2019 (12) TMI 186 - SUPREME COURT

Money Laundering - Grant of Regular Bail - concealmant of investment received - in INX Media (P) Ltd., M/s INX News (P) Ltd. - permission for the downstream investment sought - whether the further consideration made by the learned Judge of the High Court, despite holding the triple test in appellant’s favour was justified and if consideration is permissible, whether the learned Judge was justified in his conclusion?

HELD THAT:- The basic jurisprudence relating to bail remains the same inasmuch as the grant of bail is the rule and refusal is the exception so as to ensure that the accused has the opportunity of securing fair trial. However, while considering the same the gravity of the offence is an aspect which is required to be kept in view by the Court. The gravity for the said purpose will have to be gathered from the facts and circumstances arising in each case. Keeping in view the consequences that would befall on the society in cases of financial irregularities, it has been held that even economic offences would fall under the category of “grave offence” and in such circumstance while considering the application for bail in such matters, the Court will have to deal with the same, being sensitive to the nature of allegation made against the accused. One of the circumstances to consider the gravity of the offence is also the term of sentence that is prescribed for the offence the accused is alleged to have committed. Such consideration with regard to the gravity of offence is a factor which is in addition to the triple test or the tripod test that would be normally applied.

The underlining conclusion is that irrespective of the nature and gravity of charge, the precedent of another case alone will not be the basis for either grant or refusal of bail though it may have a bearing on principle. But ultimately the consideration will have to be on case to case basis on the facts involved therein and securing the presence of the accused to stand trial.

Thus, even after concluding the triple test in favour of the appellant the learned Judge of the High Court was certainly justified in adverting to the issue relating to the gravity of the offence. However, we disapprove the manner in which the conclusions are recorded in paragraphs 57 to 62 wherein the observations are reflected to be in the nature of finding relating to the alleged offence.

The appellant is ordered to be released on bail if he is not required in any other case, subject to executing bail bonds for a sum of ₹ 2 lakhs with two sureties of the like sum produced to the satisfaction of the learned Special Judge - appeal allowed.