhi and Shri Harshad S. Mehta, a broker, his employee Anuj Kalia and certain other unknown persons with the asian development bank object to misappropriate the 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:-. Thesis Bank Uvt? '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 asian development bank institute paper series, Delhi and Bombay with V.N.

Deosthali (A-3), then Asstt. Manager UCO Bank, Hamam Street Branch, Bombay, R.N. Csbm Coursework? Popli (A-4) of ANZ Grindlays Bank, New Delhi, Harshad S. Mehta (A-5) a broker and Mohan Khandelwal an attorney of Harshad S. Mehta, with the object to misappropriate the surplus funds of MUL and to provide pecuniary advantage to Harshad S. Asian Development Bank Institute Research? Mehta (A-5) by abusing their official position as public servants.' In respect of the at home aforesaid prosecution story that accused entered into criminal conspiracy during the period-January, 1991 to May, 1991 - the prosecution has not led any evidence and it appears that it has given up the said version. On the contrary, prosecution led evidence to the effect that there was conspiracy either in April or May, 1989 between Al, A2 and A5 and for institute paper, 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 csbm coursework, Delhi somewhere in the month of February or March, 1989. During his visit to Delhi in April/May, 1989, A-5 made reference to development research, MUL and essay on safety 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 asian development institute research paper series 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 la fille cd said meeting, A-5, A-l and A-2 were present. In the meeting, A-5 stated that he wanted to bank series, deal with MUL and that he was having lot of 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. Csbm Coursework? The accused no.l at bank institute, 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. Conference? Harshad S. Mehta. Mr. Mehta would not appear in the books of accounts of MUL and mat is asian bank institute research paper series what he stated. Ans.

35. Mr. Harshad S. Mehta stated that he would stand to la fille du regiment dessay, 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 picture.' From the aforesaid evidence, it is bank research paper absolutely clear that there was no conspiracy to indulge in essay, any illegal activity. As per development research paper, the evidence of this witness, A-l stated that he would look into any good proposals if A-5 did not come into picture. Law Coursework? This statement would not mean that A-l agreed for committing any illegal act or offence. Asian Research Series? There is no evidence that A-5 suggested for commission of any illegal act. In further cross-examination, this witness has admitted that he was not sure when A-5 visited New Delhi, but he visited New Delhi once in April or May, 1989 and the meeting took place in 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 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 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 MUL on 19.4.1989 as Junior Officer on probation. Ontario Psychology Undergraduate Thesis? 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 asian paper series, the meeting. PW23 has admitted in cross-examination that he was first summoned by CBI in June, 1993 for interrogation on two occasions, i.e. on 1.6.1993 and 15.6.1993. In further cross-examination, he admitted that neither he could recollect the exact date and thesis bank uvt time of the asian development institute research meeting which took place in the premises of MUL nor remember the month of the meeting. The witness has also stated that if in the statement recorded by the CBI, he has not mentioned about the presence of A-2 in the said meeting, then it may be, he has not stated about the same. The public prosecutor admitted that it was an omission in the statement recorded by the CBI with regard to the presence of A-2. Csbm Coursework? From the aforesaid admission in asian development institute research, the cross-examination, it is law coursework apparent that A-2 was not present during the meeting and that the development research paper series prosecution story with regard to the alleged meeting appears to be doubtful. In any case, approver PW23 does not assign any role to A2 in the said meeting. It is also to be noted that the alleged meeting took place in an open hall where other employees of MUL were sitting in close proximity of A-l and A-2 and one of the employees was PW-4 Rajan Ramgopal who joined the Corporate Finance Cell of MUL sometime in the year 1986 as deposed by him. On Safety At Home? He stated that he used to work directly under A-l and that he himself, A-l, A-2 and asian development institute series Jagdish Kumar used to sit in a common hall; A-l had his table with chairs meant for visitors and by the side of it and in front of him, there was a common table where A-2 used to sit; he (PW4) used to sit opposite to A-2; to the side of A-2, Mr.

Jagdish Kumar used to sit and one Mr. Thesis Bank Uvt? Shrinivasan used to sit next to him. Institute Series? Thereafter, he states that while working with Corporate Finance Cell of MUL, he had not heard the du regiment dessay cd name of Harshad Mehta and asian development research paper series that he had never seen the said Mr. Mohan Khandelwal. Similarly, PW8 Jagdish Kumar who was working in thesis bank uvt, the Corporate Finance Department of asian development institute research paper MUL from 1981 to 3.5.1991 has not at ontario psychology undergraduate, all deposed about the 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 paper series court that alleged meeting took place in thesis bank uvt, the premises of MUL in the month of April or May, 1989. If such meeting had taken place as alleged by PW23 it would have been noticed by asian bank research series PW4 Rajan Ramgopal, PW8 Jagdish Kumar and csbm coursework other employees. From the aforesaid discussion, it is apparent that approvers' statement for establishing conspiracy does not inspire any confidence. Further, the evidence led by the prosecution itself destroys the so-called conspiracy hatched in April/May 1989 because the reply of A1 as stated by PW23 in the meeting was limited to the extent that MUL could not deal with or involve the brokers and that he would look into any good proposals if A5 does not come into the picture. Bank Institute Research Series? From this statement, no inference can be drawn that there was any conspiracy to misappropriate MUL funds or commit fraud or to commit any illegal act Further, for the prosecution version that Al and A2 entered into a criminal conspiracy with other accused between January 1991 to May 1991 as stated in the FIR (which was recorded after preliminary inquiry) and in the charge-sheet (virtually filed after more than two years of the preliminary inquiry), no attempt is made to csbm coursework, prove the same. Subsequently developed prosecution version that conspiracy was hatched in April/May, 1989 on 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 development bank research paper 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 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 said amount to A-5. It is 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 the account of csbm coursework A-5 at Delhi and thereafter transferred the same to the account of 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 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 security transactions on behalf of the client, they credit the sale proceeds receipt into the account of the client. PW-7 Karkhanis has specifically stated that Hamam Street branch on asian development institute paper each day used to ontario psychology undergraduate thesis conference, have 30-40 such transactions and such transactions were to be completed within the banking hours.

DW-A3(2) Mr. Ramnathan, who was the Divisional Manager of 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 research that letter was written after discussing the subject with various authorities including brokers, Zonal Manager and 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 evidence for such routing/switch transaction developed by the banks/brokers, it cannot be inferred that there was any conspiracy between Al, A2 and A3 or A4 and A5. As stated above, this irregular practice is also discussed by JPC. The JPC had arrived at the conclusion that scrutiny of securities transactions in a number of banks revealed that some banks were even handing over account payee cheques drawn in essay, favour of other banks to the brokers who got them credited to their account ostensibly to assist the latter in transferring the funds quickly to research paper series, meet their obligations. This was done as per informal understanding and in the name of market practice. The payee bank used to credit the aqa gcse law coursework proceeds to the accounts of the development bank research series broker constituents who brought the cheque to it for collection. The JPC also observed that routing of transactions of many brokers including A-5 had been carried out by banks. The banks were lending their names to the transactions of undergraduate 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 bank paper 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 csbm coursework the security namely UTI Units. In this set of circumstances, it would be difficult to hold mat prosecution has proved the charge of criminal conspiracy under Section 120-B of series IPC against the accused. Begins? 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 institute paper series accused under Section 120-B of IPC requires to be set aside. JURISDICTION OF THE SPECIAL COURT UNDER THE SCAM ACT. At the outset, it is to be stated that accused were tried under the SCAM Act which was preceded by on safety an Ordinance promulgated on 6th June, 1992. In the year 1992, it was noticed that there was a scam in asian development institute research paper series, the stock exchange as there was sudden rise or fall of la fille prices in the stock market and large number of persons who were trading in stock exchange were losing their money. Some of them were experienced gamblers at the stock exchange and most of development institute research paper them were laymen.

As per the Statement of Objects and Reasons of the Act, large scale irregularities and ontario psychology undergraduate conference malpractices were noticed by the Reserve Bank of asian research paper India (RBI) in relation to transactions in la fille dessay cd, both the Government and outer securities indulged in asian development bank, by some brokers in collusion with the banks and financial institutions. The irregularities and mal- practices noticed by the RBI were with regard to diversion of funds from ap biology question, banks and asian bank research financial institutions to individual accounts of aqa gcse law coursework certain brokers. Hence, the asian research series SCAM Act was enacted which provides for establishment of a Special Court for the trial of offences relating to transactions in securities and for matters connected therewith or incidental thereto. The object of the Act is to deal with situation mentioned above and in particular to ensure speedy recovery of huge amount involved, to punish the guilty and restore confidence in ontario thesis conference, 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 bank research series, in sub-section (2) of Section 3 of the SCAM Act. Section 3(2) reads thus:- '3. Appointment and functions of Custodian.- (2) The Custodian may, on thesis bank uvt being satisfied on information received that any person has been involved in any offence relating to transactions in securities after the 1st day of April, 1991 and on development institute research paper series and before 6th June, 1992, notify the name of such person in the Official Gazette.' Hence, under the Act, jurisdiction of the Special Court is limited for offences relating to transactions in securities after the 1st April, 1991 and on or before 6.6.1992 and thesis bank uvt the Court is required to follow the procedure prescribed by the Code of Criminal Procedure for the trial of warrant cases before a Magistrate. Sections 6 and 7 inter alia provide that the asian bank research paper Special Court would have exclusive jurisdiction to take cognizance of or to try such cases as are instituted before it or transferred to ap biology, it as provided. Further, it is to be clearly understood that the asian institute research paper series Act does not create any new offence nor brings about any change in the procedure or raises any presumption pertaining to thesis bank uvt, an offence punishable under the IPC or P.C.

Act, which is to be tried under the Act. Therefore, the offences pertaining to development bank, misappropriation, criminal breach of trust or fraud and forgery are required to essay question, be established by the prosecution on the touchstone of ingredients laid down under the relevant provisions of Indian Penal Code and by following the development research series Evidence Act. Hence, for essay, 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 development institute research jurisdiction of the Special Court would be limited only for the transactions which took place after 1st April, 1991. In the present case, only two transactions, i.e., dated 24.4.1991 and 2.5.1991 would be covered. CASE AGAINST A-l AND A-2 In this case, as the 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. The case of the prosecution against A-l and A-2 is as follows:- (a) A-l and A-2 misappropriated the property in violation of the law as well as their duty (express and implied) by making it available for use of A-5. This is on account of the fact that they were authorised to invest the money in defined securities in thesis bank uvt, a transaction with Public Sector Undertakings only. They, however, knowingly entered into a series of transactions, which had the development research series 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 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 psychology thesis conference be in PSU bonds. (c) A-l used to place the proposals before the bank paper Board and obtain approvals for the investments in question. (d) MUL did not engage services of brokers for its transactions. (e) A-1 and A-2 used to give instructions on the basis of which letters addressed to banks were prepared. (f) The Banker's cheques were handed over on the instructions of A-l or A-2 to Anuj Kalia - an employee of A-5. (g) The vouchers prepared in psychology undergraduate thesis, MUL clearly suggest that transaction was between MUL and UCO Bank. This has also been stated by PW4 in his cross- examination. In the asian research paper series circumstances, it is csbm coursework submitted that it is very clear that the asian bank transaction, which was authorised, was a transaction in securities directly with UCO Bank. (h) The fact that the du regiment pay order was being given to Grindlays Bank in development bank institute research, 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 undergraduate thesis problem of UCO Bank. (i) The contention that A-l was instructed by bank institute research series UCO bank to issue the pay order in ap biology, 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 asian bank, any brokers. There was no mention of the monies being given on loan to any broker. Law Coursework? It bears emphasis that surplus funds were many times invested in securities in buy back transaction, in that the 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 funds with PSUs. The witnesses have clearly stated that the only authorisation for placement of surplus funds was PSUs and not private person.

CHARGES AGAINST A-2. (a) He was present in the meeting held in April/May, 1989. (b) He signed letter dated 25.2.1991 for issuing a pay order in the name of ANZ Grindlays bank and also wrote in his own handwriting to 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 asian development bank research ANZ Grindlays Bank (Ex.31-third transaction) (d) He signed letter dated 24.4.1991 for issuing a pay order in ap biology question, 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 bank research paper 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 csbm coursework decision with regard to development institute research paper series, investment had been taken by law coursework the sub-Committee and conveyed to A- l. In his statement under Section 313 Cr.P.C., A-l admitted that MUL got issued banker's cheque dated 18.3.1991 favouring ANZ Grindlays Bank as per written instructions of 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 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 asian development research paper series decision for investment had been taken by sub-Committee and conveyed to Al and Al confirmed that MUL got banker's cheque dated 24.4.1991 issued in the name of ANZ Grindlays bank in on safety begins, respect of transaction between MUL and UCO Bank. A2 signed the letter being authorised signatory. No charge has been framed against asian institute series, A2 in respect of any BR. Since the prosecution had cited document Ex.41 during arguments before this Court, the same is being replied to by A-2 as under:- A2 saw this BR at the time of discharge as authorised signatory after MUL had got the money back and the transaction had got reversed.

When PW4 who was the custodian of all records of every transaction and was maintaining BRs, put up the said BR for discharge before A2 for ap biology, signing after MUL had got the money back, he signed the same in asian bank institute, a routine manner. Under the circumstances, it is submitted that no criminality can be imputed against A2 for essay, signing this BR as an authorised signatory after the development institute research reversal of the transaction. Aqa Gcse? Hence, it is submitted that this circumstance also cannot be held against A2. Learned senior counsel further submitted that as there is no evidence against A-2, the Special Court had rightly acquitted him and in the appeal also learned Solicitor General appearing on behalf of CBI has not pointed out any material evidence to hold that the development institute judgment and order passed by the Special Court calls for any interference in thesis bank uvt, acquittal appeal. He referred to Ex.26 and submitted that the development institute series said document is signed by him but as deposed by du regiment dessay PW4 the said document was authored by PW4 and development bank institute paper approved by A-1 and, therefore, it cannot be held that he did anything wrong in mentioning in the said letter that cheque may be handed over to Anuj Kalia. It is his submission that even handing over of cheque to a person who had brought 35 lacs of units for being delivered to thesis bank uvt, 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 the sub-committee of the MUL regarding transfer of 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 their knowledge the resolution of the Board dated 4th May, 1989; having any dominion over MUL's properties. There is no mis-representation nor any loss to development bank institute series, the MUL. There is no evidence on record suggesting that A-l was knowing that the funds were disposed of by UCO Bank in favour of A-5. MUL has given funds to the UCO Bank and it is not the function of MUL to verify from UCO Bank as to essay on safety begins at home, how the said funds are utilised; (f) The charges under the provisions of Section 13(1)(c) of PC Act and Section 409 of IPC are without any foundation; (g) The evidence of PW7 and PW14, both officials from bank institute research, UCO Bank have deposed that they could not differentiate whether BRs and letters pertaining to the relevant transactions shown to them pertain to a transaction conducted on behalf of their bank or on behalf of the client broker, and. Essay? (h) Prosecution has failed to examine material witnesses, i.e., Mr.

R.C. Asian Bank Research Paper? Bhargava, Chairman-cum-Managing Director and Mr. S. Natrajan, Director (Finance), even though they were available all-throughout and who were examined by the JPC and psychology IO. I would first refer to the resolution dated 4th May, 1989 of the asian development bank research paper 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 csbm coursework surplus funds by MUL, which read thus:- Resolution dated 4.5.1989 (Ex.9) BOARD AGENDA ITEM NO.17 - INVESTMENT OF SURPLUS FUNDS BY MUL 1.0 In terms of the existing guidelines from the Board, MUL has been loaning its surplus funds to Central Public Sector Undertakings consistent with the terms and conditions of the approval accorded by the Central Government u/s 370 of Companies Act, 1956. 2.0 A Sub-Committee comprising the Managing Director and development bank research series Director (Finance) has been delegated the authority by the Board to facilitate taking faster decision in this regard. The details of 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 essay on safety at home, give funds.

As a result of asian bank institute research paper 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 aqa gcse law coursework proposed to invest funds in 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 development research Board may permit the Sub-Committee formed by it for the purpose to invest surplus funds of the company from time to time in the purchase of units of UTI, Central Government and State Govt. Securities, public sector bonds either through scheduled banks or directly. 6.0 In March, 1989, MUL invested surplus funds in PSU Bonds, Units of UTI and Central Govt. Securities as contained in csbm coursework, the Annexure. The Board may kindly accord ex post facto approval for such investments made to utilise the opportunity of high yield during such periods. 7.0 The Board may kindly approve proposals in development bank research paper series, paras 5.0 and 6.0 above. 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 thesis bank uvt, 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 development bank series surplus funds in the UTI units through scheduled banks or directly. The reason being, these investments were expected to fetch higher rate of interest than what is available on loaning of funds to PSUs without invoking any risk as to return of the principal and/or yield. It is also provided that Board has permitted the sub-committee to invest surplus funds of the Company in the purchase of units of UTI either through scheduled banks or directly. It is du regiment dessay cd admitted position that on the basis of the resolution, sub-committee was constituted consisting of Chairman-cum-Managing Director and Director (Finance) for bank paper series, the purpose of investment It is ap biology essay question also proved that all the five transactions took place after the sub- committee passed appropriate resolutions. RESOLUTIONS OF THE SUB-COMMITTEE Resolutions along with agendas are: - (1) Ex.22 dated 01.2.1991, (2) Ex.23 dated 13.3.1991, (3) Ex.24 dated 18.3.1991, (4) Ex.40 dated 24.4.1991 and (5) Ex.42 dated 02.5.1991.

Relevant part of resolutions is reproduced hereunder:- (1) Ex.22 dated 01.2.1991 MARUTI UDYOG LIMITED (CORPORATE FINANCE) No.MUL/FIN./CF/91. 1st February, 91. Sub:- Funds Management 1.0 In November and December Maruti has placed lot of money in Government Securities/Units and PSU Bonds through Banks. These investments have been made for a period of 3 months to 6 months on bank institute paper series assured yield ranging from question, 16.25% to asian development research paper, 22% per annum. 2.0 During the last week of December and in January, the ontario thesis receipt of payments were relatively less. Maruti was required to borrow funds or withdraw money from PSU's. One of the options available for 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 development bank institute research 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 du regiment dessay funds need not necessarily be the same bank. Development Paper Series? 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 cd, 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 bank paper series rate of interest charges to the PSU's is lower than our cut-off rate yet these will result in additional interest advantage ranging from 1 to thesis bank uvt, 2.5% p.a. for Maruti. Asian Development Bank Institute? 4.0 Maruti will have an interest advantage of approximately Rs.27.00 lacs against csbm coursework, such disinvestment made for meeting our funds requirement and for placement of development series funds with other PSU's.

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

The expected yield will be 16.75% per annum. Aqa Gcse Law Coursework? Submitted for development institute series, kind approval of the question Committee of development institute 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. Essay Question? 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 asian institute 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. 1.0. Essay At Home? We have received a proposal for investment of asian research Rs. Essay? 14.45 crores in Units/Government Securities/PSU Bonds through Can Bank Financial Services for a period of 43 days. Asian Development Institute Research Series? The expected yield is 25% per annum. 2.0. We have received a proposal for investment of thesis bank uvt Rs. 10.84 crores in Units through UCO Bank for a period of 5 days. The expected yield will be 21%p.a. 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 asian development bank institute research series, Bonds/Units/ Govt. Securities' aggregating to ap biology, Rs. 14.45 crores for a period of 43 days at an expected yield of 25% p.a.

RESOLVED FURTHER that Maruti may place funds through UCO Bank for investment in asian institute research, Units aggregating to Rs. 10.84 crores for a period of csbm coursework 5 days at development bank paper series, an expected yield of 21% p.a. La Fille Du Regiment Cd? The resolution was put to bank research paper series, vote and carried unanimously. AGENDA NOTE FOR THE MEETING OF COMMITTEE OF DIRECTORS FOR INVESTMENT OF FUNDS TO BE HELD ON 24.04.1991. Aqa Gcse Law Coursework? 1.0 We have received a proposal for investment of development series Rs.7.50 crores in Units through Grindlays Bank for a period of 2 days. The expected yield is la fille cd 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 2.5.91. The expected yield will be 23% p.a. Asian Development Research? Submitted for 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. La Fille Dessay Cd? 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 asian institute paper 26.25% p.a. RESOLVED FURTHER that Maruti may place funds with Bank of America for investment in Units/PSU Bonds/Govt. Securities aggregating to Rs.30 crores for a period of 29 days beginning 2.5.91 at an expected yield of 23% p.a. The resolutions were put to vote and law coursework carried unanimously. The Committee has approved placement of Rs.7.50 crores with Grindlays bank for 2 days at asian institute paper, 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 thesis bank uvt Grindlays Bank to accept the fund beginning 24.4.91.

Accordingly, the institute research paper placement has been done with UCO Bank. Submitted for ex-post facto approval please. Aqa Gcse Law Coursework? (PRAMOD KUMAR) DY. MANAGER (FINANCE) Sd/-D(F) Sd/- CMD (5) Ex.42 dated 02.5.1991. Bank Series? 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 UCO Bank for ontario psychology undergraduate, 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 asian development bank institute research paper, Bank of thesis bank uvt America for placement of Rs. 15.00 crores in Units. The placement will be for asian development institute, a period of 7 days with effect from 2.5.91.

The expected yield will be 22% per annum. 3.0 We have checked up with M/s ILFS who are agreeable to renew the inter corporate deposit of Rs.5.50 crores @ 22% per annum for a period of 5 days with effect from 02.5.91. Submitted for kind approval of the committee of Directors for the above placements. MINUTES OF THE MEETING OF THE COMMITTEE OF DIRECTORS FOR PLACEMENT OF FUNDS HELD ON 30.4.91 AT THE REGISTERED OFFICE. Thesis Bank Uvt? The minutes of the asian development institute paper last meeting held on ontario psychology thesis conference 26.4.91 were confirmed. RESOLVED that Maruti may place funds with UCO Bank for investment in Units aggregating to Rs.10 crores for a period of five days w.e.f. 2.5.91 at development bank institute research paper series, 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. On Safety? 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 the proposal. As against this, in Ex.42 dated 2.5.1991 which is last resolution, it has been specifically mentioned that MUL may place funds 'with UCO Bank' in asian paper series, units for ap biology essay question, a period of five days as per the request from UCO Bank. The change of asian bank research paper 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 21% p.a. In previous three cases, if in reality the funds were placed with UCO Bank then the phrase 'through UCO Bank' would not have been used. 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 amount was placed with UCO Bank. Development Institute? The afore-quoted resolutions also reveal that when the funds were placed, say as, with Bank of America, with M/s. Infrastructure Leasing and thesis bank uvt 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 only for few days (i.e. 12, 5, 2 and 5) is mentioned.

It also mentions expected yield at 16.15%, 23%, 21%, 26.25% and 25% which would indicate that as a matter of fact nature of such transaction was nothing but loan. Development Institute Research Paper? Purpose of having UTI units was to secure repayment of loan, that is to say, in case of failure to law coursework, repay on due date, the bank research units would stand forfeited. It is also clear front para 2 of the resolution Ex.22 dated 1st February, 1991 that during the last week of December and in the month of January, 1991, the receipt of payments by MUL was relatively less and it was required to borrow funds or withdraw money from PSUs. Thesis Bank Uvt? However, in the documentation, the borrowings were required to be shown as sales of development institute paper investments. The relevant part of psychology resolution reads as under:- . in our documentation we have to show the development research paper series borrowing as sales of our investments. Therefore, it is thesis bank uvt proposed to show such borrowing as reduction in our investments. This has been discussed with Company Secretary also who is agreeable for such treatment. This would indicate that whatever may be the documentation of purchase or sale of UTI units, the same would not reflect the true and real nature of transaction. Admittedly, in the case of borrowing, MUL was preparing documents so as to reveal that the transactions were sale of investments, may be in the UTI Units or other such securities.

Further, PW4 Mr. Rajan Ramgopal specifically admits that the name of the broker did not figure or reflect on asian bank institute paper series the record of MUL in the event of transaction of investment being through broker. Thesis Bank Uvt? 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 record to institute paper series, indicate that Mr. R.C. Bhargava, Chairman-Cum-Managing Director and Mr.

S. Law Coursework? Natrajan, Director (Finance), MUL who have passed the resolutions for investment of funds, did not know that the development bank institute funds were meant for A-5. They were throughout monitoring the transactions in 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. R.C. Bhargava and Mr. Natrajan during the investigation to ascertain if any other higher authority of MUL was involved in the case and found that they were not involved directly. It is his say that the proposals put up by 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 la fille du regiment dessay aforesaid two responsible persons of MUL i.e. the asian development research Chairman and Managing Director of MUL and Director (Finance) of on safety at home 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 evidence of PW1 Bhargava, who was Legal Advisor to the company, it emerges that- (a) The five transactions were not only development research series sanctioned by the subcommittee consisting of Managing Director and dessay 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 development bank A-2 were promoted for their better performance; and (0 To the csbm coursework JPC necessary replies were given by the Board and asian development bank institute paper Mr. Ap Biology Essay Question? RC Bhargava was summoned by the JPC.

(g) Mr. Bhargava, Chairman-Cum-Managing Director and Mr. Natrajan, Director (Finance) of MUL were fully aware of all the transactions in question. PW4 also admits that- (a) MUL used to invest in securities through brokers quoting on asian bank institute research paper behalf of the 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 transaction of investment being through the ap biology essay brokers; (c) Medasai Swaroop, the asian research paper series concerned Manager of the Canara Bank after preparing the cheques would hand over the same to him and he would in turn hand over thesis bank uvt the cheque to the representative of the development bank research series bank or the brokers; (d) Because of the pressure of work he was not going to respective bank but the cheques were handed over to the representative of the bank or to the broker under the instruction of either A-l or A-2; (e) During the begins at home relevant period foreign banks used to effect transfer of money from one city to another much faster than the national banks and asian institute research paper 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 dessay cd 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 development institute paper, 1st June, 1991 has also stated that- (a) A-l used to put a wiitten note about the at home proposals for investments before the Director (Finance). With regard to the five transactions in question, in cross-examination, he admits that he did not have any personal information. (b) He admitted that looking at the BRs of institute paper series UCO Bank, on the face of on safety begins at home 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 asian development bank, MUL for the purchase of aqa gcse law coursework security, (c) He agreed that MUL had not suffered any monetary loss in any of the five transactions and got optimum yield and series utilization from the point of investment by MUL. Essay Question? (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 asian development bank institute research paper, maximise the yield on surplus funds, the Board of Directors in its meeting held on aqa gcse 4.5.1989 decided that surplus funds may be invested in the purchase of units of development paper UTI, Central and State Government securities and conference 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 investments were made with the prior approval of the Sub-Committee and development institute placed before the Board for information. 2(b). To the best of 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 on safety at home any violation does not arise. 2(c). One or more Govt.

Directors have always been attending the Board Meetings of MUL. Institute Research Paper Series? There has not been any dissent on any such investments. 4(e). After it was reported that some banks have committed irregularities in securities transaction, MUL stopped investing funds in securities w.e.f. 30.S.92 and instead has been placing surplus funds only as inter corporate loans. 4(g). The investments of these funds were authorised by the Committee of Directors consisting of Managing Director and Director (Finance) within the parameters approved by the Board in its meeting held on psychology conference 4.5.89. 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 none of the bank institute paper Directors had objected to this as they were not considered to be irregular.

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

The fact that the funds were credited by UCO Bank came to the notice of MUL in development paper series, October, 1992 when CBI started the enquiry. There is absolutely no connivance between any Maruti official and thesis bank uvt Mr. Development Paper? V.N. Deosthali of UCO Bank or Mr. Harshad Mehta. Essay Begins At Home? 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 the straight forward manner. In the first transaction, Maruti sold units worth Rs.5 crores to UCO Bank, Bombay and received the money on 24th January, 1991. Maruti, thereafter bought back the units after 32 days and the total cost of bank institute research paper funds for this period amount to 12,75% per annum.

Other four transactions were for csbm coursework, 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 development series expected yield of 16.75%, 21%, 26.25% and 21% p.a. respectively. In the circumstances, there is no need for the company to take any action. Essay On Safety At Home? 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 asian institute paper 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. In respect of other 4 investments which were only for very short periods no physical delivery of thesis bank uvt units was taken.

Maruti received Bank Receipts from UCO Bank, Bombay for all transactions of investment except for development bank paper series, the last investment of Rs.10.39 crores for 5 days in May, 1991, These funds were received back alongwith the thesis bank uvt 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 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. (b) The investment of these funds were authorised by the Committee of Directors consisting of Managing Director and Director (Finance). (c) The transactions were reported to the Board and none of the Directors had objected to asian institute series, this and they were not considered to be irregular. (d) For the first time in Government Auditors Review of essay question Accounts dated 28th August, 1992, it was observed that investments through foreign bank were not in conformity with BPE guidelines. Asian Development Bank Research Paper? (e) In all such tran, actions of purchase of essay at home units funds, funds were transferred to UCO Bank, Bombay by way of bankers' cheques in favour of ANZ Grindlays Bank strictly in accordance with written instructions regarding remittance of funds by UCO Bank, Bombay. (f) There is absolutely no connivance between any Maruti official and development research 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. (h) Funds were received back along with expected yield. (i) In the circumstances, there is no need for the Company to take any action against the officers.

From the aforesaid evidence it is totally misconceived to contend that A-l or A-2 were having any dominion over the MUL funds. The aforesaid assertions by the MUL before the JPC would certainly mean that Al or A2 have not done anything dishonestly with the intention of causing wrongful gain to AS or wrongful loss to MUL or that Chairman and csbm coursework Managing Director Mr. Bhargava or the Director (Finance) were not knowing about such transactions through UCO Bank. Asian Development Paper? What can be stated from the evidence discussed above is:- (1) Resolutions used the phrase through UCO Bank whenever necessary. It also used the essay on safety at home 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 asian development bank totally misconceived to hold that A-l or A-2 were having any dominion over MUL funds/property. Funds were to be invested as per the decision of the Sub-Committee consisting of 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 law coursework the Sub-Committee were approved by the Board. None objected to it. (5) Even after inquiry by institute paper the CBI, in reply given to essay, JPC, MUL has made its position clear that the funds were invested as a commercial transaction for getting optimum yield.

All the witnesses on behalf of 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 the UCO Bank (A-3). (8) Further this was a commercial practice adopted by many banks for transmitting the funds at the earliest. This practice rightly or wrongly was developed with the PSUs and financial institutions. (9) PW4 Rajan Ramgopal admits that MUL used to invest in certain securities through brokers and the name of the broker did not figure or reflect on the record of asian paper series MUL. (10) In such a case, it would be difficult to hold that A-l or A-2 acted dishonestly in issuing cheques in favour of Grindlays Bank for transmitting the funds of la fille du regiment dessay cd 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 reasons stated above, neither A-1 nor A-2 can be convicted for the alleged offences. No doubt A-2 is already acquitted by development bank institute the Special Court. CASE AGAINST A-4 Before discussing the prosecution case against A3, I would deal with the prosecution case against A-4 who was working in the Clearing Department of Grindlays Bank, New Delhi. A-4 is convicted under Section 120B r/w Sections 409/467/468/471 of IPC and Section 13(2) of the PC Act. The appellant was convicted for substantive offence under Section 409 IPC for- (a) having credited bankers cheque no.645532 dt.25.2.1991 for essay begins at home, a sum of Rs.5,05,03,250 issued by Canara Bank favouring Grindlays Bank into account of development bank institute research series A-5 [the amount was paid by A-5 through UCO Bank to MUL]; (b) having credited bankers cheque no.646402 dt. 18.3.1991 for a sum of Rs.

10,83,75,000 issued by Canara Bank favouring Grindlays Bank into account of A-5; and. (c) having credited bankers cheque no.863237 dt.24.4.1991 for a sum of Rs.7,62,45,000 issued by Canara Bank favouring Grindlays Bank into aqa gcse, account of A-5. In support of charges, prosecution has relied upon the evidence of 4 witnesses of Grindlays Bank, i.e., PW9 Ravi Saluja, PW11 Suraj Tandon, PW12 Ashok Monga and K.K. Kuda PW15 and PW22 Mr. V. Rangarajan, an employee of Reserve Bank of India. It is bank institute research paper contended on csbm coursework behalf of prosecution that from the development bank institute research series evidence of witnesses of du regiment ANZ Grindlays Bank, the following stands proved- (a) That A-4 was the officer in asian development institute paper series, charge of the clearing department. (PW12) (b) The entries in respect of these transactions would have to be authorised by the officer in charge of the clearing department- in 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 the offence for which he is convicted. It is his contention that with regard to the handing over of cheque of Grindlays Bank, there is no evidence except that of Anuj Kalia PW16 that he accepted the cd said cheque and forwarded it for encashment.

But that would not mean that he was in any way party to any fraud. Next he submitted that prosecution witnesses themselves deposed before the Court that the cheques received by the Grindlays Bank were deposited in me account of Grindlays Bank and not in the account of A-5. For this purpose, he referred to the evidence of PW9 Ravi Saluja, PW11 Suraj Tandon, PW12 Ashok Kumar Monga, PW15 Kanwal Krishan Kuda. He further submitted that even witness from Canara Bank PW2 Meda Sai Swaroop has also deposed that cheques were credited in the account of Grindlays Bank. 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 development institute, the evidence of PW25 Mr. B.C. Bhatnagar, the on safety at home Investigating Officer, who deposed that there were number of asian development officers involved, and referred to dessay cd, the part of PW25's deposition, wherein he stated that-he does not remember if he had made any application/request for production of documents to the said bank during the said period. He did not remember if he had conducted any search and asian institute research paper series seizure from the said Bank with regard to the documents like attendance register, duty roster or any other similar document showing the law coursework presence of particular officer at particular time.

For considering the contentions raised by the learned counsel for the parties, I would refer to what emerges from the evidence of the relevant witnesses:- PW9 Ravi Saluja states that the cheques so received by the ANZ Grindlays Bank for clearance were sent to asian development series, the clearing department for further processing. The said department would verify and tally the particulars as appearing in the pay in slip and the related cheque. The centralized branch of ANZ Grindlays Bank then would make the consolidated statement and arrange to send the cheques received for begins at home, clearance to the clearing house of RBI. Asian Development Bank Paper Series? There is also a category of cheque known as bankers' cheque, that is to thesis bank uvt, 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. On seeing Ex.28, he stated that it is inter bank cheque in favour of Grindlays bank issued by asian paper Canara bank bearing 'Payee A/c only' and 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 relevant period i.e. in essay, the year 1990 to asian development research paper, 31.5.1991. PW12 Ashok Kumar Anant Ram Monga states that he was overall in csbm coursework, charge of the ANZ Grindlays Bank branch along with the asian institute research paper Manager and in that capacity he used to have supervision over the working of the concerned clearing department.

He states that in these types of transactions there are two authorizations required, the first authorization relates to giving credit to the third party which is generally given by Branch Manager, Marketing Department who is known as Relationship Manager or Account Manager and the Funds Manager. Csbm Coursework? 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. Asian Research Series? The other settlement which is high valued settlement which was introduced by RBI in the year 1985 in response to the needs of the thesis bank uvt business community as a mode of faster settlement also took minimum two days to provide clearance of cheques. He was shown entry Ex.71(4) of dated 13.3.1991 into the accounts of Harshad S. Development Paper? Mehta. Ap Biology? He stated that the then officer in charge of bank research paper series clearing department had authorized the said entry to be made in the statement of account. Thesis Bank Uvt? He could not recall the name of the said officer who was in asian development institute series, 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 thesis bank uvt, only certain high networth customers like British Airways, Classic Financial Nizhewan Travels and Harshad Mehta Group which list is not exhaustive and asian bank research he came across the instances in case of the la fille dessay cd said parties where their bank had allowed such credits. 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. 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. Asian Institute Research? The services to be extended to the customers like high networth customers would be decided by csbm coursework the branch manager. 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 the account of the issuing bank and credited into the account of Grindlays bank.

The accounts of the issuing bank and payee were with the RBI. He admitted that it is only after credit of the proceeds of the said five pay orders into the Grindlays bank account that the bank paper proceeds thereof in turn were credited into the account of A-5. He further stated that during the relevant period i.e. in the year 1990-91, to 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 ap biology question banks to development institute series, follow such practice during the relevant period i.e. 1990-91. He stated that RBI was required to issue guidelines prohibiting such practice somewhere in September/October, 1992 as many banks were indulging in such practices. It is csbm coursework his say that RBI has never taken any action against the Grindlays bank in respect of Five pay orders shown to asian research, 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 law coursework, Canara Bank, UCO Bank or Harshad S. Mehta. The said parties have also not initiated any action in any court of law in respect of negotiation of said five pay orders at any time. Asian Development Bank Research Series? We would refer to aqa gcse, the following few relevant questions and their answers given by this witness:- Q. Having received the funds under the Pay order payee bank would credit its proceeds into the account of the party depositing the said pay order? A. When the instrument like pay order is asian development bank institute paper drawn favouring Grindlays bank then the same has necessarily to be deposited into pits i.e., Grindlays Bank Account with RBI. Q. Would it be correct to say that if any bankers cheque is made payees account and non transferable then in the ordinary course the payee bank cannot credit the aqa gcse proceeds thereof in to the account of third party? A. Yes Q. If your customer gives the instruction for giving credit of the institute research paper proceeds of such pay order to any third party then the same would be permissible?

A. Yes, i. the cd customer is in the list of high networth. Asian Bank Institute Research Series? To the Court:- Q. You have stated about the category of essay question customers regarded as High Networth customers. Could you elaborate? A. Such classification is asian institute series generally given by the concerned manager of the bank having regard to the deposits maintained by the customer or other business potentials. Q. Such practice being in aqa gcse, deviation of the usual practice, was the permission of the RBI obtained as far as your bank is concerned? A. Asian Development Institute Research Paper? 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 ontario undergraduate conference 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 asian development bank institute research paper payee bank are with the RBI. It is correct that it is thesis bank uvt only after credit of the proceeds of the said five pay orders in to the Grindlays Bank account that the asian development paper 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 aqa gcse law coursework Harshad S. Mehta, states that the asian research paper series same was approved by him and it bears his initials. The entry appearing therein is correct and la fille du regiment the same was prepared on the basis of credit advice received from the RBI. He could not recollect who was or who were the concerned officers of the treasury department, who would be giving such instructions as there were many such officers. PW22 V. Bank Institute Research? 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 on safety at home, clearance in clearing house and RBI would settle the payment thereof by giving credit into the account of payee with RBI. Bank Research Paper? 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. Ap Biology Essay? The amount was credited in the account of Grindlays Bank. Hence, it is established that the amount of account payee and non-transferable pay orders were only credited in the account of Grindlays Bank. In this set of circumstances, it is not necessary to discuss the relevant provisions of asian development bank paper series Negotiable Instruments Act that account payee non-transferable cheques cannot be credited in anybody else's account.

As such, the entire prosecution against A-4 was totally on an erroneous assumption that A-4 got the essay amount of asian development bank research paper account payee cheque bearing stamp non-transferable credited straightway in the account of A-5. If the amount is credited in the account of Grindlays Bank, question is-how is A-4 liable? There is nothing on thesis bank uvt record to bank institute paper, establish who directed that the said amount should be credited in the account of A-5. Essay On Safety At Home? 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 asian institute research paper series, whose instance the aqa gcse law coursework amount which was credited in the Grindlays Bank account was specifically credited in asian research series, the account of A-5. The evidence of psychology undergraduate thesis conference PW12 Ashok Kumar Monga also reveals that there was a practice of development bank institute research crediting the proceeds of the essay question banker's cheques into the account of third party in case of high-networth customers like British Airways, Harshad Mehta's group and others and such category of customers was generally given by the concerned Manager of the bank having regard to the deposits maintained by the customers or other business potentials. Asian Development Institute Research Paper Series? While convicting the accused, the trial court has not been able to thesis bank uvt, segregate the asian bank institute paper series 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 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 absence of ap biology any such evidence, the charge under Section 120B and substantive offences under Section 409 are not proved. It is apparent from the testimony of I.O. that no effort was made to collect any material which would have shown where the appellant was posted during the asian development bank research series relevant period nor any record like the ontario thesis duty register was seized by the I.O. He admits that in matters of development bank institute research 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 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 ontario thesis 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 institute research series allowing use of essay 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. Institute Research Series? He also created a set of BRs (signed by him purporting to be an 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 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 BRs purporting to be the representation that a set of securities was being held by UCO Bank on behalf of MUL and the same had been sold by UCO Bank to MUL and thereby committed an offence under Section 467 IPC. (e) He forged the letters and he dishonestly made and/or signed the documents with the intention of causing it to be believed mat such document was signed under the authority of UCO Bank. He is, therefore, guilty of offence under Section 468 read with Section 464 IPC. (0 Having forged the documents as aforesaid, he used these documents and, therefore, he is guilty of the offence as charged under Section 471; and. (g) That the documents created by A-3 were intended to misrepresent the position of UCO Bank is also clear from the fact that the identification (which should have been put on the document were it a transaction for and on behalf of a client) was not so placed on the document. This is the evidence of PW14. The intention of A-3 to misrepresent to MUL that there would be a transaction between MUL and UCO Bank is csbm coursework clearly established. It is contended on behalf of the prosecution that from the evidence of the witnesses following stands proved:- (a) That the documents were not prepared in 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 securities between the UCO Bank and asian bank paper series MUL then that deal would have to be concluded between the Head Office of the bank and essay on safety MUL. Bank Research Series? (c) The Bank (as a corporate entity, and a Govt. Company) could not lend its name to aqa gcse law coursework, a private broker to enable him to obtain funds from any other Public Sector Undertaking, the identity of the development institute paper private broker being kept secret.

This would constitute a clear deceit upon a Public Sector Company - since it was done not for csbm coursework, any commercial purpose but to deceive the Public Sector Undertaking into placing its funds with that Bank. The question of the development paper deal being on csbm coursework behalf of the development bank institute series broker legitimately and commercially did not arise. (d) It is submitted that the evidence of the officers of the UCO Bank that the Bank would act for the brokers, is being misconstrued. The banker can, on behalf of the broker, undoubtedly undertake such activities as are common in commercial usage. However, it is obvious that such an activity should not be illegal, or to attain unlawful purposes i.e. to deceive another corporate entity. If MUL had authorised placement of funds only with PSUs, then it is obvious that it would not be in the interest of the 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. Csbm Coursework? (e) A-3 wrote letters which constituted a clear representation to MUL that it was entering into institute research, a transaction with UCO Bank - it is csbm coursework apparent from the plain language of the letter. It is asian bank institute research series clear that A-3 would not be authorised to write such letters unless he had been permitted to do so by question the Head Office. On this apparent tenor, the development bank paper series letter would commit the UCO Bank personally to a transaction of csbm coursework sale/purchase of securities and A-3 was not authorised to 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 development bank institute research series UCO Bank) have pointed out that only Head Office used to csbm coursework, give instructions for deals on behalf of the Bank. (f) That the documents created by A-3 were intended to misrepresent the asian development bank institute series position of the aqa gcse law coursework UCO Bank is development bank also clear from the psychology undergraduate conference 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 development bank research paper 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 begins, 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. Mahesh Jethmalani who appeared as amicus curiae for asian development bank paper series, A-3 referred to the RBI policy circular dated 26.7.1991 and law coursework submitted that the said circular nowhere prohibits the bank even after 26.7.1991 to act as broker on development bank paper behalf of their clients. It only la fille du regiment dessay 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 development research series units/securities. He referred to the letter dated 13.3.1991 written by A-3 to MUL [Ex.60] and Ex.23, which is an agenda note for the meeting of the Directors for investment of funds to be held on 13.3.1991 and the resolution of the same date passed by the Chairman and du regiment cd the Managing Director as well as Director (Finance) of MUL.

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

The credit advices for the five cheques are Ex.l26-A to question, Ex.l30-A. Bank Paper Series? There was no illegality on the part of A-3 and further there is no evidence of any actual loss caused to anybody or of intention to cause loss to anybody. In the absence of ap biology essay any evidence of dishonest intent, the charge under the PC Act must fail. Asian Research Paper? It is submitted on behalf of A-3 that charges of forgery have been framed on essay begins at home the assumption that Exs.58 and development bank institute research series 60 are forged. Du Regiment Cd? The accused is convicted in ignorance of the fact that banks were entitled in law to act as agents for development bank series, their customers and in UCO Bank this facility was offered to several brokers including A-5 as it was a lucrative source of income to the Bank. For this, reference is ontario conference also made to the evidence of PW7 Karkhanis, PW14 Prem Shanker Joshi and PW21 M.V. Shidhaya (both employees of UCO bank). It is further contended that PW7 Karkhanis stated that the alleged letters could not be written by A-3.

This answer was clarified during cross- examination when he stated that as to why A-3 was not authorised to asian development, do so. He says that A-3 was not supposed to write such letters on behalf of essay begins 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. Development Institute Research Series? The fact of the matter however is that when A-3 addressed the letters, he was not dealing with the Bank's investment but with the securities transactions of A-5. Essay On Safety? There is no evidence that letters such as Ex.58 and 60 could not be written by the Hamam Street Branch of UCO Bank when it was dealing on behalf of development series its account holders in transactions in securities. On the contrary, addressing such letters would be a necessary part of the function of acting as routing agents for their account holders, inasmuch as, it is part of the function of an agent to communicate receipt and delivery instructions to ap biology, 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. Asian Paper? He submitted that in the year 1990 as per the record produced by aqa gcse the prosecution, A-S acted as broker of research paper series MUL in 13 other transactions. 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 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 ontario conference PW21 (Vol.6 page 1038 paragraphs 4 and 5) and pointed out that bank was agent and broker on asian development bank research paper behalf of its clients and for that it was getting commission and essay question that commission was credited in the bank's account by debiting the development series same in the account of its clients. For this purpose, he referred to Vol.25 page 6895 and relevant vouchers. Law Coursework? Lastly, he submitted that A-3 is not at 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 development institute research series 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 BRs were issued. It is submitted that the charges proceed on an incorrect assumption that me BRs were issued on behalf of UCO Bank. BRs. Essay? were issued on behalf of A-5 and development bank institute research paper series 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 la fille, 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 institute research series behalf of their broker clients. It is submitted that the question which arises in the instant case is - whether the BRs issued by essay on safety begins at home A-3 were backed up with units belonging to asian bank institute research paper, A-5? Although nine charges have been framed on this aspect, the CBI has undertaken no investigation whatsoever to discover whether the BRs were backed up by securities belonging to A-5. Csbm Coursework? 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 CBI investigated the issue whether the BRs issued by UCO Bank (or A-3) were backed up by securities belonging to A-5.

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

It is asian development institute research series submitted that once the conspiracy charge fails, the first three transactions are outside the jurisdiction of the Special Court. A-3 is du regiment dessay cd 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 asian bank institute paper this ground alone. Dessay? 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 us that certain banks are engaged in types of transactions in securities which they should not be undertaken. A list of such transactions is appended. (i) Ready forward (but-back) deals at rates which have no relevance to the market rates, inter alia, with a view to window dressing their balance sheet/compliance of SLR requirements. (ii) Double ready forward deals with a view to covering their oversold position in a specific security. (iii) Sale transactions by issue of development research Bank Receipts (BRs)/SGL forms without actually holding the securities/without having sufficient balance in csbm coursework, their SGL accounts. (iv) Issuing BRs/SGL forms on development bank institute research behalf on their broker clients without safeguarding banks' interest. 2. You may be aware that with a view to helping the banks to overcome various deficiencies in the longterm securities market and to psychology undergraduate, enable them to manage their short-term securities market and to enable them to manage their short-term cash deficit/surpluses more efficiently, we have permitted banks to enter into asian institute paper, buy-back deals in ap biology essay question, 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 asian research paper, market related rates and such deals will be properly reflected in their books of account.

However, we observe that certain banks have been resorting to this type of transactions, without actually holding sufficient securities either in physical form or in their SGL forms for csbm coursework, want of sufficient balance), at rates which have no relevance to development research paper series, market, with a view to window-dressing their profitability/maintenance of SLR requirement with the tacit understanding with the essay on safety at home counter party banks. Development Bank Research? Some of the banks appear to be taking outright oversold position in securities and in csbm coursework, 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 asian development research series BRs by banks. It has been our intention to essay on safety, ensure that the asian development institute paper series banks do not undertake sale transactions in securities without actually holding them and do not issue BRs unless they are in a position to deliver the securities within a reasonable time. Contrary to our above expectation, banks have been issuing BRs freely (without regard to whether they will be in a position to deliver the securities there against within a reasonable time) and against an initial outstanding BR, a series of transaction are put through by further issue of BRs and in the final analysis only the cd 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 securities covered by the relative BRs. 4. It will be absolutely essential for your bank to frame and implement a suitable investment policy to frame and implement a suitable investment policy to ensure that operations in securities are conducted in accordance with sound and acceptable business practices. Institute Research Paper Series? While evolving the la fille policy you are requested to keep in view the following guidelines: (i) Under no circumstances, the bank should hold a oversold position in any security, that is to say that no sale transactions should be put through without actually holding the security in its investment account. (ii) All the transactions put through by bank either on outright basis or ready forward basis and whether through the mechanism of/ SGL Account or Bank receipt should be reflected on the same day in its investment Account and accordingly for SLR purpose, wherever applicable. (iii) Transactions between your bank and another bank should not be put through the brokers' accounts. The brokerage on the deal payable to the broker, if any (if the deal is 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 bank institute paper, putting through the transaction and operate amount of brokerage paid, broke-wise, should be maintained. (iv) For issue of BRs, the banks should adopt the format prescribed by the IBA and should strictly follow the guidelines prescribed by them in aqa gcse law coursework, this regard. Asian Bank Research? Subject to above, the banks should issue BRs covering their own sale transactions only and should not issue BRs on behalf of their constituents including brokers. (v) The banks should be circumspect while acting as agents of their broker clients for carrying out begins at home, transactions in securities on behalf of brokers. (vi) Any instance of return of SOL form, from the Public Debt Office of the Reserve Bank for want of sufficient balance in asian bank institute paper, 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 ap biology forwarded to asian development bank paper, us.

6. Please acknowledge receipt, Yours sincerely, Sd/-(A. Ghosh) As stated by PW7 that SGL Form (Subsidiary General Ledger Form) can be only between the ap biology essay question persona whose name figure on the ledger and the bank. The advantage of SGL is that banks are required to maintain their balance and every bank's name is 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 asian development research paper series following emerges- (a) Admittedly, the aforesaid Circular is issued after the five transactions were over. (b) The aforesaid Circular specifically requests the banks to evolve investment policy to ensure that operations in ap biology essay, securities are conducted in accordance with sound and acceptable business practices by bank institute keeping in view the guidelines mentioned in paragraph (4). Prosecution has not produced off record policy evolved by cd the UCO Bank after this circular. (c) The Circular also specifically reveals that certain banks were engaged in type of transactions in securities which they should not be undertaking and list of such transactions inter alia includes the sale transactions by development bank paper issue of BRs without actually holding the securities and secondly issuing of thesis bank uvt BRs on behalf of their broker clients without safeguarding bank's interest. Bank Institute Research Paper? Thereafter, the RBI directed to frame and implement a suitable investment policy to ap biology essay, ensure that operations in securities are conducted in development institute paper series, accordance with sound and acceptable business practices. RBI also requested that while evolving the policy the guidelines mentioned in paragraph 4 of the Circular should be kept in mind and 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 undergraduate thesis, transactions in securities on behalf of brokers. (d) These guidelines would indicate that till the asian development bank institute paper series date of issue of guidelines banks were issuing BRs on behalf of their broker clients. It was their investment policy.

Further, the restriction which was suggested for framing the policy was that banks should be circumspect while acting as agents of ap biology question their brokers client for carrying out transactions in securities on behalf of brokers. Asian Bank Institute Research Paper Series? This would also indicate that there was no prohibition that bank should not act on behalf of their broker clients for carrying out transactions in securities. In any set of circumstances, the aforesaid circular would reveal that till 26.7.1991 many banks were adopting the practice of issuing BRs on behalf of their broker clients and du regiment cd the transactions were undertaken in securities on behalf of their brokers. Asian Development Bank Institute Paper? Hence, the RBI clearly recognizes that some banks were indulging in thesis bank uvt, such transactions. Asian Development Bank Institute Research Series? What was objected by the said circular was that banks were issuing BRs without verifying whether their broker clients were holding the security covered by the relative BRs and thereafter the policy was suggested to all that BRs should be issued covering their own sale transactions and they should not issue BRs on behalf of their constituents including brokers.

In this case, the aqa gcse law coursework aforesaid five transactions have taken place prior to 26.7.1991, therefore, assuming that UCO Bank has evolved such policy of not issuing BRs on asian behalf of its brokers as directed by the RBI, then also it would not mean that by issuing BRs prior to 26.7.1991, he has committed any irregularity. As stated earlier, there is nothing on record to suggest that BRs were not backed by UTI units. On the contrary, defence has led evidence that BRs were issued backed by units, which we are not required to discuss. (e) There is ontario psychology undergraduate thesis no other prohibition under any law or guidelines and the learned Solicitor General was not in position to point out any other prohibition debarring the banks from issuing any BRs, particularly when the asian development research paper 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 aqa gcse law coursework UTI units. Asian Paper Series? Admittedly, there is no such evidence. On the contrary, there is sufficient evidence on record that for psychology thesis conference, the first transaction, MUL gave 35 lacs units for taking loan.

As soon as amount was refunded on due date, the said units were also received from MUL by A-5. For the remaining three transactions admittedly BRs were received and this is also stated in the reply given by asian development bank institute MUL to JPC. Essay At Home? For the 5th transaction, as the BRs were not received by MUL, transaction was over development bank institute research paper series within five days, but there is no evidence that UCO Bank was not holding the units for the said transaction. From the evidence on record it cannot be held that A-3 had issued BRs without being backed by sufficient number of la fille du regiment cd 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 contrary, it has come on record that practice of maintaining register was dispensed with because of increase of such work with the bank. Development Institute? Witnesses from csbm coursework, MUL have specifically stated that looking at the BR it would be difficult to say that BRs were issued without securities. Asian Bank Institute Series? PW3 Halasyam admitted that looking at the BR of UCO Bank (Ex.4 dated 24.4.1991), no suspicion would arise on the face of it.

PW7 Karkhanis has specifically stated that UCO Bank used to act as a routing bank and that such transactions were done through the broker's account and were not treated as transactions of UCO Bank. (g) The evidence on record clearly establishes that for the 5th transaction A-3 cannot be held responsible, because at the relevant time he was transferred from Hamam Street Branch. This has been specifically sated by PW7 Karkhanis in his deposition. He has stated that in the month of April, 1991, accused no.3 was transferred from Hamam Street Branch to Hingha Branch near Nagpur. In the thesis bank uvt month of development bank institute 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 law coursework, say who transacted the transaction dated 2nd May, 1991 with MUL. Development Bank Research Series? This also indicates faulty investigation. Hence, for the fifth transaction, between 2nd May to 7th May, it has been brought on record by the prosecution that A-3 was not working at ontario psychology undergraduate thesis conference, the UCO Bank, Hamam Street Branch. At the relevant time, he was transferred to Hingha Branch, Near Nagpur. Further, the asian development institute research series resolution dated 30.4.1991 passed by the MUL clearly reveals that the funds were placed with UCO Bank for investment in units for csbm coursework, 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 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 transactions conducted by the UCO Bank for buying and selling the securities on behalf of its clients including brokers. The negotiations in development, respect of such transactions were conducted by the clients directly with the counter party. UCO Bank used to la fille du regiment cd, act as a routing bank in asian development bank institute research paper series, 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 charging its commission and that the bank had made substantial profit by thesis bank uvt undertaking such transactions. As per Mr. Barve who was also one of the Managers, there were 18 such brokers. Whenever switch transactions used to take place under the instructions of the asian development bank institute research paper brokers, their instructions to du regiment dessay cd, receive or deliver securities were sent to bank research paper series, the counter party along with the cost memo 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 csbm coursework, put it on development bank institute paper a proper notice. It is his further say that per day there used to be 30 to 40 switch transactions. During the internal audit and statutory audit of the csbm coursework 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 asian bank institute research paper security transactions on behalf of their head office as well as on behalf of clients. Mr.

Harshad S. Mehta was one of such clients. In case of sale transactions on behalf of their clients, they used to get written instructions from their clients, having necessarily their accounts with the bank. The instructions being for the sale of the security, they were ascertaining from their clients about the essay on safety availability of the security with the bank or when he will deliver to the bank. On receipt of the asian development bank institute paper series security, they were preparing a cost memo as per instructions of their client as contained in ap biology essay, his instructions letter. Without security in the hands of the bank, they were not preparing the cost memo and sending it to asian development research series, 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 essay question, UCO Bank, which was received by A-5 Harshad S. Development Bank Institute Research Paper? Mehta without the name of csbm coursework its branch. (iii) PW21 Mr.

Shidhaya has stated mat one Harshad S. Mehta had his current account with their branch. He came across a person by development bank research name Mr. Pankaj Shah working with Harshad S. Mehta, who sometimes used to come to Hamam street branch in connection with brokers security transactions. No record in a form of essay on safety security ledger or security register broker-wise was kept and maintained in respect of asian development research paper series security transactions of their broker clients. Initially, there used to be such record but because of la fille dessay 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 his say that signatures on reverse of BR signifies reversal of the bank institute series BR meaning thereby that counter party had received the security and obligation of UCO Bank, who had issued the aqa gcse law coursework BR stood discharged. (iv) DW.A3(2) Mr. Ramnathan stated that the asian development bank institute research paper bank would issue its BR only against back up of another BR i.e. the BR issued by other banks in favour of UCO Bank stating therein that the said issuing Bank held the securities in question with it.

BRs could be issued on bank's own behalf as also on behalf of csbm coursework its customers. When UCO Bank would act for a customer while issuing its BR, same position would exist as far as back up of the security except that it would debit or credit, as the case may be in the customers account. No bank can issue its BRs in 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 asian development paper series brokers they were continued. In case of delay, bank would charge interest at the market rate. Bank was also having discretion to increase commission. Letter dated 8.1.1991 Ex.231 also informs the concerned officer at Hamam Street Branch as under:- You are advised to contact other banks through whom such transactions are routed and 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 essay begins, find out why inspite of profitability in this area they are not entertaining this and give your report at an early date.

For routing facility, he explained that routing transaction is the transaction in which purchase and sale of the securities was done by the bank as an agent of its customer for a commission. The routing facility was offered to bank paper series, 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 of the banks were offering such facilities. (i) ON THE POINT OF FORGERY- Resolutions passed by the MUL reveal that MUL was placing funds through UCO Bank in units. This phraseology used in the resolution does not reveal true colour of the ap biology essay transactions that MUL was not purchasing and selling the Units from UCO Bank nor UCO Bank was selling or purchasing the units from MUL.

It only meant that the transactions were through UCO Bank. Seller or purchaser was a third person. In mis set of 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. 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 development bank institute research paper, remit the question funds amount to Rs. 4,99,45,000 thru Bank of America, New Delhi. You are requested to hand over the physical delivery of the Units to Mr. Mohan Khandelwal, a specimen of whose signature is attested hereinbelow. Thanking you, Yours faithfully, For UCO Bank, Sd/-(Manager) Signature of Mr. Mohan Khandelwal: sd Attested For UCO Bank, Sd (Manager) Ex.59 February 22, 1991. Maruti Udyog Ltd. 11th Floor, Jeevan Prakash 25, Kasturba Gandhi Marg, New Delhi-110 001. Dear Sirs, This has reference to your purchase of 35 lac units for asian, value dated 25th February, 1991 @ Rs. 14,4295. Csbm Coursework? Please arrange to remit the funds amounting to Rs.

5,05,03,250 thru ANZ Grindlays Bank, Sansad Marg, New Delhi. Thanking you, Yours faithfully, For UCO Bank Sd/-(Manager)' Ex.60. MARUTI UDYOG LTD. 11th FLOOR JEEVAN PRAKASH 25, KASTURBA GANDHI MARG NEW DELHI-110001 Dear Sirs, This has reference to your purchase of 70 lac Units for value dated 13th March, 1991 @ 14,4500. Please arrange to remit the funds amounting to Rs. Paper Series? 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 undergraduate thesis, value dated today @ 14,4500. Please arrange to institute research series, 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 essay question, the purchase of 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 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 allegation of forgery, it is to be stated that in the instant case, A-3 has been charged with forging the asian bank institute series BRs Ex. Csbm Coursework? 38 dated 13th March, 1991, Ex. 39 dated 18th March, 1991 and Ex. 41 dated 24th April, 1991, on the ground that UCO Bank did not hold the units for which the BRs were issued. All the transactions are based upon the documents, which stand proved by the evidence of various witnesses of MUL, who signed the documents. The transactions were through UCO Bank. Asian Development Bank Institute Research Paper? Further, there is nothing on csbm coursework 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 bank institute research paper behalf of UCO Bank. Ontario Conference? The CBI has undertaken no investigation whatsoever to discover whether the BRs were backed up by securities belonging to development bank paper series, A-5. Further, once it is held that the UCO Bank, Hamam Street Branch was entitled to deal on behalf of their clients, then it would be difficult to hold that issuance of the said BRs by A3 was in any way forgery punishable under the csbm coursework 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 BRs if properly backed by development series the security. The evidence on record nowhere establishes that the Bank was not holding adequate securities before issuance of BRs. With regard to the alleged forged typing of letters outside the office of UCO Bank, there is evidence of PW6, which shows that in 1991 there was only one typewriter in Hamam Street Branch of UCO bank which was being used since 1983 and la fille du regiment cd 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 institute bank, 'dishonesty' cannot be attributed to the accused. For this purpose, we would straightway refer to la fille cd, the decision rendered by asian institute paper series this Court in Dr. Vimla v. Delhi Administration, [1963] Supp. 2 SCR 585 wherein this Court held thus:- To summarize : the expression defraud involves two elements, namely, deceit and injury to the person deceived, injury is something other than economic loss that is, deprivation of property, whether movable or immovable, or of money, and aqa gcse law coursework it will include any harm whatever caused to asian development research series, any person in body, mind, reputation or such others. In short, it is csbm coursework a non- economic or non-pecuiary loss. Asian Development Bank Series? A benefit or advantage to the deceiver will almost always cause loss or detriment to the deceived.

Even in essay question, those rare cases where there is a benefit or advantage to development, the deceiver, but no corresponding loss to the deceived, the second condition is dessay cd 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 asian development research paper car was paid by her. The transfer of the car was notified in the name of Nalini to thesis bank uvt, the motor registration authority. The insurance policy was transferred in the name of Nalini after the proposal form was signed by asian research series Dr. Vimla. Subsequently, when the car met with the accident, Dr. Vimla filed two claim forms as Nalini. She also signed the csbm coursework 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. Asian Development Research Paper Series? The High Court convicted Dr. Vimla under Sections 467 and 468 of law coursework IPC. In that set of circumstances, this Court held thus:- . Certainly, Dr. Vimla was guilty of bank institute research series deceit, for though her name was Vimla, she signed in psychology conference, all the relevant papers as Nalini and made the insurance company believe that her name was Nalini, but the said deceit did not either secure to her advantage or cause any non-economic loss or injury to the insurance company. The charge does not disclose any such advantage or injury, nor is there any evidence to prove the asian paper same.

The fact that Dr. Vimla said that the owner of the thesis bank uvt 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 asian research, the charge or in question, the evidence. In the asian development bank institute paper 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 thesis bank uvt insurance company might not have paid the money. But as we have pointed out earlier, the entire transaction was that of Dr. Asian Institute Research Paper? Vimla and it was only put through in the name of her made minor daughter for reasons best known to thesis bank uvt, herself. On the evidence as disclosed, neither was she benefited nor the insurance company incurred loss in bank institute, any sense of the term. For arriving at the said conclusion, the Court further referred to Sections 463 and aqa gcse 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 paper series ingredients of the offence of forgery relevant to the present enquiry are as follows, (1) fraudulently signing a document or a part of thesis bank uvt a document with an intention of causing it to be believed that such document or part of a document was signed by another or under his authority; (2) making of such a document with an intention to commit fraud or that fraud may be committed.

In the two definitions, both mens-rea described in s.464 i. e., fraudulently and the intention to commit fraud in s. 463 have the same meaning. This redundancy has perhaps become necessary as the element of fraud is not the ingredient of other intentions menti6ned in s. Institute Series? 463. The idea of deceit is a necessary ingredient of fraud, but it does not exhaust it; an additional element is on safety at home 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. The second thing to bank institute paper series, be noticed is that in s. 464 two adverbs, dishonestly and fraudulently are used alternatively indicating thereby that one excludes the other. 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 said to do that thing dishonestly. Ontario? Fraudulently is defined in s. 25 thus: A person is said to institute research series, 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 thesis bank uvt important ingredient of the definition of the word fraudulently. The former involves a pecuniary or economic gain or loss while the latter by construction excludes that element. Further, the juxtaposition of the two expressions dishonestly and asian institute research series fraudulently used in the various sections of the Code indicates their close affinity and therefore the ontario psychology undergraduate definition of one may give colour to the other. To illustrate, in asian development bank institute research, the definition of dishonestly, wrongful gain or wrongful loss is necessary enough. So too, if the expression fraudulently were to be held to question, involve the element of development institute series 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 thesis bank uvt advantage to one causes loss to development bank institute research paper series, 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 law coursework analogy drawn from the bank paper definition of dishonestly that to satisfy the la fille du regiment dessay definition of fraudulently it would be enough if there was a non-economic advantage to the deceiver or a non-economic loss to asian bank institute, the deceived. Both need not coexist. Hence, it would be difficult to infer that A-3 did anything dishonestly, fradulently or to thesis bank uvt, defraud. Institute Research? (j) For handing over 35 lac units, it is to be made clear that UCO Bank has not purchased the said units or sold them to MUL. As the said units were sold by the broker clients to A-5 through UCO Bank, the psychology thesis conference units were required to be returned to A-5 and bank research series that would be clear from Exhibit 58. La Fille Du Regiment? This function is considered by the Banks as routing function as explained by the witnesses of the bank which we have referred to earlier. Asian Research Paper Series? (k) The commission for the transactions on behalf of A-5 was credited in du regiment dessay, 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 asian bank institute research, the said transactions by the UCO Bank. If A-3 was having any guilty mind or dishonest intention, which is csbm coursework essential for convicting him for the offence punishable under Section 409 or other Sections of IPC, he would not have seen that the brokerage charges/commission is credited in the account of the UCO Bank. (1) No objections were raised during the internal audit or statutory audit. PW14 Joshi states that in case of sale transactions on development paper series behalf of their clients after obtaining written instructions and about the availability of security with the bank they were preparing cost memo and sending it to the counter party. This would also indicate that BRs would not be issued without verifying availability of security with the bank.

From the aforesaid discussion, it is ap biology required to asian bank research paper, be held that the prosecution has miserably failed to undergraduate thesis conference, 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 asian development institute, A-5 which MUL had given as security for the loan amount received by it and, therefore, A-5 was entitled to get it back; before issuance of the guidelines by the RBI, RBI had itself noted that many banks were issuing BRs on behalf of csbm coursework their brokers; there was no prohibition to the banks with regard to the issuance of the asian development institute research BRs. on behalf of their clients. Only thing which was required to be verified was whether there was sufficient security. The witnesses on thesis bank uvt behalf of asian bank institute bank have admitted that UCO Bank and ap biology essay question other banks were giving routing facility to their clients and development bank research paper that routing transaction was a transaction in which purchase and psychology conference sale of securities was done by the bank as an agent of its customer for a commission; resolutions by the MUL also reveal that the investment for asian development institute paper series, the first four transactions was 'through UCO bank' and for the 5th transaction, the thesis bank uvt 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 such transactions and there is no loss to the bank or to the MUL. No inference of 'dishonesty' or intention to defraud could reasonably be drawn. Asian Research? In this set of circumstances, it would be difficult to hold that A-3 committed any offence and A-3 requires to be given benefit of doubt. CASE AGAINST A-5 Before dealing with the case against 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 security transactions in number of aqa gcse law coursework banks reveals that some banks were even handing over account payee cheques drawn in development institute research, 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. Ap Biology Essay? Mehta (A-5) were getting routing facilities. Thus, banks provided special privilege to select few brokers by lending their names to the transactions of these brokers totally disproportionate to the income derived and exposed themselves to great risk by irregularly issuing their 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 development bank research paper SBI acting as the thesis bank uvt agent of SBI CAPS had debited SBI CAPS account and unauthorisedly credited funds to the account of A-5 instead of making payments to asian institute series, named banks. The cheques drawn on UCO Bank had been credited to the account of the same broker. For this purpose, the brokers wanted the csbm coursework facility of single point clearance whereby the activities of issuance and development acceptance of bankers' cheques in question, 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 investable funds and in the investment of these funds, guidelines and instructions were routinely flouted and no norms were observed. Institute Research Series? It is csbm coursework true that certain unauthorised facilities were given in banking transactions to A-5. However, for development institute research paper, 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 dessay developed by institute research paper banks or PSUs it would not be a good defence because illegality committed by a corporation or the concerned officer is required to be dealt with and punished if it is an offence in csbm coursework, accordance with law. Take for asian bank series, illustration - collecting donation of unaccounted money, even if it is undergraduate conference practice or usage, it would be an offence. This is sought to be brought out on record in the cross-examination of development bank institute paper series 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 ingredients of the offence punishable under IPC and there cannot be any doubt that those who are found guilty should be punished but the conviction must be on ap biology essay question the basis of established criminal jurisprudence and not on moral or equitable ground or impression created or gathered by the prosecuting agency. It is also true that in the present case, dealing in asian development institute series, public funds was to a large extent but that would not itself be a sufficient ground for drawing any inference in thesis bank uvt, favour of the prosecution particularly when there is no evidence on record that MUL or UCO Bank suffered any loss or any of accused Nos.l to 4 gained anything. On the contrary, there is evidence on record that UCO Bank got commission from the said transactions. This Court in institute, State (Delhi Admn.) v. Laxman Kumar, [1985] 4 SCC 476 at 505 observed as under:- Mankind has shifted from the state of nature towards a civilized society and it is no longer the physical power of a litigating individual or the might of the ruler nor even the opinion of the majority that takes away the liberty of a citizen by convicting him and thesis bank uvt 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 outcome of development institute research series cool deliberation in the court room after adequate hearing is afforded to law coursework, the parties, accusations are brought against the accused, the asian development bank institute paper series prosecutor is given an opportunity of supporting the psychology undergraduate charge and the accused is equally given an 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 Judge that leads to determination of the lis. If the cushion is lost and the court room is allowed to vibrate with the heat generated outside it, the adjudicatory process suffers and the search for truth is stifled. Keeping the aforesaid principle in mind, I would deal with the prosecution case against asian development institute research paper, A-5. Five transactions took place between the MUL and ontario psychology thesis A-5 between the asian development bank paper end of Jan., 1991 and beginning of May, 1991. A-5 says that he lent money to MUL and MUL returned the loan on due date together with agreed interest. This loan was a secured loan inasmuch as MUL transferred and delivered 35 lacs units of the UTI. The case of the 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 his agents/employees to csbm coursework, ANZ Grindlays Bank asking them to asian development research paper, credit the proceeds of the pay orders to question, 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 this evidence, the defence of Al and A2 that they had no knowledge of the involvement of A-5 is patently untenable. (e) In any event, the entire beneficiary of the whole transaction was A-5 to whom monies became available for use. From the evidence on record, it is proved that- 1. 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 the UCO bank. 3. It is not the asian series 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 la fille du regiment cd no evidence. 4. In first transaction, MUL took loan by handing over 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 behalf of the broker clients if it is development institute series backed by psychology thesis conference the adequate securities is irregular or prohibited. 5. On behalf of MUL it has been stated before the JPC that the bank research paper transactions were regular and ap biology there was no irregularity. No Officer of the MUL has stated before the 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 development research series PW4 Rajan Ramgopal who was working as Executive. All have stated that transactions were on the basis of thesis bank uvt resolutions passed by the Sub-Committee which were approved by the Board.

If MUL Board decides to enter into such transactions, officers like A1 and A2 or A5 cannot be held guilty. 6. No Bank Officer has stated that the transactions were illegal or there was any irregularity. Asian Development Bank Research Series? UCO Bank has received commission for the said transactions. 7. Aqa Gcse? In such circumstances, there is no question of misappropriation of the amount by taking loan. In any case alleged gain to A-5 was of taking loan for a very short period which is repaid on agreed date with agreed interest. The loan was taken by pledging UTI Units. At the most, in the FIR it is stated that the amount was given to bank institute research paper series, A5 at a lower rate of interest and that in thesis, the first transaction, he charged more interest. This contention is also without any substance because in bank research series, first transaction A-5 only thesis bank uvt charged 12.75% interest for the amount.

As against that in all subsequent four transactions, rate of institute research interest given to the MUL was 16.75%, 21%, 26.75% and la fille cd 25% respectively. 8. Bank Research Series? 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 la fille no question of paper misappropriation of the amount by A-5. 9. The next question is - whether the question 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 development bank paper series, hold that A-5 is responsible or liable. Essay? (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 development bank institute paper series, the Bank accounts. Neither the auditors of the Bank nor the 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. As deposed by the witnesses, these transactions were regular and routine transactions.

11. It is contended that in reality if it were loan transactions then there was no question of giving a facade of sale transactions and it establishes fraud. This submission cannot be accepted because of the la fille du regiment cd 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 that limited purpose it is a sale transaction and if the amount is repaid with interest, units would be returned. Further, in case of sale or purchase of units, there would not be any question of payment of interest. Question of institute series 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 thesis bank uvt amount with the bank or through the bank.

May be that there was tacit understanding as the loan cannot be given to A-5 by MUL, it should be routed through a bank. For this transaction, UTI units were handed over to the bank, therefore, there is no question of any fraud or misappropriation. In any case, for asian bank institute series, this purpose, A-5 is not liable. The resolutions were passed by essay on safety the MUL that the amount be given to UCO Bank for purchase/sale of units. Whenever the transactions were directed with the asian development bank institute series 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 thesis bank uvt 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. Development Paper? '405. Thesis Bank Uvt? Criminal breach of trust-Whoever, being in asian development series, 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 essay, violation of any direction of law prescribing the mode in which such trust is to bank institute series, 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 csbm coursework intention of causing wrongful gain to one person or wrongful loss to another person, is said to do that thing dishonestly. What is development bank paper series punishable under Section 403 is dishonest misappropriation or conversion to aqa gcse, 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 development institute meaning of the section. Hence, for establishing the offence it is csbm coursework required to be proved that- 1. The property belongs to a person other than the accused. 2. The accused appropriated the said property or converted it to his own use.

And, 3. He did so 'dishonestly' - that is to say with the intention of causing wrongful gain to one or wrongful loss to another person. Allegations in this case are that firstly, accused appropriated cheques issued by Canara Bank in favour of asian institute research series 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 that property in violation of any direction of ap biology essay 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 asian paper required to be established would be 'dishonest misappropriation or use'. Csbm Coursework? For this, it is contended that A-5 took loan from MUL through UCO Bank. If it is established that he took loan from MUL through UCO Bank, then there is no question of development bank series misappropriation because property belonged to him as he was the owner of the on safety at home 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 development institute series amount by investment/ loan from UCO Bank by aqa gcse depositing UTI Units; or (B) Presume that A-5 took loan from MUL directly by pledging UTI units.

In both the aforesaid cases, it cannot be held that the said transactions are illegal or irregular. Then, (C) There is 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. Asian Development Institute Series? Resolution permits investment with banks/PSUs. On Safety At Home? 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 asian research series, be a commercial transaction by a bank. The question to be asked would be - whether any such transaction 'through' bank would be an offence? Prima facie, there is no such law prohibiting such transaction nor it can be held to be an offence under any law. 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 psychology undergraduate placement of funds with UCO Bank, the Bank would not be acting illegally if it places those very funds with a third party. However, the asian bank prosecution case is made out on the ground that as MUL was not giving any loan directly to individual (A-5), he manipulated and created subterfuge as if UCO bank was purchasing the UTI Units.

For this purpose, on behalf of MUL cheques were issued by Canara Bank in favour of ANZ Grindlays Bank. Those cheques were deposited at csbm coursework, Delhi Branch and the amount was transferred in the name of asian bank institute A-5 at Grindlays Bank's Bombay Branch. Ontario Psychology Undergraduate Thesis Conference? Thereafter, Grindlays Bank's Bombay Branch issued cheques in favour of asian series UCO Bank and in turn UCO Bank gave credit of the aqa gcse law coursework said amount to 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 the representative of A-5? Prosecution contends that as it was subterfuge, this irregular method was adopted. Defence contends that it was known to MUL that amount was meant for asian development bank institute research, A-5 and, therefore, this procedure was adopted for earliest release of funds in favour of A-5. By this method, UCO Bank Bombay Branch got the money on the same day. It is pointed out that Grindlays Bank was not at all concerned with money except for transmitting the same to its beneficiary. At this stage, we would refer to the decision in undergraduate thesis conference, Chelloor Mankkal Narayan Ittiravi Nambudiri v. State of Travancore, Cochin, AIR (1953) SC 478].

In that case, the asian institute paper appellant-accused was appointed receiver of a Cotton Mill. He demanded and received payment over and above the market price in respect of cotton bales allotted to a shopkeeper. He was charged for essay, criminal breach of trust and misappropriating the extra money received by him without bringing it into development paper, 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 showing some favour. In that context, Court considered the definition of criminal breach of trust and held (in para 21) as under:- It follows almost axiomatically from this definition that the ownership or beneficial interest in the property in ontario psychology thesis conference, respect of which criminal breach of trust is alleged to have been committed, must be in some person other than the accused and the latter must hold it on account of some person or in some way for his benefit. In the case before us, it is not disputed that if the sum of Rs.23,100 was paid by bank institute research paper series PW1 to the appellant by way of essay question illegal gratification to induce the bank institute research paper series 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 his own behalf and not on behalf of or in trust for anybody else. The criminality of an act of this character would consist in illegal receipt of the money and the question of subsequent misappropriation or conversion of the same would not arise at all.

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

Thereafter, A-5 again transferred it in his account in 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. He pointed out bank institute, relevant Sections of the Negotiable Instruments Act for contending that the essay 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 development research paper series loan was paid with interest and commission was paid to aqa gcse law coursework, UCO Bank. The transactions are already squared up, hence there is 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. 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 development bank research series 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 law coursework, invest its funds through the banks by giving loan to an individual.

If bank intervenes as the asian bank series broker taking its responsibility on behalf of its client then it cannot be said that the transactions are illegal or fradulent. For this purpose, in earlier paragraphs, resolutions passed by the MUL are referred. 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 PSUs, the Board has permitted the Sub-committee formed by it for the purpose to invest surplus funds of the company from time to time in the purchase of units of essay 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 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. Asian Bank Series? In criminal prosecution, in du regiment, 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 development research paper behalf of du regiment dessay A-5 that UTI units were handed over to the bank and on that basis BRs were issued by A-3. For this purpose, witness is also examined. However, prosecution has failed to establish that BRs were issued without being backed by the units. For the transfer of the amount from Canara Bank to UCO Bank at Bombay Branch via Grindlays Bank, it has come on record that such irregular unjustfiable practice had developed with certain banks. Asian Development Series? 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 thesis bank uvt offence punishable under Section 468 r/w Section 464 IPC.

For the development bank institute 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 ontario psychology undergraduate the learned counsel for A-5, the beneficial interest for the said amount remained in A-5. It is nobody's case that the UCO Bank itself has sold or purchased the units and was entitled to have the cheque amount, that is to asian development paper, say that ownership or beneficial interest in the property was not with UCO Bank. Ontario Psychology Undergraduate Conference? With regard to first transaction, it is to be stated that it is development bank institute research nobody's case that UCO bank sold and thereafter re-purchased the 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 aqa gcse law coursework UTI units was entitled to asian development bank institute research paper, 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 ap biology essay question, hand over asian development the delivery of du regiment dessay cd units to Mr. Khandelwal; and Ex.A.5 (1) is the research series receipt dated 24.1.1991 issued by Mr. Khandelwal (an employee of A-5) on the letter-pad of A-5. Both these documents would also indicate that MUL was fully aware about the transaction with A-5. Finally, an important contention raised by the learned counsel for the appellants that for the transaction nos.l to 3 i.e. transactions dated 24.1.1991, 13.3.1991 and 18.3.1991, the Special Court would have no jurisdiction as the prosecution has failed to prove the conspiracy.

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

As observed in the case of Laxman Kumar (supra) if the cushion is lost and the Court room is development bank institute paper series allowed to on safety begins, vibrate with the heat generated outside it, the institute research paper adjudicatory process suffers and the search for truth is question stifled. Paper? It is for thesis bank uvt, 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 development bank institute research paper series, some extent, is reproduced in the earlier paragraphs is: - (a) The SCAM Act does not create any new offence nor changes the procedure as prescribed in the Code of Criminal Procedure nor raises any presumption pertaining to an offence punishable under the Indian Penal Code or Prevention of Corruption Act. The offences of mis-appropriation, criminal breach of trust or fraud and forgery are required to be established by the prosecution on the basis of existing criminal jurisprudence, which requires that prosecution has to establish its case beyond reasonable doubt. Serious allegations would not be a ground for convicting the accused unless there is sufficient evidence to connect the accused with the ap biology crime. Development Bank Institute Research Series? 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 thesis bank uvt SBI Caps had debited SBI Caps account and unauthorisedly credited funds to research paper series, 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 csbm coursework investment of asian development institute research these funds guidelines and instructions were routinely flouted and no norms were observed. Neither DPE nor the thesis bank uvt Ministries concerned took any steps to ensure the compliance of asian development research paper series their guidelines. Even the Ministry of aqa gcse law coursework 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 development bank series foreign banks despite the 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 aqa gcse law coursework maturity of investments returned the BRs and got their monies along with the yield which was agreed to asian development institute series, at the time of placement of funds. Csbm Coursework? Thus these transactions were in the nature of ready forward deals instead of development bank institute research series genuine investment transactions. (b) The prosecution version of conspiracy as stated in the FIR and the chargesheet is ontario psychology undergraduate thesis conference contrary to what has been tried to be proved by leading the evidence of witness, namely, Mr. Khandelwal PW 23.

In the FIR and the chargesheet, it is stated that there was conspiracy in the month of January 1991. As against this, evidence which is paper series 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 ontario undergraduate thesis conference the basis of evidence of PW23 creates doubt with regard to the efficacy of the investigation. Asian Bank Research Series? (c) There are no circumstances on thesis bank uvt record from asian bank series, which reasonable inference of conspiracy could be drawn as it was the practice adopted by some of the Banks and Public Sector Undertakings of short term investments of their extra funds. May be that the practice adopted by the banks or PSUs was unjustified or irregular. (d) Jurisdiction of the thesis bank uvt Court under the research paper SCAM Act is limited for the transactions in Securities after the First Day of April, 1991 and on thesis bank uvt or before 6th June, 1992.

As the asian development bank institute research series prosecution has failed to prove the conspiracy, the accused cannot be convicted by the Court for the transactions dated 24.1.1991, 13.3.1991 and 18.3.1991. Remaining 4th and 5th transactions are on 24.4.1991 and 2.5.1991 for 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 the guidelines framed by la fille dessay cd 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 the MUL for investment of funds as reproduced above also reflect the development bank research paper same thing, namely through bank or with the bank. (f) Resolution Ex.22 dated 1.2.1991 reveals how the documents were prepared to csbm coursework, suit its purpose by the MUL. The relevant part of resolution reads thus- . In our documentation we have to asian bank research paper series, 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 aqa gcse broker did not figure or reflect on the record of MUL in the event of transaction of investment being through broker. (g) In any case, A1 and A2 who are sought to be prosecuted are not responsible for the said policy. The policy is framed by the Board and as per the said policy, Sub-Committee headed by the Chairman and the Managing Director of MUL and Financial Director has passed appropriate resolutions. It appears that they were in asian bank research paper series, 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 ontario undergraduate conference the Investigating Officer. (h) Al and A2 were promoted for their efficiency and good work. Development Institute Series? The same stand was taken by the MUL before the JPC despite knowing that there was so-called investigation by la fille cd the CBI. (i) MUL has not suffered any loss. On the contrary, it has received substantial interest for short term investment for asian bank institute paper series, a few days. (j) UCO Bank has also earned commission which is thesis bank uvt reflected in institute paper, its account. (k) If there was any dishonest intention on the part of A-3, he would not have credited the earned commission for the transactions in the account books of the bank. (1) No loss to 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 thesis bank uvt the prosecution discloses that it was the asian bank research practice of the Bank to issue BRs for such type of transactions. On Safety At Home? It was the 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 asian bank institute paper series, prove that A-3 issued BRs without holding units as security or that BRs were not backed by units. La Fille Du Regiment Cd? PW3 Halasyam, Chief General Manager (Finance) of MUL has stated that looking at the BRs of UCO Bank, no suspicion would arise and that issuance of the development research series BRs necessarily indicates that bank issuing it would be holding the security covered under the BR. Ontario Thesis Conference? (p) Mr. Ramanathan, Divisional Manager of UCO Bank at Bombay Office at the relevant time has produced on development bank institute series record letter dated 8.1.1991 Ex.231 written by thesis bank uvt him stating resumption of switch transaction after discussing the subject with various authorities including Zonal Manager, General Manager and Dy. Manager of UCO Bank. (q) On the evidence as it is, at the highest it was a failure on the part of Al, A2 and A3 to perform their duties or observe rules of procedure in asian development bank series, appropriate manner and may at the most be an administrative lapse. (r) As discussed above, there is no evidence against ap biology essay question, A-2 and A-4 to connect them with the crime. (s) A-4 is asian development bank institute prosecuted without collecting any evidence against ap biology question, him that he was responsible for crediting the amount in the account of asian development institute paper series A-5. The prosecution has erroneously proceeded as if the amount of pay orders issued in favour of Grindlays Bank was directly deposited in the account of A-5. Csbm Coursework? (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. 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 development bank paper, such a high rate of thesis bank uvt 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 development bank institute series, Hamam Street Branch at Bombay to thesis bank uvt, Hingha Branch, Near Nagpur at the relevant time when 5th transaction was carried out between 2.5.1991 to development bank research paper, 7.5.1991. (v) As mentioned above, Section 415 has two parts. While in the first part, the 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 do a thing. That is to say, in the first part, inducement must be dishonest or fraudulent. In the second part, the inducement should be intentional. In the present case, it is very important to determine who is the la fille du regiment cd controlling agent behind the asian institute act of the Company (MUL). If the thesis bank uvt Board of the asian development institute 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 the offences for which the accused are charged, mens rea must be proved. Therefore, those who are responsible for taking such decision, could be prosecuted, but not those who are only carrying out directions on the basis that it is 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 csbm coursework 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 development research series Criminal Appeal No.

1150 filed by ap biology Harshad S. Mehta (A-5) are allowed and they are acquitted of the charges, for which they were facing trial in this case. Criminal Appeal No.S21 of institute 2000 filed by thesis bank uvt 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 A2 Ambuj Sushil Kumar Jain is dismissed. (2) Criminal Appeal No. 1097 of asian development 1999 filed by A-4 Ram Narayan Popli is allowed and la fille dessay cd he is acquitted of all the offences alleged against bank research series, him. (3) Further, in view of the judgment rendered by the Majority, Criminal Appeal Nos. 1117 of 1999, 1141 of 1999 and 1150 of 1999 filed by Al Pramod Kumar Prital Lal Manocha, A-3 Vinayak Narayan Deosthali and la fille cd deceased A-5 Harshad Shantilal Mehta respectively are partly allowed. The order of conviction awarded by institute research paper the Special Court in ap biology essay, respect of asian development institute research paper A1, A3 and A5 is confirmed. However, sentence of Al and A3 is reduced to the period already undergone. ARIJIT PASAYAT, J. Notwithstanding my great respect for csbm coursework, learned Brother Shah's wisdom and erudition, I am unable to agree that some of the appellants i.e. Development Research Paper? 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 Special Case No.6/1994 which was one of the 32 cases filed by the Central Bureau of ap biology question 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'). 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 government securities. The basic allegation was that these transactions were made in active connivance with the officials of development bank institute research banks, financial institutions and essay on safety at home 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. 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 institute research paper both Houses of Parliament, a Joint Parliamentary Committee (in short the JPC) was appointed to enquire into essay, 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 asian development paper series Unit Trust of thesis bank uvt 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 America, Bombay Branch and New Delhi Branch, ANZ Grindlays Bank, Sansad Marg, New Delhi and ANZ Grindlays Bank, Bombay Branch.

The Government company involved was Maruti Udyog Ltd. (in short MUL'). The reports of the Janakiraman's Committee and 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 development series MUL had been deposited in Canara Bank, New Delhi and were diverted to the account of A-5, Harshad with Grindlays Bank, Delhi and 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 deal with A-5, Harshad and on safety 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 do in asian development institute series, 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 essay on safety the basis that they were public servants with reference to Section 46(A) of the Banking Regulations Act, 1949 (in short Banking Act'). The five accused-appellants were charged under Sections 409, 420, 467, 471 of the Indian Penal Code, 1860 (in short the IPC') and Section 13(l)(c) read with Section 13 (2) of the Prevention of Corruption Act, 1988 (in short the PC Act'). Reference was made to asian bank series, various documents to show how the transactions were conducted and how documents were fabricated to facilitate use of the law coursework huge sums of money by A-5, Harshad. All the accused persons pleaded innocence. The stand of accused No. 1, Pramod and accused No.2, Ambuj Jain was that they did not know the asian development bank institute involvement of A-5. Additionally, A-l took a stand that A-5, Harshad is broker of thesis bank uvt UCO Bank. Asian Development Research Paper? 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 thesis bank uvt office, the same was done due to pressure of asian development bank research series work. Accused 4 took the stand that he was totally unconcerned with the thesis bank uvt transaction. Accused No.5 took a stand that there was no meeting as alleged by the prosecution to present a case of conspiracy, and in any event he was totally unaware of the transactions and asian bank institute series further, even accepting that there were some transactions they were under mere routing facility. Reference was also made that issuance of BRs while putting through transaction with MUL was under routing facility by the UCO Bank. They were illegally permissible and there was no prohibition for the same. Ap Biology Essay? There was adequate balance of asian development bank research paper series 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 csbm coursework met, and no amount was due or outstanding under the transactions in question. Whatever had been done by bank institute paper 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 ap biology MUL were conducted on principal to principal basis and the same were put through UCO Bank under routing facility extended to asian institute paper, him by it and MUL in dessay cd, 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. It was also pointed out that before the JPC there was no objection raised by the MUL as nothing was considered irregular. The Trial Court had found that though representations were made that the units were there as security, in reality these were not there.

The findings in this regard are reproduced below: All these would show that case as has been sought to put forthwith by 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. Bank Paper Series? 2 to 5 with MUL, in the circumstances cannot be believed and accepted and therefore requires to be rejected outright. Each of the five transactions needs to be examined separately. Thesis Bank Uvt? Transaction No. I: This transaction dated 24.1.1991 involves 35 lacs units of UTI as security and it is ostensibly shown to have been purchased by 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 series 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 aqa gcse law coursework amount by means of 1TRO to its Delhi Branch for development research paper, crediting into the account of MUL, Delhi. Accordingly, Bank of America, (Bombay and Delhi branches) arranged the payment thereof to MUL. On receipt of the amount, the securities were delivered to Anuj Kalia (PW 16), an 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 A-5 who was operating from behind the screen. At the reversal stage, accused No.3, Deosthali addressed a letter dated 22.2.1991 (Exbt.59) on ap biology question the letter head of development research UCO Bank to 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 Anuj Kalia (PW 16). On instructions from Khandelwal (PW 23) the pay order was deposited directly into the account of Harshad (A-5) with Grindlays Bank, Delhi by handing over aqa gcse law coursework the same to asian, A-4, Popli, the concerned officer of the Grindlays Bank. On Safety Begins? 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 the same day.

Then the amount was paid by pay order to development bank institute research paper series, 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 csbm coursework 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 addressed the letter. Development Bank Institute Research Paper? Exbt. 54 is the letter dated 24.1.1991 addressed by the Bombay office of A-5 to the Manager of Bank of America, Bombay by which instruction was given to transfer the amount involved to New Delhi in the account of 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. The Agenda Note and the Resolution clearly show that MUL was not dealing with A-5 on csbm coursework principal-to-principal basis. Asian Research Paper Series? 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 aqa gcse law coursework A-3. The letter (Exbt. 58) was not typed in the office of the UCO Branch. The typist (PW 6) has categorically stated that he has not typed it.

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

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

In all these three stages, the amount went directly to the account of A-5. Bank Paper Series? 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 UCO Bank either on 24.1.1991 and 25.2.1991 either in la fille du regiment cd, passing or receiving funds in asian bank institute research series, it own account. At the first instance, money was paid by cd A-5 through Bank of America to MUL. There is nothing to development bank research paper series, show that such payment was made under the instructions of UCO Bank, Hamam Street Branch, Bombay. Transaction No. 2. Coming to the second transaction, it involved 70 lacs units of UTI.

Here MUL was the thesis bank uvt purchaser and UCO Bank, Hamam Street Branch, Bombay was the seller. The date of the transaction is asian development bank paper series 13.3.1991. Here again, the modus operandi for this transaction is almost identical to essay at home, those involved in Transactions 3, 4 and 5. In respect of the bank second transaction A-3 addressed a letter dated 13.3.1991 to MUL on la fille cd the letter head of the UCO Bank, Bombay instructing remittance of the amount involved. Bank Institute Research? He issued under his signatory Bank Receipt (BR) of begins at home UCO Bank favouring MUL in asian institute research, respect of the security. The letter and the BR were received at aqa gcse law coursework, the first instance in the office of bank paper 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 on safety UCO Bank, Bombay and on asian development bank institute research paper series 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 thesis bank uvt accordingly Canara Bank issued its pay order for 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 the account of A-5.

This is what was done. Exbt. 60 is the letter dated 13.3.1991 which was signed by A-3 Deosthali. By the said letter it was indicated to development institute research paper series, 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 the Resolution clearly shows that the transaction was intended to be between MUL and UCO Bank. Much was made of the words through UCO Bank to contend that there was no prohibition on involvement of A-5. This has to be considered in the background of the stand of law coursework 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 bank research intention was that MUL was to be the purchaser and the UCO Bank the seller. Exbt.

38 is the BR issued by the UCO Bank. The same was authored and signed by A-3. Aqa Gcse? BR recites UCO Bank having received from paper series, MUL the concerned sum, being the cd 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 also endorsement made in the said BR reading as discharged with a rubber stamp of MUL which is proved to be made by accused No.l Pramod as proved by PW-3 Mr.

Agharam Ramkrishnan Halasyam, the officer of development bank institute research series 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 credit voucher it was mentioned that 70 lakhs of units related to MUL, there is la fille dessay cd no written record in that regard. Exbt. 128 which is the advise of Grindlays Bank, does not justify the narration as appearing in the credit voucher. The material on record clearly justifies a conclusion that the amount involved came from the asian development bank paper series account of A-5 and was paid to ap biology, MUL. There was no involvement whatsoever of UCO Bank though the stand of MUL is that the development bank institute research transaction was between it and UCO Bank. As is the case with the first transaction, A-5's stand is csbm coursework that the transaction between him and MUL was on principal-to-principal basis which routed through UCO Bank. But, as noted above in the reversal stage UCO Bank does not figure at all.

Third transaction The situation is asian institute series somewhat similar so far as transaction 3 is concerned. The amount in question came in the first instance from A-5's account with Grindlays Bank on the basis of instructions, letter and 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 essay A-l which is very significant. There was approval for placement of Rs.7.50 crores with Grindlays Bank for 2 days at an expected yield of 26.25% p.a. Subsequently, UCO Bank agreed to accept this fund at the same rate.

There was some reluctance on the part of asian development bank institute paper series Grindlays Bank to 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. In the minutes of csbm coursework Sub-Committee for the investment, the asian development paper committee had earlier approved the proposals as contained in csbm coursework, the Agenda Note, Exbt. 40(3) where the development bank research 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 csbm coursework, UCO Bank or Grindlays Bank which has been received and development institute research series 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 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. Thesis Conference? 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 institute paper series UCO Bank, Hamam Street Branch, Bombay favouring MUL in respect of this transaction. Notwithstanding these, the security was put through and MUL parted with money which went into the account of A-S in the same manner as in the case of transactions 2 to 4. La Fille Cd? Here again, A-l placed a Agenda Note (Exbt. 42(3)) which reads as follows: We have received a request from development research paper, UCO Bank for placement of thesis bank uvt Rs. 10.00 crores in units. The placement will be for a period of 5 days with effect from asian bank research paper series, 2.5.1991.

The expected yield will be 21% per annum. The Sub-Committee's approval was in the following terms: Resolved that Maruti may place funds with UCO Bank for investment of dessay units aggregating to Rs.10 crores for asian bank institute research, a period of 5 days w.e.f. 2.5.1991 at an expected yield of 21% per annum. Another important aspect is that the monies/funds were in fact credited eventually in thesis, the account of A-5 Harshad with UCO Bank, Hamam Street Branch, Bombay. The debit and credit vouchers of the bank amply prove this. Role of Accused No. 1 in bank research series, 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 ap biology A-l (Exbt.45). 3. Development Bank Paper Series? Transaction No.2- bank receipt dated 13.3.1001 of thesis bank uvt UCO bank, Hamam Street Branch. Asian Development Bank Research Paper Series? The expression discharged is in the handwriting of A-l. The rubber stamp of essay 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 development bank institute research paper series, the meeting prepared by A-l. (Exbt.24). 6. In the bank receipt of 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). Csbm Coursework? 8. Transaction No.5 - Minutes signed by A-l (Exbts.42 [1] to [3]). 9. Instruction letter dated 2.5.1991 of MUL addressed to the Manager, Canara Bank to issue pay orders in favour of Hong Kong and Shanghai Banking Corporation and in favour of Grindlays Banks signed by A-l (Exbt.35). Asian Institute Series? 10. Aqa Gcse Law Coursework? For the development institute research paper 5th transaction, there was no BR and it has not been explained by A-l as to how the transaction could take place without BR. A-l concealed the receipt signed by PW-23 on 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 be noted that for la fille du regiment dessay, the first time in this Court A-5 has taken the development institute paper stand that the relevant transactions were in the nature of loan between A-5 and MUL. Thesis Bank Uvt? A-l used to place the asian development research series proposal before the Board and obtained approvals for the investments in question. A decision was taken by MUL for investing its funds with PSU's as deposed by PW-1.

That clearly indicated that investments could only be in PSU's bonds. As per PW-3, MUL did not engage the services of brokers for its transactions and A-l used to give instructions on the basis of which letters addressed to banks were prepared by MUL clearly suggesting that the aqa gcse law coursework 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 asian institute series, PW-4 it brought to the notice of A-l that the pay order was being given to the Grindlays Bank in a transaction with UCO bank. A-l's reply is very significant. The stand taken by A-l that there was instruction by UCO Bank to issue pay order in favour of Grindlays Bank is clearly untenable because if the UCO bank intended that in its transaction the pay orders were to be issued to ontario undergraduate thesis conference, 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 be issued to Grindlays Bank even though admittedly there was no instruction from UCO Bank. In the fifth transaction, he released funds of MUL even in the absence of an development series authority letter or a security in at home, form of Bank Receipt from development bank paper series, UCO Bank. Payments made at the stage of reversal by MUL were directly made to A-5. There was no authorization to thesis bank uvt, 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 asian development institute research series 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 la fille du regiment dessay cd the letterhead of UCO bank and was signed by bank institute research paper series A-3 with reference to 35 lakhs of units. Aqa Gcse? 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 asian series, remit funds through ANZ Grindlays Bank. (Exbt.59[l]). Transaction No.2-BR dated 13.3.1991 is in ontario conference, 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 A-3 and also bears his signature. It indicates that the amount was intended for A-5 being the asian development research paper 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 ap biology essay question UCO bank in the name of development bank institute research paper series A-5 is there.

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

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

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

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

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

MUL parted with its funds which went to the account of A-5. The letters and bank research paper series 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 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 csbm coursework, 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 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 asian bank paper, favour of Grindlays Bank without any instructions from Canara Bank or MUL. UCO bank did not sell or agree to sell, as A-3 had no authority either to sell or commit UCO Bank to any sale of security on behalf of the bank, even if it is accepted that the bank had purchased the security, it had become the property of bank, and the securities dealt with as an agent is not to be reflected in the books of the 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 thesis bank uvt stand that there was a sale and repurchase involved in the transaction.

In such a transaction, the difference in price is the profit and asian development bank institute research series not a commission. For the 5th transaction neither there was a letter from the UCO bank nor a BR, which amply demonstrate that no security was delivered. Though it is possible as an argument that in respect of transactions 2, 3 and 4 certain securities were placed with A-3 by A-5, that really is of no assistance to A-5. If any security is received, the Bank ought to have made some payment and if the Bank has not paid to retain the security, it would have been required to deliver the securities based on the BR and/or its letters. In other words, UCO Bank's fund were payable to MUL, without having any legal right to retain any security which A-3 may have kept in his possession. Another question which needs to be considered is whether UCO Bank received any consideration for essay, 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 development bank institute research paper series, respect of banker's cheques of UCO bank. 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 the pay-in slips, letters written by his agent/employees to on safety begins, Grindlays Bank giving, clear instructions to remit the proceedings of Pay Orders to his account. Asian Development Paper? Receipts given by A-5 in respect of the first transaction of 35 lakhs of units were in the records of MUL. It is clear from the dessay resolutions and the minutes of discussion that MUL had not approved the role or involvement of A-5 and it was not known to development, the Board that the transactions were in reality with A-5, The subterfuge adopted was to conceal actual state of du regiment dessay 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 asian bank institute series 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. Ap Biology Question? PW 23 did not indicate to MUL that A-5 was the ultimate principal or beneficiary or that the fund; were credited to the accounts of A-5 or funds were received from 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 asian development bank research paper series money had been made as per the advice of ontario psychology thesis accountholder A-5. Exbt.

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

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

MUL does not appear to have noticed about the role of the brokers. The decisions in institute paper series, question did not refer to essay question, A-5, Harshad but to development research series, 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 ap biology question, 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. The document uses the expression cost. Though the development institute paper series receipt was from A-5, it was indicated as if it was from MUL. La Fille Du Regiment? 'All the relevant vouchers show as if the sale of units was to Grindlays' Bank. Transactions show that payment was made to Grindlays Bank and not to UCO Bank and there was no question of MUL issuing the cheque to Grindlays Bank. Development Bank Institute Research Series? It would have been to UCO Bank. Grindlays Bank made the payment and 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 dessay cd Grindlays Bank, Parliament Street. All the vouchers that have been produced show that same are put through Grindlays Bank. The vouchers of MUL clearly show as if the transaction was between MUL and UCO Bank. Development Institute Research Paper Series? Much stress has been laid by psychology thesis conference the appellants on the role of bank 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 ap biology essay 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 pay orders issued by asian development paper series MUL through its bankers, Canara Bank towards the consideration of the csbm coursework security was handed over to PW 16 under instructions of A-l or A-2. This amply establishes that Khandelwal (PW 23) was not a total stranger or unknown to development bank institute research, accused 1 and 2 as claimed. Ap Biology Essay Question? His association with accused 5, Harshad also is clearly borne out. Asian Development Research Series? It is unbelievable that to a stranger i.e. (PW 23) Khandelwal, valuable securities of crores of rupees and pay orders were delivered by MUL for which receipts were issued on psychology conference 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 institute series, the transactions addressed to MUL were firsts received in the office of A-5 and ontario thesis conference were then passed on to MUL. Development Institute Research Series? In respect of the conspiracy in April/May, 1989 it is thesis bank uvt 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. Asian Development Institute Research Paper? 1 at that time stated that MUL could not deal or involve the brokers. Mr. Harshad S. Mehta stated that the deals would be between MUL and essay begins at home banks structured and suggested by him i.e. Harshad S. Mehta. Mr. Mehta would not appear in the books of accounts of asian institute 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 on safety begins at home, be considered.

An attempt was made to as if there was no broker involved. Asian Development Bank Paper? Accounts were to be presented in such a manner that the role of thesis bank uvt A-5 would remain hidden. It is asian paper interesting, as noted above, that so far as the last transaction is concerned, there is no letter or the ap biology essay 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. It would be relevant to take note of the various offences alleged to have been committed under Sections 409, 420, 467, 468, and development institute paper series 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 cd property in his capacity of a public servant or in asian bank institute paper series, the way of du regiment his business as a banker, merchant, factor, broker, attorney or agent, commits criminal breach of trust in respect of that property, shall be punished with imprisonment for life, or with imprisonment of either description for a term which may extend to ten years, and shall also be liable to fine. Section 420: Cheating and asian development bank institute paper dishonestly inducing delivery of property- Whoever cheats and thereby dishonestly induces the csbm coursework 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 asian development bank research series 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 thesis bank uvt, any person to make or transfer any valuable security, or to receive the asian bank paper series principal, interest or dividends thereon, or to receive or deliver any money, movable property, or valuable security, or any document purporting to be an acquittance or receipt acknowledging the payment of ap biology essay money, or an acquittance or receipt for the delivery of any movable property or valuable security, shall be punished with imprisonment for bank institute series, life, or with imprisonment of either description for a term which may extend to ten years, and shall also be liable to fine. Csbm Coursework? Section 468: Forgery for purpose of cheating- Whoever commits forgery, intending that the asian development institute document or electronic record forged shall be used for the purpose of cheating, shall be punished with imprisonment of on safety at home either description for a term which may extend to seven years, and shall also be liable to fine. Section 471: Using as genuine a forged document or electronic record- Whoever fraudulently or dishonestly uses as genuine any document or electronic record which he knows or has reason to believe to be a forged document or electronic record, shall be punished in the same manner as if he had forged such document or electronic record. It would be appropriate to deal with the question of conspiracy. Section 120B of IPC is the provision which provides for punishment for criminal conspiracy. Definition of criminal conspiracy' given in Section 120A reads as follows: 120A- When two or more persons agree to do. or cause to be done.- (1) an illegal act, or (2) an act which is not illegal by illegal means, such an agreement is designated a criminal conspiracy: Provided that no agreement except an agreement to commit an offence shall amount to a criminal conspiracy unless some act besides the agreement is done by one or more parties to such agreement in pursuance thereof. The elements of a criminal conspiracy have been stated to be: (a) an object to be accomplished, (b) a plan or scheme embodying means to bank series, 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. or by any effectual means, (d) in the jurisdiction where the statute required an overt act. 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 ap biology object of the combination need not be accomplished, in order to constitute an indictable offence. Law making conspiracy a crime, is designed to curb immoderate power to do mischief which is gained by research 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 held to be continued and renewed as to all its members wherever and whenever any member of the conspiracy acts in furtherance of the common design. (See: American Jurisprudence Vol.11 See 23, p. 559). For an offence punishable under section 120-B, prosecution need not necessarily prove that the perpetrators expressly agree to do or cause to thesis bank uvt, be done illegal act; the agreement may be proved by necessary implication. 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. When two agree to carry it into effect, the very plot is an act in itself, and an act of each of the parties, promise against promise, actus contra actum, capable of being enforced, if lawful, punishable if for a criminal object or for use of criminal means.

No doubt in development research series, 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 psychology undergraduate thesis conference criminal conspiracy is an agreement to do an illegal act and such an agreement can be proved either by direct evidence or by development series circumstantial evidence or by both, and it is a matter of common experience that direct evidence to prove conspiracy is rarely available. Therefore, the circumstances proved before, during and after the occurrence have to la fille dessay cd, be considered to asian development series, decide about the complicity of the accused. Ontario Undergraduate? 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 bank institute paper two or more persons to do an unlawful act, or to do a lawful act by unlawful means.

It is an indictable offence at aqa gcse law coursework, 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 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 combination persists, that is until the conspiratorial agreement is terminated by completion of its performance or by abandonment or frustration or however, it may be. The actus rues in a conspiracy is the agreement to execute the illegal conduct, not the execution of asian institute series it.

It is not enough that two or more persons pursued the same unlawful object at the same time or in 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 aqa gcse law coursework no difference between the mode of proof of the offence of asian bank institute paper conspiracy and that of any other offence, it can be established by psychology thesis direct or circumstantial evidence. (See: Bhagwan Swarup Lal Bishan Lal etc. etc. v. State of Maharashtra, AIR (1965) SC 682 at p. 686. It was held that the expression in reference to their common intention in asian development institute, Section 10 is very comprehensive and it appears to have been designedly used to give it a wider scope than the words in furtherance of in the English law; with the result, anything said, done or written by a co- conspirator, after the conspiracy was formed, will be evidence against the other before he entered the field of conspiracy or after he left it. Anything said, done or written is a relevant fact only. as against each of the persons believed to be so conspiring, as well as for the purpose of ap biology essay 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 a conspiracy; (2) if the said condition is 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 conspiracy or after he left it, and (5) it can only be used against a co- conspirator and not in bank paper, his favour. We are aware of the fact that direct independent evidence of criminal conspiracy is generally not available and ontario conference its existence is a matter of asian bank institute research series inference.

The inferences are normally deduced from acts of parties in csbm coursework, pursuance of a purpose in common between the conspirators. This Court in V.C. Shukla v. State (Delhi Admn.), [1980] 2 SCC 665 held that to prove criminal conspiracy there must be evidence direct or circumstantial to development paper series, show that there was an agreement between two or more persons to commit an offence. There must be a meeting of minds resulting in ultimate decision taken by the conspirators regarding the commission of an offence and where the factum of conspiracy is sought to be inferred from circumstances, the la fille cd prosecution has to show that the circumstances give rise to a conclusive or irresistible inference of an agreement between two or more persons to asian development series, commit an offence. Thesis Bank Uvt? As in all other criminal offences, the prosecution has to bank paper, discharge its onus of proving the case against the accused beyond reasonable doubt. The circumstances in a case, when taken together on la fille cd their face value, should indicate the meeting of the minds between the conspirators for paper series, 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 essay on safety at home commission of the crime of criminal conspiracy. It has to be shown that all means adopted and illegal acts done were in furtherance of the object of conspiracy hatched. The circumstances relied for the purposes of drawing an inference should be prior in development institute research paper, time than the actual commission of the csbm coursework offence in furtherance of the alleged conspiracy.

Privacy and asian development institute research paper series secrecy are more characteristics of a conspiracy, than of a loud discussion in ap biology essay question, an elevated place open to public view. Development Paper Series? Direct evidence in 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 ap biology essay question formation of the development bank research paper criminal conspiracy, about the persons who took part in the formation of the conspiracy, about the object, which the objectors set before themselves as the object of ontario undergraduate thesis conspiracy, and about the manner in which the object of institute conspiracy is to be carried out, all this is necessarily a matter of inference. La Fille Cd? The provisions of Section 120A and 120B, IPC have brought the law of conspiracy in India in line with the English Law by development series making the overt act unessential when the conspiracy is to commit any punishable offence. The English Law on this matter is psychology undergraduate thesis well settled. Russell on Crime (12 Ed.Vol.1, p.202) may be usefully noted- The gist of the bank institute offence of conspiracy then lies, not in doing the act, or effecting the purpose for which the conspiracy is formed, nor in attempting to csbm coursework, 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 asian paper series plan is not, per se, enough.

Glanville Williams in the Criminal Law (Second Ed. P. 382) states- The question arose in an lowa case, but it was discussed in terms of csbm coursework conspiracy rather than of accessoryship. D, who had a grievance against P, told E that if he would whip P someone would pay his fine. E replied that he did not want anyone to institute, 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 p. 508] states: I am bound to tell you, that although the common design is the root of the law coursework charge, it is not necessary to bank institute research paper, prove that these two parties came together and essay question actually agreed in terms to have this common design and to pursue it by common means, and asian development bank institute research paper series so to carry it into thesis bank uvt, execution. This is not necessary, because in many cases of the 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 bank institute research series their acts the ontario psychology thesis same object, often by the same means, one performing one part of an act, so as to complete it, with a view to asian bank paper, the attainment of the object which they were pursuing, you will be at liberty to draw the conclusion that they have been engaged in essay on safety begins, a conspiracy to effect that object.

The question you have to ask yourselves is, had they this common design, and did they pursue it by these common means the design being unlawful. As noted above, the bank institute research paper essential ingredient of the offence of criminal conspiracy is the agreement to commit an offence. In a case where the agreement is for accomplishment of an act which by itself constitutes an offence, then in that event no overt act is necessary to be proved by the prosecution because in aqa gcse, such a situation, criminal conspiracy is established by development bank institute research series proving such an agreement. Where the 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 that event mere proof of an agreement between the accused for essay, commission of such a crime alone is enough to bring about a conviction under Section 120B and the proof of any overt act by the accused or by any one of them would not be necessary. The provisions, in such a situation, do not require that each and every person who is a party to asian development institute research series, the conspiracy must do some overt act towards the fulfilment of the object of conspiracy, the essential ingredient being an psychology thesis conference 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. Development Bank Institute Research? State of Bihar, AIR (1994) SC 2420. The conspiracies are not hatched in ontario conference, open, by development institute research paper series their nature, they are secretly planned, they can be proved even by ap biology circumstantial evidence, the lack of direct evidence relating to conspiracy has no consequence. See: E.K.

Chandrasenan v. State of Kerala, AIR (1995) SC 1066. Development? 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 essay same. The prosecution will often rely on evidence of acts of various parties to asian development institute research series, infer that they were done in reference to their common intention. The prosecution will also more often rely upon circumstantial evidence. Thesis Bank Uvt? The conspiracy can be undoubtedly proved by such evidence direct or circumstantial. But the court must enquire whether the two persons are independently pursuing the same end or they have come together to the pursuit of the unlawful object. The former does not render them conspirators, but the latter does. It is, however, essential that the offence of conspiracy required some kind of physical manifestation of development paper series agreement. The express agreement, however, need not be proved. Csbm Coursework? 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 research paper series Bihar v. Paramhans, (1986) Pat LJR 688. To 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 any lawful use. Finally, when the ultimate offence consists of la fille cd a chain of actions, it would not be necessary for development bank paper, the prosecution to establish, to bring home the charge of conspiracy, that each of the conspirators had the knowledge of thesis bank uvt what the collaborator would do so, so long as it is ( known that the collaborator would put the goods or service to an unlawful use. Development Series? See: State of csbm coursework Maharashtra v. Som Nath Thapa, JT 1996 4 SC 615. Development Institute Paper? It was noticed that Sections 120-A and 120-B IPC have brought the law of conspiracy in thesis bank uvt, India in line with English law by making an overt act I inessential when the conspiracy is to commit any punishable offence.

The most important ingredient of the offence being the agreement between two or more persons to do an asian development research paper series illegal act. In a case where criminal conspiracy is essay alleged, the court must inquire whether the two persons are independently pursuing the same end or they have come together to pursue the asian paper unlawful object. The former does not render them conspirators but the latter does. Dessay Cd? For the offence of conspiracy some kind of institute research series physical manifestation of agreement is required to be established. The express agreement need not be proved. The evidence as to the transmission of thoughts sharing the unlawful act is not sufficient. A conspiracy is 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. It is not necessary that each conspirator must know all the details of the scheme nor be a participant at ontario psychology undergraduate conference, every stage. It is necessary that they should agree for asian bank institute research, design or object of the conspiracy. Conspiracy is conceived as having three elements: (1) agreement; (2) between two or more persons by whom the agreement is effected; and (3) a criminal object, which may be either the ultimate aim of the agreement, or may constitute the means, or one of the at home means by which that aim is to be accomplished. It is immaterial whether this is found in asian paper, 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 was elaborated by Willies, J. on behalf of the judges while referring the question to the House of Lords in Mulcahy v. Aqa Gcse? Reg and House of Lords in asian series, unanimous decision reiterated in Quinn v. Leathern: A conspiracy consists not merely in ap biology essay question, the intention of two or more, but in the agreement of two or more, to do an institute research paper unlawful act, or to do a lawful act by unlawful means. So long as such a design rest in la fille cd, intention only, it is not indictable. When two agree to carry it into effect, the asian research paper series very plot is an act in itself, and the act of each of the parties, promise against promise, actus contra actum, capable of being enforced, if lawful; punishable of for a criminal object, or for the use of essay criminal means.' This Court in B.G. Barsay v. State of asian bank research Bombay held: The gist of the offence is an agreement to break the law. Ap Biology Essay Question? The parties to such an agreement will be guilty of criminal conspiracy, though the illegal act agreed to be done has not been done. So too, it is an bank institute paper ingredient of the offence that all the parties should agree to do a single illegal act. It may comprise the commission of a number of acts.

Under Section 43 of the Indian Penal Code, an act would be illegal if it is an offence or if it is prohibited by law. In Yash Pal Mittal v. State of Punjab, [1977] 4 SCC 540 the csbm coursework rule was laid as follows: (SCC p. 543 para 9) 'The very agreement, concert or league is the ingredient of the offence. It is not necessary that all the conspirators must know each and every detail of the conspiracy as long as they are co-participators in institute paper, the main object of the conspiracy. There may be so many devices and techniques adopted to achieve the common goal of the conspiracy and there may be division of performances in the chain of actions with one object to achieve the ontario conference real end of which every collaborator must be aware and in which each one of them must be interested. There must be unity of object or purpose but there may be plurality of means sometimes even unknown to one another, amongst the conspirators. In achieving the goal several offences may be committed by some of the conspirators even unknown to the others. The only development paper series relevant factor is that all means adopted and illegal acts done must be and 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 Maharashtra, [1981] 2 SCC 443, it was held that for la fille dessay, an offence under Section 120B IPC, the 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 bank research paper, some judgments of the United States Supreme Court and csbm coursework of this Court in Yash Pal Mittal v. State of Punjab, [1977] 4 SCC 540, and Ajay Aggarval v. Union of development paper series India, [1993] 3 SCC 609 the Court in State of Maharashtra v. Som Nath Thapa, [1996] 4 SCC 659 summarized the position of law and psychology thesis conference 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 development bank institute, conclude that to 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 ap biology question 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 charge of conspiracy, that each of the conspirators had the knowledge of what the asian bank institute paper series collaborator would do, so long as it is known that the collaborator would put the goods or service to an unlawful use. See [2000] 8 SCC page 203 Slate of Kerala v. P. Sugathan and Anr. As was observed by this Court in State of Kerala v. P. Sugathan and Anr., [2000] 8 SCC 203, it would be extremely difficult to find direct evidence in case of thesis bank uvt criminal conspiracy. The circumstances and surrounding factors have to asian research paper series, be taken note of. In the instant case, the csbm coursework 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 development bank fatal blow to the stand taken by the accused that there was no prohibition of acting through brokers and the intention was that dealing would be directly with the bank and not through any broker or intermediary. Begins At Home? Much has been made out of use of the word 'through' in the resolution. Development Bank? If the clear understanding of A-l was that the deal should not be dealt with or involved any broker then the question of csbm coursework A-5 acting as broker does not arise. Use of the expression through is indicative of the fact that emphasis was on securities being not purchased in the open market, but through named PSU. These PSU were admittedly not brokers. They were either Banks or financial institutions. Evidence clearly shows that A-5 wanted that he will not directly come to the picture, and would not appear in the books of accounts of MUL; but would stand to gain by asian development bank research paper series way of commission and as a brokerage from the Bank. The statement of aqa gcse law coursework A-l that he would look into asian bank research paper series, any good proposals if A-5 does not come to the picture shows that the actual state of affairs was intended to thesis bank uvt, 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 asian development paper 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 csbm coursework, the future transactions the development bank money can be dishonestly misappropriated. This is a part of the scheme and the factum of undergraduate thesis conference repayment cannot be considered in isolation. The repayment as has been rightly contended by research paper series the Solicitor General can be a factor to be considered while awarding sentence, but cannot be a ground for proving innocence of the accused. Thesis Bank Uvt? Section 409 deals with criminal breach of trust by public servant or by banker, merchant or agent. Section 405 defines criminal breach of trust.

The offence like the offence of criminal misappropriation is characterized by an actual fraudulent appropriation of property. Asian Development Bank? There is not originally wrongful taking or moving as in the case of undergraduate thesis conference theft but the offence consists in 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 asian institute series 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 conference, various cases in asian development research paper, which property is entrusted to aqa gcse law coursework, the enumerated categories of asian bank research series persons who commit the offence. Csbm Coursework? The offence of breach of asian development research paper series 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 violation of a legal direction or of csbm coursework 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 development bank research, a criminal appropriation of trust as defined by Section 405. The section relatable to property in essay, a positive part and a negative part. The positive part deals with criminal misappropriation or conversion of the property and the negative part consists of dishonestly using or disposing of the property in violation of any direction and asian development bank institute research series of law or any contract touching the discharge of trust. In Jaswantrai Manilal Akhaney v. The State of Bombay, AIR (1956) SC 575), it was held that if the begins at home Managing Director of the development institute series 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. 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 handing over possession for some purpose which may not imply the conferring of any proprietary right at all. When a person misappropriates to his own use the property that does not belong to him, the misappropriation is dishonest even though there was an on safety begins intention to restore it at some future point of time. As noted by this Court in Jaikrishnadas Manohardas Desai and Anr. v. State of Bombay, AIR (1960) SC 889), to establish the charge of criminal breach of trust, the prosecution is institute paper not obliged to prove the precise mode of conversion, misappropriation or misapplication by the accused of the property entrusted to him or over du regiment cd which he has dominion. 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 asian series 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 dishonestly inducing delivery of ap biology property. The offence of cheating is made of two ingredients. Deception of any person and fraudulently or dishonestly inducing that person to deliver any property to any person or to consent that any person shall retain any property. To put it differently, the ingredients of the offence are that the person deceived delivers to some one a valuable security or property, that the bank person so deceived was induced to do so, that such person acted on such inducement in consequence of his having been deceived by the accused and that the csbm coursework accused acted fraudulently or dishonestly when so inducing the person.

To constitute the offence of cheating, it is not necessary that the deception should be by express words, but it may be by conduct or implied in the nature of the transaction itself. 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. Asian Development Bank Paper Series? The offence is complete as soon as there was forgery with a particular intent. Ap Biology? Section 471 deals with using as genuine a forged document. For the purpose of convicting an bank institute research accused under Section 467 read with Section 471 IPC, it has to be shown that an accused either knew or has reason to believe that the document was forged. Thesis Bank Uvt? Section 463 defines forgery and Section 464 deals with making a false statement. 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 development institute research series, any person, or to psychology undergraduate, support any claim or title, or to cause any person to part with property, or to enter into any express or implied contract, or with intent to bank institute, commit fraud or that fraud may be committed, commits forgery.

In order to constitute forgery, the first essential is that the accused should have made a false document. The false document must be made with an intent to cause damage or injury to the public or to any class of public or to any community. The expression 'intent to defraud' implies conduct coupled with intention to deceive or thereby to cause injury. In other words, defraud involves two conceptions namely, the deceit and injury to ontario undergraduate conference, the person deceived, that is infringement of research paper series some legal right possessed by him but not necessarily deprivation of property. The term 'forgery' as used in the statute is used in its ordinary and thesis bank uvt popular acceptation. The definition of the offence of forgery declares the offence to be completed when a false document or false part of research a document is made with specified intention. The questions are (i) is the document false (ii) is it made by the accused and (iii) is it made with an intent to defraud. If at all the du regiment dessay questions are answered in the affirmative, the accused is guilty. In order to constitute an offence of 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. In order to development bank research series, be fraudulent, there must be some advantage on the one side with a corresponding loss on law coursework the other. Every forgery postulates a false document either in whole or in part, however, small. The intent to commit forgery involves an intent to cause injury. A person makes a false document who dishonestly or fraudulently signs with an intent or cause to asian development research, believe that the document was signed by ontario psychology undergraduate thesis 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 asian development bank research paper, 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 no public interest involved in such practices and 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 thesis time when the transactions took place there was no embargo. It is their stand that the practices were a part of accepted norms. Asian Development Bank Institute Research Series? 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 aqa gcse 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 asian development institute research paper, convicting accused 1, 3 and undergraduate 5. Section 13(2) of the development institute series PC Act is intended to deal with aberrations public servants. In view of the finding that A-l in furtherance of criminal conspiracy, in his capacity as public servant abused his position by causing and/or allowing MUL's funds to ontario, be utilized for the wrongful gain of development institute research series A-5, provisions of on safety begins Section 13(l)(c) read with Section 13(2) are clearly applicable. Similar is the position vis-a-vis A-3. The offences in development institute paper, these cases were not of the conventional or traditional type. Psychology Undergraduate Conference? 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 public bodies were utilized as if they were private funds.

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

Therefore, the need to pierce the facadial smoke screen to unravel the asian institute research paper series truth to lift the veil so that the apparent, which is not real can be avoided. The proverbial red herrings are to du regiment dessay cd, be ignored, to bank institute paper, find out the guilt of the accused. The cause of the community deserves better treatment at the hands of the Court in the discharge of ap biology essay question 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 institute series aggrieved if economic offenders who ruin the economy of the ontario psychology undergraduate thesis conference State are not brought to book. A murder may be committed in the heat of development paper series 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 csbm coursework, the Community. A disregard for asian bank institute, the interest of the Community can be manifested only at the cost of forfeiting the trust and faith of the community in the system to administer justice in csbm coursework, an even handed manner without fear of asian development paper criticism from the quarters which view white collar crimes with a permissive eye, unmindful of the damage; done to the National Economy and csbm coursework National Interest, as was aptly stated in State of Gujarat v. Mohanlal Jitamalji Porwal and Anr., AIR (1987) 1321) Unfortunately in the last few years, the country has seen an alarming rise in white-collar crimes which has affected the fibre of the country's economic structure. These cases are nothing but private gain at the cost of public, and lead to economic disaster. The convictions of accused 1, 3 and 5 are in order and are maintained. A question about the sentence was raised. Normally, in asian development bank institute paper, cases involving offences which corrode the economic stability are to be dealt with sternly. It is, however, noticed that A-5 has died during the pendency of the appeal. A-1 and A-3 were small flies who appear to have been caught in the web of A-5's machinations.

Apparent reason for their involvement is greed and avarice. There may be substance in the plea raised by the learned counsel for the accused-appellants that higher ups of MUL and Banks can not certainly be unaware of the psychology conference goings on, and have not been proceeded with and given clear chit. Though this is certainly a matter of concern, yet that cannot be a ground for taking a sympathetic view of A-l and A-3's conduct. Considering the fact that the occurrence took place a decade back, and the trial has spread over a few years, and 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 sentence, we have duly considered the fact that in the instant case the amounts have been paid back, which as noted above, learned counsel for asian institute research, the prosecution conceded was a factor for fixing the aqa gcse quantum of sentence. The fine amounts imposed remain unaltered with the default sentence. Appeals by A-l, A-3 and A-5 are dismissed subject to modification of sentence.

We respectfully agree with conclusions of learned Brother Shah though not with the development bank institute research paper series reasoning in their entirety regarding dismissal of the appeals against csbm coursework, acquittal of A-2, and setting aside the conviction of A-4.

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In this seminar, we will take an in-depth look at these famous studies (along with the more recent replications) and explore their various psychological, political and development bank institute paper, philosophical ramifications. As with other seminars, this course has a number of intellectual goals that go far beyond simply rarifying one’s understanding of a particular content area (important and generative as it may be). One such a goal is to enable you to think critically (though not disparagingly) about other people’s research and theoretical claims that ensue from it, all with the hope that you can then apply the self-same critical acumen to your own future work. Second, I hope that our interactions throughout the course will offer a hospitable environment for developing (and exchanging) creative ideas of your own. Your work on your individual reaction papers and on the term paper in particular will be a key element in achieving this goal. Lastly, I hope that, along with other upper-level courses, this seminar will offer a sensible (yet informal) introduction to psychological research methodology and research ethics. This objective will be met primarily through class discussions and some additional readings. CANCELLED: 483 CAPSTONE: ECONOMICS Fairness Altruism (Dillenberger)

The course is designed to be an law coursework integrative experience, drawing on knowledge from asian development institute series, economics and psychology to law coursework understand the role of fairness in behavior. PPE 201/ECON 013 is a strict pre-requisite for institute paper series, this course. 401 (formerly PPE 299) Independent Study Permission needed from Department. Student arranges with a faculty member to pursue a research project on a suitable topic. For more information about csbm coursework research and setting up independent studies, visit: http://www.sas.upenn.edu/ppe/Requirements/PPEmajor/research.html. 402 Research in Philosophy, Politics Economics (PPE Post Docs) Led by postdoctoral fellows in the Philosophy, Politics and development bank institute research series, Economics program, this course teaches students how to conduct research in PPE with an essay begins emphasis on creating a well-formed research question, determining what kinds of data or scholarly research bears on that question, and how to carry out an interdisciplinary, research-driven project on that question. 498 (formerly PPE 301) Directed Honors Research Permission needed from Department. Open only to senior majors in PPE. Student arranges with a faculty member to do an honors thesis on a suitable topic. For more information on honors visit: http://www.sas.upenn.edu/ppe/Requirements/honors.html.

PPE 072 (HSOC 101, PHIL 072) Biomedical Ethics Society Sector (Gibbons) REC: F 10-11 AM, 11-12 NOON, 12 -1 PM or 1-2 PM. A survey of moral problems in medicine and asian research series, biomedical research. Csbm Coursework. Problems discussed include: genetic manipulation, informed consent, infanticide, abortion, euthanasia, and the allocation of medical resources. Moral theory is asian bank institute presented with the aim of enabling students to think critically and analytically about moral issues.

The need for setting biomedical issues in broader humanistic perspective is stressed. PPE 153 (PSYC 253) Judgments Decisions College Quantitative Data Analysis (Royzman) Fulfills the College Quantitative Data Analysis Requirement. Prerequisite(s): One semester of statistics OR microeconomics. LEC: R 5:30-8:30 PM (SAS) and T 6-9 PM (LPS) Thinking, judgment, and personal and societal decision making, with emphasis on fallacies and essay on safety, biases. PPE 202 (PSCI 236) Public Policy Process (Meredith) This course introduces students to the theories and practice of the policy-making process. There are four primary learning objectives.

First, understanding how the structure of political institutions matter for the policies that they produce. Second, recognizing the constraints that policy makers face when making decisions on behalf of the public. Third, identifying the strategies that can be used to overcome these constraints. Asian Development Bank. Fourth, knowing the toolbox that available to begins participants in the policy-making process to help get their preferred strategies implemented. While our focus will primarily be on American political institutions, many of the ideas and topics discussed in the class apply broadly to other democratic systems of government. PPE 204 (PHIL 228) Philosophy of Social Science (TBA)

REC: F: 10-11 AM, 11-12 NOON, 12-1 PM, or 1-2 PM. This course is about the foundations of contemporary social science. It focuses on the nature of asian bank institute, social systems, the similarities and differences between social and natural sciences, the construction, analysis, and confirmation of social theories, and the nature of social explanations. Specific topics may include: What are social norms and conventions? What does it mean to have one gender rather than another, or one sexual orientation rather than another?

Should social systems be studied quantitatively or qualitatively? PPE 299 Independent Study Permission needed from Department. Student arranges with a faculty member to pursue a program of reading and writing on a suitable topic. PPE 301 Directed Honors Research Permission needed from Department. Csbm Coursework. Open only to senior majors in PPE. Student arranges with a faculty member to do an honors thesis on research paper a suitable topic. PPE 460 Research in Behavioral Ethics (Dimant) In reality, our understanding of different mechanisms and (economic) relationships is hampered by the lack of data. More often than not, either the observation itself is difficult or the psychology undergraduate data is asian development bank institute research paper series not reliable.

Over the last decades, economic experiments have become a vital part of the scientific discourse, facilitating our understanding of the world we live in on safety begins at home, (much like in Biology, Chemistry, Physics or the asian institute research series like). Economic experiments allow exploring economic behavior under controlled conditions by generating observations under different experimental designs and controlled conditions. Pioneering this field of research, Daniel Kahneman and Vernon Smith were awarded the Nobel memorial prize in recognition of their work on behavioral and experimental economics. In this course, we provide you with the methodology of how to develop a research idea and a proper experimental design that allows to explore this idea. Essentially, you will learn how to think about du regiment dessay cd ideas, generate predictions, and bank institute research paper, how to use economic experiments to test them. PPE 475 Competitions and Competitive Behavior (Hart) Competitions constitute an important part of social and economic interactions, such as those between athletes, lawyers or developers. We will explore the psychological and ontario psychology conference, physiological mechanisms behind competitive behavior, and its personal and societal implications.

The course will involve readings and discussions, on experimental and empirical research. We will explore the asian development institute research paper series following topics, among others: How our brains and csbm coursework, our society norms affect the intensity of competition; how the social context affects our willingness to compete and exert costly effort; the consequences of bank paper, competitions for csbm coursework, contestants’ profit, and for their subsequent behavior even beyond the asian research paper competition itself (for example, how rivalry affects subsequent behavior). The course will illuminate different aspects of competitive behavior, providing a fresh angle on the benefits and aqa gcse, drawbacks of competitions. PPE 475 Network Analysis (Sontuoso) This course addresses elements of Network Science as relevant for development institute research, analyzing the connectedness of economic or, more generally, social phenomena. Building on ideas from computer science, sociology and economics, the course will examine the properties of networked structures and the behavior of agents within these networks. Thesis Bank Uvt. The models presented in this course will aim to asian development research explain how such networked structures may determine phenomena including the spread of ideas, social norms, market practices and financial crises. (The course is designed for an interdisciplinary audience and requires no theoretical prerequisites, but it will often present material drawn from formal disciplines.) PPE 475 Modelling Choice Behavior (Bhatia) This course will examine mathematical and computational models of individual choice behavior. It will cover modeling techniques from psychology, cognitive science, neuroscience, and economics, and will apply these techniques to begins at home a range of diverse behavioral domains. This course will also examine closely related theories of learning, memory, and reaction time.

There are no theoretical prerequisites for asian development bank research, this class, though students should have some familiarity with simple mathematics, statistics, or programming. PPE 475 Fairness Altruism (Dillenberger) The course is designed to be an essay on safety integrative experience, drawing on knowledge from economics and psychology to understand the development bank institute paper role of fairness in behavior. Law Coursework. PPE 201/ECON 013 is a strict pre-requisite for this course. PPE 475 Economics of Crime and Corruption: An Interdisciplinary Perspective (Dimant) This is an undergraduate research seminar tackling the topic of crime and corruption from an interdisciplinary perspective. Our focus will lie on understanding the mechanism and motivation to asian bank research series engage in criminal and ontario psychology undergraduate, corrupt behavior from the viewpoint of, among others, economics, psychology, and criminology. Particular light will be shed on asian research paper criminological theories explaining criminal behavior.

Students will develop and apply this knowledge to a well-known criminal case. PPE 476 Thinking with Models (Funcke) The primary focus of the course is on ontario psychology conference understanding, designing, and analyzing simulation models. Students will come away from the course prepared to apply these models in a wide variety of development institute research paper series, interesting contexts. This course focuses on (1) modern simulation-based metaheuristics and on (2) agent-based simulation models in the social sciences, especially in economic, in commercial and in strategic (game-theoretic) contexts. On the metaheuristic side, we focus on evolutionary computation, including genetic algorithms, as applied to constrained optimization problems, which are prevalent in thesis bank uvt, business practice. Regarding (2), agent-based models are a relatively recent form of computer simulation that seek to explain and predict complex social phenomena “from the bottom up”, through interactions of comparatively simple agents.

The course reviews experimental and theoretical results, and exposes the institute paper series students to modern development environments for, as well as successful applications of, this form of simulation. A modest amount of aqa gcse law coursework, programming will be expected of students. Institute Research Series. All required programming knowledge will, however, be covered, and covered gently, in the course. The class is intended to be taken by students without prior programming experience. Our programming environments will be NetLogo, which is surprisingly fun and used in both education and scientific research. 008 (PHIL 008) The Social Contract Society Sector (Freeman)

REC: F 10-11 AM, 11-12 NOON, and 12-1 PM. This is a critical survey of the history of western modern political philosophy, beginning from the Early Modern period and concluding with the 19th or 20th Century. Our study typically begins with Hobbes and ends with Mill or Rawls. The organizing theme of our investigation will be the idea of the Social Contract. Ap Biology. We will examine different contract theories as well as criticisms and proposed alternatives to asian development research paper series the contract idea, such as utilitarianism. Besides the above, examples of authors we will read are Locke, Rousseau, Hume, Mill and Marx. 036 (ECON 036) Law and Economics (Staff)

Prerequisite(s): ECON 001 or ECON 010. Credit cannot be received for both ECON 036 and csbm coursework, 234. The relationship of economic principles to law and the use of economic analysis to study legal problems. Topics will include: property rights and intellectual property; analysis of bank research paper series, antitrust and economic analysis of legal decision making. 062 (RUSS 189) Soviet and Post-Soviet Economy (Vekker) All readings and lectures in English. 140 (CIS 140, COGS 001) Introduction to Cognitive Science (Ungar/Brainard) Fulfils the Formal Reasoning General Requirement for the College of essay begins, Arts and Sciences. Prerequisite(s): An introductory course in Computer Science, Linguistics, Neuroscience, Philosophy or Psychology. REC: R 3-4 PM, R 4-5 PM, R 5-6 PM, R 6-7 PM, F 3-4 PM, F 4-5 PM, or F 5-6 PM.

How do minds work? This course surveys a wide range of answers to asian development bank research series this question from disciplines ranging from philosophy to neuroscience. The course devotes special attention to la fille du regiment dessay cd the use of simple computational and institute, mathematical models. Topics include perception, learning, memory, decision making, emotion and consciousness. 153 (PSYC 253) Judgments and Decisions (Royzman) Fulfills the College Quantitative Data Analysis Requirement. Prerequisite(s): One semester of statistics OR microeconomics. Thinking, judgment, and personal and societal decision making, with emphasis on fallacies and biases. 201 (ECON 13) (formerly PPE 113): Strategic Reasoning (Dillenberger)

Prerequisite(s): Some high school algebra Econ 1. This course is about strategically interdependent decisions. In such situations, the outcome of your actions depends also on the actions of others. When making your choice, you have to think what the others will choose, who in turn are thinking what you will be choosing, and so on. Game Theory offers several concepts and insights for understanding such situations, and csbm coursework, for. making better strategic choices. This course will introduce and develop some basic ideas from asian development bank institute research paper series, game theory, using illustrations, applications, and cases drawn from business, economics, politics, sports, and ontario psychology thesis, even fiction and movies. Some interactive games will be played in class. There will be little formal theory, and the only pre-requisites are some high-school algebra and having taken Econ 1. However, general numeracy (facility interpreting and doing numerical graphs, tables, and arithmetic calculations) is very important. Bank Institute Series. This course will also be accepted by the Economics department as an Econ course, to be counted toward the minor in Economics (or as an Econ elective).

203 (PSYC 265) Behavioral Economics and Psychology (Bhatia) Prerequisite(s): ECON 1. This course will introduce you to the study of choice, and will examine in detail what we know about how people make choices, and how we can influence these choices. It will utilize insights from du regiment cd, psychology and economics, and development bank institute research series, will apply these insights to domains including consumer choice, risky decision making, and prosocial decision making. 232 (ECON 232) Political Economy (Staff) Prerequisite(s): ECON 101; MATH 104 and MATH 114 or MATH 115. ECON 103 is recommended. This course examines the political and economic determinants of government policies. The course presents economic arguments for essay on safety begins, government action in the private economy. How government decides policies via simple majority voting, representative legislatures, and executive veto and development research paper series, agenda-setting politics will be studied.

Applications include government spending and thesis bank uvt, redistributive policies. 299 Independent Study Permission needed from bank research, Department. Student arranges with a faculty member to pursue a program of reading and writing on a suitable topic. 301 Directed Honors Research Permission needed from Department. Open only to senior majors in thesis bank uvt, PPE. Student arranges with a faculty member to do an honors thesis on development research series a suitable topic. 475 Economics of Crime and Corruption: An Interdisciplinary Perspective (Dimant) This is an undergraduate research seminar tackling the ap biology essay question topic of crime and corruption from an interdisciplinary perspective. Our focus will lie on understanding the mechanism and development institute, motivation to thesis bank uvt engage in development bank institute research series, criminal and corrupt behavior from the viewpoint of, among others, economics, psychology, and criminology. Particular light will be shed on criminological theories explaining criminal behavior. Students will develop and apply this knowledge to a well-known criminal case.

475 Public Choice and Public Policy (Sontuoso) This course applies Public Choice theory to the analysis of du regiment cd, contemporary policy issues: specifically, it aims to provide an accessible introduction to asian institute research the analytical tools of economics as applied to csbm coursework the study of the asian development bank institute research series behavior of individual actors in on safety begins, the governmental sector. Each class will review some positive theoretical framework(s), such as the foundations of the rational choice theory, approaches to the aggregation of preferences, strategic behavior, voting methods, accounts of cooperation, collective action, public goods, and institutions. The last part of each class will then critically apply theoretical knowledge to relevant contemporary policy issues, including current debates on asian development research paper series governmental decision-making processes in the US and EU, lobbying in democracies, international security, greenhouse gas reduction, etc. Note: part of the program contains a theoretical (formal) component. 475 Trust and Deception (Hart) Social interactions such as coalition formation, negotiation and bargaining, as well as day-to-day interactions between individuals, all involve the ability to mask, and uncover, non-cooperative intentions: Social norms, business etiquette, and common courtesy often compel people to mask selfish intentions. The seminar will describe theories and research findings regarding trustworthiness and its counterpart, deception. We will discuss the nature of essay question, trust and distrust; examine signals that may convey cooperative and asian research, deceptive intentions and aqa gcse, people's ability to asian development bank research paper detect such signals; and explore the consequences of trust, distrust and ap biology essay question, deception in different contexts. 475 Modeling of Social Phenomena (Funcke)

During the 20th century social science, and in particular economics, went through a process of asian bank research paper, increased formalization. The period produced a library of models of social phenomena, many competing ones. In this course we will briefly browse the library, with the intention to explore classical theoretical perspectives of what is a better model and ponder how increased normalization affects the social sciences. In the second part of the begins course we will engage in simple mathematical modeling of social phenomena. As a group we will iteratively criticize and refine a model, study its implications and sketch strategies for testing it. 475 (PHIL 359) Social Norms (Bicchieri) This is an undergraduate research seminar covering interdisciplinary research in psychology, philosophy, sociology and behavioral economics related to social norms. Social norms are informal institutions that regulate social life. Bank Research. We will devote particular attention to the following questions:

What is a good, operational definition of social norms? Is there a difference between social and moral norms? How can we measure whether a norm exists, and the conditions under which individuals are likely to comply with it? Are behavioral experiments a good tool to answer question 3? How do norms emerge? How are norms abandoned? What is the role of trendsetters in norm dynamics?

475 (PSYC 478) Obedience (Royzman) Though almost half a century old, Milgram’s 1961-1962 studies of “destructive obedience” continue to puzzle, fascinate, and alarm. Aqa Gcse. The main reason for their continued grip on the field’s attention (other than the boldness of the idea and elegance of execution) may be simply that they leave us with a portrait of human character that is radically different from the one that we personally wish to endorse or that the wider culture teaches us to development bank institute paper accept. In this seminar, we will take an in-depth look at these famous studies (along with the ontario conference more recent replications) and explore their various psychological, political and asian institute paper series, philosophical ramifications. As with other seminars, this course has a number of intellectual goals that go far beyond simply rarifying one’s understanding of a particular content area (important and generative as it may be). One such a goal is to enable you to csbm coursework think critically (though not disparagingly) about other people’s research and bank institute research, theoretical claims that ensue from it, all with the hope that you can then apply the self-same critical acumen to your own future work. Second, I hope that our interactions throughout the course will offer a hospitable environment for developing (and exchanging) creative ideas of your own.

Your work on your individual reaction papers and on the term paper in particular will be a key element in achieving this goal. Lastly, I hope that, along with other upper-level courses, this seminar will offer a sensible (yet informal) introduction to psychological research methodology and research ethics. This objective will be met primarily through class discussions and some additional readings. Summer Session 1: TR: 9 AM - 12:50 PM. The course studies the fundamental principles of decision-making and applies them to a variety of social activities. The decision-making is analyzed in la fille du regiment dessay cd, terms of its uncertainty, rationality, effectiveness, and asian development bank institute paper series, normative connotations. After the notion of rationality is introduced, rational decisions are scrutinized as individual choices that may or may not affect other individuals and their choices.

In some situations the choices are predictable with high probability, in others with high uncertainty. The nature of situations influences the mode of rationality applied. In the game theoretical situations, for instance, the ontario psychology undergraduate thesis conference efefctive choice must reach an equilibrium, i.e. a mutual solution acception for all rational participants. The course reevises the asian development paper series theory and provides applicaitons to cases of ap biology, cooperation, defection, resoluteness, etc. as well as complex cases. Asian Bank Institute Research. Possible references for the course are Amaratya Sen, Itzhak Gilboa and Davide Kreps. This course may be used to count towards the PPE 201 Strategic Reasoning Common Core Requirement. Summer Session 2: TR: 1:15 PM - 5:05 PM. Political competition is an la fille du regiment cd important topic to study and understand because it may have consequences for a country, its international relations and its performance. The aim of the bank institute research paper course is to introduce the students to what is du regiment dessay political competition, how political competition and market competition differ, to measurement issues and to use data and methodological techniques available to investigate the importance of institute series, political competition within and across countries.

During the course the theory explained will be accompanied by examples and articles that will help to psychology undergraduate thesis conference clarify the concepts, to understand how to use available data to study political competition and its effects on e.g. economic performance of countries. Our societyindeed, your everyday lifeis fundamentally shaped by risk. At least that’s what many prominent social theorists think and, after this course, I bet you’ll think that, too. Humanity has been attempting to predict and control the future since ancient times, but thinking about decisions in terms of risk is a relatively new way of seeing the bank paper series world. For much of human history, people looked to csbm coursework gods for bank research series, signs about the future and saw disasters as divine retribution for the transgressions of the past. But as the scientific thought of the Enlightenment eroded deterministic thinking, the natural and social world came to be seen as uncertain and random, but with patterns that could mathematically be developed into probabilities. Such statistical thinking about costs and benefits came to la fille dessay shape everything from gambling to public health and development bank research, birthed whole fields and ontario undergraduate thesis, industries from actuarial science to personalized genomics.

In each class we will study a single keyword related to our core conceptsrisk, disaster, and predictionand in each investigation we will analyze the keyword’s meaning, its history, and development bank paper series, how it functions in the social world. This course will offer you a conceptual and historical understanding of the industries of risk and disaster and will give you the tools to critically assess technologies of thesis bank uvt, prediction. This is a fully online course. In many ways the course is like an on-campus courseit maintains the same rigor as the on-campus version and you are still expected to “meet” at specific times and to turn in assignments on specific dates. However, our “meetings” will be virtual and will take place in a video conferencing system called New_Row. Asian Development Bank Institute Series. Before each class you are expected to watch short pre-recorded videos that introduce that class’s keyword, present a case history, and set up the ontario undergraduate thesis conference overarching questions for the live session. Additionally, you are expected to participate on our course site’s discussion board (more below). It will be the same amount of work as the on-campus versionno more, no lessbut you will be able to take it from anywhere in the country or the asian development bank paper world (so long as you have a stable Internet connection). The following are the set of courses which originate in PPE or are cross-listed by PPE. In case of any doubt about the current state of any course, please contact PPE before planning your schedule of classes. Note: These are only the classes crosslisted with or run by PPE.

Additional classes may be taken to fulfill common foundation and thematic elective courses. Common Foundation Courses, Crosslisted with PPE. For other Common Foundation Courses offered Spring 2016 visit the Common Foundations Page. PPE 008 (PHIL 008) The Social Contract (B) Society Sector (Tan) REC: F 10-11 AM, 11-12 NOON, 12-1 P M, or 1-2 PM. This course examines the history and significance of social contract doctrine for modern social and political thought.

In particular, the essay begins works of asian series, Thomas Hobbes, John Locke, J.J. Rousseau, and John Rawls will be studied. We also study the utilitarian critique of essay on safety begins at home, social contract doctrine and asian development bank institute research paper, the utilitarian views of David Hume, Adam Smith, J.S. Mill, and Karl Marx's criticism of question, liberal-democratic justice. This course is an asian introduction to many of the major figures in thesis, modern political philosophy. PPE 072 (PHIL 072, HSOC 101) Biomedical Ethics Society Sector (Gibbons) REC: F 11-12 NOON or 12 -1 PM. Bioethics is an asian institute research series important and revealing area of study for at least two reasons. First, the questions raised within bioethics speak to ontario psychology conference universal human concerns. We are all touched in some way or other by the practical and moral challenges raised by research series illness, disability, conception, birth, and death.

But, second, although the issues raised within bioethics are intensely personal and ap biology question, practical, they also reflect philosophical concerns taken up within ethical theory, such as questions about moral status, autonomy, truth-telling and justice. A central theme running throughout this course is the relationship between ethical theory, on asian development bank institute paper series the one hand, and the actual practices and csbm coursework, experiences of facing choices about health and mortality, on the other. Development Institute Research Paper. We will discuss a number of particular bioethical challenges faced by on safety begins at home ordinary people, including abortion, treatment for severely disabled newborns, reproductive technology, confidentiality, informed consent, advance directives, euthanasia, assisted suicide, and asian bank institute research, distributive justice within the health care system. Ap Biology Essay. As we explore these issues, we will not shy away from the more abstract philosophical questions they raise, just as we will consider how actual practical challenges serve as crucial test cases for ethical theories. Students will be responsible for producing a series of writing assignments, completing a number of worksheets and exams, and actively contributing to class discussion. PPE 073 (PHIL 073) Being Human (Gibbons)

This course examines some of the central theoretical and asian development bank research paper series, applied questions of ethics. For example, what is the good life? By what measure or principles do we evaluate the rightness and wrongness of actions? How does ethical reasoning help us understand and thesis bank uvt, address real world problems such as world hunger, social injustice, sex and race discrimination, allocation of scarce resources and asian bank institute paper, the like. The course can be organized around an applied topic or practical issue such as global ethics, just war, biomedical ethics or environmental ethics. PPE 153 (PSYC 253) Judgments Decisions College Quantitative Data Analysis Req. (Royzman) Prerequisite(s): One semester of statistics OR microeconomics. LEC: R 5:30-8:30 PM (SAS) or T 6-9 PM (LPS)

Thinking, judgment, and personal and societal decision making, with emphasis on fallacies and biases. PPE 202/PSCI 236 The Public Policy Process (Levendusky) LEC: MW 11-12 NOON. REC: W 2-3 PM, W 3-4 PM, R 9-10 AM, R 3-4 PM, R 4:30-5:30 PM, OR F 11-12 NOON. This course integrates economic, ethical and political perspectives. It examines competing theories, models, and analytical frameworks for understanding policymaking. The course will focus on: 1. Essay. How public problems are framed and research, described; 2. What criteria are useful in developing and assessing policy choices; and 3. How policy choices and outcomes are mediated and influenced by ap biology essay individuals, organizations and political institutions.

PPE 203/PSYC 265 Behavioral Economics and Psychology (Bhatia) Prerequisite(s): ECON 1. LEC: TR 12-1:30 PM. This course applies psychological research to economic theory, investigating what happens when agents have human limitations and complications. The effects of limited cognitive capacities, willpower, and self-interest will be considered. PPE 204/Phil 228 Philosophy of development institute, Social Science (Krut-Landau) Prerequisite(s): Econ 1, Econ 2, Phil 8, PPE 201.

REC: F 10-11 AM, 11-12 NOON, 12-1 PM, or 1-2 PM. This course explores some crucial foundational issues of contemporary social science. It focuses on ontario psychology various types of explanation, the institute research paper construction of social models, and their validation. Thesis Bank Uvt. Specific topics will include: 1. Rational choice models (including game-theoretic ones) and alternative models of bounded rationality; 2. Experimental models in asian bank institute research paper series, economics and psychology and whether they present a radical departure from traditional economic models; 3. Evolutionary models of the emergence of aqa gcse, institutions, and agent-based simulations of such dynamics. In particular, we will explore theoretical and empirical models of development bank institute research paper series, trust, reciprocity, cooperation and fairness, asking what motivates individuals to thesis bank uvt engage in pro-social behavior and how such behavior can emerge and persist. This course will cover some of the material presented in other Core courses, with particular attention to foundational and explanatory issues that are not usually discussed in a typical social science course. Potential Thematic Concentration Courses, crosslisted with PPE. PPE 225/PHIL 226/PHIL 521 Philosophy of asian institute paper, Biology Natural Science Math Sector (Weisberg) REC: R 10-11 AM, F 11-12 NOON. This course consists of a detailed examination of evolutionary theory and its philosophical foundations.

The course begins with a consideration of Darwin's formulation of evolutionary theory and the main influences on Darwin. We will then consider two contemporary presentations of the theory Richard Dawkins' and Richard Lewontin's. The remainder of the course will deal with a number of foundational issues and on safety at home, may include discussions of adaptation, what constitutes a species, whether there is evolutionary progress, and the concept of fitness. We will also discuss the units of selection, the alleged reduction of classical genetics to institute paper molecular genetics, and the possibility of grounding ethics in evolutionary theory. PHIL 273 Ethics in the Professions: Business Ethics (Sinderbrand) Is abortion wrong? Or euthanasia? Are we justified in eating animals? Why, or why not?

We will explore these and other life and death problems in a systematic way, seeing how the reasons we give in answer to one question may influence what we can consistently say about others. PPE 275/PSYC 275 Political Psychology (Tetlock) LEC: R 1:30-4:30 PM. This course will explore psychological approaches to understanding political beliefs, attitudes, and actions at the levels of both individual citizens and national leaders. Begins At Home. It will also explore the possibility that psychological science itself is not immune to the political debates swirling around it. Bank Research Series. Specific topics will include: the workings of belief systems (and their power to shape what we see), cognitive biases (and their power to psychology undergraduate cause miscalculations), sacred values and bank institute, their role in stabilizing belief systems and social interaction, personality and ideology (the linkages between the personal and the political), and clashing conceptions of morality and distributive and corrective justice (striking variations among people in what they consider to be fair). We shall also explore some topics that have sparked controversy in the psychological research literature and that tend to polarize opinion along political lines, including work on intelligence and unconscious bias.

PPE 277 (PHIL 277) Justice, Law and Morality (Freeman) REC: F 10-11 AM, F 11-12 NOON, F 12-1 PM, F 1-2 PM. In this course we will focus on the philosophical background to the exercise of legitimate political power and thesis bank uvt, the bases for individuals' constitutional rights under the U.S. Constitution. The course will concentrate on 1st Amendment freedom of religion, freedom of speech and asian development bank research paper series, expression, and freedom association; the 14th Amendment guarantee of liberty and due process, including the right of privacy, abortion, and the right to die; the la fille equal protection clause and its bearing on affirmative action and equal political rights; and the Takings and Contract clauses and their relationship to rights of development bank institute paper series, private property and economic freedom. We will read Supreme Court decisions concerning these and other issues, in conjunction with works by John Locke on religious toleration, J.S. Mill on liberty, and Ronald Dworkin, Cass Sunstein, and other political and legal theorists. PPE 299 Independent Study Permission needed from du regiment dessay, Department. Student arranges with a faculty member to pursue a program of reading and writing on a suitable topic.

PPE 301 Directed Honors Research Permission needed from Department. Open only to senior majors in PPE. Student arranges with a faculty member to do an honors thesis on bank institute research paper a suitable topic. NURS 830: Conducting Research in Global Women's Health (Teitelman) - Course Flyer. The course focuses on critical examination of theoretical and methodological issues pertaining to ontario undergraduate conference research on women and girls conducted around the world across disciplines. Institute Research. A focused and intensive exploration of place as it pertains to women and girls in formal and informal structures of health care delivery as those needing and/or seeking health care, and as those providing health care to others. We will examine multiple dimensions and qualities of ontario thesis, these endeavors (e.g. activity, power, control, visibility, value, and remuneration) and the intersection of gender and health - locally, globally and across borders. Paper. We will focus our examination on the implications of seeking and aqa gcse law coursework, providing health care for women’s and girls’ health and bank institute research series, well-being. By examining issues in local and global contexts and across geographical boundaries, we will have the opportunity to challenge gendered, class, political, and cultural assumptions related to women’s health. Invited guest speakers will highlight examples of research in global women’s health representing multiple disciplinary perspectives.

PPE 475-301: Competitions and Competitive Behavior (Hart) Competitions constitute an important part of social and economic interactions, such as those between athletes, lawyers or developers. We will explore the psychological and physiological mechanisms behind competitve behavior, and its personal and on safety at home, societal implications. The course will involve readings and discussions on experimental and empirical research. We will explore the following topics, among others; How our brains and our society norms affect the intensity of competition; how the social context affects our willingness to development bank institute research compete and exert costly effort; the thesis bank uvt consequences of competitions for contestants' profit, and for bank research series, their subsequent behavior - even beyond the undergraduate conference competition itself (for example, how rivalry affects subsequent behavior). The course will illuminate different aspects of competitive behavior, providing a fresh angle on the benefits and drawbacks of competitions. PPE 475-302: Network Analysis (Sontuoso) This course addresses elements of asian paper series, Network Science as relevant for csbm coursework, analyzing the connectedness of economic or, more generally, social phenomena.

Building on ideas from computer science, sociology and economics, the course will examine the properties of networked structures and the behavior of agents within these networks: the models presented in this course will aim at explaining how such networked structures may determine phenomena including the spread of ideas, social norms, market practices and financial crises. Asian Development Paper. (The course is designed for an interdisciplinary audience and requires no theoretical prerequisites, but it will often present material drawn from formal disciplines.) PPE 475-303: Resource Allocation and American Political Institutions (Miller) SEM: TR 10:30-12 NOON. This course will focus on the ways in which institutions channel decision-making processes by begins individuals and groups. David Easton once defined politics as “the process that determines the authoritative allocation of asian development bank institute research series, values.” Institutionsin the form of rules, procedures, and normsgive structure to this process of allocation. We'll explore the main theories used to explain the essay begins at home emergence and evolution of political institutions, and how they are used to resolve problems of collective action and resource allocation. With this foundation in place, the latter part of the asian bank institute course will examine the purpose and performance of a particular institution: redistricting commissions. We'll consider the context in which these commissions operate and ontario psychology, how these commissions compare to development bank institute paper alternative redistricting authorities. The final portion of the class will involve a simulation in which groups of du regiment dessay cd, students will construct a district map and advocate for its adoption. PPE 475-304: Fairness and Altruism (Dillenberger) The course is development bank research series designed to be an integrative experience, drawing on knowledge from economics and psychology to understand the role of fairness in behavior.

PPE 475-305: Economics of Corruption: An Interdisciplinary Perspective (Dimant) This is an undergraduate research seminar tackling the topic of csbm coursework, corruption from an interdisciplinary perspective. Our focus will lie on understanding the mechanism and motivation to engage in corrupt behavior from the viewpoint of, among others, economics, psychology, and criminology. Particular light will be shed on criminological theories explaining criminal behavior in general. Students will develop and apply this knowledge to the specific case of corruption.

Understanding the underlying mechanism of such illicit behavior will facilitate our understanding of both the development institute research antecedents and begins, effects of corruption. Students will capitalize on this knowledge and apply it to recent and prominent corruption cases both on the business (including FIFA, Siemens, Pfizer and the like) and asian bank, society level (including recent events in Russia and ap biology question, China). PPE 476-301: Thinking with Models (Funcke) The primary focus of the course is on development bank series understanding, designing, and analyzing simulation models. Students will come away from the course prepared to apply these models in a wide variety of interesting contexts.

This course focuses on (1) modern simulation-based metaheuristics and on (2) agent-based simulation models in the social sciences, especially in economic, in commercial and in strategic (game-theoretic) contexts. Ontario Psychology Undergraduate Thesis Conference. On the metaheuristic side, we focus on evolutionary computation, including genetic algorithms, as applied to constrained optimization problems, which are prevalent in business practice. Regarding (2), agent-based models are a relatively recent form of computer simulation that seek to explain and predict complex social phenomena “from the bottom up”, through interactions of asian bank institute series, comparatively simple agents. The course reviews experimental and csbm coursework, theoretical results, and exposes the students to modern development environments for, as well as successful applications of, this form of simulation. A modest amount of programming will be expected of students.

All required programming knowledge will, however, be covered, and covered gently, in the course. The class is intended to be taken by students without prior programming experience. Our programming environments will be NetLogo, which is surprisingly fun and used in both education and scientific research. The following are the set of courses which originate in PPE or are cross-listed by PPE. In case of any doubt about the current state of any course, please contact PPE before planning your schedule of classes. Note: These are only the classes crosslisted with or run by PPE. Additional classes may be taken to fulfill common foundation and thematic elective courses. New Class that may be of Interest: LAW 992-401 Ethics, National Security and the Rule of Law (Finkelstein) Theme.

This full year seminar will meet every other week for a full year, allowing students to bank research develop a publishable seminar paper on an interdisciplinary topic relating to the ethical or legal status of an aspect of national security policy. Ontario Psychology Undergraduate Thesis Conference. We will begin with readings relating to the foundations of just war theory, both classical and contemporary in nature. We will then address a number of topics relating to current debates in asian bank institute paper, national security policy, such as the legitimacy and legality of recent surveillance practices, the ethics of leaks, defense strategies such as the expanding use of drone warfare, the implications of ontario psychology undergraduate, new weaponry such as autonomous weapons systems and other robotic-based technologies, the asian development bank institute current extent and nature of classification practices and aqa gcse, debates about asian research series transparency and secrecy in government, the threat of novel forms of war such as cyberwar, biological warfare, the nature of the Presidential war-making power, the role of the other branches in government in participating in war-related decisions, and ap biology, related themes. In addition to preparing a seminar-length paper for publication, students will engage in teams with the bank institute paper work of the Center for Ethics and the Rule of Law (CERL), participating in its two major conferences during the 2015-16 academic year. Class meetings will take place over served or brown bag lunches every other week, and will feature both outside speakers and student presentations featuring work-in-progress. Csbm Coursework. Students will have an asian institute paper opportunity to la fille du regiment dessay advance their knowledge of current debates in bank institute research, national security as well as develop their professional writing skills through close consultation with the instructor and other students, as well as by interacting with invited guests on csbm coursework topics of common interest. Students are expected to attend CERL’s major events during the academic year. The fall conference (December 3-5) will address the moral and legal aspects of combat trauma prevention and treatment. The spring conference (April 14 16) will address the ethics of negotiation, focusing on negotiations in a national security context, such as the development institute research nuclear weapons reduction negotiations with Iran, the morality and legality of negotiating with hostage-takers, and the legitimacy of negotiating with unlawful combatant groups in asymmetrical warfare.

Students will receive three credits; 1.5 credits in the fall and 1.5 credits in essay on safety at home, the spring. Writing credit offered for qualifying papers. Asian Development Bank Paper Series. Undergraduates by permission of instructor only. PPE 008 (PHIL 008) The Social Contract (Noah) This course examines the history and essay on safety, significance of asian development bank institute series, social contract doctrine for modern social and political thought. In particular, the aqa gcse law coursework works of Thomas Hobbes, John Locke, J.J. Asian Bank Institute Series. Rousseau, and John Rawls will be studied. We also study the utilitarian critique of social contract doctrine and the utilitarian views of David Hume, Adam Smith, J.S. Mill, and Karl Marx's criticism of liberal-democratic justice. This. course is an introduction to many of the major figures in modern political philosophy.

PPE 073 (PHIL 073) Ethics and csbm coursework, the Environment (Santana) In this course, we examine the philosophical underpinnings of environmentalism by considering important cases such as climate change, biodiversity loss, and non-human animal welfare. We will focus chiefly on questions related to asian institute series environmental values: What sorts of values motivate environmentalism? Who or what is the source of aqa gcse law coursework, those values? How can we assess environmental values in situations of trade-off or value conflict? We will look for development bank paper, answers to the questions in tradittional ethical theories such as utilitarianism, deontology and virtue ethics as well as from environment-specific theoretical frameworks, such as conservation biology, eco-feminism, eco-theology and environmental economics. Students shoud leave the psychology undergraduate thesis conference course prepared to engage in sophisticated and rigorous reasoning and discussion about environmental issues. No prior experience with philosophy is assumed. PPE 153 (PSYC 253)Judgments and Decisions College Quantitative Data Analysis Req. (Royzman)

Judgments, decisions under certainty and uncertainty, problem solving, logic, rationality, and moral thinking. PPE 201 (ECON 13) (formerly PPE 113): Strategic Reasoning Offered in Fall (Dillenberger) Prerequisite(s): Econ 1. This course is about strategically interdependent decisions. In such situations, the outcome of your actions depends also on the actions of others. When making your choice, you have to think what the asian development bank series others will choose, who in ontario thesis, turn are thinking what you will be choosing, and asian paper, so on. Game Theory offers several concepts and insights for understanding such situations, and for ap biology, making better strategic choices.

This course will introduce and develop some basic ideas from game theory, using illustrations, applications, and cases drawn from asian research paper series, business, economics, politics, sports, and even fiction and movies. Law Coursework. Some interactive games will be played in class. There will be little formal theory, and development series, the only pre-requisites are some high-school algebra and having taken Econ 1. However, general numeracy (facility interpreting and aqa gcse, doing numerical graphs, tables, and arithmetic calculations) is very important. This course will also be accepted by the Economics department as an Econ course, to be counted toward the Minor in Economics (or as an Econ elective). Potential Thematic Electives, crosslisted with PPE: PPE 036 (ECON 36) Law and Economics (Garcia-Jimeno)

Prerequisite(s): ECON 001 and 002. Credit cannot be received for both ECON 036 and asian, 234. The relationship of economic principles to law and the use of economic analysis to study legal problems. Topics will include: property rights and intellectual property; analysis of antitrust and economic analysis of legal decision making. PPE 062 (RUSS 189) Soviet and Post-Soviet Economy (Vekker) All readings and at home, lectures in English. PPE 140 (CIS 140) Introduction to Cognitive Science (Ungar/Brainard)

Prerequisite(s): An introductory course in asian bank institute research paper series, Computer Science, Linguistics, Neuroscience, Philosophy or Psychology. How do minds work? This course surveys a wide range of answers to this question from disciplines ranging from ap biology question, philosophy to neuroscience. The course devotes special attention to the use of bank institute paper, simple computational and mathematical models. Topics include perception, learning, memory, decision making, emotion and consciousness. PPE 244 (Phil 244) Introduction to Philosophy of Mind (Miracchi) This course will survey several central topics in philosophy of mind, as well as investigating how philosophy of the mind interacts with scientific study of the mind. Among the questions we'll be asking are: What is it to have a mind? What is the relationship between the ap biology question mind and the brain? Can there be a science of the mind?

What can it tell us? What can philosophy contribute to development bank institute series a science of the mind? What is ontario psychology thesis conference consciousness? What is it to asian bank institute paper think, to thesis perceive, to asian bank institute series act? How are perception, thought, and aqa gcse law coursework, action related to asian development bank institute one another? . PPE 271 (PHIL 271) Global Justice (Tan) This course is an introduction to psychology undergraduate thesis conference some of the central problems in global justice.

Some of the topics that we will examine include realism, human rights, sovereignty and intervention economic justice, and war and morality. Asian Research Paper Series. We will look at questions such as: Is it coherent to talk about global justice, or is the global arena essentially a Hobbesian state of nature? In what sense are human rights universal? Is the idea of universal rights compatible with the political sovereignty of thesis bank uvt, states? What is the basis of this duty? What is a just war? What is terrorism, and what are the moral limits in combating terrorism? Can a state engage in military intervention to defend human rights in a foreign country? Readings will be draw from contemporary authors such as Rawls, Walzer, and Sen, as well as historical figures like Kant and asian institute paper, Hobbes. This course examines some of the common problems in psychology undergraduate conference, global justice. We will look at questions such as: What is the relationship between justice and national/state boundaries?

Should distributive principles be limited to development research paper series states or should they have global application? What is a just war? What is the difference between war and terrorism? Do states have the right (or even duty) to intervene in another state to protect basic human rights? What are human rights? Are they universal, or should they be limited by cultural considerations? By Permit or Approval : 290 Topics applicable for Choice and Behavior Theme taken outside Penn. 291 Topics applicable for Distributive Justice Theme taken outside Penn. 292 Topics applicable for Globalization Theme taken outside Penn.

293 Topics applicable for ap biology essay question, Public Policy and Governance Theme taken outside Penn. 294 Topics applicable for Ethics and Professions Theme taken outside Penn. 298 Study Abroad. 299 Independent Study. Student arranges with a faculty member to pursue a program of reading and writing on a suitable topic. 301 Directed Honors Research. Open only to senior majors in PPE. Student arranges with a faculty member to development institute research do an honors thesis on a suitable topic.

PPE 475-301 Economics of Crime and la fille dessay cd, Corruption: An Interdisciplinary Perspective (Dimant) This is an undergraduate research seminar tackling the topic of asian development bank institute research paper series, crime and corruption from an interdisciplinary perspective. Our focus will lie on understanding the psychology mechanism and motivation to engage in criminal and development bank research paper series, corrupt behavior from the ap biology question viewpoint of, among others, economics, psychology, and criminology. Particular light will be shed on criminological theories explaining criminal behavior. Students will develop and apply this knowledge to a well-known criminal case. PPE 475-302 Public Choice and Public Policy (Sontuoso) This course applies Public Choice theory to the analysis of asian bank series, contemporary policy issues: while maintaining an interdisciplinary nature, it aims at providing an dessay introduction to the analytical tools of economics as applied to the study of current issues in political science. Each class will begin with a survey of some positive theoretical framework(s), including the foundations of the rational choice theory, approaches to the aggregation of preferences, strategic behavior, voting methods, accounts of cooperation, collective action, public goods, and institutions. The last part of each class will then critically apply theoretical knowledge to relevant contemporary policy issues, including current debates on governmental decision-making processes in institute research paper series, the US and EU, lobbying in essay on safety, democracies, international security, state capacity and implementation, greenhouse gas reduction, etc. Note: part of the development institute series program contains a theoretical (formal) component.

PPE 475-303 Electoral Systems and Decision Making (Miller) Electoral systems are processes by which votes cast in an election are translated into seats in a legislature. As such, these systems can have a profound effect on public policy and party systems. On Safety Begins At Home. This course examines majoritarian, proportional, and mixed electoral systems in terms of how these institutions translate votes into seats and can incentivize strategic or genuine choices by asian institute paper series voters when casting a ballot. Related topics of agenda setting and coalition formation will also be addressed in the course.

We'll start with an overview of the mechanics of these systems and aqa gcse, then turn to classic political questions of party competition, resource allocation, and interest representation as they relate to how these systems operate in a comparative context. 475-304 Mathematical Modeling of Social Phenomena (Funcke) During the 20th century social science, and in particular economics, went through a process of asian bank research paper, increased formalization. The period produced a library of models of social phenomena, many competing ones. Begins. In this course we will briefly browse the library, with the intention to explore classical theoretical perspectives of what is a better model and ponder how increased normalization affects the social sciences.

In the institute paper second part of the course we will engage in simple mathematical modeling of social phenomena. As a group we will iteratively criticize and refine a model, study its implications and sketch strategies for testing it. PPE 475-305 Trust, Lies Videotape (Hart) The seminar will describe theories and research findings regarding trustworthiness and its counterpart, deception. We will discuss signals that may convey cooperative and dessay, deceptive intentions, and asian bank institute series, people's ability to detect them in different situations and psychology undergraduate conference, paradigms. Further, we will discuss the asian development bank institute research series consequences of trust, distrust and ap biology essay, deception. Each week, students will be asked to asian development bank series read one or two papers, write a short critique paragraph and participate in aqa gcse law coursework, a class discussion. At the end of the semester, students will write a research proposal pertaining to the course topics. PPE 475-306 Ethical Issues in asian development bank institute research paper, Globalization (Lister) The process of csbm coursework, globalization includes increased interaction among, and interdependence between, the states of the world and the people living in them.

It also includes the development of bank institute paper, new international and trans-national bodies, both governmental and non-governmental. This increased interaction and interdependence, and on safety, the development of research series, new institutions, give rise to many new and important ethical issues. These will be among the essay begins at home most important issues for the 21st century. In this class we will consider such questions as fairness in the international economy (including trade and development bank institute research, labor standards); international labor migration and “brain drain”; duties to promote development in less-developed countries; whether and when the debt burdens of on safety, less-developed or burdened countries should be forgiven; and how we might address shared burdens relating to asian bank the environment. The class will look in particular at the aspects of these issues relevant to moral and ap biology essay question, political philosophy, though we will also consider economic and other social scientific perspectives when this proves useful. Development Institute Research Series. The seminar will be based on thesis bank uvt reading and discussion [not lecture!] of a number of recent important texts on development series these issues. The majority of the course grade will be based on a significant paper due at the end of the semester, though there will likely be a small number of very short reaction papers assigned through the semester as well. PPE 475-402 (HIST 455) Risk and Society (Wiggins) Since at least Herodotus, historians have been writing about humanity’s attempts to predict dangers and control futures. But while a concern for the future and strategies to mitigate accidents have existed for much of recorded time, the concept of risk is a relatively young construction, emerging only in on safety begins at home, early modernity. In this course, we investigate the concept of the risk in order to understand how it became a central organizing force in the modern periodperhaps even the defining characteristic of modernityand, importantly, how it came to be seen as manageable.

In the course’s first unit, we read the foundational materials of the theory of the “risk society”Ulrich Beck and Anthony Giddens’ early work. Then, in development bank institute research paper, unit 2, move to law coursework selections from historians of asian institute paper series, knowledge who trace the epistemic shifts that developed modern concepts of risk and eventually opened the possibility for its management through the aqa gcse law coursework use of statistical probabilities. Asian Development Research Series. While the most critical developments in the conception of risk took place in Europe across the seventeenth and eighteenth centuries, unit 3 moves across the Atlantic to investigate the ways in which risk and, especially the desire to mitigate it, shaped the United States. In this unit (our largest of the course), we will see how risk assessment and essay on safety at home, management grew into asian bank institute research paper the largest business in the world. Here, we will look at statistics, actuarial science, insurance, speculation, and financial capital.

Along the essay on safety at home way, we will see many instances in which categories of identityrace, class, gender, sexuality, abilityare tied deeply into development bank institute research series the business of discriminating risk. Finally, the concluding unit reassesses the concept of the risk society through the recent past and possible futures as it considers catastrophic threats that remain pressingnuclear war, chemical waste, genetic engineering, global climate change, and systemic financial collapse. *To ask about using courses outside the College towards the aqa gcse law coursework PPE major, please contact the Associate Director.

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There are people making a full-time living from bank series FBA, while others just do it for some extra money. CraigsList – Some things don’t ship very well. Other things may make you feel uncomfortable to sell to someone across the country. Anytime you’re selling a large item or something you just don’t want to essay ship, Craigslist is a great place to go. It’s simple to list your item (again, take good pictures!). If you don’t like the asian bank series idea of putting your phone number out there, the interested individual can send you a message to your inbox without even getting your email address. Hey look, an article about making money online that doesn’t mention blogging. . . Essay Question! oh wait, here it is. First off, I’m a blogger so it seems wrong not to mention it, but more importantly, it’s a legitimate way to make money. It’s quite possibly the least straight-forward way on this list, but it’s very doable and it’s also quite possibly the funnest way on this list.

I love blogging and I know hundreds of bloggers who feel the same. So let’s talk about development institute making money blogging and la fille du regiment dessay cd, what it really means. Blogging is something that requires patience, persistence and discipline. Research! It may mean writing everyday for on safety at home over a year before you really start to see any money from asian development bank paper series it. Question! There are exceptions to the rule, but from my dealings with other bloggers, it seems to be pretty common to spend one or even two years building your blog, your brand and your authority, before making any serious amount of money. Asian Development Bank Research Paper! Some people argue that you can make money without a lot of traffic and csbm coursework, while that is true in some circumstances, you will generally need a lot of development bank institute website traffic to start earning from a blog and that takes a while. La Fille! Once you’ve reached that point, here are the primary ways to monetize your blog and start earning: Advertising – This is asian development bank institute research series, definitely the most old-school way of on safety earning money with a blog. It’s also starting to become the least common way.

You can sell advertising spots directly on your site or you can sign up with a company like Google AdSense or Media.net. Either way, you won’t see a whole lot of asian development bank institute research paper money from ads until your views are well into the thousands each day. If you’re truly interested in becoming a blogger, start by looking through the archives of ontario psychology thesis ProBlogger, Copyblogger and development bank research, Boost Blog Traffic. Then go read through all the free guides over at ap biology Quick Sprout. It may take you a year to complete those tasks alone, but it will be worth it. You’ll practically have a MBA in blogging. Finally, there are some companies that will hire you to work from the asian development research paper comfort of your own home.

If you’re interested in working for someone else, while still making your own schedule and deciding where to work from, here are a few companies that will let you do just that: CrowdSource – CrowdSource offers many types of jobs from “microtask” jobs to larger writing and ontario, editing jobs. You decide how much you work and you can do most of asian development bank series it right at ontario undergraduate thesis your computer. Demand Studios – Demand Studios is hiring all kinds of creative professionals, from writer to filmmakers. The pay isn’t amazing, but it’s competitive for a work-at-home job. Development Bank Institute Series! Fast Chart – Fast Chart allows you to work from home as a medical transcriptionist. There are some requirments and qualifications listed on the page, but if you meet them, you’ll make competitive pay for on safety begins the industry. You’ll also be able to set your own schedule since you’ll be working from home. Leap Force – Leap Force is one way that Google rates websites for search engine ranking. Development Bank Research Paper! If you’re hired, you make decent money (usually over $11/hour), you set your own schedule and essay, it can be pretty fun to view and rank websites. Bank Paper Series! Liveops – Liveops is a call center that allows you to work from csbm coursework home.

Once your set up to take the calls, you can begin making a weekly schedule and working from home. The pay is generally close to $10/hour, but you can earn more with commissions. Now you’ve got many different options to start earning online. If you saw something that really interests you, try it out and learn more about it. Asian Development Institute Research! If you’re really wanting to make a full-time income online, you need to be dedicated to learning how to do what you want to do. There are tons of thesis bank uvt free resources out there. You just have to search for them! But unlike money, you can#x27;t make more. You can, however, maximize each and every second you spend. Lifehack#x27;s mission is to help you make enormous gains with the development bank research limited time you have.

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Feeding the World Today and Tomorrow: The Importance of Food Science and asian development bank research series, Technology. An IFT Scientific Review. Institute of Food Technologists, 525 W. Van Buren St., Suite 1000, Chicago, IL 60607. Direct inquiries to author Newsome (E-mail: [email protected]). Search for more papers by la fille cd this author. Institute of Food Technologists, 525 W. Bank Institute Research Paper Series? Van Buren St., Suite 1000, Chicago, IL 60607. Direct inquiries to author Newsome (E-mail: [email protected]).

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Institute of Food Technologists, 525 W. Van Buren St., Suite 1000, Chicago, IL 60607. Direct inquiries to author Newsome (E-mail: [email protected]). Search for more papers by essay on safety begins at home this author. Institute of Food Technologists, 525 W. Van Buren St., Suite 1000, Chicago, IL 60607. Direct inquiries to development bank research paper, author Newsome (E-mail: [email protected]). Search for more papers by this author. Institute of Food Technologists, 525 W. Van Buren St., Suite 1000, Chicago, IL 60607. Direct inquiries to author Newsome (E-mail: [email protected]).

Search for more papers by this author. Institute of Food Technologists, 525 W. Van Buren St., Suite 1000, Chicago, IL 60607. Direct inquiries to author Newsome (E-mail: [email protected]). Search for more papers by this author. Institute of Food Technologists, 525 W. Van Buren St., Suite 1000, Chicago, IL 60607. Direct inquiries to author Newsome (E-mail: [email protected]). Search for more papers by this author. Institute of Food Technologists, 525 W. Essay? Van Buren St., Suite 1000, Chicago, IL 60607. Development Bank Research? Direct inquiries to author Newsome (E-mail: [email protected]). Search for more papers by this author.

Institute of Food Technologists, 525 W. Van Buren St., Suite 1000, Chicago, IL 60607. Direct inquiries to author Newsome (E-mail: [email protected]). Search for more papers by essay this author. Institute of Food Technologists, 525 W. Van Buren St., Suite 1000, Chicago, IL 60607. Direct inquiries to author Newsome (E-mail: [email protected]).

Search for more papers by this author. Institute of Food Technologists, 525 W. Van Buren St., Suite 1000, Chicago, IL 60607. Direct inquiries to author Newsome (E-mail: [email protected]). Search for bank research paper more papers by this author. Institute of Food Technologists, 525 W. Van Buren St., Suite 1000, Chicago, IL 60607. Direct inquiries to question, author Newsome (E-mail: [email protected]). Search for asian development bank institute research more papers by aqa gcse law coursework this author. Institute of Food Technologists, 525 W. Van Buren St., Suite 1000, Chicago, IL 60607. Direct inquiries to author Newsome (E-mail: [email protected]).

Search for more papers by research this author. Institute of Food Technologists, 525 W. Van Buren St., Suite 1000, Chicago, IL 60607. Direct inquiries to author Newsome (E-mail: [email protected]). Search for more papers by thesis bank uvt this author. First published: 26 August 2010 Full publication history DOI: 10.1111/j.1541-4337.2010.00127.x View/save citation Cited by (CrossRef): 61 articles Check for updates. by Philip E. Nelson, 2007 World Food Prize Laureate; Professor Emeritus, Food Science Dept., Purdue Univ.

Just as society has evolved over time, our food system has also evolved over centuries into bank, a global system of immense size and complexity. The commitment of food science and technology professionals to advancing the science of food, ensuring a safe and abundant food supply, and contributing to healthier people everywhere is integral to that evolution. Food scientists and technologists are versatile, interdisciplinary, and csbm coursework, collaborative practitioners in a profession at the crossroads of scientific and technological developments. As the food system has drastically changed, from one centered around family food production on individual farms and home food preservation to the modern system of today, most people are not connected to their food nor are they familiar with agricultural production and food manufacturing designed for asian series better food safety and quality. The Institute of Food Technologistsa nonprofit scientific society of individual members engaged in food science, food technology, and related professions in industry, academia, and governmenthas the mission to advance the science of food and the long-range vision to law coursework, ensure a safe and asian bank institute research paper, abundant food supply contributing to aqa gcse law coursework, healthier people everywhere. IFT convened a task force and called on contributing authors to develop this scientific review to inform the general public about the importance and benefits of food science and technology in IFT's efforts to feed a growing world. The main objective of development paper this review is to serve as a foundational resource for thesis bank uvt public outreach and asian development series, education and to address misperceptions and misinformation about law coursework, processed foods.

The intended audience includes those who desire to know more about the application of science and technology to meet society's food needs and asian development bank, those involved in aqa gcse law coursework public education and outreach. It is IFT's hope that the reader will gain a better understanding of the goals or purposes for various applications of research science and technology in at home the food system, and an appreciation for the complexity of the modern food supply. Abstract:  This Institute of Food Technologists scientific review describes the scientific and technological achievements that made possible the modern production-to-consumption food system capable of feeding nearly 7 billion people, and it also discusses the asian research, promising potential of ongoing technological advancements to enhance the food supply even further and to increase the health and wellness of the growing global population. This review begins with a historical perspective that summarizes the csbm coursework, parallel developments of agriculture and food technology, from the beginnings of modern society to the present. A section on food manufacturing explains why food is asian development bank paper, processed and details various food processing methods that ensure food safety and preserve the begins, quality of products. Bank Institute Series? A section about potential solutions to future challenges briefly discusses ways in which scientists, the food industry, and policy makers are striving to improve the food supply for a healthier population and feed the future. La Fille Du Regiment Cd? Applications of paper science and technology within the ontario psychology thesis, food system have allowed production of foods in adequate quantities to meet the needs of society, as it has evolved. Today, our production-to-consumption food system is complex, and our food is largely safe, tasty, nutritious, abundant, diverse, convenient, and less costly and more readily accessible than ever before.

Scientific and technological advancements must be accelerated and applied in bank institute research paper series developed and developing nations alike, if we are to feed a growing world population. The world has progressed through huntergatherer, agricultural, and industrial stages to provider of goods and services. Thesis Bank Uvt? This progression has been catalyzed by the cultural and social evolution of mankind and the need to solve specific societal issues, such as the need for preservation to free people from foraging for food, and the need for adequate nutrition via consistent food supply year round. These forces led to the development of the food industry, which has contributed immensely to the basis for a healthy human civilization and helped society prosper and bank, flourish (Lund 1989). Development of food science and technology. According to Harvard Univ. biological anthropologist Richard Wrangham, food processing was launched about 2 million years ago by law coursework a distant ancestor who discovered cooking, the asian development bank research series, original form of food processing (Wrangham 2009).

Later, but still during prehistoric times, cooking was augmented by fermenting, drying, preserving with salt, and other primitive forms of food processing, which allowed groups and la fille, communities to form and survive. Humans thus first learned how to cook food, then how to transform, preserve, and store it safely. This experience-based technology led to modern food processing (Hall 1989; Floros 2008). Much later, the domestication of plants and land cultivation became widespread, and at the end of the development bank, last Ice Age, humans revolutionized eating meat by domesticating animals for food. Thus, plant and question, animal agriculture also contributed to institute paper series, improving the human condition. Study of every ancient civilization clearly shows that throughout history humans overcame hunger and disease, not only by harvesting food from a cultivated land but also by processing it with sophisticated methods. For example, the 3 most important foods in Ancient Greecebread, olive oil, and winewere all products of complicated processing that transformed perishable, unpalatable, or hardly edible raw materials into safe, flavorful, nutritious, stable, and enjoyable foods (Floros 2004).

Today, our production-to-consumption food system is complex, and our food is largely safe, tasty, nutritious, abundant, diverse, convenient, and less costly and more readily accessible than ever before. This vast food system includes agricultural production and harvesting, holding and storing of raw materials, food manufacturing (formulation, food processing, and aqa gcse law coursework, packaging), transportation and distribution, retailing, foodservice, and food preparation in the home. Contemporary food science and technology contributed greatly to the success of asian development this modern food system by thesis bank uvt integrating biology, chemistry, physics, engineering, materials science, microbiology, nutrition, toxicology, biotechnology, genomics, computer science, and many other disciplines to asian bank, solve difficult problems, such as resolving nutritional deficiencies and enhancing food safety. The impact of modern food manufacturing methods is evident in today's food supply. Food quality can be maintained or even improved, and aqa gcse, food safety can be enhanced. Sensitive nutrients can be preserved, important vitamins and minerals can be added, toxins and antinutrients (substances such as phytate that limit bioavailability of nutrients) can be removed, and foods can be designed to optimize health and reduce the risk of disease. Waste and product loss can be reduced, and distribution around the world can be facilitated to allow seasonal availability of many foods. Modern food manufacturing also often improves the quality of asian development bank research series life for csbm coursework individuals with specific health conditions, offering modified foods to meet their needs (for example, sugar-free foods sweetened with an alternative sweetener for people with diabetes). Controversies about processed foods. Although today the development bank institute research paper series, public generally embraces and enjoys key benefits of the food supplyvalue, consistency, and conveniencesome suggest that the cost to society of obtaining these benefits is too high.

Negative perceptions about “processed foods” also exist, especially among consumers in the United States. A range of factors contributes to these perceptions. These include uneasiness with technology, low level of science literacy, labeling, and advertising that have at times taken advantage of food additive or ingredient controversies, influence on perception of la fille du regiment voluntary compared with involuntary nature of risk, and high level of asian development institute research paper series food availability (Slovic 1987; Clydesdale 1989; Hall 1989). Other factors contributing to negative public perceptions about processed foods include the increasing prevalence of obesity in many industrialized or developed countries, use of chemicals in production or additives in foods, little personal contact between consumers and the agricultural and ap biology, food manufacturing sectors, food safety issues, and development bank research series, concern that specific ingredients (particularly salt), may contribute to illnesses or impact childhood development (Schmidt 2009). Some books on food in the popular press have implied that the essay, food industry has incorrectly applied the knowledge of food science and technology to develop processed foods that result in poor dietary habits. The premise of some critics of processed foods is that knowledge of chemistry and the physical properties of food constituents allow the food industry to make processed foods that result in overeating and asian institute paper series, cause the general population to abandon whole foods. The argument is stretched further to suggest that the development of processed foods is responsible for promoting bad eating habits and is the cause of thesis bank uvt chronic disease. Such an argument is specious, because personal preferences, choice, will power, and lifestyle factor into the decision of what and how much to eat. The challenge surrounding the development bank research series, connection between lifestyles and health (that is, diet and chronic disease) is la fille du regiment, discussed in the next section of this review. During the asian institute research paper, 2009 World Summit on Food Security, it was recognized that by 2050 food production must increase by about 70%34% higher than it is todayto feed the anticipated 9 billion people (FAO 2009a).

This projected population increase is expected to ap biology essay, involve an additional annual consumption of nearly 1 billion metric tons of cereals for food and feed and asian institute research series, 200 million metric tons of meat. Another challenge is the large, growing food security gap in certain places around the begins, world. As much as half of the food grown and harvested in underdeveloped and developing countries never gets consumed, partly because proper handling, processing, packaging, and distribution methods are lacking. Starvation and nutritional deficiencies in vitamins, minerals, protein, and development institute series, calories are still prevalent in all regions of the world, including the United States. As a consequence, science-based improvements in agricultural production, food science and technology, and food distribution systems are critically important to decreasing this gap.

In addition, energy and psychology undergraduate conference, resource conservation is becoming increasingly critical. Asian Development Bank? To provide sufficient food for everyone in a sustainable and environmentally responsible manner, without compromising our precious natural resources, agricultural production must increase significantly from today's levels and food manufacturing systems must become more efficient, use less energy, generate less waste, and produce food with extended shelf life. Although scientific and ontario psychology thesis conference, technological achievements in the 20th century made it possible to solve nutritional deficiencies, address food safety and quality, and feed nearly 7 billion people, further advancements are needed to resolve the challenges of sustainably feeding the growing future population in asian development bank paper industrialized and developing nations alike. In fact, to meet the food needs of the begins, future, it is critically important that scientific and technological advancements be accelerated and development bank research series, applied in both the agricultural and csbm coursework, the food manufacturing sectors. The next section of this review, “Evolution of the Production-to-Consumption Food System,” summarizes the parallel developments of agriculture and food manufacturing from the beginnings of modern society (the Neolithic revolution) to development bank paper, the present; it also addresses the law coursework, current diet and chronic disease challenge. The subsequent section, “Food Processing: A Critical Element,” explains why food is processed and details the asian development bank institute research paper series, various types of food processing operations that are important for on safety begins different food manufacturing purposes. Then the following section, “Looking to development institute research series, the Future,” outlines suggestions to improve our food supply for a healthier population, and briefly discusses the various roles that researchers, consumers, the food industry, and policy makers play in improving the la fille du regiment cd, food supply for better health; it also addresses the promises that further advancements and application of bank series technologies in ap biology question the food system hold for the future. Evolution of the Production-to-Consumption Food System. The life of the huntergatherer was generally uncertain, dangerous, and asian bank research, hardscrabble. Thomas Hobbes, in his  Leviathan  (I561), described life in those times as “the life of man in a state of nature, that is, solitary, poor, nasty, brutish, and on safety begins at home, short.” Agriculture transformed that existence by making available a far larger and generally more reliable source of food, in asian bank paper series large part through domestication and improvement of plants and animals. Domestication leads to civilization.

Domestication is the essay, process of bringing a species under the control of humans and asian development bank paper series, gradually changing it through careful selection, mating, and handling so that it is more useful to people. Domesticated species are renewable sources that provide humans with food and other benefits. At the aqa gcse, end of the last Ice Age, humans domesticated plants and animals, permitting the development of agriculture, producing food more efficiently than in asian research paper series hunter-gatherer societies, and improving the human condition. Domestication did not appear all at once, but rather over a substantial period of time, perhaps hundreds of years. For some species, domestication occurred independently in more than one location.

For animals, the process may have begun almost accidentally, as by raising a captured young animal after its mother had been killed and ap biology, observing its behavior and response to various treatments. Asian Paper Series? Domesticated plants and animals spread from their sites of origin through trade and war. The domestication of plants and animals occurred primarily on the Eurasian continent (Smith 1998). Thesis Bank Uvt? A prominent early site was in the Middle East, the so-called Fertile Crescent, stretching from Palestine to southern Turkey, and down the valleys of the Tigris and Euphrates Rivers, where barley, wheat, and lentils were domesticated as early as 10000 y ago and sheep, goats, cattle, and pigs were domesticated around 8000 y ago. Rice, millet, and soy were domesticated in East Asia; millet, sorghum, and asian series, African rice in sub-Saharan Africa; potato, sweet potato, corn (maize), squash, and beans in the Americas; Asiatic (water) buffaloes, chickens, ducks, cattle, and pigs in the Indian subcontinent and East Asia; pigs, rabbits, and geese in Europe; and llamas, alpacas, guinea pigs, and turkeys in the Americas. The introduction of herding and farming was followed by attempts to improve the wild varieties of plants and csbm coursework, animals that had just been domesticated. Asian Development Bank Research? The Indian corn found by essay question the first European colonists was a far cry from its ancestor, the grass teosinte. While few successful new domestications have occurred in the past 1000 y, various aquaculture species, such as tilapia, catfish, salmon, and shrimp, are currently on their way to being domesticated. Although the primary goal of domestication (ensuring a more stable, reliable source of animal and plant foods) has not fundamentally changed, the specific goals have become highly specialized over time. For example, we now breed cattle for either beef or dairy production, and cattle and hogs for leaner meat.

We breed chickens as either egg layers or broilers. In addition, selection for increased efficiency of asian development institute research paper series producing meat, milk, and eggs is prominent in today's agriculture, as discussed later in this section. Agriculture, built on the domestication of plants and animals, freed people from the all-consuming task of finding food and question, led to asian bank institute, the establishment of permanent settlements. What we know as civilizationcities, governments, written languages, an expanding base of knowledge, improved health and life span, the ap biology essay, artswas only series possible because of agriculture. Along with domestication of plants and animals, people began the journey of discovery of methods to thesis bank uvt, extend the useful life of plant and animal food items so that nourishment could be sustained throughout the year. With a fixed (nonnomadic) population also came primitive food storage and, with that, improvements in development institute research series food safety and ontario thesis conference, quality. In July 2009, an development paper series, important discovery and conjecture was made about the aqa gcse law coursework, recognition that food security was of asian bank institute paper paramount importance. Kuijt and Finlayson (2009) reported that they believe they have discovered several granaries in Jordan dating to on safety begins at home, about 11000 y ago. This would suggest that populations knew the importance of having a dependable food supply before the asian bank series, domestication of la fille du regiment dessay cd plants. The authors further suggested that “Evidence for PPNA (Pre-Pottery Neolithic Age) food storage illustrates a major transition in the economic and social organization of human communities.

The transition from economic systems based on collecting and foraging of wild food resources before this point to cultivation and foraging of mixed wild and managed resources in the PPNA illustrates a major intensification of human-plant relationships.” Today, the survival of civilization depends on a handful of domesticated crops. Of the roughly 400000 plant species existing today (Pitman and development bank research, Jorgensen 2002), fewer than 500 are considered to be domesticated. Selecting for desirable crop traits. The primary force in crop domestication and subsequent breeding is selection, both artificial and natural, described below. Charles Darwin, in psychology undergraduate thesis conference developing the theory of natural selection, relied heavily on the knowledge and asian institute research series, experiences of plant and animal breeders (Darwin 1859). Crops were domesticated from aqa gcse law coursework, wild ancestors’ gene pools that had been altered by selection imposed by development institute series early agriculturalists and by natural selection imposed by biotic and abiotic environmental factors (Harlan and others 1973; Purugganan and aqa gcse law coursework, Fuller 2010). Selection changes gene pools by increasing the frequency of alleles (genes encoded by a place in the genome and that may vary between individuals and mutant/parent strains) that cause desirable traits and decreasing the frequency of alleles that cause undesirable traits. Research? Modern crop varieties are still shaped by the same forces. The causes of the bursts of domestication activity have been the subject of csbm coursework much speculation (Smith 1998), but the changes symptomatic of asian development bank institute domestication are well established for many species (Harlan and others 1973; Doebley and others 2006).

Legumes and the large-seeded grasses collectively known as cereals (for example, maize, wheat, rice, and sorghum) contribute most of the calories and plant protein in the human diet. For these and other annual crops such as sunflower and csbm coursework, squash, the initial changes during domestication involved ease of harvesting and the ability to compete with weeds. Initially, selection for these traits was most likely not planned but serendipitous and more a matter of chance by random mutations. The most significant problem confronting most agriculturalists, both early and modern, is weed competition. Early agriculturalists scattered seeds on asian bank research, ground that had been prepared, most likely by burning or some other disruption of the soil surface. Those seeds that passed their genes onto du regiment the next generation (natural selection) were those that best competed with weeds. Selection pressure due to weed competition results in a number of changes, including the reduction or elimination of seed dormancy and larger seeds (Harlan and others 1973; Smith 1998). Dormancy is very undesirable in asian paper annual crops, and most domesticated species germinate rapidly upon planting. Selection against dormancy has been so extreme, however, that under certain weather conditions, seeds of modern wheat varieties ( Triticum aestivum ) and barley ( Hordeum vulgare ) sprout while still in the seed head, destroying the value of the grain crop. Larger seeds generally give rise to larger and la fille, more vigorous seedlings that compete better with weeds (Purugganan and Fuller 2010). In the grasses, selection for bank research paper larger seed size is associated with increased starch and decreased protein in the endosperm.

For example, the protein content of csbm coursework teosinte ( Zea mays parviglumis )the wild ancestor of maize ( Zea mays mays ), which is referred to as corn in North Americais approximately 30%, while the institute research paper, protein content of modern maize is 11% (Flint-Garcia and others 2009). While the goal of selection is to alter the psychology undergraduate thesis conference, targeted trait (appearance and/or performance) and bank institute paper, the genetic variation underlying the selected trait will be reduced over time, unselected traits will also often change, and these changes may be negative (for example, reduced endosperm protein in grasses that have been selected for larger seeds). For example, in the United States, the major selection criterion for maize is increased grain yield (Tracy and others 2004), and strong selection pressure for increased grain yield leads to increased starch content and decreased protein content (Dudley and others 2007). La Fille Dessay? Critics focus on such changes as evidence that the quality of our food supply has been “damaged” by modern plant breeding and asian development bank institute paper, agricultural practices. But has it? In United States agriculture, maize is grown for its prodigious ability to convert the sun's energy into chemical energy (carbohydrates), while we have abundant sources of plant and animal protein. In other parts of the world, maize is a staple crop, and diets of many people are deficient in du regiment protein.

To improve the institute, nutrition of the poor whose staple is psychology conference, maize, plant breeders at the Intl. Center for Maize and Wheat Improvement ( Centro Internacional de Mejoramiento de Maíz y Trigo , CIMMYT) developed quality protein maize (QPM) that has an improved protein content and amino acid profile (Prasanna and others 2001). It is the asian development bank research paper series, selection of the breeding objective that determines the outcome. Clearly, different populations and cultures have differing food needs and require different breeding objectives. But, to thesis bank uvt, be sustainable, all cultures need a nutritionally well-balanced diet. Changes in asian research paper food animal agriculture and fisheries. Animal food products are good sources of ap biology essay question high-quality protein, minerals (for example, iron), and asian bank institute series, vitamins, particularly vitamin B12, which is not available in csbm coursework plant materials. Livestock production is a dynamic and integral part of the food system today, contributing 40% of the global value of agricultural output, 15% of total food energy, and 25% of asian development paper series dietary protein and supporting the la fille du regiment, livelihoods and food security of almost a billion people (FAO 2009b). Seafood, including products from a growing aquaculture segment, provides at asian development bank institute series, least 15% of the average animal protein consumption to 2.9 billion people, with consumption higher in developed and island countries than in some developing countries (Smith and others 2010).

Except for essay at home most of development bank institute research sub-Saharan Africa and thesis bank uvt, parts of South Asia, production and consumption of meat, milk, and eggs is increasing around the world, driven by population and income growth and urbanization (FAO 2009b; Steinfeld and others 2010). The rapidly increasing demand for meat and dairy products has led during the past 50 y to an approximately 1.5-fold increase in the global numbers of cattle, sheep, and asian institute paper series, goats; 2.5-fold increase in aqa gcse law coursework pigs; and 4.5-fold increase in chickens (Godfray and others 2010). Asian Development Bank Institute Paper? The nutritional impact of animal products varies tremendously around the essay begins, world (FAO 2009b; Steinfeld and others 2010). The structure of the livestock sector is complex, differs by bank research series location and species, and is being transformed by cd globalization of supply chains for feed, genetic stock, and other technologies (FAO 2009b). The current livestock sector has shifted from asian development bank institute paper, pasture-based ruminant species (cattle, sheep, goats, and others having a multichamber stomach, one of which is the psychology conference, rumen) to feed-dependent monogastric species (for example, poultry) and is marked by intensification and increasing globalization (Steinfeld and others 2010). A substantial proportion of livestock, however, is grass-fed (Godfray and others 2010) and small-holder farmers and herders feed 1 billion people living on less than $1 a day (Herrero and others 2010). The rates of conversion of development series grains to meat, milk, and eggs from food animals have improved significantly in developed and developing countries (CAST 1999).

Technological improvements have taken place most rapidly and effectively in poultry production, with broiler growth rates nearly doubled and feed conversion ratios halved since the early 1960s. In addition to these productivity gains, bird health and product quality and safety have improved through applications of breeding, feeding, disease control, housing, and processing technologies (FAO 2009b). In addition, transgenic technology is used to produce fish with faster, more efficient growth rates. Meeting the needs of thesis bank uvt a growing population. As a result of improved public health measures and modern medicine, the paper, population has mushroomed from an thesis bank uvt, estimated 1 to asian development bank institute series, 10 million in 10000 BC to an estimated 600 to 900 million in AD 1750 and an estimated 6.8 billion today. Thomas Malthus (1803) predicted that population growth would inevitably outpace resource production, and therefore that misery (hunger and starvation) would endure. Undoubtedly, application of science and technology in ontario conference agriculture and food and beverage manufacturing has negated these predictions and fed population growth (Figure 1).

From Foraging and Farming to Food Science and Engineering. Adapted from Henry (1997) Nutrition Society 1997. Reprinted with the permission of Cambridge University Press. The application of science to agriculture has dramatically increased productivity, but until the Green Revolution of the 1960s and 1970s, productivity was not keeping pace with population growth. Large areas of the world, including the 2 most populous nations, China and India, were experiencing severe food shortages and anticipating worse. Asian Bank Paper Series? The improved plant breeding techniques of the Green Revolution have dramatically improved that situation.

However, the Green Revolution's remarkable advances have been acquired at substantial cost. The vastly improved varieties resulting from improved plant-breeding techniques require much larger inputs of fertilizer and water. Poor farmers often cannot afford the fertilizer, and adequate water supplies are becoming an increasing problem in many areas. Essay Begins At Home? Thus, the Green Revolution, for all its enormous benefits, has primarily helped larger farmers much more than smaller, poorer ones. In addition, pesticide applications in the developing world are too often inappropriate or excessivein some cases because the farmer is unable to read the labeland there is no structure (for example, a regulatory agency such as the Environmental Protection Agency) to regulate their use. Problems are not, however, confined to the developing world. Nutrient run off in the United States and other countries leads to algal blooms in lakes and estuaries and to “dead zones” completely lacking in oxygen in lakes and development bank institute paper, oceans. Soil erosion by wind and water continues to be a problem in many producing areas. Soil quality thus suffers. The world's known resources of high-grade phosphate ore are limited, and the essential plant nutrient phosphorus will consequently become more expensive (Vaccari 2009). These problems are certainly capable of solution, through a number of practices.

Beneficial options include “no-till” agriculture (which leaves the root systems of previous crops undisturbed, thereby retaining organic matter and greatly discouraging erosion), integrated pest management, IPM (which focuses pesticide use where needed, substantially decreasing the amount used), precision agriculture (which site-specifically targets production inputs such as seed, fertilizer, and pesticides where and when needed), drip irrigation (controlled trickling of water), and use of new technology for recovering nitrogen and phosphorus from processing wastewater for use as fertilizer (Bongiovanni and Lowenberg-Deboer 2004; Frog Capital 2009; Gebbers and csbm coursework, Adamchuk 2010). Measures such as those just discussed are useful primarily in the economically more developed areas. Developing countries require other steps adapted to their local areas and focused particularly on improvements for institute the many millions of csbm coursework small, poor farmers. Improved plant varieties, produced both by conventional breeding and through biotechnology are necessary, as are improved varieties of fish and livestock. There is little doubt that improvements in plant breeding, both conventional and transgenic, can significantly improve productivity. Technological improvements, such as automated plant monitoring via robotics, are “helping plant breeders trim years off the process of developing crop varieties tailored to local conditions” (Pennisi 2010). The list of such needs is far too long to explore here, but it also must include public health measures. A major problem yet to be addressed is the subsidization of asian bank research paper series agricultural products in developed nations. Products from small, unsubsidized farmers in developing nations cannot compete in ontario thesis conference the world market with subsidized products from advanced nations.

This problem was the cause of a recent breakdown in World Trade Organization talks. Some see organic agriculture as an answer to these problems. Organic farming has some clear merits, particularly those practices, such as crop rotation and asian development bank series, the use of green or natural biocontrol agents and animal manure, which have been used by du regiment dessay farmers for millennia (King 1949). The use of degraded plant and animal residues increases the friability (tendency to development bank institute series, crumble, as opposed to caking) and water-holding capacity of soil, and nutrients from decaying plants and animal manure are more slowly available than those from most commercial fertilizers. Both of csbm coursework these factorsfriability and slow nutrient availabilitydiminish nutrient runoff. While organic agriculture continues to asian development institute research paper series, grow in response to consumer preferences in the developed world, there are limitations to widespread use of organic practices. Organic agriculture requires substantially more land and labor than conventional practices to produce food, and the resulting yields are not great enough and too expensive to address the needs of the growing population. The supply of composted animal manure is limited and relatively expensive compared to commercial fertilizers.

Organic agriculture excludes the use of synthetic pesticides, and the few “natural” ones that are permitted are seldom used (Lotter 2003). Herbicides are not permitted in organic agriculture, even though some, such as glyphosate, are rapidly degraded in the soil. These exclusions require more manual labor for weed and pest control. All of these factors result in higher costs and higher prices for organic foods. Reports on productivity vary widely, but some credible sources place organic food production as low as 50% of that of conventional agriculture (Bichel Committee 1999). Yield differences may be attributable to a number of csbm coursework factors such as agro-ecological zone (for example, temperate and irrigated compared with humid and perhumid), crop type, high-input compared with low-input level of comparable conventional crop, and asian development bank research paper, management experience (Zundel and Kilcher 2007). In addition, current organic methods exclude the use of the products of modern biotechnologyrecombinant DNA technologyessential to csbm coursework, future increases in agricultural productivity. Nevertheless, the more useful practices of organic agriculture must be part of the agriculture of the future.

Although poverty and malnutrition exist in all countries, by far the most severe problems in achieving availability, safety, and nutritive value of food and beverages occur in the developing world (IFPRI 2009). Water shortages and contaminated water, poor soil, destruction of forest for fuel, use of animal manure for fuel, the spread of plant and animal diseases, and the complete lack of a sound food safety infrastructure are among the asian research, most vexing problems. Undergraduate Thesis? Continued food scarcity invites chaos, disease, and terrorism (Brown 2009). The gap between developing and developed nations is asian bank institute series, not only in economics but also in science, governance, and public information. Thus, to address these issues, the food system must be considered in csbm coursework its totality. Eighty percent of agricultural land is used for grain fed to meat animals and yields only 15% of our calorie intake. Many have suggested that world food shortages could be greatly alleviated by consuming less meat and using the grain supplies now consumed by development series animals more directly. Reduction in meat intake, particularly red meats, would confer some health benefits, but the potential effects on world food supplies are less clear and quite possibly much less than many presume. If developed nations consume much less meat, the price of meat will fall and poorer nations will consume more.

If more grain is consumed, grain prices will rise, to the detriment of populations that already rely heavily on grain. The global food system is ap biology essay question, extremely complex, and any single change causes many others, often in asian institute research paper series unexpected ways (Stokstad 2010). Clearly, the solution to psychology thesis, the challenge of asian development research paper meeting the food demands of our future world population lies in thesis bank uvt these principal thrusts: •  Increased agricultural productivity everywhere, but particularly among poor farmers, of whom there are hundreds of millions. Asian Institute Research Paper? •  Increased economic development and education, both for their own merits and thesis bank uvt, because they will promote infrastructure gains in transportation and water management. •  Much-increased efforts in environmental and water conservation and improvement. •  Continued improvements in asian research paper food and beverage processing and packaging to deliver safe, nutritious, and affordable food. Ap Biology Essay? •  Reduction of postharvest losses, particularly in developing countries. We must achieve all of asian paper these goals. To maintain, as some do, that we cannot have both vastly increased productivity and good environmental practices is a “false choice” (Gates 2009). Meeting these goals will require the effective use of scienceboth the science now within reach and that still to be developed. Postharvest losses occur between harvest and consumption as a result of spoilage of raw agricultural commodities, primarily during storage and transportation, before they can be stabilized for longer-term storage. Ap Biology Question? The granaries mentioned earlier were the first crude efforts to asian development research series, attack this problem, but it still persists. Postharvest losses due to rodents, insects, and du regiment dessay cd, microbial spoilage in some areas amount to 30% or more of the harvested crop. Asian Bank Paper Series? This results in wasted seed, water, fertilizer, and labor.

Postharvest losses must be attacked with locally appropriate improvements in available technology (Normile 2010). It is not enough merely to increase and conserve the supply of raw food; it must be conserved against csbm coursework, further loss by bank research paper series processing and be packaged, distributed to where it is thesis bank uvt, needed, and guaranteed in its safety, nutritional value, and cultural relevance. That is the role of science and technology and engineering applied to the processing of foods and asian research, beverages. A widely understood and accepted definition of ontario psychology undergraduate food processing does not exist, and perceptions of development institute research “processed foods” vary widely. From the broadest perspective, food processing may be considered to ontario undergraduate conference, include any deliberate change in a food occurring between the point of development bank institute origin and availability for consumption. The change could be as simple as rinsing and packaging by a food manufacturer to la fille dessay, ensure that the food is not damaged before consumer accessibility, or as complex as formulating the asian institute, product with specific additives for controlling microorganisms, maintaining desired quality attributes, or providing a specific health benefit, followed by packaging that may itself play a role in microbial control or quality preservation.

Some people process their own foods in the home, by canning produce from a garden, microwave cooking, or dehydrating food, for example. Following recipes to bake cakes, cookies, and casseroles or to make chili are examples of dessay formulating foods in the home (Shewfelt 2009). In general, food processing is applied for one or more of the following reasons: preservation, extending the harvest in a safe and stable form; safety; quality; availability; convenience; innovation; health and wellness; and sustainability. Bank Institute Paper? Although the ontario undergraduate, private sector carries out these processes and delivers the final product to the consumer, public investment in generating the science and asian development institute research paper, engineering base necessary to continue the creativity and ultimate application of new technologies is clearly warranted. Many writings from antiquity refer to food and its preservation and preparation. Major advances in food preservation accelerated with the csbm coursework, development of canning, which proceeded from the asian bank research paper series, investigations of Nicolas Appert in France and the subsequent activities of Peter Durand in essay question England in the early 19th century. Appert used corked glass bottles to preserve food, and Durand introduced the concept of asian institute research paper metal cans. This led to increased emphasis from scientists on the quantity and quality of du regiment dessay food, although the reason for asian development bank institute canning's effectiveness for food preservation was not discovered until nearly 50 y later. Csbm Coursework? Louis Pasteur reported to the French Academy of Sciences in 1864 on the lethal effect of heat on bank institute, microorganisms. W. Ontario Conference? Russel of the Univ. of Wisconsin and Samuel Cate Prescott and William Lyman Underwood of the Massachusetts Inst. of Technology described in 1895 to 1896 the need for time and temperature control (Labuza and Sloan 1981). No period of time has seen such rapid advances in food and beverage processing as the 20th century (Welch and Mitchell 2000).

Modern food science and technology has extended, expanded, and refined these traditional methods and added new ones. Simple cooking, though still the most common process, evolved into canning. Dehydration, once restricted to less sanitary sun drying, now is usually a highly mechanized and sanitized process. Asian Development? Refrigeration has evolved from cool storage to sophisticated refrigerators and freezers, and the industrial techniques of blast freezing and individual quick freezing (IQF) are less detrimental to nutritional quality and sensory quality (for example, taste, texture). All of these developments contributed to increased nutritional quality, safety, variety, acceptability, and availability of foods and beverages. Essay Question? Many of these techniques are now combined into more effective preservation technologies through the concept of “hurdle technology,” combining techniques to create conditions that bacteria cannot overcome, such as combining drying with chemical preservatives and packaging, or mild heat treatment followed by packaging and refrigerated storage (Leistner and Gould 2002). Still another notable evolution is the long history of the use of food additivessubstances added in small quantities to produce a desired effect.

Of the 32 “technical effects” (functional purposes) listed by the Food and Drug Administration in the  Code of Federal Regulations , 24 can be recognized in the few cookbooks and recipe compilations that have survived from more than 150 y ago. Among the additives that were once used to produce these technical effects (Hall 1978) are. •  Pearl ash (from wood ashes) and vinegar as leavening agents. •  Sodium silicate (water glass) for dipping eggs to preserve them. Asian Development Bank Institute Series? •  Lye for hulling corn. •  Sulfur dioxide from burning sulfur as a fumigant and psychology undergraduate thesis conference, preservative. •  Unlined copper utensils for making pickles greener. •  Saltpeter and roach alum as curing and bank series, pickling agents. •  Grass, marigold flowers, and indigo stone (copper sulfate) as sources of green, yellow, and blue colors. Before the days of widespread industrial production of food and la fille du regiment, before the advent of modern chemistry and development bank institute research paper series, toxicology, these and at home, many other crude additives were used confidently within the family without any knowledge of the risks they presented. In the 20th century, the development bank institute research paper, development of the science of toxicology permitted the careful evaluation of the safety of substances added to food. The advent of essay modern chemistry permitted the detection of bank institute research paper intentional adulteration of foods by cd purveyors using deceitful practices, and led to the passage and enforcement of modern food laws. Frederick Accum's “Treatise on the Adulteration of asian institute paper Food,” published in 1820, marked the beginning of this effort. In the United States, the Pure Food and Drugs Act of du regiment cd 1906 prohibited adulteration and misbranding of food, issues that continued to be addressed in the United States via federal statutes.

Prior to asian development institute paper, 1958, the burden of proving that a substance posed an unacceptable risk rested with the government. In that year, the Food Additives Amendment to aqa gcse law coursework, the 1938 Federal Food, Drug, and development research paper series, Cosmetic Act changed that by advancing the concept of “adulteration” and imposing on la fille cd, food manufacturers the task of proving prior to research paper, marketing that an additive is safe under the conditions of aqa gcse its intended use. The change in the use of food additives in the past 100 y has been dramatic. We have moved from the use of crude, unidentified, often hazardous substances to purified, publicly identified food ingredients that are well evaluated for safety. Now high standards and margins of safety are applied to food additives (ACS 1968; NAS 1973; Hall 1977). Today, because of modern means of detection, intentional food adulteration in development bank series industrialized countries is considered uncommon, occurring more often in foods imported from countries without effective food safety infrastructure.

Except for rare cases of individual sensitivity, human harm from approved food additives in the United States is virtually unknown. Advances in food science and technology. Drying, canning, chemical preservation, refrigeration (including chilling and freezing), and nutrient conservation and fortification were the thesis bank uvt, significant advances of the 19th and 20th centuries and permitted population growth in asian institute research paper more developed countries. Such population growth could only occur if there was sufficient food. The industrial revolution could not have occurred without a food delivery system that allowed people to leave the farms, migrate to the cities, and engage in useful production of goods and services for aqa gcse law coursework society. Among the important developments during the early part of the 20th century were the discovery of vitamins and the realization of the importance of other micronutrients such as iodine, iron, and calcium. Those with memories of that earlier period recall the bowed legs associated with rickets (from vitamin D deficiency) and the swollen thyroids related to goiter (from iodine deficiency). Institute Paper Series? With the introduction of the draft just before World War II, the army discovered widespread malnutrition among young American males. This led to the foundation of the Food and Nutrition Board of the Inst. of Medicine of the Natl. Academies and also the du regiment, development in 1941 of the development bank institute research paper series, Recommended Dietary Allowances (RDAs) for essential nutrients.

The difficulty of achieving these RDAs from available foods, especially among the poor, led manufacturers to fortify common foods with vitamins and other micronutrients, beginning with iodized salt in 1924. Today, fortified foods, defined by federal Standards of Identity, include such staples as pasta, milk, butter, salt, and aqa gcse, flour. Technological innovations in food preservation were dependent on asian bank research paper, advances in the sciences, especially chemistry and microbiology. How these sciences and technologies are applied within each society depends on the economic, biological, cultural, and political contexts for each society. For example, vegetarian groups require certain technologies, but not others; rice-eating societies may reject, sometimes strongly, foods based on other grains; and slaughtering procedures vary with religious backgrounds. Advances in agriculture and food science and technology have led to reduction in nutrient deficiency-related diseases; a generally safe food supply with consistent high quality available independent of seasons; food choices that do not require preparation time; a wide range of delicious foods; reduced food waste; lower household food costs than ever before; convenience foods requiring much less preparation time than before, a benefit for aqa gcse law coursework working families; and efficient global food distribution that can be exploited in times of natural and asian development research paper series, man-made disasters. Food is central to human health, not only in terms of quantity, but also quality as well. The past few decades have seen alarming rates of increase in chronic diseases such as diabetes, cardiovascular disease, and cancer, as well as autoimmune diseases such as inflammatory bowel disease and autism. A growing body of epidemiological, clinical, and basic research shows that food and diet are important factors involved in the etiology of these and essay on safety begins, other chronic diseases, and that dietary patterns have a profound effect on the risk for asian development bank institute chronic diseases. Anand and others (2008), for example, describe the substantial role of environment lifestyle risk factors (such as sun exposure, diet, obesity, and physical inactivity) for la fille cd cancer and provide evidence that cancer could be preventable for some people but that this would require major lifestyle changes.

Hence, whether it is asian bank research series, food safety and security, or nutrient deficiency and disease prevention, food is aqa gcse law coursework, intricately connected to asian development bank institute research paper series, human health and well-being. Dietary guidelines are produced to provide advice on essay, good dietary habits that will promote health and reduce risk for major chronic diseases. The 2005  Dietary Guidelines for Americans  includes recommendations to increase consumption of fruits, vegetables, whole grains, and low-fat milk, and to limit consumption of  trans  fats, saturated fats, cholesterol, and sodium. Many food companies have responded to development bank institute research paper, these recommendations. For example, more bread and cereal products are now available that are made from ontario thesis, whole grains and have higher fiber contents. The introduction of baby carrots doubled intake of carrots. Development Bank Research Paper Series? Introducing milk packaging that appeals to ap biology, teens has increased milk consumption in that population group. Development Institute Series? Product reformulation has greatly reduced the  trans  fat content of many foods, and several companies have made commitments to essay on safety begins at home, reduce the sodium content of food products. Convenient and innovative toddler foods made from a variety of fruits, vegetables, whole grains, and dairy are now available.

To help control portion size, limited-calorie packaging has entered the market for a variety of categories. Overweight and obesity have become the dominant health problem in the United States and institute paper, many developed countries. Csbm Coursework? In children, the prevalence has almost tripled in the past 3 decades (Ogden and others 2000). This is of particular concern because overweight children have a high likelihood of becoming overweight adults, with all the development bank research series, associated diseases such as metabolic syndrome and diabetes. Recent research suggests that childhood obesity is determined by essay age 2 (Harrington and others 2010), which supports the earlier set-point theory that body weight is regulated at a predetermined or preferred level by a feedback-control mechanism (Harris 1990).

The obesity issue is a scientifically complex issue of behavior and asian institute research paper series, may be economically driven; some of the lowest priced foods are the more calorie-dense and csbm coursework, palatable products (Drewnowski 2004; MacAulay and Newsome 2004). Diabetes mellitus is expected to skyrocket to epidemic proportions in the next quarter-century (Bonow and Gheorghiade 2004). Lifestyle interventions are the 1st step in development bank research paper the management of diabetes and metabolic syndrome (Stone 2008). Even in the midst of an abundance of energy from food, however, many people do not meet their nutrient requirements, sometimes because of the types of csbm coursework foods available to them, other times because of the kinds of foods they select. The report of the 2010 Dietary Guidelines Advisory Committee (DGAC 2010) recommended focus on achieving energy balance through the current nutrition and physical activity guidelines.

Food Processing: A Critical Element. As indicated above, food processing has evolved from asian, merely a need to preserve foods from the la fille du regiment cd, time and location of harvest or assembly until the development bank institute, product reaches the on safety at home, consumer, to asian bank institute research paper series, possibly complex activities that may include sourcing raw materials and ingredients from different parts of the world that can improve nutritional and other desirable qualities for ontario better overall health and wellness of consumers. Food processing frequently serves multiple objectives. For example, freezing or cooking and freezing both preserve and provide convenience. Heating or fermentation of soy is asian development institute paper series, necessary both to ap biology essay question, achieve edibility and to remove the development series, hemagglutinens that would be mildly toxic. Processing operations are conducted under controlled conditions to ensure that the process is completed in the most effective and efficient manner. Csbm Coursework? The resulting products include ingredients delivered to food manufacturers to be used in development research paper producing foods for consumers, as well as ingredients (for example, flour) for consumers to use in psychology undergraduate thesis conference food preparation.

The development and implementation of new technologies enhances food quality and institute research series, safety. New and innovative products, some with unique product attributes, have been developed through the use of new processing technologies. The formulation, processing, and packaging of a food or beverage is accomplished for aqa gcse law coursework several clearly definable purposes, with numerous benefits to asian development bank paper series, the consumer and society: •  Preservation. This is the oldest and perhaps still the most common purpose, and the one most familiar to consumers. Ontario Psychology Undergraduate Thesis? The purpose of preservation is to bank institute research paper, extend the shelf life of a food or beverage. •  Safety. Thesis Bank Uvt? The processing of food is designed to remove health hazards associated with microbial pathogens.

Processing operations dealing with raw food materials or ingredients carrying pathogens have significant controls and regulations to development institute series, detect and inactivate food-borne microorganisms that can cause illness. Pasteurization of milk is just one of many examples of processes that eliminate a health hazard for ap biology essay the consumer and extend the development bank research paper, life of the product. Managing food safety, however, goes beyond microbiological risks. Good agricultural and manufacturing practices and ontario psychology undergraduate thesis, other principles address chemical and physical hazards as well. In addition, plant breeding has contributed to reduction of some of the toxicants that occur naturally in foods in small amounts (ACS 1968; Hall 1977) and have been the source of common and sometimes widespread human illness and occasionally death. Processing is, however, still necessary in asian development bank institute series some instances. For example, manioc must be crushed and on safety begins, soakedor crushed, heated, and treated with acidto remove hydrogen cyanide from cyanogenic glycosides before the resulting starch (tapioca) is safe to consume. •  Quality.

Processes to ensure the delivery of foods and beverages of the highest quality to the consumer continue to evolve. Quality attributes include taste, aroma, texture, color, and nutrient content. Development Bank Institute Research Paper Series? In most cases, these attributes begin to decline as soon as a raw food material or ingredient is thesis bank uvt, harvested or collected. The goal of the processes is to ensure that the decline in quality attributes is minimized. For example, blanching and freezing vegetables immediately after harvesting ensures that the nutrients remain at their peak level. Asian Bank Paper Series? In some cases, the quality attributes are enhanced by processing. For example, processing of soybeans greatly improves their flavor.

•  Availability. Ap Biology Essay? Food processing helps to ensure that the consumer has access to a wide variety of foods and food ingredients at any time, including those that help to improve the retention of quality attributes for asian development bank institute the period of time required for csbm coursework delivery of the product to the consumer. For example, controlling the composition of the atmosphere surrounding apples and other fruits leads to extended freshness. •  Sustainability. Development Institute? Food processing ensures that the cd, resources required to produce raw food materials and ingredients for food manufacturing are used most efficiently. Responding to the goals of sustainability requires the maximum utilization of all raw materials produced and integration of activities throughout all the production-to-consumption stages. Asian Bank? To maximize the conversion of raw materials into consumer products, efforts begin at the production stage, with activities to reduce postharvest losses and increase use of la fille du regiment dessay by-products. Efforts continue, through food manufacturing and beyond, to ensure that energy, water, and asian institute research paper series, other resources are used most efficiently and psychology undergraduate thesis conference, environmental impacts are minimized.

Refrigeration of fresh produce is an example of an asian, action that reduces loss and increases the edible life of the product. •  Convenience. Many processed foods and beverages are developed to allow them to be consumed after limited amounts of preparation. For example, a frozen or refrigerated entree is delivered to the consumer in csbm coursework a form ready for microwave heating. Asian? Snack foods are ready to begins at home, eat when delivered to the consumer. •  Health and Wellness. At a fundamental level, food is viewed as a source of asian development paper series nutrition to meet at least the minimum daily requirements for survival, but there is an ever-greater focus on on safety begins at home, the desire for health optimization from food. Processing can enhance the development bank institute research paper series, nutritional value of foods in a number of ways.

For example, refiningseparation of the antinutritional componentsis the best means of improving the nutritional quality of many foodstuffs of vegetable origin, and processing of fresh tomatoes (for example, into on safety at home, catsup) improves the bank, bioavailability of the la fille du regiment dessay, carotenoid lycopene. Some products are specifically designed to enhance individual health and wellnessthe focus of many current trendsrequiring specific unique ingredients and an array of processes to ensure desired product attributes. Many products are fortified or enriched with vitamins and minerals (for example, orange juice fortified with calcium for bone health) and other nutrients (for example, margarine enriched with plant stanols and sterols for heart health) in response to defined nutritional needs of consumers. The success of these productsoften referred to as “functional foods”requires that flavor and asian institute research series, texture also meet consumer expectations. Typical technologies, processes, and operations. The mechanical operations, processes, and technologies typically used to thesis bank uvt, achieve these benefits in preparing and bank research paper, using raw materials in manufacturing foods and beverages (Potter and Hotchkiss 1995) are briefly described below: •  Mechanical Operations. There are many mechanical operations used throughout the food system, including simple conveying of raw materials from one location to another, as well as more intense operations to change the physical structure of the material.

All or most of these operations are larger scale versions of operations that have been used to prepare foods for centuries. Thesis Bank Uvt? The cracking and grinding of cereal grains to manufacture the development paper, flour used in bakery products is a very visible example. Most often these operations are designed to produce one or more of the ingredients to be used in consumer food products. The extraction of oil from soybeans and other oilseeds requires a mechanical operation before efficient separation of the oil can be accomplished. In most cases, these operations are a component of series of steps needed to thesis bank uvt, ensure the most efficient use of the raw material, often including the institute paper, manufacturing of an aqa gcse law coursework, array of by-products for consumers to utilize. Another typical mechanical operation is dry mixing, involving the blending of development paper various ingredients to ensure homogeneous and uniform distribution of the various ingredients before a final stage of manufacturing. •  Heating . The use of thermal energy to increase the temperature of a raw food or ingredient is the most recognized and widely used approach to preservation of food. Du Regiment Dessay Cd? By increasing the temperature to appropriate levels and holding for asian bank an appropriate time that is ontario psychology conference, dependent on asian development research paper series, both the nature of the food and the objective of the process, pathogenic or spoilage microorganisms are significantly decreased in number or eliminated. Thermal processes applied to foods in food manufacturing are based on the same principles as those governing traditional cooking of foods during preparation. The impact of heatingthermal processingon components of the food is the same as that during cooking and often results in the enhancement of question flavors and texture, as well as some modest losses of heat-sensitive nutrients. Many shelf-stable foods are available to consumers as a result of thermal processing.

Less-intense thermal processes, such as pasteurization, also ensure that dairy products and fruit juices are safe. Heating food to extend its shelf life probably dates back to antiquity, when people observed that food that had been cooked kept longer without spoiling. However, it was not until Appert and others investigated heating foods in bank institute paper containers that it was discovered that immediate recontamination of heated food from the environment did not occur. Since those meager beginnings, advances in mathematics, chemistry, biology, and engineering, coupled with their application to thesis bank uvt, food science and asian bank research, technology, have resulted in development of equipment and procedures to optimize the application of heat to foods for the purpose of extending their shelf life and enhancing their edibility (texture, flavor, and visual appearance). There are basically 3 types of heat processes that are applied to food, other than cooking: blanching, pasteurization, and canning. The latter 2 are tightly regulated by federaland in some cases, stateagencies to ensure proper application of the technology and prevention of food-borne illness.

Blanching  is a mild heat treatment (usually accomplished at temperatures below 212F for less than 2 to 3 min) applied to csbm coursework, foods that are to be subsequently canned, frozen, or dried. The purpose is to eliminate or reduce activity of enzymes in the foods that catalyze changes in flavor, texture, or color. Other benefits include removal of air from the asian institute series, food tissue to reduce oxidation, softening of the plant tissue to thesis bank uvt, facilitate packing into packages, and inactivation of asian development research paper antinutritional properties (such as trypsin inhibitor in soybeans, a naturally occurring chemical that reduces dietary protein breakdown in the human gastrointestinal tract). The process is usually carried out in hot water or steam, although there are processes based on hot air or microwave heating. Since the process is relatively mild, there is relatively little effect on nutrients, although when hot water is used as the heating medium some nutrients, especially water-soluble nutrients, are leached into the water. “ Pasteurization ” is law coursework, named after Pasteur, who demonstrated that wine spoiled because of the presence of microorganisms and that a mild heat treatment could be used to inactivate the microorganisms and thereby extend the shelf life. Pasteurization is most well known for its application to milk, which is strictly regulated through the U.S. Public Health Service/FDA's Pasteurized Milk Ordinance. Pasteurization is development bank research paper, most generally applied to ontario thesis, liquids, although it is also applied to asian development paper series, semisolid and la fille dessay cd, solid foods. Asian Bank Paper? As applied to liquids, the temperature is elevated to 140 to 212F for a short period of time (usually less than 1 min) to inactivate microorganisms that can cause illness (pathogens).

As originally applied, the liquid was heated after it was put into the container; but by applying advances in food engineering, such as the understanding of flow dynamics and heat transfer to flowing liquids, continuous processes were developed using heat exchangers, machines used to transfer heat from a hot fluid to a colder one. Modern processes are almost exclusively continuous processes, with the on safety, pasteurized liquid being deposited into asian research series, sterile packages. Most pasteurized foods are subsequently kept in refrigerated storage to extend the shelf life because not all spoilage organisms present have been inactivated. “ Canning ” is aqa gcse, primarily used to asian development bank institute research paper, inactivate microorganisms that cause food-borne disease such as botulism, but it also inactivates microorganisms that cause food spoilage. Thesis Bank Uvt? This thermal process is commonly accomplished by research paper holding the csbm coursework, product at temperatures well above 230F for several minutes. Canned food is not absolutely sterile (devoid of all viable microorganisms) but rather is commercially sterile (devoid of all viable microorganisms that could grow under normal storage conditions). There are 2 major methods: heating the food after it has been sealed in a container (referred to as  canning ) and sterilizing the food, then depositing it in a sterile container within a sterile environment and sealing the container (referred to as  aseptic processing ). These processes can also be optimized for retention of nutrients and quality factors such as taste, flavor, and color. The success of this method of preserving foods in eliminating food-related deficiency diseases cannot be understated, with canned fruits and vegetables being a source of bank institute research series vitamin C independent of seasons, for example. •  Refrigeration and Freezing. The use of low temperatures to extend the shelf life of food and beverage products has a long history. The use of ice to reduce the temperature of foods and prevent spoilage has been recognized for centuries.

Refrigerators are now found in almost every home in industrialized countries. Although the reduction of temperature does not eliminate microbial populations, it reduces the rate of microbial growth enough to prevent product spoilage and extend the shelf life of most food products. On Safety Begins At Home? Most fruits and bank institute series, vegetables are refrigerated to extend their freshness. In addition, refrigeration also reduces the reaction rates of enzymes that cause deterioration of most quality attributes of a food or beverage, making high-quality products available to the consumer for essay on safety extended periods of asian development bank institute research series time (Heldman and Hartel 1997). Some foods and beverages receive a mild heat treatment to inactivate enzymes and eliminate microorganisms that can cause disease but still require refrigeration to control the thesis bank uvt, growth of surviving microorganisms that can cause spoilage. Bank Research Paper? Pasteurized milk is ontario conference, probably the best example, but many other foods and bank paper series, beverages are also pasteurized and then refrigerated.

In general, holding a food or beverage at refrigeration or freezing temperature has no negative impact on the quality attributes of the food but extends consumable product life. “ Freezing ” is a more intense use of refrigeration to essay on safety, reduce the temperature of a product to levels below the development bank institute, freezing temperature of water in the product. Lower temperatures cause the ontario psychology undergraduate thesis conference, liquid water to change phase to ice. At these reduced temperatures (−0.4 to −14F), the deterioration rates for product quality attributes are reduced to below those at refrigeration temperature, and microbial growth is reduced to institute research paper series, negligible levels. It is not unusual for frozen fruits, vegetables, and some meat products to maintain high quality for as much as 1 y while frozen. Many favorite desserts, such as ice cream, have been created by the freezing process.

Most nutrients are not affected by freezing; however, it is difficult to freeze a food product without impact on the some of its more evident quality attributes. The formation of ice crystals within the essay, structure of a plant or animal food results in a series of reactions with potential impact on asian development institute, texture and flavor. Thus, careful control of the csbm coursework, time to freeze the product and the temperature of the frozen product during distribution and storage is important to minimize such reactions and ensure the best possible quality attributes over time (Erickson and Hung 1997). The size of ice crystals created during the freezing process can be controlled, but this is not possible with all products or freezing facilities. For example, small pieces of fruits or vegetables can be frozen very rapidly, and research series, the product structure is preserved with uniform distribution of small ice crystals. In contrast, a large portion of essay begins at home beef or any product in a large package will require a longer time to freeze and asian institute research paper, will result in a less-uniform distribution of thesis bank uvt larger ice crystals. The extent of the bank series, impact on product quality depends on aqa gcse, an array of factors occurring after freezing, including control of asian development institute series temperature during storage and distribution and final preparation of the food. For many foods, the quality attributes of refrigerated and frozen foods compare favorably to those of the fresh counterparts (Mallet 1993). •  Dehydration. Drying is intended to halt or slow the growth of microorganisms and rate of chemical reactions.

The removal of water provides food processors excellent opportunities to thesis bank uvt, reduce volume and weight, extend shelf life, and bank institute research paper series, convert liquids to powdery products, such as instant coffee or a vegetable soup base mix. This process is one of the oldest techniques used to preserve foods, one of the most utilized, and the most energy intensive (von Loesecke 1943; Saravacos 1965; King 1968; Thijssen 1979). Water removal is usually performed via evaporation, vaporization, or sublimation (drying while frozen) by csbm coursework means of asian bank research a simultaneous heat, mass, and momentum transfer mechanism (Whitaker 1977). This transfer occurs within the food itself and between the food and the drying medium, resulting in the reduction of ap biology moisture, a key variable in all drying operations. In addition to water removal, chemical reactions occur, such as Maillard browning (nonenzymatic browning) of amino acids/reducing sugars such as glucose, caramelization of sugar, denaturation/degradation of cross-linking proteins, and pyrolysis (decomposition or transformation of a compound caused by heat) of the various organic constituents. Development Institute Paper Series? In addition, loss of volatile compounds, gelatinization of starches, and modification of food material structure change the characteristics of the original product significantly (Viollaz and Alzamora 2005). Many types of dryers, dehydration methods, and associated equipment are applied to a very wide range of foods.

Sun drying on trays, mats, or platforms is the thesis bank uvt, traditional method and asian development bank paper, is still used today. Modern equipment includes cabinet, bed, conveyor, fluidized bed, drum, vacuum, and spray dryers. Freeze drying (lyophilization), osmotic dehydration, microwave, and innovative light-driven refractance-window dryers are also in use. With continuous technological advances in different fields, drying is constantly evolving to offer better quality and novel products. Mathematical modeling and process simulation have significantly contributed to the understanding of the intricacies of this very complex process and the design of new dryers and drying systems. Ontario Thesis? One trend is to combine 2 or more dehydration techniquesor a dehydration method with other processing approachesfor treatments that optimize cost, food quality, and safety. Asian Bank Paper Series? Examples of these combinations include microwavevacuum drying, ultrasound-assisted air drying, and csbm coursework, encapsulation and flavor impregnation to add value. •  Acidification. Raw foods and beverages vary significantly in levels of asian development bank research series acid they contain. Aqa Gcse? Foods with lower levels of acid are more susceptible to microbial growth and are thus more perishable. The intentional adjustment in asian development paper series the level of acid in a food has been a preservation method for centuries, in making pickles, for example.

This approach to csbm coursework, preservation is asian bank paper, based on the inability of many spoilage microorganisms and thesis bank uvt, pathogens to grow at high levels of acid. Increasing the asian bank institute research paper, acidity prevents growth of many microorganisms and extends the shelf life of the product, while maintaining many of its attributes. This preservation method can be accomplished by addition of acid to adjust the thesis bank uvt, overall acidity level of the product, or biologically through fermentation. Institute Paper? Since acid alone may not be sufficient to fully protect the product, adjustments in acidity are frequently used in combination with other techniques such as heat, additives, or refrigeration to accomplish preservation and safety. •  Fermentation. The use of microorganisms to change a perishable food into a less-perishable product is another very old way of preservation that has been used around the world by societies without access to refrigeration to extend the edible life of a fresh food.

Many of these products, such as blue cheese, salami, sauerkraut, and yogurt, have become so popular that societies with ready access to refrigeration continue to enjoy fermented foods but still frequently use refrigeration to maintain safety and extend shelf life of these modern versions. Although some microorganisms lead to food spoilage and others cause food poisoning, specific microorganisms that can induce desirable changes in aqa gcse law coursework foods are used to overpower those that can lead to unappealing or unsafe foods. Fermentation microorganisms primarily work to asian, change the chemical makeup of a product, making it less likely that undesirable microorganisms will reproduce and compromise product safety or quality. Beneficial microorganisms synthesize natural preservatives, such as lactic acid and other acids (increasing the csbm coursework, acidity of the institute research paper series, food), carbon dioxide (lowering the oxygen content), and ethanol (discouraging growth of undesirable microorganisms). Yeasts produce carbon dioxide to expand the structure, such as dough for la fille dessay cd bread baking.

They are also responsible for the production of ethanol to bank series, produce beer, wine, and other alcoholic beverages. Fermented dairy products include yogurt and a host of ripened cheeses. Fermented cucumbers are called pickles in Western countries, but pickling is another word for fermenting and question, is used to produce pickled eggs, pig's feet, and even snakes in certain countries. Many countries and cultures have their own favorite types of fermented products, such as injera from asian development bank research, Ethiopia, kimchi (fermented cabbage) from csbm coursework, Korea, salami and other fermented sausages from Italy and Germany, and sauerkraut from northern Europe. Harvested cacao beans are fermented before cleaning and roasting, making all chocolate products the result of at least one fermentation step. •  Water Activity. A very important and useful tool in the control of food quality attributes and food safety is water activity (a W ). Defined as an equilibrium property (free energy) of water at a given temperature and moisture content, the concept of a W was first suggested in the 1950s when it became obvious that water content could not adequately account for bank research paper series microbial growth limitations. During the 1960s, researchers demonstrated that a W is also important in controlling the rates of ontario conference chemical deterioration in foods, and development bank institute paper, then in the 1980s it was also found to relate to the texture of crisp dry foods and caking of powders such as instant coffee. a W is not the same as water content, or the quantitative amount of ap biology essay question water in a sample, nor is asian bank institute series, it a measure of free compared with bound water in a food, an early misconception that is now abandoned. Through the research of hundreds of food scientists, a number of a W paradigms have been established and used by essay begins food manufacturers to create safe, tasty, and nutritious dry and semimoist foods such as crispy snacks and breakfast cereals, semimoist cookies, and creamy confections. For example, it is known that at a W values between about 0.3 and 0.65, changes in product texture occur (for example, loss of crispness and onset of asian institute series stickiness, caking, or hardening), and begins, that at a W values around 0.85 and asian research paper series, greater, significant growth of microorganisms, including illness-causing bacteria, occurs.

In fact, the concept of a W is used in regulation of food processing to aqa gcse, ensure food safety. The  Code of Federal Regulations  (21 CFR 110.80 [b][14]) requires that “Foods such as but not limited to dry mixes, nuts, intermediate moisture foods, and dehydrated foods that rely on the control of a W for preventing the growth of microorganisms shall be processed to research, and maintained at a safe moisture level. Compliance may be accomplished by any effective means including (i) monitoring the a W of ingredients and finished product, (ii) controlling the soluble solids-water ratio, (iii) protecting finished foods from moisture pickup so that the a W does not increase to an unsafe level .” In addition, a W is the key to control of enzyme activity, lipid oxidation, and many other reactions that have an ap biology question, impact on food quality, such as degradation of vitamins and changes in color, flavor, and development research series, aroma (Labuza and others 1970). Figure 2 depicts the water content and a W of a few common foods. Moisture sorption isotherm relating water activity to moisture content at a specific temperature. Specific knowledge of the begins, relationship of a W to moisture content, such as that shown in Figure 2, is useful to asian research paper series, food manufacturers for choosing specific ingredients, such as in ap biology making a high- or intermediate-moisture food that will maintain a safe a W level (generally below 0.85). Development Institute Research Paper Series? This information is also important in predicting and controlling textural changes and ingredient stability. Foods such as dry mixes, nuts, and dehydrated foods rely on control of ontario psychology undergraduate thesis conference a W for preventing the growth of microorganisms.

This can be accomplished by adding food-grade acids such as citric or lactic, by adding a microbial growth inhibitor such as sodium benzoate or potassium sorbate, or by also including a smoking step, as has been done with hams and fish. The systematic control of asian development bank institute series a W through product formulation ensures the maximum quality and shelf life for dry and intermediate-moisture foods (Labuza and others 1970), such as beef jerky, gummies, dried raisins and cranberries, or chewy granola bars. Aqa Gcse Law Coursework? Many of these foods are traditional foods, but are available with improved quality attributes and convenience. Asian Development Institute? Our ancestors used this method of preservation centuries ago by simply adding salt or sugar to meat or plant foods. The best examples are cured hams, semidry smoked salted fish, and sugared fruit slices. •  Smoking. The application of smoke to food products, primarily meats, is a very traditional process that was probably discovered by accident. Essay? It has been speculated that when ancient cave dwellers learned to cook food over open fires, it quickly became obvious to them that the smoke from the fire helped reduce the spoilage of perishable food products such as meat and also imparted a very distinctive, desirable flavor. Over time, the smoke process was expanded to include not only meat, fish, and asian development institute series, poultry but also, more recently, sausage products, ham, bacon, cheeses, and many other foods for which a unique smoked flavor and aqa gcse law coursework, increased shelf life are desired. Classic survival foods, such as meat jerky, are produced by a combination of smoking and dehydration and have now evolved into a wide variety of savory snack foods.

The smoke application process has evolved dramatically from open campfires to a highly controlled, scientific process, but the development paper series, benefits have remained the csbm coursework, same. Smoke achieves 4 different functions when applied to asian research series, food, all of which contribute to begins at home, safer, more palatable products: Food safety.  Smoke kills some of the bacteria that are present on the product surface and prevents or slows the growth of others. Development Research Paper Series? While this has been one of the most important roles of smoke for food preservation in the past, this effect is aqa gcse, less critical today because several other antimicrobial processes are available. Nevertheless, smoke is development institute, still an important contributor to bacterial control in smoked foods. The antibacterial effect of smoke is due to several components of wood smoke, specifically acids and alcohol, which are formed during combustion of wood and deposited on the product surface.

Furthermore, most smoke processes are done with application of la fille cd heat at the same time, and the combination of bank research paper series smoke with mild heating increases the control of both spoilage and pathogenic bacteria. Ontario Psychology Undergraduate Thesis Conference? Smoke application usually results in some surface drying of the asian bank research, product as well, and this helps to prevent bacterial growth during subsequent storage. Qualityflavor and aroma.  Smoke imparts a very pleasant and desirable aroma and flavor to smoked foods, a role that has become more important today as consumers seek a greater variety of flavors and eating experiences. Wood smoke can be derived from du regiment dessay, a variety of research paper series wood sources, including hickory, apple, mesquite, and csbm coursework, others, to add to the variety of flavors that can be achieved. Qualityvisual appeal. Development Bank Institute Paper Series?  Smoke provides a highly attractive surface color, especially for smoked meats. Law Coursework? The deep, rich mahogany color of a smoked ham is easily recognized by consumers and communicates assurance that the associated aroma and development institute research series, flavor expected of a smoked ham will be delivered.

Preservation.  Smoke functions as an antioxidant or flavor protector. Several of the compounds in wood smoke, most notably complex phenols, will dramatically slow the flavor deterioration that typically occurs with development of rancidity following cooking. Despite the advantages, 3 criticisms have occasionally been leveled at csbm coursework, the use of smoke for food preservation. First is bank research series, that atmospheric emissions result from combustion of wood to thesis bank uvt, generate smoke. Second is that it degrades some food nutrients; this has been demonstrated to be of paper very minor importancesmoke has been shown to not significantly alter the nutrient value of thesis bank uvt food under normal circumstances. Third is that combustion of institute wood can generate undesirable compounds (polycyclic hydrocarbons) shown to csbm coursework, be toxic and/or carcinogenic. Of note is that this process results in smoke deposition almost exclusively on the surface of the product, with relatively little penetration below the surfacesmoke deposition is limited to the outer ¼ to ½ inch of the product. However, smoke application can also be achieved with “liquid smoke,” a concentrated extract of natural wood smoke. Liquid smoke contains all of the important functional components of natural smoke and asian development paper, results in undergraduate thesis conference the same effects on color, flavor, and bacterial control, but it is development bank research, much more consistent in composition than natural smoke and therefore more reproducible in effect.

Other significant advantages to liquid smoke are that no atmospheric emissions are generated during smoke application, the undesirable toxic/carcinogenic components of natural smoke are not included in the extract, and the liquid smoke can be mixed into a product during manufacturing for a more uniform smoked flavor. Meat products with liquid smoke added can usually be identified by a term such as “smoke flavoring” in the ingredients list on the product label. Liquid smoke can also be applied by drenching or dipping, spraying or atomization, or use of smoke-impregnated sausage casings. These application methods result in surface deposition of smoke components with product effects that are very similar to those produced by the surface application of natural smoke. •  Irradiation.

For more than 40 y, ionizing radiation has been used commercially to destroy bacterial and thesis bank uvt, insect contamination of food. Asian Institute Research Paper? Common sources of ionizing radiation today are electron beams, X-rays, and, more often, gamma rays (with the radioactive isotope cobalt-60, the same source used for radiation therapy in hospitals). Elaborate physical safeguards assure worker safety. Irradiation is particularly effective in reducing microbial contamination of hamburger meat and poultry, which can be contaminated by pathogens such as  Escherichia coli  O157:H7,  Salmonella , and  Campylobacter  and result in food-borne illness. Irradiation also may be applied to eliminate insects in a wide variety of foods, for example, flour, spices, fruits, vegetables, and grains (IFT 2004), to ontario thesis, prevent seeds from sprouting, and to control pathogens in fresh shell eggs, seeds for asian research paper sprouting, fresh or frozen molluscan shellfish (for example, oysters, clams, mussels, and la fille du regiment dessay cd, scallops), and fresh iceberg lettuce and fresh spinach (Morehouse and Komolprasert 2004, FDA 2008). Low doses permit fruit to institute research paper series, be harvested when ripe or nearly so, thus increasing nutritional and flavor quality, while still extending shelf life well beyond that of nonirradiated produce. Irradiation works by damaging the DNA of living organisms; the targets are typically bacteria and insects, but the DNA of the plant or animal food is of course also affected. This poses no human risk, since normal digestion completely breaks down and metabolizes the DNA, whether that damage is minimal, as with irradiation, or extensive, as with cooking. Du Regiment Dessay? Low doses of irradiation can achieve sprout inhibition and asian development bank series, insect de-infestation; medium doses are required for reduction of spoilage and pathogenic bacteria; and high doses are required for aqa gcse sterilization. Irradiated foods must be labeled as such (21 CFR 179.26[c]). Irradiation is also used at high doses and in far higher volume to institute research paper series, sterilize joint implants, bandages, sutures, drugs, cosmetics, and wine and bottle corks (Crawford and Ruff 1996; UW Food Irradiation Education Group 2010).

The effects of csbm coursework irradiation on nutritional quality vary depending on nutrient, food, and irradiation conditions (for example, dosage, temperature, and atmospheric conditions). Nutrient losses are similar to those occurring with heat and other processes (IFT 2004). Thiamin (vitamin B1) is sensitive to asian bank institute, irradiation, but loss can be minimized with packaging techniques (Thayer 1990; Fox and others 1995, 1997). Irradiation does not in any way replace existing procedures for safe handling of food. Instead, it is thesis bank uvt, a tool to achieve what normal safe handling cannot (CDC 2010). Irradiation cannot make food safe that is already spoiled (UW Food Irradiation Education Group 2010). Because of the usefulness of irradiation in dealing with microbial risks, the Centers for Disease Control and Prevention and other public health authorities have endorsed its use (CDC 2010).

The same conclusions on safety and effectiveness have been reached by international agencies (WHO 1997; Morehouse and Komolprasert 2004). Codex Alimentarius, the international food standard-setting agency, has published a  General Standard for Irradiated Foods  (CAC 2003a) and asian development paper, a  Recommended International Code of Practice  (CAC 2003b). Although regulations of irradiation of ap biology essay food vary from country to country, regulations in development institute series several countries have been or are being harmonized through compliance with the Codex  General Standard  (Morehouse and Komolprasert 2004). In the United States, food irradiation is regulated as a food additive, because in the Food Additives Amendment of the Federal Food, Drug, and Cosmetic Act of 1958 Congress defined radiation sources as food additives. The safety of irradiated food, which has been tested extensively, has been clearly demonstrated (Diehl 1995; Crawford and Ruff 1996; WHO 1997; Morehouse and Komolprasert 2004; CDC 2010). Foods made sterile by law coursework irradiation to inactivate bacterial spores (at the highest doses) have been fed for development institute research paper series years to patients with reduced immunity and to astronauts (CDC 2010; UW Food Irradiation Education Group 2010). Essay Question? Consumer concern over the safety of irradiated food was initially high, in part because of the misconceptions that come with the introduction of any new technology. Arguments against irradiation are similar to those voiced against pasteurization of milk, when it was introduced 100 y ago (UW Food Irradiation Education Group 2010). Concern still exists but has gradually declined as information on irradiation and asian institute research series, its advantages have become more widely known (Conley 1992; Bruhn 1995; Morehouse and Komolprasert 2004; IFIC 2009). The world volume of irradiated food is estimated to exceed 400000 tons annually, with the largest increase occurring in Asia (Kume and others 2009).

The food industry has been slow to adopt food irradiation in the more developed nations because of the large capital investment required; there is little incentive to ap biology essay question, invest in irradiation equipment because of asian bank research paper series funds already allocated for refrigeration, canning, and other major processes. The situation is very different in essay on safety developing areas, where existing processes are much less extensive and development bank research series, postharvest losses and the risks of food-borne illness are far greater. Some argue that this is essay on safety, where the need for development research irradiation is greatest and the ability to afford it is the lowest. In the aqa gcse, United States, irradiation could reduce  E. coli  in ground beef and  Salmonella  in poultry should products be contaminated, and could provide a needed pathogen kill step for fresh greens eaten raw. •  Extrusion. Asian Bank Paper Series? This process pushes a material through a specially engineered opening to give a desired shape and texture through increases in temperature, pressure, and shear forces. The pushing force is applied by using either a piston or a screw. In food applications, screw extrusion is predominant. Examples of traditional extruded foods are pasta, noodles, vermicelli, and la fille du regiment dessay cd, breakfast cereals. Other extruded foods include flat bread and snack foods such as corn curls, chips, crackers, chewing gum, chocolate, and soft/chewy candy.

Extrusion is also used to create flavors and encapsulate them for heat stability in institute research series processing. Thus, this process gives a desired shape, texture, functionality, and flavor. Depending on the product, an extruder can simply be a screw press or it can be a continuous cooker. In the case of a screw press, the product is usually further processed extensively, such as by frying, baking, flaking, coating, or drying, as in the extrusion process to produce cornflakes. A continuous cooker extruder can make products that are almost ready-to-eat (for example, puffed rice), requiring very little further processing. Inside an extruder, several processes may occur, including fluid flow, heat transfer, mixing, shearing, particle size reduction, and melting. In pasta manufacturing, for example, the main objective of the extrusion process is to partially gelatinize starch, compact the dough, and give it the desired shape. Du Regiment? In the case of chocolate manufacturing, however, the extruder is development bank series, used as a reactor to generate key flavor attributes.

And, in la fille du regiment the case of bank research paper series flat bread, an extruder is used to develop the desired expanded and porous structure. Food extrusion is generally considered a high-temperature, short-time (HTST) process. The food components are exposed to aqa gcse law coursework, temperatures above 284F for a very short time, generally a few seconds. This gives a distinct advantage over conventional pressure cooking, in which the exposure could be several minutes at temperatures near 212 to 248F. Any cooking process causes loss of heat-sensitive nutrients, flavors, and colors. A combination of higher temperature and shorter time is desirable because it retains nutrients better than a combination of lower temperature and asian institute research paper series, longer time. It has been found that vitamins A, C, E, B1, and folic acid are very sensitive to extrusion, whereas the B-complex vitamins B2, B6, B12, niacin, calcium pantothenate, and biotin are stable during extrusion. Extrusion offers a good method for reducing antinutritional factors in legumes. For example, in peas, extrusion has been found to be more effective than germination for reducing tannins, polyphenols, and ontario psychology undergraduate thesis conference, trypsin inhibitors. Extruders have been used as bioreactors for pretreatment of asian bank cereal grains for subsequent ethanol fermentation, enzymatic conversion of starch to glucose and question, maltose, and sterilization of institute paper series ground spices such as black pepper, white pepper, and paprika. Extrusion has been shown to dessay cd, reduce the deleterious microorganisms in bank institute research paper spices to cd, well below maximum allowable levels.

Extrusion is an environmentally friendly process that uses heat and power efficiently and does not produce effluents. In addition, the same equipment can be used to development institute paper series, make a variety of products. Extruded products are safe to essay question, consume, with no known harmful effects. •  Modified/Controlled Atmosphere. The shelf life of many fresh foods has been extended by controlling the composition of the gas environment in direct contact with the product. Bank Research Series? For products with shelf life limited by chemical or enzymatic reactions involving oxygen, reducing or eliminating the oxygen content of the environment provides significant extension of the ap biology question, product shelf life (Floros 1990). The shelf life of fresh fruits and vegetables is extended by controlling both the development paper series, oxygen and carbon dioxide composition of the atmosphere surrounding the products, which are still actively undergoing respiration and continue to essay, convert oxygen to carbon dioxide. Large-scale controlled-atmosphere storage of asian research paper series fruits and vegetables has become a standard approach to maintaining the highest product quality between the time of harvest and delivery to the consumer.

More recently, controlled-atmosphere packaging has also become very common. This approach has evolved with the development of csbm coursework shipping containers and packaging films that allow for selective transmission or removal of different respiratory gases or the natural fruit-ripening gas ethylene (Floros and Matsos 2005). The modification of product atmosphere must be approached with caution, because of the response of certain microbial populations. The most serious concerns are with anaerobic pathogens, such as  Clostridium botulinum , that have the potential to asian institute series, grow and produce toxins in an oxygen-free environment. Essay? Several packaging systems have been developed based on these concepts, but are limited in application.

•  Additives. Food additives are adjuncts to food processing. They extend the range and development research paper, flexibility of the aqa gcse, relatively few food processes available, and they improve the economics of the processes. For example, without stabilizers, ice cream would quickly become “grainy,” as small ice crystals grow into large ones. Without fumigants, flour and other grain products and spices would be wormy, as they once were years ago. Without fortification of milk and flour and the addition of iodine (in the form of iodate) to salt, rickets and goiter would still occur. Without artificial colors, many foods, such as gelatin, would be unattractive because natural colors lack the stability and bank, coloring power of the synthetics. Without nonnutritive sweeteners, a great many sweetened beverages, desserts, and confections would have unacceptable calorie contents or contain levels of sugar that cannot be consumed by certain individuals, such as people with diabetes and many others.

Anticaking agents, enzymes, preservatives, emulsifiers (which allow immiscible liquids such as oil and water to essay begins, form a stable mixture), humectants (which affect moisture retention through their affinity to water and stabilizing action on asian development research paper series, water content), and many other additives add significantly to the safety, nutritive value, attractiveness, convenience, and economy of our modern food supply. The practical definition of du regiment dessay cd a food additivenot the far longer, involved legal definitionis “Any substance added to food in small amounts to achieve a particular technical effect.” The  Code of asian institute research paper series Federal Regulations  (21.170) recognizes 32 categories of additives allowed for their technical or functional effects. Among them are acidifiers, antioxidants, emulsifiers, leavening agents, micronutrients, and nonnutritive sweeteners. There is no formal distinction between “food ingredient” and “food additive.” Common usage would suggest that an ingredient used at less than perhaps 1% of a food would be an “additive.” In a hard candy, for aqa gcse example, sugar is the food itself; color and flavor are the additives. In a lightly sweetened beverage, however, sugar could be an “additive.” There are more than 2200 additives in use, the majority of which are flavoring ingredients. Figure 3 displays the distribution of development paper series additives in use during the recent decade, ranked by per capita annual consumption in thesis bank uvt the United States food supply. The figure identifies only asian development institute paper series a few examples in the different ingredient categories.

The graph shows  use , the amount that disappears into the food supply. Actual  consumption  is significantly lower because of ontario undergraduate thesis plate waste and, in the case of volatile additives such as flavors, volatilization. Asian Development Bank Series? Thus, the amounts in a similar graph of actual consumption would be lower than those shown here. The median additive, with half of the total used in larger amount and half in lesser amount, is thesis bank uvt, slightly more than 1 mg/person/y. Bank Institute Research Paper? The per capita consumption of a heavily used substance, such as a nutritive sweetener, frequently exceeds the per capita consumption of an essay, ingredient in a much less used category. For example, a flavoring ingredient that because of its potency is used at very low levels will have a per capita consumption much lower than almost all other ingredients added to food. Substances intentionally added to food in decreasing order of per capita annual use.

•  Packaging. Many different types of food packages are used for several different reasons. Food is packaged primarily to contain the product, protect the product from contamination, enable convenience, and development bank, provide information (Paine 1991; Robertson 1993; Yam and others 2005; IFT 2008). Most food products are delivered to the consumer in some type of package. La Fille Du Regiment Cd? Foods that have received some type of preservation process are placed in a package to ensure that the product attributes enhanced by the process are maintained. Even fresh produce is packaged after receiving a washing and cleaning process. Packaging offers a critical component of food safety by preventing contamination from development bank series, pathogens. In addition, packaging extends the shelf life of the product by providing a physical barrier to or protection from atmospheric oxygen and moisture, light, and du regiment cd, other agents that would accelerate deterioration of the product. Finally, packaging is the asian institute paper series, vehicle by which legally required information is presented to the consumer in the form of the thesis bank uvt, label bearing information about the product identity, quantity, ingredients, nutrient content, expiration date, and commercial source. Packaging has advanced from glass bottles, paperboard cartons, tin-plated soldered side-seam steel cans, and aluminum foil to 2-piece aluminum cans with “pop tops;” plastic, flexible, rigid, semirigid, and multilayer containers; microwave safe packages; and active and intelligent packaging (Floros and others 1997, 1998; Suppakul and others 2003; Ozdemir and Floros 2004; Yam and others 2005; Han and Floros 2007; IFT 2008). Innovations were driven by a number of asian research paper series forces, including convenience, consumer desire for minimally processed foods, changes in retail and distribution practices; foodservice needs; trend toward more sustainable packaging; and demands for law coursework global and fast transport of food (Suppakul and institute research, others 2003; IFT 2008).

Aseptic packaging is a major area of food packaging that has significantly increased the safety, quality, availability, and essay begins, convenience of certain foods around the world, while reducing the amount of energy needed to preserve and store such foods. The major difference between aseptic packaging and traditional methods of food packaging is that in aseptic packaging the product and the packaging material are continuously sterilized separately. Then, under aseptic conditions that prevent recontamination of the product, the sterile package is filled with the cooled sterile product and hermetically sealed to produce a shelf-stable final product with extended shelf life and no need for refrigerated storage. This technique has allowed for substantial improvements in the quality of the final product, mainly due to the much milder heat treatment that the product undergoes compared to the traditional thermal process (Floros 1993). Large-scale aseptic bulk processing and packaging, combined with aseptic storage and asian bank, transportation, contributes significantly to reduction of postharvest fruit and thesis bank uvt, vegetable losses and asian institute research series, greater availability of these food products around the world. Many advances in the packaging of food took place in the past 20 to 30 y, producing a wide variety of new materials and processing technologies. Essay Question? The steady accumulation of research developments indicates that food packaging will continue to evolve and respond to the changing needs of the food system and the increased demands of consumers. To meet consumers’ growing demands for fresh-like and highly nutritious foods with guaranteed safety, several alternative preservation technologies have been developed during the past 15 to 25 y for application to food products. These technologies include both (1) novel thermal processes such as microwave and ohmic heating, which are much faster than the development research, currently widespread canning method to produce shelf-stable foods and aqa gcse law coursework, (2) other physical methods that do not use heat as a primary mode of inactivating microorganisms in foods, such as ultra-high pressure (UHP), pulsed electric fields, ultrasonic waves, high-intensity pulsed light, and others. Each of these alternative technologies has unique characteristics and potential for expanded applications in different categories of food products.

The goal of all the asian bank institute paper series, new processes is to reduce the overall time and aqa gcse law coursework, temperature exposures of the foods so that they are safe and more like fresh or freshly cooked items. The nonthermal methods are primarily being used to asian bank institute paper, replace traditional thermal pasteurization of foods. •  Microwave Heating. This method of undergraduate thesis heating prepared foods and asian bank institute paper, beverages and cooking raw foods is csbm coursework, well known and accepted by consumers, but applications for food preservation are still evolving. Some microwave-processed foods are marketed in Europe and research paper, Japan. In the past year, FDA accepted applications under the low-acid canned food regulations for microwave sterilization, both in a continuous mode for a sweet potato puree that is aseptically packaged in csbm coursework sterile flexible pouches, and for a semicontinuous process for prepackaged food in limited batches. •  Ohmic Heating. This process, also called electrical resistance heating, Joule heating, or electroheating, involves passing electricity through the food via contact with charged electrodes. The electrical energy results in rapid, uniform heating, in contrast to the slow conduction and convection heating of conventional thermal processing, thereby allowing for greater quality than canned counterparts.

It is particularly useful for heat-sensitive proteinaceous foods (Ramaswamy and others 2005). Asian Development Institute Research Series? Ohmic heating has been applied in limited situations to such foods as cut and whole fruit and liquid eggs, but applications may expand to soups and conference, similar items in the future. •  High-Pressure Processing. This process, also known as high-hydrostatic-pressure processing and UHP processing, seems to asian bank paper, have a promising future for csbm coursework food preservation, since reductions in microbial populations can be accomplished without significant elevation of product temperature. The use of pressures approaching 100000 pounds per square inch for holding times of a few minutes produces a processed food with the taste, color, and texture similar to fresh. Following the successful introduction of paper series a pressure-treated guacamole product in 1997, a growing number of ready-to-eat meats and ap biology, other refrigerated items, including raw oysters, have been treated by high pressure to asian bank research paper series, meet food safety standards for such products and have increased their high-quality shelf life. When elevated temperatures are used in combination with UHP, the aqa gcse, microbial spores in the food can be inactivated. In 2009, a pressure-assisted thermal sterilization process developed by a consortium of development research Army and industrial researchers at the Natl. Center for la fille du regiment Food Safety and Technology was accepted under the low-acid canned food regulations by FDA (NCFST 2009). This process is more rapid and less damaging to several food quality attributes than traditional thermal sterilization because application of pressure rapidly and uniformly heats packaged food in the pressure vessel to the desired end temperature, and then, when pressure is released after a few minutes the product returns to the original temperature.

•  Pulsed Electric Fields. Use of very high voltage (20 kV) and very short, microsecond, electric pulses has potential as a nonthermal method for pasteurization of fruit juices and other fluid or pumpable products. Institute Research Series? The process is aqa gcse, being optimized, but more information needs to be evaluated on the impact of the process on food components, first to bank series, assure microbiological safety and then to determine the thesis bank uvt, impact on sensory quality as well as content of key nutrients (Sanchez-Moreno and others 2009). Recent research has shown not only that some of these alternative novel processes allow production of asian bank research very high quality items, but also that those items may have a higher nutritive value than similar items produced by traditional thermal processes because the thesis bank uvt, novel processes result in less chemical damage of development bank paper series key micronutrients. To achieve acceptance first by the regulatory authorities and then by consumers will require an overall evaluation of each of these novel processes. Approximately 30 to 40% of raw food materials and ingredients are lost between the points of production and consumption. Essay? The magnitude of these losses, and the contributing factors, are different in developing countries compared to industrialized countries (Godfray and others 2010). For example, food losses in the developing world are primarily due to asian institute paper, the lack of an infrastructure, as well as lack of thesis bank uvt knowledge of or investment in the means to protect from losses arising from damage and spoilage attributable to rodents, insects, molds, and other microorganisms. Significant losses occur during production, harvesting, and on-farm storage. In contrast, in industrialized countries, food losses are more significant in series retail and foodservice establishments and in csbm coursework the home. Asian Bank Institute Series? The losses in developed countries are attributable to begins at home, several factors, including the relatively low costs of food and the lack of development bank institute paper incentives to avoid wastes (Godfray and others 2010).

Commercial food manufacturing operations are more efficient in ontario thesis the conversion of raw materials into consumer products than home processing and preparation. Moreover, there are significant economic incentives for food manufacturing operations to minimize waste streams, resulting in the use of new or modified processing methods, in-plant treatment, and reuse (Hang 2004). Many food processing waste streams are used for animal feed (Hudson 1971), and processes have been developed for converting waste materials into biofuels, food ingredients, and other edible, valuable bioproducts (Hang 2004). These waste-management practices are being refined as part of the trends in life-cycle assessment of the environmental impact of the entire food chain (Ohlsson 2004). Through such assessments, the food industry is identifying the steps in the food chain that have the greatest environmental impact. The assessments become the asian development institute, basis for selection of alternative raw materials, packaging materials, and other inputs, and an overall improvement in waste-management strategies (Ohlsson 2004). Life-cycle assessments provide a much more accurate understanding of energy consumption and thesis conference, waste production than popular concepts such as food miles (Mattsson and Sonesson 2003). An example of life-cycle assessments is the comparison of asian research paper series high value added products, such as pork, with a highly productive crop, such as potatoes. The analysis indicates that for the high value added product, the largest energy consumption and production of csbm coursework emissions and other wastes is in the agricultural sector (that is, on asian institute series, the farm). In contrast, the major part of energy use for a highly productive crop is by thesis bank uvt the consumer (in the home) (Ohlsson 2004).

Thus, to asian institute research, reduce energy contributions to global warming and generation of pollutants, it would be appropriate to begins, target reductions where they would have the asian development bank institute research series, greatest effect (for example, on the farm for items such as pork and in the home for items such as potatoes) rather than simply focusing on food miles or food processing. In summary, the processing of a food or beverage includes an array of technologies and processes to transform raw food materials and ingredients into consumer food products. Essay At Home? The primary purpose of asian development paper series these processes is for preservation (for example, transforming perishable fruits and vegetables with the highest quality outcome possible into products available throughout the year around the world) and to ensure food safety. The processing of a food does create some changes in the quality attributes of the product. In some cases, these changes are intentional and begins at home, provide improvements in the nutritive quality, texture, appearance, and flavor of the product. In other cases, the changes may simply make the product different, without improving or changing its quality. Processed foods and beverages can have positive nutrient benefits beyond those of the raw or home-prepared product. Asian Bank Institute Research Series? Nutrient retention is highly variable, depending on commodity, cultivar, timing of harvesting, storage conditions, nutrient type (for example, sensitivity to heat or oxygen, and water solubility), and processing method. Depending on ontario undergraduate, these variables, processed foods may have more nutritional value (due to greater bioavailability of beta-carotene or lycopene, for asian bank institute series example) than the fresh product (Rickman and others 2007a, 2007b). In addition, some processed products (for example, canned and frozen fruits and vegetables) are often a better value for the consumer than the “fresh” or raw product. Food expenditures, as a percentage of household expenditures, in the United States are the lowest in the world: 5.6% compared to 9.1% in Canada, 11.4% in Germany, 24.1% in Mexico, and 44.1% in Indonesia (ERS 2008).

Cost is an extremely important variable to most consumers in making food and question, other purchases, particularly to those with low incomes. Many of the most economical foodsprocessed meats, snack foods, caloric soft drinkshave high-calorie contents. People purchase them because they like the taste and consistency, and because they are good value. They have a legitimate role in our food supply, but that role should not be excessively large. The future of the agriculture and food system will be largely determined by the trajectory of 3 major trends: the population and its associated demographics; availability and type of energy resources; and climate as it influences available land, water, and air quality. Institute Research? Population is the dessay cd, most important by far, since it drives the others (given the impact on demand for arable land, for example) through its multiplier, the asian development paper, standard of living (consumption rate). However, the technologies deployed will also be a matter of scientific understanding, public policy, consumer attitudes, and fiscal resources. Historical perspectives and future development. Assuming that the goal is aqa gcse law coursework, a sustainable future, Warren Belasco (2006) considered in his book  Meals to institute series, Come: A History of the Future of Food  the perspectives of 3 people living in the 1790s: Thomas Malthus, who was concerned about aqa gcse, population growth; the enlightenment philosopher Jean-Antoine-Nicolas de Condorcet; and William Godwin, who believed that inequitable distribution was the problem. From these historical perspectives, Belasco proposed 3 possible cornucopian futures: (1) the classical, based on expansion into new areas (for example, expand food production and processing); (2) the modern, the development bank institute, belief in scientific and technological solutions; and thesis bank uvt, (3) the asian development bank research paper, recombinant, a blend of the la fille cd, radical modern with the development bank institute series, familiar classical (for example, share resources more efficiently). Wrangham (2009) called for increased research into food physics, or what has recently been termed “food materials science,” especially the relationships between food structure and nutritional value.

While Michael Pollan (2008), in his book  In Defense of Food: An Eater's Manifesto , laments modern “nutritionism,” he points to the need for du regiment dessay cd more science as well. Foreshadowing today's “molecular gastronomy” (study of the physical and chemical processes occurring during cooking), Gerald Wendt, science director of the 1939 World's Fair, wrote that foods “will abandon all pretense of imitating nature” (Belasco 2006). In reality, this has always been the case; for example, bread, cheese, and tofu are all foods that are created from the raw substances of nature but have no natural analogs. Food culture evolves, albeit slowly. In his classic dystopic 1973 novel  Make Room, Make Room , on which the movie  Soylent Green  was based, Harry Harrison envisioned a meager and unappetizing diet of soybean and asian development, lentil steaks, tilapia, soymilk, seaweed, and energy drinks (Harrison 1973). Today, however, some people seek out undergraduate conference, these products (quite a change in asian bank institute research series 2 generations). Harrison mentioned chlorella (algae) oil as the lowest of food ingredients, but chlorella is now taken by thesis bank uvt some as a supplement or added to foods or animal feeds to boost omega-3 intake. Surimi is an example of technology applied to increase both stability and asian institute research, distribution of a raw commodity (fish) but that also increases the value of the product, as in surimi-based imitation crab. In the future, many other new products from fish may be seen, just as has been the case with numerous meat sausages.

Not only can the essay on safety at home, conversion of macronutrients (for example, proteins and carbohydrate polysaccharides) to bank paper series, calories be modulated by ap biology essay processing (such as the asian development bank research series, effect of high-pressure processing on protein conformation and hence conversion to calories), but also micronutrients bound up in the cellular structure of csbm coursework foods can be made more bioavailable by appropriate novel processing methods, such as high-pressure processing and pulsed electric fields (Sanchez-Moreno and others 2009). Development Bank Institute Paper? Even if heating may result in a lower total quantity of vitamins and other micronutrients in the food than in aqa gcse their raw counterparts, making them appear less nutritious, the bioavailability of asian development bank research series some of these micronutrients may actually be greater, making some processed foods more healthful. Novel emerging processes not totally relying on question, heat seem to offer the potential to increase bioavailability of classic micronutrients and to spare many of the labile phytochemicals (plant metabolites, some of which are known to development institute paper series, have human health benefits) that are a major advantage of fresh fruits and vegetables. Solving the diet-and-disease challenge. The solutions to aqa gcse, the diet-and-disease problem are complex and require a multipronged strategy from both the public and private sectors.

The report of the 2010 DGAC recognized that ensuring that all Americans consume a health-promoting dietary pattern and achieve and asian institute research series, maintain energy balance requires far more than individual behavior change (DGAC 2010). The DGAC's report contained 4 primary recommendations: •  Reduce the incidence and csbm coursework, prevalence of overweight and obesity of the U.S. population by reducing overall calorie intake and increasing physical activity; •  shift food intake patterns to a more plant-based diet and increase the intake of seafood and fat-free and bank institute research paper series, low-fat milk and csbm coursework, milk products and asian development paper series, consume only moderate amounts of lean meats, poultry, and eggs; •  significantly reduce intake of foods containing added sugars and begins, solid fats, reduce sodium intake, and lower intake of refined grains; and •  meet the 2008 Physical Activity Guidelines for Americans. The report expressed an urgent call to asian development bank series, action and recommended that a strategic plan be developed that focuses on ontario thesis conference, the behaviors and actions needed to successfully implement these 4 key recommendations. A healthful diet is determined in totality, not just by a choice to include or exclude one single food or beverage. Development Paper Series? Decision-making and priority setting should be made in this context. Policy makers must carefully consider promoting an environment where better and more nutritious foods are readily available, while respecting consumer choice. Recently, local governments have created bans on on safety begins at home, certain food ingredients such as  trans  fats. While we have a history of development bank institute research understanding the csbm coursework, impact of food fortification, the development bank research paper, impact of this type of on safety begins regulation is not yet clear and remains to asian development institute, be demonstrated.

Consider salt as an example. Du Regiment? The typical American consumes almost 150% of the recommended daily value for sodiumalmost a tablespoon a day. Development Institute Research Series? A recent report by ap biology question the Inst. of Medicine (IOM 2010) declares that voluntary salt reduction has not worked. Asian Research Series? The IOM recommendations include modification by FDA of the Generally Recognized as Safe status of ingredients containing sodium and national standards to lower consumption, stepwise reduction in salt content of ap biology essay processed foods and bank research paper series, menu items in restaurants to allow American consumers to undergraduate thesis, adapt their tastes to foods with lower levels of sodium, enhanced monitoring and surveillance of compliance with the recommended new FDA standards, increased funding for research that links salt consumption to consumer preferences at asian development bank institute research paper, different stages in human life, and development of programs that increase consumer awareness of elevated salt consumption. The most widely understood functional property of salt in foods is enhancement of flavor. Consumers can adapt their tastes to lower levels of salt in their diet over time (Dahl 2005), but an law coursework, abrupt change may lead to widespread resistance (IOM 2010). Mandated reduction in asian bank series salt content of formulated foods and thesis bank uvt, restaurant recipes would need to be carefully coordinated, as salt concentration provides significant economic advantage to asian research series, those who do not comply. On Safety? Surveillance of restaurants that are not bound by strict recipes but have chef autonomy will be difficult to monitor.

Also, the freedom of consumers to add their own salt via readily available shakers makes it difficult to determine actual levels of consumption (Dahl 2005). Salt functions as a preservative by lowering a W to inhibit or halt microbial growth. The safety of some formulated products would not be affected by salt reduction, but the safety of many others could be compromised (Taormina 2010). Salt-cured products such as country hams that contain as much as 1700 mg of sodium (70% of the daily value) in just a 3-ounce serving (Voltz and Harvell 1999) would probably disappear from supermarket shelves and restaurant menus. Other products that could be at risk with significant reduction in sodium content include deli meats, hard and soft cheeses, baked pastries, and salad dressings. Salt is also used to control fermentations for products such as olives and pickles, which could be compromised with insufficient levels of salt (Taormina 2010). Overconsumption of total calories coupled with very low physical activity and too much sedentary time is the driving force behind the development research series, obesity epidemic, rather than the macronutrient distribution of a person's diet (DGAC 2010). Consumers must make more healthful choices of diet and ap biology essay question, exercise.

Excessively sedentary lifestyles must be modified with more physical activity. Clear, accurate informationnot misinformationabout the asian development bank institute paper series, foods themselves must be provided, and far more extensive education is undergraduate conference, needed about how to use that information in making healthful, economical food choices. More emphasis is needed on the potential adverse consequences of poor eating habits, and series, the benefits of more healthful ones. Choosing foods wisely is a survival skill, one that has received far too little attention. More consumers are born every year, and those efforts must begin early in life and continue through the years.

Many resources are still being devoted to increasing the availability of indulgent foods that do not contribute to ap biology essay question, meeting the nutrient needs of consumers. The food industry must use innovation pipelines and resources to produce foods and beverages that are more nutrient-rich rather than energy dense to assist the consumer in the quest for a healthful diet. This approach is equally as important for responsibly using resources and reducing waste as is the use of technologies described above. This applies both to consumers who are food secure as well as to those who are food insecure. There are some models of the asian development bank series, food industry working in partnership to address these complex problems (Yach and others 2010). Responsible marketing is also part of the solution to a healthful diet. Csbm Coursework? Reduced-energy foods and beverages may help to moderate energy, sugar, or fat intake, but only if substituted for energy-rich versions. Simply including them in the diet may fail to institute paper, reduce energy balance. For example, recommending tea or coffee consumption (Popkin and others 2006) does not reduce energy intake for those who add sugar or cream and may replace nutrient-rich options such as milk. The foodservice industry must provide healthful offerings with available nutritional information and law coursework, appropriate portions.

Foodservice establishments have moved steadily toward larger portion sizes, as a result of consumer purchasing patterns. Food researchers must set responsible goals for application of technologies that fill the knowledge gaps, to guide the food industry in developing better products and the policy makers in research paper developing more effective public health messages. There is still much to be learned about the csbm coursework, relationship of diet composition and energy balance, the research series, effect of reduced-energy versions of foods and beverages on signaling systems, and the connection between reduced-energy products with enhanced palatability and energy intake. Law Coursework? An important area of needed research is behavior modification for consumers to achieve a more healthful diet promoted by public health messages. It would be neither practical nor possible to asian research, return to an idyllic pastoral food system. Procuring food is begins, hard work, and development institute, though many in the industrialized countries enjoy the rewards of a home garden, few would be willing to return to thesis bank uvt, subsistence farming and home food preparation full time. In the asian development bank institute research paper series, short term, the local food movement will likely expand as a result of consumer demand, as seen in the urban farms springing up in places such as Detroit, Michigan. But the local food movement has its limits, since many consumers will continue to demand out-of-season and exotic foods that cannot be grown locally, and climate conditions prevent the essay question, efficient growth of food year round in all regions. Furthermore, when water availability and the threat of desertification are considered, it can actually be more sustainable to ship grain longer distances, for example, from the United States to Kenya, than to grow it locally (Roberts 2008). With the world population expected to reach 9 billion by 2050, it is development institute paper series, necessary to ap biology question, find a means to sustainably produce about 50% more food than is currently produced.

In particular, it will be necessary to asian development bank research, provide substantially more protein, yet with substantially lower external costs (resulting impacts) (Roberts 2008). Also, application of simple and appropriate processing technologies (for example, drying) and law coursework, packaging and asian institute research, shipping methods close to food production sites to counter the large percentage of waste (up to 50% by some estimates) in less-developed areas must be fostered. Some people have envisioned urban farming in vertical greenhouses or in currently blighted urban landscapes, but this seems a rather large investment of materials and energy with perhaps the only benefit being limited local production. Similarly, while single-cell protein from algae may make sense nutritionally, it faces many hurdles, both economic and cultural. Precision farming may build on current thrusts in both organic and sustainable green agriculture to benefit both those in the developed world and those in the developing countries, where basic sustenance is a growing concern. Ronald and Adamchak (2010) stated in  Tomorrow's Table  that “the judicious incorporation of thesis bank uvt 2 important strands of agriculturegenetic engineering and organic farmingis key to helping feed the growing population in an ecologically balanced manner.” Mixed crop and livestock production systems, used to produce about half of the world's food supply, offer important synergies, such as using livestock draft power to cultivate land and manure to fertilize soil, crop residues to feed livestock, and income from livestock products to buffer against low crop yields (Herrero and others 2010). It has been suggested that the small-holder farmers in these systems should be the first target for policies to sustainably intensify production by asian development institute paper series carefully managed inputs of law coursework fertilizer, water, and feed to minimize waste and environmental impact, supported by improved access to markets, new varieties, and paper series, technologies (Herrero and others 2010). As those in industrialized countries become more aware of the beneficial phytochemical nutrients found in many crops in developing countries, such as fruits from the tropics or quinoa from South America, export markets for those foods may emerge to stabilize local economies if appropriate food processing and at home, transport infrastructures can be upgraded. Hurdle technology, using combinations of asian bank institute research series minimal technologies, has been used in developed countries for manufacturing ready-to-eat products, and may hold considerable potential for preserving certain traditional items in developing cultures. Leistner and Gould (2002) reported that much progress had been made in Latin America and India, and that interest in this technology has been seen in China, Taiwan, and Africa. There is hope for the future by embracing a “recombinant” strategy, as Belasco (2006) proposed, blending the best of the classical food sources with modern technologies.

Aquaculture, when combined with hydroponics to form aquaponics, and psychology undergraduate, innovations in meat production efficiency hold great promise for the efficient production of high-quality protein. Federoff and asian institute research paper series, others (2010) suggested that aquaculture, integrated with agriculture, is part of the on safety begins at home, answer to meeting the demands for asian development paper series food, feed, fiber, and fuel, given the implications of population growth, arable land and freshwater limits, and climate change. In addition, the judicious application of ontario undergraduate thesis recombinant DNA biotechnology (rDNA, discussed in a subsequent section) offers the ability to more rapidly transform some of the less highly bred plants, such as quinoa. Looking at teosinte now as corn or maize's ancient ancestor, would the productivity of hybrid maize be predicted? rDNA biotechnology could be harnessed to improve the protein quality of cereal grains and could also be employed to asian development bank institute paper, improve crops such as sorghum and millet to reduce antinutrients and build in begins drought tolerance. This would involve a shift in application of the biotechnology to more directly benefit consumers instead of growers and manufacturers. Asian Development Research Paper? A new Green Revolution may include an accelerated mutation breeding program (use of thesis bank uvt chemical or radiation mutagens to introduce genetic change) to build in traits to better preserve quality and development bank paper, nutrient content of key food commodities.

The 21st century has seen increased growth in knowledge of the human genome, the genomes of microorganisms, and the human microbiome (communities of microbial cells within the human body) (Human Microbiome Project 2010). In the future, as we learn many more of the complex interactions of the thousands of compounds in common foods with the human genome and intestinal microflora, the essay begins, old adage “You are what you eat” may well evolve into asian bank paper series, an optimal nutrition strategy to serve the growing human population. It is difficult to make predictions in such a rapidly changing scientific and technological atmosphere, but it is csbm coursework, certain that the “designer foods” concept (following the concept of personalized nutrition, which is asian development bank research paper, enabled by knowledge of one's genome and biome) will take on new meaning in coming years, given the accelerating pace of both the science base and law coursework, technical innovation. An  ad hoc  committee of the Natl. Research Council was charged with examining the asian development bank research paper, current state of biological research in the United States and recommending how best to capitalize on recent scientific and technological advances to find solutions to 4 major societal needs, including sustainable food production. The committee's main recommendation was for a coordinated, interagency initiative to encourage the emergence of a “New Biology” approach to challenging problems, described in the book  New Biology for the 21st Century  (NRC 2009). The essence of the New Biology is integration, described as a new level of inquiry that reintegrates the thesis bank uvt, subdisciplines of asian development bank institute research series biology and integrates physicists, chemists, computer scientists, engineers, and mathematicians, purposefully organized around problem solving. With respect to the food challenge, the New Biology requires parallel application of several technologies; computational modeling of plant growth and development at the molecular and cellular levels; cell-type specific-gene expression, proteomic, and metabolomic data; high-throughput visual and chemical phenotyping; methods to characterize the dynamics and conference, functions of microbial communities; and ready access to next-generation sequencing methods. With an integrated approach to these needs, predictive models of plant growth at the cellular and molecular level detail would allow scientific plant breeding of a new type, in which genetic changes could be targeted in a manner that would predictably result in food plants that adapt and grow sustainably in changing environments (NRC 2009). Emerging areas affecting health and wellness. There are several research areas that have the potential to greatly affect the quality of food and human health and wellness.

• Personalized Nutrition. Humans have emerged from asian development bank research, evolution with a remarkable flexibility in the range of phenotypes that they can adopt. Human adults vary in law coursework height, weight, strength, speed, endurance, flexibility, cognition, and other traits. Furthermore, humans apply these phenotypes to a remarkable range of development bank lifestyles, varying in everything from daily activities such as endurance exercise to recreational pursuits ranging from music, art, and athletics to csbm coursework, preference for foods. This basic biological truth means that as science gains more information on the interaction among genetics, environment, and bank series, phenotype, people will want to use the controllable variables of their environmentdiet and exercise, for exampleto guide their own personal phenotype. One consequence of human diversity relates to the observable variations in disease susceptibility. Disease resistance is one aspect of phenotype that everyone would like to essay question, improve.

The first priority of asian development institute research series life science research, of course, is to understand the basis of ap biology essay varying predisposition to, cures of, and recovery from disease (Collins and others 2003). The future will see humans take charge of the variables of environment to guide their own health to lower their disease risks and speed recovery. Personalizing diet will be essential to their success. The research investments of the 20th century have chronicled the basic biological processes, detailed the basic genetic sequence of organisms, and linked the complex interweaving pathways of biochemistry to variations in anatomy, metabolism, physiology, immunology, so on. Scientists are already cataloguing these same processes but are now into assigning the details of individuals. The field of nutrigenomics (interaction of dietary components such as essential nutrients with genes) is seeking to development bank research, assign the variations in dietary responses of ontario conference humans to specific genetic sequences (Muller and Kersten 2003). In parallel, the field of metabolomics is building the tools to both diagnose individual variations in metabolism and bank paper, identify the solutions to improve it (German and others 2004, 2005). As science and technologies are racing to reduce disease, the relationships between basic biology and human performance are also emerging (Handschin and Spiegelman 2008). As science understands the basis of human disease and prevention, technologies will compete to bring solutions to practice. All aspects of interventiondrugs, diet, and lifestylewill be recruited to lower disease risk.

These solutions will have to solve the 2 key dimensions of preventionindividualization and integration. Diets must be individualized, since all people are not predisposed to the same health problems. Ontario Psychology Undergraduate Thesis? In addition, diets must be integrated, since no single ingredient, bioactive or therapeutic, can solve all issues at once. The concept of multiple ingredients solving multiple targets combined into products is a logical direction for food. Foods can already be used in a personalized wayto lower cholesterol, improve blood pressure, alter intestinal microflora, and bank research paper, guide immunity.

The food industry and all of its support and regulatory systems will have to come to grips with this new reality. One of the fundamental problems of the current functional-food and health-claim system is the wildly optimistic pursuit of food ingredients that are equally effective and safe for all consumers. Personalizing will change the value system of thesis bank uvt health-promoting foods and its regulatory oversight as the benefits are targeted directly to asian development bank, those who respond. Parsing individual response (based on the individual's genotype) is at least as complex a challenge as the task of increasing or decreasing the amount of a specific protein, fatty acid, or other component of the csbm coursework, plant itself (Brigelius-Flohe and Joost 2006). Functional-food components are of increasing interest in reducing risk of a number of the development bank institute, leading causes of death: cancer, diabetes, cardiovascular disease, and hypertension. Many food components, such as plant-derived estrogens (phytoestrogens), are known to influence the expression of la fille dessay both structural genes and transcription factors (a sequence-specific DNA binding factor that controls the transfer of genetic information from DNA to messenger RNA) in humans (Kaput and others 2007). Genistein, coumestrol, and zearalenone, for example, bind to the estrogen receptor and asian bank institute, may switch on a similar set of genes, such as 17β-estradiol, the physiologic estrogen.

As personalization of health becomes increasingly important, many aspects of the agricultural enterprise will adapt to capture markets. For example, the essay on safety, growing catalog of plant and animal genomes will broaden the commodities routinely cultivated to fuel the food supply. The food industry will move away from asian bank research series, uniform branded products to branded platforms on which products are customizable. Marketing and distribution chains will also become more intimate as consumers value the personal information exchange that is critical to their foods and overall diets. The net results will once again be a marked improvement in the human condition, the ap biology essay question, quality of human lives, andas has always been true when humans are healthy and happythe rate at which we innovate. Asian Development Paper? It is a very attractive future. • Molecular Biology. Molecular biology is currently being revolutionized by whole-genome sequencing of individual microbes, as well as entire microbial communities, a field known as metagenomics (Wooley and others 2010).

These new advances are also being complemented by our increasing understanding of dessay cd gene expression and metabolism at the level of individual cells and complex microbial communities, such as those that exist within the human gastrointestinal tract. Asian Bank Institute Research Paper Series? Sophisticated gene expression arrays based on whole-genome sequences are now allowing us to see for the first time the complex and dynamic regulation of virulence genes (those coding for a pathogen's illness-causing potential)  in vivo  during the various stages of thesis bank uvt infection (Toledo-Arana and asian institute, others 2009). These recent advances will increasingly improve our understanding of how pathogenic microorganisms interact with humans and will lead to novel strategies for detecting and controlling those key pathogens that most affect human health. For example, using special whole-genome “tiling” microarraysconcentrated, orderly arrangements of thousands of gene probes on law coursework, a glass slide, used to detect all genes present within a microorganism or measure the level of development bank institute series expression of all genes within a microorganismwith overlapping nucleotides, Toledo-Arana and others (2009) were able to demonstrate how expression of thesis bank uvt various virulence genes dramatically changed as the microorganism switched from being a saprophyte (an organism that lives on dead organic matter) in the environment to asian research paper series, a pathogen in infected hosts. In the past, microbiologists focused on detecting and controlling various genera and question, species of pathogens in foods and humans. However, with the above recent advances scientists can now identify those specific genetic determinants that actually make a specific strain of a microorganism harmful to humans. This will allow a much more targeted, efficient, and cost-effective approach to detecting and controlling those strains of a species that are most likely to cause disease.

This will allow food processors and government agencies to develop much more highly focused intervention strategies that will maximize control of those strains most likely to cause disease. Also, identification of novel genetic determinants responsible for transmission and virulence will lead to development bank institute research series, rapid sequence-based approaches for determining the molecular epidemiology of various pathogens (Chen and aqa gcse law coursework, others 2010). Development Bank Institute Research Paper Series? Such rapid sequence-based approaches are becoming increasingly high throughput and cost effective and have numerous other advantages, including much greater specificity, reproducibility, epidemiologic relevance, and ontario psychology undergraduate thesis conference, portability via the Internet. Such advances will result in a global sequence-based epidemiology network for rapidly tracking and controlling dangerous strains of food-borne pathogens, which increasingly are capable of being quickly spread around the globe as a result of international trade and air travel. Metagenomics is starting to reveal the diverse, complex, and dynamic microbial communities in the human gastrointestinal tract, many of whose members may be unculturable in the laboratory (Ley and others 2008; Wooley and others 2010). Microbial members of the microbiome in the human gastrointestinal tract actually outnumber their eukaryotic counterparts (organisms whose cells have a nucleus that contains their genetic material) in the human body and may be playing major roles in development bank institute research paper series maintaining and promoting human health (Neish 2009). Recent advances in metagenomics will have a major impact on our understanding of how probioticsmicrobes that have a beneficial health effect and are of increasing importance to both consumers and the food industrycontribute to human health. Probiotics will continue to gain in importance as the question, population ages and more people become at risk for asian development bank institute research various pathogenic and chronic diseases and increasingly look for novel probiotics that can prolong health and wellness.

Molecular methods will allow food scientists to identify those genetic determinants that are critical for probiotic effects and introduce those strains into more different kinds of foods to help consumers achieve their health and wellness goals. Whole-genome and thesis bank uvt, metagenomic approaches will also be used to better understand how probiotic microorganisms interact with both the development institute, human microbiota and human cells and organs to achieve various health and wellness benefits. These same techniques will also allow researchers to engineer “designer probiotics” that target specific pathogens and toxins. Pathogen-derived stress-response genes might be used to create more robust probiotic strains with increased host and processing-associated stress-tolerance profiles. Also, functional metagenomics may be used to thesis bank uvt, identify novel genes with probiotic attributes from diverse and vastly unexplored environments, such as the bank research paper series, human gastrointestinal tract (Culligan and others 2009). Whole-genome approaches will also be used to develop novel molecular methods for tracking and question, controlling specific strains of probiotics throughout the food system. This will allow food companies to differentiate the unique probiotic products they have developed from others in the marketplace. Development Bank Institute Research Series? These approaches will allow food companies to both promote these unique products and also protect their investment, thus increasing profitability. • Microbial Ecology. With potential impact on food quality and health and wellness, microbial ecology examines the diversity of microorganisms and how microorganisms interact with each other and their environment to ap biology essay question, generate and maintain such diversity. While microbial ecology is not a new concept, it is of increasing interest to development institute series, many food microbiologists, because it explains the presence and functioning of ontario microbes in complex and asian development bank institute research paper, dynamic food environments, both outside and inside the gastrointestinal tract.

Another reason microbial ecology is undergoing a renaissance is the development and application of genomics tools. Culture-independent genomics tools are now allowing more accurate estimations of the total microbial ecology in foods inside and outside the gastrointestinal tract. However, genomics tools have also exposed how little we know about the vast diversity of microorganisms that colonize foods and aqa gcse law coursework, the human gastrointestinal tract. Foods outside the gastrointestinal tract often harbor a complex and dynamic community of nonpathogenic spoilage flora that affect various quality attributes, such as taste, flavor, texture, appearance, and shelf life. They also often can contain pathogens and development, probiotic bacteria that can greatly influence the health and thesis bank uvt, wellness of humans who consume them. Asian? After foods enter the gastrointestinal tract, microbial ecology becomes even more complex and dynamic, as a result of the interaction of the numerous biotic and law coursework, abiotic factors located there. Until very recently, microbial diversity in these environments was estimated using culture-dependent approaches. However, the culture-dependent methods cannot accurately describe naturally occurring microbial communities, because they only asian development research target those we know how to culture and those that can grow in a specific growth medium.

In the past 20 y, the application of genomics and metagenomics tools has revolutionized microbial ecology studies and drastically expanded our view of the previously underappreciated microbial world, including environments on and in foods and those within the human gastrointestinal tract (Xu 2006). How can we best use microbial ecological data gained through genomic analysis to better understand and control microorganisms on foods and in the gastrointestinal tract? To answer this question, an essay on safety begins at home, interdisciplinary systems approach is development bank research paper, needed. This approach will require the integration of the analyses at various levels of ecological organization, from subcellular and cellular levels to those of individuals, populations, communities, and ecosystems. Indeed, the American Society for Microbiology has issued a call to create an integrated approach called systems microbiology to coordinate such efforts and to ontario undergraduate conference, set it as a priority area for future development (ASM 2005). As we understand more about the complex and dynamic microbial ecology of foods, we will be in a better position to manipulate those biotic and abiotic factors that enhance food quality and/or health and wellness. A number of other new technologies are being developed, with promising and potential benefits. • Biotechnology. In the simplest and broadest sense, biotechnology is a series of development bank institute research technologies applied to living organisms or their subcellular components to develop useful products, processes, or services. Many of the products we eat and wear are, or can be, developed using the tools of biotechnology.

The first generation of products commercialized from biotechnology were crops focusing largely on on safety begins, input agronomic traits, primarily in response to biotic stresspressure from organisms such as viruses, bacteria, and insects that can harm plantsand the vast majority of development paper biotechnology crops have been in the area of pest resistance and herbicide tolerance. Biotechnology-derived papaya, squash, and sweet corn are commercially available in psychology thesis the United States; enzymes produced using recombinant DNA methods are used to bank institute research, make cheese and low-lactose milk, keep bread fresh, and produce fruit juices and wines; and on safety, bioengineered  E. coli  is used to produce human insulin (Baines 1991; Lemaux 2008; Newell-McGloughlin 2008). Two varieties of ricereferred to as Golden Ricehaving increased levels of beta-carotene, a precursor of development institute series vitamin A, have been developed and are in use in ontario undergraduate conference the Philippines, India, Bangladesh, China, and Vietnam (Lemaux 2008). Other products made using rDNA methods include food supplements such as vitamin B2 (riboflavin) (Lemaux 2008). Significant advances in food biotechnology applications are occurring in development bank institute research series many areas (Newell-McGloughlin 2008). These include increasing vitamin levels in crops, such as vitamin E in soybean, maize, and canola, and increasing bioavailable iron levels in rice, maize, and lettuce. Biotechnology is also being used to reduce food allergens, address food intolerances, and reduce naturally occurring toxins in plants. There is tremendous potential in additional opportunities, described below. The Intl. Essay On Safety At Home? Food Information Council's thirteenth annual survey of consumer perceptions of food biotechnology (IFIC 2008) found that concerns about biotech use are low and that the likelihood to purchase biotechnology-derived foods for special benefits remains high and stable.

A more recent survey (IFIC 2010) found that consumers responded most positively to development bank research paper series, benefits of biotechnology pertaining to the environment and sustainability. The set of technologies that constitute the biotechnology “toolbox” has introduced a new dimension to agricultural and du regiment, food production innovation. Agricultural biotechnology offers efficient and cost-effective means to produce a diverse array of novel, value-added products. In addition to the applications already discussed, biotechnology has the potential to asian institute paper series, increase food production, improve food quality and healthfulness, reduce the dependency of agriculture on chemicals, alleviate biotic and abiotic stress (for example, high salt or temperature extremes), and lower the cost of raw materials, all in an environmentally sustainable manner. While the scope of biotechnology's influence in the food industry is broad, the tools of this technology have potential for a major impact in csbm coursework 4 principal areas: crop and institute, animal agriculture, bioprocessing, and diagnostics (Newell-McGloughlin 2008). It is possible to enhance the growing season, yield, disease and pest resistance, and other properties of crops and enhance the nutritional content, texture, color, and flavor of csbm coursework foods. Transgenic techniques can be applied to farmed animals to improve their health, growth, fitness, efficiency of production, and other qualities such as meat and milk. Microorganisms can also be engineered to development paper, improve the la fille dessay cd, quality of our environment. In addition to the opportunities for a variety of new products, including biodegradable products, bioprocessing using engineered microbes, offers new ways to treat and use waste and to asian research, use renewable resources for materials and at home, fuel. Instead of depending on nonrenewable fossil fuels, organisms can be engineered to convert maize and cereal straw, forest products and municipal waste, and other biomass to produce fuel, plastics, and asian bank institute research paper series, other useful commodities. The coming generations of crop plants developed via biotechnology can be generally grouped into 4 broad areas: continuing improvement of agronomic traits such as yield and tolerance to abiotic stress, in addition to the biotic stress tolerance of the present generation; crop plants as biomass feedstocks for biofuels and “bio-synthetics;” value-added output traits such as improved nutrition and csbm coursework, food functionality; and development bank paper series, plants as production sources for therapeutics and industrial products (Newell-McGloughlin 2008).

Developing and commercializing plants with these improved traits, however, involves overcoming a variety of technical, regulatory, and perception challenges inherent in perceived and real challenges of complex modifications. Both the panoply of traditional plant-breeding tools and ontario undergraduate thesis conference, modern biotechnology-based techniques will be required to produce plants with the desired quality traits. From a health perspective, plant components of asian development bank institute paper dietary interest can be broadly divided into 4 main categories, which can be further broken down into positive and negative attributions for human nutrition: macronutrients (proteins, carbohydrates, lipids/oils) and ap biology essay question, fiber; micronutrients (vitamins, minerals, phytochemicals); antinutrients; and allergens, intolerances, and toxins (Newell-McGloughlin 2008). In some cultures, either by design or default, plant-based nutrition constitutes almost 100% of the diet. Asian? Given this situation, one can deduce that significant nutritional improvement can be achieved via modifications of staple crops (Newell-McGloughlin 2008). A growing body of law coursework evidence indicates that food components can influence physiological processes at all stages of life. Approximately 25000 of the 200000 or so metabolites produced by plants have known value in the human diet (Go and others 2005).

Analysis of these metabolites, specifically metabolomic analysis, is a valuable tool in better understanding what has occurred during crop domestication (lost and silenced traits) and in designing new paradigms for more targeted crop improvement that is better tailored to current needs (Hall and asian institute paper, others 2008). In addition, with modern techniques, we have the potential to seek out traits of value that were limited in previous breeding strategies. Research to improve the nutritional quality of plants has historically been limited by a lack of basic knowledge of plant metabolism and the challenge of resolving complex interactions of thousands of metabolic pathways. A complementarity of techniques, both traditional and novel, is needed to metabolically engineer plants to thesis bank uvt, produce desired quality traits. Metabolic engineering is generally defined as the development bank institute paper, redirection of one or more reactions (enzymatic and otherwise) to improve the production of existing compounds, produce new compounds, or mediate the degradation of law coursework undesirable compounds. This involves the redirection of cellular activities by the modification of the enzymatic, transport, and/or regulatory functions of the plant cell. Significant progress has been made in development research recent years in the molecular dissection of many plant pathways and in essay question the use of asian development bank institute research paper series cloned genes to engineer plant metabolism. With evolving “omics” tools (genomics, proteomics, metabolomics), a better understanding of the totality of effects of metabolic engineering on metabolites, enzyme activities, and metabolic fluxes (rates of turnover of molecules through a metabolic pathway) is beginning to be developed.

A number of new approaches are being developed to counter some of the complex problems in metabolic engineering. Through these new technologies, the csbm coursework, limitation of single-gene transfers has been overcome and the attendant transfer of multiple components of metabolic pathways has been facilitated. For example, it is now possible to design “minichromosomes” that carry cassettes of genes, enhancing the ability to engineer plant processes such as the production of complex biochemicals. Paul Christou's laboratory at the Univ. of Lleida in Madrid, Spain, used combinations of genes in a modification that introduced multicomplex metabolic pathways coding for increased beta-carotene, vitamin C, and folate, effectively creating a multivitamin maize cultivar (Naqvi and others 2009). This system has an added advantage from a commercial perspective in that these methods circumvent problems with traditional approaches which not only limit the development research series, amount of sequences transferred but also may disrupt native genes or lead to poor expression of the transgene, thus reducing both the numbers of transgenic plants that must be screened and the subsequent breeding and other related steps required to du regiment, select a suitable commercial candidate. Regulatory oversight of engineered products has been designed to asian development series, detect any unexpected outcomes in rDNA biotechnology-derived crops, and, as demonstrated by Chassy and others (ILSI 2004a, 2004b; ILSI 2008), existing analytical and dessay, regulatory systems are adequate to address novel metabolic modifications in development bank paper series nutritionally improved crops. • Nanotechnology. Nanoscale science, engineering, and technologyreferred to as nanotechnologyinclude the fundamental understanding and technological advances arising from the understanding of new physical, chemical, and undergraduate, biological properties of series matter at the length of scale of approximately 1 to 100 nanometers (nm). Nanotechnology has far-reaching implications for science, engineering, and technology in the 21st century, with tremendous potential for societal benefits and the potential to revolutionize agricultural production and food systems (CSREES/USDA 2003; IFT 2006; Magnuson and others 2007; IFT 2010).

Nanotechnology is rooted in the vision of Richard Feynman, 1959 Nobel Laureate in physics, who envisioned the ability to du regiment dessay, closely observe and control phenomena and behaviors of matter at development research, the nanometer scale with atomic precision. His vision became reality in the mid-1980s when instrumentation advancements (for example, scanning tunneling microscopy and atomic force microscopy) enabled seeing nanoscale structure and interactions and thesis bank uvt, manipulation of individual atoms with precision. Occurring in the nanometer-length range are many naturally occurring moleculessuch as whey proteins (4 to asian development paper, 6 nm) and lactose (0.5 nm) in milkand man-made biological molecules and csbm coursework, supramolecular structures of assemblies of polymers, including proteins and asian development bank paper series, polysaccharides (polymers of sugar units, such as starch) (Magnuson and others 2007). Exciting novel structures, phenomena, and processes have also been observed at the nanometer scale during the ontario thesis, past 2 decades. In the past decade, governments around the development bank research series, world launched initiatives and industries, and csbm coursework, private sectors ventured into research and asian bank, development of nanotechnologies for a wide range of applications, from semiconductors, energy, chemicals, and materials to medicine, the environment, and food and agriculture. In the food sector, nanotechnology applications are in their infancy but are growing rapidly, estimated to reach more than $20 billion by 2010. In agriculture, nanotechnology holds promise for responding to the need for more precise management of resources such as water, fertilizers, and ontario undergraduate conference, other agricultural chemicals; improving crop and livestock production; controlling pests, diseases, and development bank research paper series, weeds; monitoring plant disease and environmental stresses; supporting sustainable and thesis bank uvt, precise production; and improving postharvest technology, including waste management. A nanotechnology-enabled smart-field sensor network, for example, would be advantageous in continuously monitoring environmental data to provide critical information for crop management to attain optimal production yield.

Also, superabsorbent materials with slow release rates have been investigated for improved soil water retention and temperature regulation around plant roots, to decrease irrigation needs. The potential benefits of nanotechnology applied in the food system are anticipated for development institute research food safety and defense, food processing, food packaging, and ingredient technologies (IFT 2005, 2007, 2010). Conference? Nanoscale capsules for delivery of micronutrients and bioactives via functional foods and ingredients have been actively studied; evidence suggests that their small size will facilitate access to the large area within cellular microvilli of the intestine, thus enhancing absorption. Development Institute Paper? Clemson Univ. scientists have developed a polymer-based nanoparticle that attracts pathogenic bacteria adhering to poultry intestinal walls, thereby aiding their excretion with the bird's feces. Such nanoparticles might also be added to chicken feed to ontario psychology undergraduate thesis, remove pathogens, minimizing the chance of postslaughter cross-contamination. Other potential food safety-related applications include use of nanosized bubbles that selectively attach to development institute paper series, pathogen cells and aqa gcse, subsequently burst, damaging the cells. Used for institute paper pathogen detection, nanotechnology could enable development of on safety begins at home practical detection devices and systems that are more rapid, sensitive, specific, robust, economical, and easily conducted than analytical methods available today. Portable, real-time, and/or in-line detection capability is being pursued for deployment in food production, postharvest processing, distribution, foodservice, and the home. Other research has investigated nanocomposite polymers that improve food-package barrier properties against oxygen and moisture transmission, protecting oxygen-sensitive foods and reducing packaging costs for manufacturers. Nanocomposite materials have also demonstrated potential for use as antimicrobial packaging components, improved package mechanical strength, and biodegradability. Several biodegradable nano-biobarcode technologies have been researched that will aid product traceability, maintenance of asian bank research series product authenticity, identification of thesis bank uvt product attributes of interest to consumers, and monitoring of product changes relevant to quality and development institute research, safety.

Responsible research and development of nanoscale food materials for the agricultural and food sectors will involve assessment of the adequacy of existing characterization methods and, where necessary, development of new methods to address critical questions for a science-based approach to understanding the characteristics of the begins, novel engineered substances. Characterization of asian bank institute nanoscale food materials will include study of their stabilities in ap biology essay food matrices and asian development paper, during processing; digestibility and biopersistence; absorption, distribution, metabolism, and ontario psychology undergraduate conference, excretion properties; ability to asian paper series, translocate across cell membranes; and potential toxicity at the intended application range/exposure level through oral ingestion. Such characterization will contribute to the establishment of the safety of subsequently deployed new products that incorporate novel nanostructured food additives, ingredients, micronutrients, and micronutrient delivery complexes (IFT 2005, 2007). Recognizing that without consumer acceptance new technologies will not succeed in the marketplace, federal funding agencies and universities are engaged in disseminating through a variety of du regiment dessay cd channelssuch as public radio and interactive displays at development bank institute, science centers and csbm coursework, museumsinformation about nanotechnology developments emerging from the laboratory, obtaining public input, and institute research paper, studying consumer responses to nanotechnology food applications. An IFIC (2010) survey found that slightly more than one-third of Americans surveyed had read or heard about nanotechnology, and that when given examples of thesis bank uvt potential benefits and food applications half of those surveyed were favorable about this technology. Much of the advance in nanotechnology will depend on the outcome of recently proposed research on asian development bank institute paper series, its safety, as well as real measuresand communicationof both benefits, such as increased bioavailability of micronutrients, and risks to aqa gcse law coursework, consumers.

Consumer attitudes will determine the asian institute research series, acceptance of novel food items and, to on safety at home, some degree, the implementation of new processing technologies. The decoding of the human genome has promised an era of personalized nutrition. Its first application is already being seen with genetic tests for celiac disease and gluten sensitivity. The growing population makes niche markets feasiblefor example, the market has responded with gluten-free alternatives. We have barely scratched the development bank paper, surface of genomics and are already hearing of the influence of epigeneticschanges in gene activity without alteration of the genetic codeand the potential for epigenetic changes brought about by short-term limitation in food availability to influence obesity in future generations (Bygren and others 2001).

Consumer attitudes will be very important to the eventual adoption of technologies, but will depend in part on how the technologies are introduced. Recombinant culture, referring to Belasco's proposal mentioned above, embraces the consumer's desire for thesis bank uvt both novelty and constancy, or novelty without risk (Cardello and asian development bank series, Wright 2010). To be accepted, new technologies must often be put into the context of the familiar. Our modern food system is very complex and la fille cd, changes continuously in time and space. During the past century, food processing evolved to make food the basis of a healthy civilization, help society overcome hunger and disease, and improve the safety, nutrition, convenience, affordability, and availability of foods. Institute Research? Food processing also changed the perception of foods and beverages. Through food science and technology, the knowledge of many disciplines is applied to transform raw food materials and ingredients into consumable foods available year round. Advances in agriculture and food science and technology have provided reduction in nutrient deficiency-related diseases; enhanced food safety and consistent quality; decreased home food-preparation time; a large variety of delicious food choices; reduced food waste; lower household food costs than ever before; food and meal convenience options; products specifically formulated to ontario undergraduate thesis conference, meet the nutritional needs of specific subpopulations; and efficient global food distribution, which can be exploited in times of natural and development institute series, man-made disasters. Misplaced concerns about the food industry's motives in manufacturing processed foods have led to increasing negative perceptions among the aqa gcse, general public in asian development paper the United States. It is a fact that scientific and technical achievements throughout the food systemfrom agriculture and food manufacturing to preparation in the homeallow most people in the developed world to have ready access to a diverse, abundant supply of thesis bank uvt food that is safer, tastier, more nutritious, more convenient, and relatively less expensive than would otherwise be the institute, case. Ontario Undergraduate Conference? Many people in the developing world, however, where a substantial portion of food produced is lost, are not able to institute paper series, make choices from such abundance.

Further advances in science and technology are critically needed to successfully meet the daunting challenges ahead in feeding the essay question, growing world population, especially in the areas of greatest need. The new tools of biotechnology hold promise for meeting the needs of our rapidly growing world population more efficiently and cost effectively through improved crop production yields, ability to asian bank institute research series, grow crops in thesis bank uvt environmentally stressful conditions, and improved nutrient availability and delivery in an environmentally sustainable manner. Obesity, unfortunately, is a complex issue of concern in asian development institute paper the developed world. With scientific and technological advancements, food manufacturers have been able to provide many more options than were available years ago for consumers who seek to manage their weight. These options include food and beverage products with reduced caloric density and packaging as a component of portion control. Technologies on aqa gcse, the horizon also offer additional opportunities to create more weight-management options. Use of technologies to development bank, improve the food supply and contribute to human health and wellness is a responsible use of thesis bank uvt resources. It is important to bank institute paper, recognize that obesity is csbm coursework, a complex issue of behavior.

Further developments in genomics, metabolomics, and nutrigenomics hold tremendous promise for asian series development of individualistic solutions to thesis bank uvt, obesity. Through nutrigenomics and bank institute research paper, metabolomics, personalized nutrition for health and wellness will become better understood and on safety, a more practical reality for a larger number of people. Such changes will no doubt lead to changes in regulatory oversight and new approaches to food marketing. Genomics will allow improved food quality and protection from pathogens, through opportunities ranging from probiotic foods to more precise pathogen interventions. Nanotechnology can be expected to have beneficial impacts throughout the food system, from agricultural production, where it may enable more precise management of resources, to personalized nutrition, which holds potential for development bank research paper series enhancing delivery and absorption of nutrients and bioactive substances via functional foods. With continued developments in csbm coursework nanotechnology, we can anticipate new mechanisms for detecting and controlling pathogens, in both the agricultural and food-manufacturing sectors. Today and in the future, the food system must be flexible and resilient, consumer driven, and sustainable, and it must secure the environment and development bank research, natural resources and assure the health and wellness of an increasing number of consumers.

Food science and technology can help us advance the food system, minimize risks, maximize benefits, and deliver a safe, nutritious, and abundant food supply to all people around the world. Food science and technology professionals must work together with many othersthe food industry, and those in the regulatory and public policy communities. Law Coursework? And society must invest in basic and applied research and education and outreach. With science and technology solutions available to development institute research paper, address specific issues throughout the thesis bank uvt, food system, our ability to development research paper, feed a growing population in a sustainable way, while safeguarding both human and planet health, looks not only possible, but also promising. We must, however, remain steadfast and rational about our approach, to help both humanity and nature. IFT greatly appreciates the efforts of the contributing authors, editor, members of the thesis bank uvt, task force who contributed to the concept for this document, peer reviewers, and the organization providing financial support. John D. Floros, a Fellow and Past President of IFT, is Professor and Head, Dept. of Food Science, at Pennsylvania State Univ. Rosetta Newsome is Director of Science and Policy Initiatives at the Inst. of Food Technologists. William Fisher is Vice President of Science and Policy Initiatives at the Institute of Food Technologists.

Gustavo V. Barbosa-Cánovas, a Fellow of IFT, is Professor of Food Engineering at Washington State Univ. Hongda Chen is Natl. Program Leader at the U.S. Dept. of asian development bank institute series Agriculture's Natl. Essay At Home? Inst. of development Food and Agriculture. Thesis? C. Asian Bank Research Paper? Patrick Dunne, a Fellow of IFT, is Senior Research Scientist at the U.S.

Army Natick Soldier Center. J. Bruce German is Professor, Dept. of thesis bank uvt Food Science and Technology, at the Univ. of paper series California, Davis. Richard L. Thesis Bank Uvt? Hall is a Fellow and Past President of IFT and a Past President of the Intl.Union of Food Science and Technology. Dennis R. Development Research Paper? Heldman, a Fellow and Past President of IFT, is Principal of Heldman Associates. Mukund V. Karwe is Professor, Dept. of Food Science, at Rutgers Univ. Stephen J. Knabel is Professor, Dept. of Food Science, at Pennsylvania State Univ. Theodore P. Labuza, a Fellow and Past President of IFT, is Professor of Food Science at the Univ. of Minnesota. Daryl B. Lund, a Fellow and Past President of IFT, is Emeritus Professor at the Univ. of Wisconsin-Madison.

Martina Newell-McGloughlin is Director, Systemwide Biotechnology Research and Education Program, at the Univ. of California, Davis. James L. Begins? Robinson is Professor Emeritus at asian development bank series, the Univ. of Illinois. Joseph G. Sebranek, a Fellow of aqa gcse IFT, is Professor, Dept. of Food Science and Human Nutrition, at Iowa State Univ. Robert L. Shewfelt, a Fellow of IFT, is Meigs Professor and Undergraduate Coordinator, Dept. of Food Science and Technology, at the Univ. of Georgia. William F. Tracy is Professor and Chair, Dept. of asian paper Agronomy, at the Univ. of Wisconsin-Madison.

Connie M. Weaver, a Fellow of essay begins IFT, is asian bank institute paper series, Distinguished Professor and Head, Dept. of Foods and on safety, Nutrition, at Purdue Univ. Gregory R. Ziegler is Professor, Dept. of asian development Food Science, at Pennsylvania State Univ. Neil H. Mermelstein, a Fellow of IFT, is Editor Emeritus,  Food Technology , Institute of Food Technologists. John D. Floros (chair), a Fellow and aqa gcse, Past President of IFT, is Professor and Head, Dept. of Food Science, at Pennsylvania State Univ. David M. Berube is asian institute series, Professor, Communication, at North Carolina State Univ. Richard T. Crowder is Professor, Agricultural and Applied Economics, at Virginia Tech. Eric A. Decker is Professor and essay, Head, Dept. of Food Science, at the Univ. of Massachusetts. Richard L. Bank? Hall is a Fellow and Past President of IFT and a Past President of the Intl. Union of Food Science and Technology. Cd? Gilbert A. Leveille, a Fellow and Past President of IFT, is institute research, Executive Director, at Wrigley Science Inst. Daryl B. Aqa Gcse? Lund, a Fellow and Past President of IFT, is Emeritus Professor at the Univ. of Wisconsin.

Robert L. Shewfelt, a Fellow of IFT, is Meigs Professor and bank research series, Undergraduate Coordinator, Dept. of Food Science and law coursework, Technology, at the Univ. of Georgia. Noel E. Anderson is Vice President, Technical Insights, at Pepsico Inc. Christine M. Bruhn, a Fellow of IFT, is development institute research series, Director, Center for Consumer Research, Dept. of Food Science and Technology, at the Univ. of California, Davis. Fergus M. Clydesdale, a Fellow of IFT, is Distinguished Professor and on safety, Director, Food Science Policy Alliance, at the Univ. of asian bank institute research paper Massachusetts. William K. Hallman is Professor, Dept. of Human Ecology, at Rutgers Univ. and Director at the Food Policy Inst. Gilbert A. Leveille, a Fellow and Past President of IFT, is Executive Director at the Wrigley Science Inst. Aqa Gcse Law Coursework? Mark R. McLellan, a Fellow and Past President of IFT, is asian bank institute paper series, Dean for Research and Director of the Florida Agricultural Experiment Station, at the Univ. of Florida. IFT gratefully acknowledges a grant from the question, Intl. Food Information Council that helped support the production of this scientific review. 2010 Institute of Food Technologists ®

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