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The petitioners have prayed for quashing of the said criminal proceeding on the ground that the present petitioners transferred the ownership or the Company in favour of one Manoranjan Roy of Pincon Infrastructure Limited. ASK Financial Limited was, therefore, merged with Pincon. Subsequently Pincon indulged in cheating fund business and raised huge amount of money from the general public. Over the said incident previously a case was registered against said Manoranjan Roy and others where the present petitioners were also arrayed as accused persons. In the said case vide order dated 10th October, 2012 the Division Bench of this Court granted bail to the petitioners holding, inter alia, that b before 3rd October, 2012 there was no transaction of collection of money from the general public as a cheat fund which was done by Pincon. Subsequently the petitioners were acquitted.