9911796707
TMI Blog2017 (9) TMI 1931X X X X Extracts X X X X X X X X Extracts X X X X ..... every month commencing from 15 February 2016. He was released on bail by the Special Judge on 11 January 2016 by requiring him to deposit an amount of ₹ 1.5 crores each month, commencing from 15 February 2016. The Respondent applied for modification of the condition of deposit in Miscellaneous Criminal Application No. 350 of 2016 which was dismissed on 1 July 2016. The High Court was then moved in an application (Criminal Application No. 178 of 2016) Under Section 482 of the Code of Criminal Procedure, with a specific prayer for de-freezing his bank accounts. This prayer, together with the other reliefs (including that for quashing the FIR) was not pressed and the application was disposed of as withdrawn on 29 June 2016 by the Divisio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Code and Section 3 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 ('MPID Act'). During the course of investigation, the Respondent was arrested, together with other accused. The bank accounts of the Respondent were attached in exercise of powers conferred by Section 102 of the Code of Criminal Procedure, 1973. 4. On 11 January 2016, the Special Judge, MPID Act allowed an application for bail submitted by the Respondent. The Respondent submitted an undertaking before the Special Judge in the following terms: Undertaking on behalf of Applicant 1. The applicant seeks release on bail in crime No. 156/2014. The applicant undertakes before this Hon'ble Court that out of an am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. He shall deposit ₹ 1.2 crores before 15th day of each month staring from 15.2.2016 as per his undertaking Exh. 9. 2. He shall deposit accumulated interest at the time of last instalment. 3. He shall attend Crime Branch, E.O.W., Nagpur on every Wednesday and Thursday for the purpose of interrogation in between 11.00 a.m. to 5.00 p.m. until orders and shall cooperate the investigating officer in investigation. Breach of any of the conditions shall entail automatic cancellation of the bail and the applicant shall have to surrender before this Court. 5. On 9 February 2016, the Respondent applied for modification of the conditions of bail imposed by the Special Judge in his order dated 11 January 2016. The Respondent p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) and 27 of SEBI Act pursuant to the report lodged by the non applicant No. 2 in so far as the applicant is concerned and to; b) quash the action of the non applicant No. 1 of freezing the bank accounts of the applicant and defreeze the same and to; c) direct the non applicant No. 1 not to take any further coercive steps against the applicant and to stay further proceedings against the applicant. Besides a prayer for quashing the FIR, the Respondent specifically sought relief for de-freezing his bank accounts. On 29 June 2016 the Criminal Application was withdrawn on the request of the Respondent with liberty reserved him to apply for discharge in the event that the charge-sheet is filed. The order of the Division Bench reads thu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicant and he be permitted to operate the same and to;... 9. By a judgment dated 18 August 2016 the Single Judge of the Bombay High Court allowed the Criminal Application and directed that the restraint on the operation of the bank accounts of the Respondent be lifted. The Single Judge held that the MPID Act stipulates a special procedure in Sections 4, 5 and 7, different from the procedure contained in Section 102 of the Code of Criminal Procedure. In view of the overriding effect given to the MPID Act by Section 14, it has been held that the procedure envisaged in Section 102 of the Code of Criminal Procedure cannot be availed of. However, while allowing the application for de-freezing of accounts, liberty has been granted to the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 16 by requiring him to deposit an amount of ₹ 1.5 crores each month, commencing from 15 February 2016. The Respondent applied for modification of the condition of deposit in Miscellaneous Criminal Application No. 350 of 2016 which was dismissed on 1 July 2016. The High Court was then moved in an application (Criminal Application No. 178 of 2016) Under Section 482 of the Code of Criminal Procedure, with a specific prayer for de-freezing his bank accounts. This prayer, together with the other reliefs (including that for quashing the FIR) was not pressed and the application was disposed of as withdrawn on 29 June 2016 by the Division Bench. In this background, the filing of another application before the learned single Judge on 1 July 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
