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TMI Blog2019 (11) TMI 254X X X X Extracts X X X X X X X X Extracts X X X X ..... the petitioner in conspiracy with other co-accuseds. Perusal of para No. 8 (i) of the petition reveals that Ld. Counsel for the petitioner was not able to inspect the judicial record. It, therefore, cannot be said as to what was the report of process serving agency on the summons issued to the petitioner. Without seeing the copy of the report on summons, it cannot be said whether petitioner was properly served or not. This submission is, therefore, made without seeing the record. In case, the petitioner is correct to the extent that he was not duly served, the Ld. ASJ/ Special Judge after considering the submission of Ld. Counsel for petitioner and Ld. counsel for SFIO and perusal of report on summon can pass the appropriate order in accordance with law. In these circumstances, it will be appropriate for the petitioner to approach the Ld. ASJ/ Special Judge and make all his submissions made herein, before the Ld. Trial court as well. Keeping in mind the facts and circumstances of the case and serious nature of offence and amount of cheating involved as well as allegation of forgery, no grounds for anticipatory bail are made out - the anticipatory bail application is dispo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under continuous medical observation /treatment and follow ups with Dr. K.K.Sethi at Delhi Heart and Lungs Institute Super Specialty Hospital, New Delhi. Besides this, the petitioner in respect of his cancer treatment is undergoing regular Chemotherapy. The petitioner is praying for bail since the offences are non-bailable in nature. It is further stated that Designated Court of Ld. Sessions Court has issued NBWs against the petitioner vide order dated 14.08.2019 despite the fact that no summons were received by the petitioner. The petitioner has apprehension of his arrest pursuant to the issuance of NBWs issued against him and the next date of hearing is 11.11.2019. 4. Vide orders dated 03.05.2016, 18.01.2018 and 18.01.2019, the Ministry of Corporate Affairs had ordered an investigation into the affairs of various companies including BSL, by the Serious Fraud Investigation Officer. The petitioner had joined the investigation and after completion of investigation, the complaint was filed in the court of Ld. ASJ/Special Judge (Companies Act) naming 287 persons as accused. The petitioner has been named as accused no. 162 and has been described as whole time Director. The all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rrants in the first instance. Issuance of NBWs by the Ld. ASJ/Special Judge (Companies Act) is contrary to law laid down by the Hon ble High Court. Ld. Counsel for the petitioner has relied upon Inder Mohan Goswami Anr. v State of Uttaranchal Ors. reported in (2007) 12 SCC 1. It is further submitted that investigation in the instant case has already been completed. Since the petitioner was not arrested during investigation, there is no ground for the SFIO to oppose the bail or seek custody before the Ld. ASJ/Special Judge (Companies Act). Ld. Counsel for the petitioner has also relied upon Court on its Own Motion v. CBI , reported in 109 (2003) DLT 494 and Court on its Own Motion v. State , reported in 243 (2017) DLT 373(DB). It is submitted that petitioner is aged and needs constant medical support. It is further submitted that since the investigation is complete and no recovery is to be effected at the instance of the petitioner, no useful purpose would be served by sending the petitioner to jail. It is submitted that in similar circumstances, another Bench of this court has granted relief to similarly placed co-accused Sh. Brij Bhushan Singal in Bail Application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... panies Act) for cancellation of NBWs as well as for grant of bail. All the submissions made by the Ld. Sr. Counsel before this Court should be made before the court of Ld. ASJ/Special Judge (Companies Act). She has, therefore prayed for dismissal of the bail application. 10. I have considered the rival submissions. The allegations levelled against the petitioner are prima facie serious in nature. The allegations are that petitioner was one of the signatories of the financials of A-1 company and Director in category C Company. The details of the same have been described in the summoning order dated 16.08.2019 of the Ld. ASJ/Special Judge (Companies Act). It is alleged that petitioner has signed forged letter of credits and other documents for availing credit facility from the Bank on behalf of A-1 Company. Thus, prima facie there are serious allegations of fraud committed by the petitioner in conspiracy with other co-accuseds. Perusal of the order-sheet dated 14.10.2019 of Ld. Special Judge reveals that some co-accuseds have appeared before the Ld. ASJ/ Special Judge and moved an application for seeking bail. Ld. Counsel for the FSIO has accepted notice and sought time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e where there are grave allegations of fraud involving huge amount of money running in crores of rupees, no grounds for anticipatory bail to the petitioner are made out. 14. It is a settled law that Section 438 CrPC being an extraordinary remedy has to be exercised sparingly and more so in cases of economic offences as these offences affect the economic fiber of the society. In Directorate of Enforcement vs. Ankit Kumar Jain, 1988 (2) SCC 105 , the Hon ble Supreme Court has held that in economic offences, the accused is not entitled to anticipatory bail. The Hon ble Supreme Court in State of Gujrat vs. Mohanlal Jitamalji Porwal and Anr., (1987) 2 SCC 364 has held that economic offenders ruin the economy and has observed as under; 5..The entire community is aggrieved if the economic offenders who ruin the economy of the State are not brought to book. A murder may be committed in the heat of moment upon passions being aroused. An economic offence is committed with cool calculation and deliberate design with an eye on personal profit regardless of the consequence to the community. A disregard for the interest of the community can be manifested only at the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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