The High Court Division took the view that the proceeding having been initiated before a Magistrate, and not before the Court of Sessions it suffers from coram non judice. Against that judgement and order Criminal Petition for Leave to Appeal No.63 of 2007 was filed by the Securities and Exchange Commission, which was dismissed as barred by limitation by judgement and order of this Division dated 20.07.2008. Against that order of this Division the Appellant has filed Criminal Review Petition No. 11 of 2010, which is pending and is appearing in the cause list for disposal. Security and Exchange Commission vs. Md. Sayadur Rahman (Muhammad Imman Ali J) (Criminal) 15 ADC 962.

Code of Criminal Procedure, 1898
Section 5(2) r/w
The Depository Act, 1999
The Depository Act is a special law– If no procedure is provided in the special law then the provisions of the Code of Criminal Procedure will apply in so far as those are not provided by the special law– The Depository Act is no doubt a special law. Generally, special laws specify the procedures to be followed in implementing the law. It is also usual for the special law to specify that if no procedure is provided in the special law then the provisions of the Code of Criminal Procedure will apply in so far as those are not provided by the special law. The statute in question is silent as to the procedure regarding cognizance. Applying the general legal principles, and in the light of section 5(2) of the Code, we are of the view that the provisions of the Code of Criminal Procedure will apply. Hence, the Magistrate was competent to take cognizance. The trial will take place before the Court of Sessions. ...Security & Exchange Commission =VS= Md. Sayadur Rahman, [6 LM (AD) 78] ....View Full Judgment