Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2022 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (2) TMI 1440 - ALLAHABAD HIGH COURTSeeking grant of anticipatory bail - abuse of position by lending corporate identify of MSL, its books and bank accounts to the promoter – directors of RGC and FIL by appellant, Promoters- Directors of Mohan Steels Limited (MSL) - fraudulent merchantine trade - siphoning of Bank funds through merchantine trade - falsification of financial statement of the Companies involved in the matter by not showing true and fair views - HELD THAT:- If the role of the applicants, as alleged by the prosecution, nature and gravity of the offence and also the evidence available on record in support thereof, are compared with the submissions advanced by the learned counsel for the parties, in the present matter huge amount received by the applicants company through Letter of Credit has become NPA due to non-payment of advance taken by the Company. It is also evident that this situation arose due to falsification in the books of account furnished by the company before the Bank concerned. Hence, if the aforesaid facts are considered at this stage in light of the submissions raised across the bar, allegations made against the applicants and the Company concerned cannot be overlooked / ignored. Applicants were fully aware about the coercive process issued against them by the Trial Court. It is an economic offence which is related to multi thousand crores. Further, keeping in view the modus operandi adopted by the Companies concerned for obtaining the Letter of Credit and the amount of NPA, applicants can also not be enlarged on anticipatory bail on the ground of illness. In view of the Court, the nature and gravity of the allegations / offences levelled against the applicants shake the conscience of the society and public at large. Therefore, considering the entire facts and circumstances of the case, submissions of learned counsel for the parties and keeping in view the nature of offence, evidence, complicity of accused, conduct of the applicants and the law laid down by the Apex Court in Prem Shanker Prasad case [2021 (10) TMI 1405 - SUPREME COURT] and without expressing any opinion on the merits of the case, the Court is of the view that there is no substance in the submissions made by the learned Senior Counsel appearing for the applicants. The anticipatory bail application is liable to be rejected and the same is accordingly rejected.
|