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TMI Blog2022 (7) TMI 1073X X X X Extracts X X X X X X X X Extracts X X X X ..... been given a chance to oppose the bail application. The Applicant is not guilty of the offence of which he are charged with, and therefore, it is also opined, that he is not likely to commit any further offence while on bail. Hence, sub-section (ii) of Section 212(6) is also complied with, notwithstanding the observations of JAINAM RATHOD VERSUS STATE OF HARYANA ANR [ 2022 (4) TMI 1421 - SUPREME COURT] , where it was held that While the provisions of Section 212(6) of the Companies Act 2013 must be borne in mind, equally, it is necessary to protect the constitutional right to an expeditious trial in a situation where a large number of accused implicated in a criminal trial would necessarily result in a delay in its conclusion. The role of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther, Applicant was not having any authority under the law to ask for the change in the auditor s report, which is the sole responsibility and authority of Mr. R.K. Mehra. 3. It is submitted by Mr. Vaidyanathan, learned CGSC appearing for the respondent that as per the respondent, the applicant herein has played an active role in the fraud committed by the company along with ex-promoters and its associates as he was the statutory auditor for 18 companies. His role in the summoning order dated 16.08.2019 is as under: 2.46 A-186 to A-188 were the statutory auditors of A-1 Company. A- 186 and A-187 were also auditors of A-2 to A-64. While conducting the audit of these companies, they did not use their professional scepticism and relied upon th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the balance sheet, but the auditors never raised this issue with the ex-promoters and employees of BSL although he was present in the relevant meetings. 5. Mr. Kumar submits the following arguments, and I am in agreement with the same: a) the Applicant did not append his signature on any documents, nor did he carry out any audit. b) Applicant has received no financial benefit from the aforesaid transactions. c) The applicant has been appearing before the Trial Court for the last three years and has never been arrested. The applicant has been arrested now on 31.05.2022. 6. The the main stakeholders of both the company i.e. BSL and the Bank i.e., PNB have already been enlarged on bail/interim bail: a. Interim relief granted till pendenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bhatia v. Serious Fraud Investigation Office dated 07.07.2022. g. This Court granted bail to General Managers and Assistant General Managers of UCO Bank by BAIL APPLN 2053/2022, BAIL APPLN. 2055/2022 and BAIL APPLN 2056/2022 dated 11.07.2022. 7. The applicant has participated in the inquiry and as and when called by the SFIO. The applicant further undertakes to participate as and when he is called by the SFIO. The charge sheet in the present case has already been filed and there is nothing else which is required to be recovered from the applicant. 8. As regards the legal embargo of Section 212(6), I am of the view that Sub-section-(i) has duly been complied with, as the Public Prosecutor (Ld. CGSC) has been given a chance to oppose the bai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e constitutional right to an expeditious trial in a situation where a large number of accused implicated in a criminal trial would necessarily result in a delay in its conclusion. The role of the appellant must be distinguished from the role of the main accused. 9. Hence, the Applicant is enlarged on bail on the following terms and conditions: i. The applicant shall furnish a personal bond with two local sureties in the sum of Rs. 25,000/- each, to the satisfaction of the Trial Court; ii. He shall appear before the Court as and when directed; iii. In case he changes his address, he will inform the IO concerned and this Court also; 10. The view expressed above is only for the purpose of deciding the bail application and will not come in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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