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Issues involved: Bail cancellation by Supreme Court u/s 439 CrPC, expeditious trial proceedings, direction to Trial Court for day-to-day basis hearing.
Bail Cancellation: The Supreme Court, after considering the allegations of the appellant regarding the respondents' involvement in a significant corporate scam, set aside the orders of the High Court granting bail to the accused. Despite the usual reluctance to cancel bail, the Court found the circumstances of the case warranted such action due to the extraordinary nature of the offenses and their impact on the financial sector. The accused were directed to surrender by a specified date, failing which appropriate legal steps would be taken. Expeditious Trial Proceedings: The Court directed the Trial Court to commence the trial promptly, with charges already framed and the trial scheduled to begin soon. Emphasizing the importance of expeditious proceedings, the Trial Court was instructed to conduct the trial on a day-to-day basis and conclude it by a specified date. The Trial Court was also urged to avoid unnecessary adjournments and decide the case without being influenced by any prior observations made by higher courts. Direction to Trial Court: The Trial Court was directed to ensure the timely production of the accused on each hearing date, unless exempted by the Court. Both parties were instructed to present only essential witnesses and cooperate fully with the Trial Court. Additionally, the High Court was requested not to transfer the designated judicial officer until the trial's conclusion. In case the trial extends beyond the specified date, the accused were granted the liberty to seek bail, with the expectation that the Trial Court would promptly decide on such applications in accordance with the law.
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