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TMI Blog2015 (9) TMI 1714X X X X Extracts X X X X X X X X Extracts X X X X ..... d 30.4.2014 in C.P.No.15 of 2014 sanctioning the scheme of arrangement. All other accused (except the petitioner herein) were granted bail (or anticipatory bail in the case of one) on account of the fundamental fact that the petitioner herein is the kingpin. Both in the scheme of arrangement in C.P.No.15 of 2014 as well as before the Criminal Court, the petitioner herein has made an unequivocal statement that he alone is responsible for repayment of the dues to the debenture holders. Therefore, the case of the petitioner herein cannot be treated on the same footing as the case of the other accused, who were let off on bail (anticipatory bail). The Scheme sanctioned by this Court in C.P.No.15 of 2014 is also not working out as per the time schedule - Petition dismissed. - Crl. O.P. No. 21449 of 2015 - - - Dated:- 18-9-2015 - Honourable Mr. Justice V. Ramasubramanian For the Petitioner : Mr. Prakash Goklaney. For the Respondent : Mr. S. Shanmuga Velayutham, PP. For Intervenor-I : Mr. Karthik Seshadri for M/s. Iyer Thomas. For Intervenor-II : Mr. Abudu Kumar Rajarathnam for for Mr. S. Ashok Kumar. ORDER This is a petition for anticipatory bail ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A to Z Rental Car Services Private Limited 2 Akshayaboomi Investments Private Limited 3 Alpha-Gamma Stocks N Shares Private Limited 4 Analog Financial Services Private Limited 5 Analog Stock Broking Services Private Limited 6 Aramusk Infrastructure Investments Limited 7 August Financial Services Company Private Limited 8 Beta-Kappa Investments Private Limited 9 Bright Shares and Stocks Private Limited 10 Capital Services (India) Private Limited 11 Cash Carry Wholesale Traders Private Limited 12 Citrex Products Limited 13 City Capital Foundation Limited 14 Custodial Services India Private Limited 15 Fast Software Services Private Limited ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Vidhya Insurance Agency Services Private Limited 46 Vis-Ram Financial Services Private Limited 47 Viswariya Realty Services Private Limited 48 Viswapriya Stocks Shares Private Limited 49 Wholesale Trading Services India Private Limited 6. Though the petitioner was/is a director only in a few of them, the employees of some of these companies happen to be the directors of the other companies. In other words, the petitioner has direct or indirect control over the above 49 companies. 7. When M/s.Viswapriya (India) Limited, which is the first accused in Cr.No.5 of 2013 (in relation to which, the fourth accused has come up with this anticipatory bail petition), plunged into a financial crisis, one of the companies promoted by the petitioner herein by name M/s.Analog Financial Services Private Limited came up with an application in Comp.A.No.1007 of 2013 on the file of the Company Court seeking a direction to convene, hold and conduct a meeting of the secured debenture holders of M/s.Viswapriya (India) Limited for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 85 - 15279 56110 - 135 71389 6.24% 8.51% For 180 1835 1 56716 708595 58 2016 765369 93.16% 91.19% Not Valid 3 5 5 335 1366 832 13 2533 0.60% 0.30% 233 1925 6 72330 766071 890 2164 839291 100% 100% 9. It should be recorded at this stage that since the application for convening a meeting of the debenture holders for considering a scheme of arrangement was filed on 19.9.2013 and also since the police registered the first information report on 21.10.2013, the Company Court, even while ordering the convening of the meeting, granted pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sequence of events indicates that from 21.10.2013 - the date on which a first information report was registered against the petitioner and others, the petitioner was in enjoyment of one protective order or the other, either in the form of stay of all further proceedings in the criminal complaint or in the form of protection from arrest. Both types of protective orders eventually disappeared on 6.8.2015, paving the way for the police to step up investigation. 13. At this stage, it is relevant to note that one more criminal complaint was filed at Trichy in Cr.No.1 of 2015. The petitioner and another person were taken into custody by the Trichy Police and when they were produced before the concerned Court, they were directed to be enlarged on bail, in view of the protective orders granted by the Company Court. After getting enlarged, the petitioner approached the Madurai Bench of this Court with a quash petition and got further proceedings stayed. Though I am not now concerned with the said petition, I am making a reference to it for the completion of narration of facts. 14. After the writ petition in W.P.No.14229 of 2015 filed by the first accused company for declaring the fir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (vi) The details of persons/depositors, whom, according to the petitioner, are not covered by the scheme in C.P.No.15 of 2014 (vii) The list of receivables by all the companies and the steps taken for recovery of those receivables (viii) The details as to the filing of returns to the Income Tax Department (ix) The details of filing returns with Registrar of Companies in respect of the companies (x) The list of bank accounts held by all the companies and directors. Post on 11.9.2015. 18. The object of passing the above order was to see if the depositors could get some money and to see if the petitioner really has the ability and resources to make repayment to the debenture holders. Though the police have been able to secure and arrest all and sundry, connected with the affairs of the first accused company, the police have not been able to find out the whereabouts of the petitioner herein for the past nearly six weeks, after the dismissal of the writ petition. Therefore, I thought that the mere dismissal of the anticipatory bail application will not advance the cause of the debenture holders and hence, I toyed with the idea of exploring the possibilities ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e petitioner that the second category of persons, who have invested money in Liquid Plus and Safety Plus Schemes, are not covered by the scheme of arrangement sanctioned by this Court. 23. In such circumstances, a clear picture (i) as to whether the petitioner has necessary resources (ii) as to whether the petitioner is genuine in his commitments or not and (iii) as to whether the debenture holders, covered by the scheme and those not covered by the scheme would get back their money or not, has not emerged. The prosecution as well as depositors association are of the strong view that unless the petitioner is secured and his custody taken by the police, a clear picture would not emerge. 24. The stand taken by the depositors association cannot also be termed as wholly unjustified, in view of the fact that the petitioner herein and the first accused company have not so far honoured the commitments made by them to the Company Court in C.P.No.15 of 2014, except to the extent of about ₹ 50.00 Lakhs. In other words, the Scheme sanctioned by this Court in C.P.No.15 of 2014 is also not working out as per the time schedule. 25. Therefore, accepting the contentions of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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