9911796707
TMI Blog2021 (5) TMI 1064X X X X Extracts X X X X X X X X Extracts X X X X ..... sanctioning of loan-such members are Rashi Dhir, Avinash Chander Mahajan, Harpal Singh, Monish K Dutt, Sunil Kumar Garg and Pankaj Sharma. The petitioner herein was an employee; not a beneficiary to a single penny; the main beneficiaries Shivinder Mohan Singh and Narender Kumar Ghoshal have since been granted regular bail by the learned Trial Court; such bails have not been cancelled as yet; the properties worth Rs. 300 crores stood attached; there being no allegation against him of tempering of evidence or influencing of witnesses; the perusal of chargesheet shows the entire trail of money stood investigated; he is not named in FIR or in the first chargesheet; no new material brought on record by the supplementary chargesheet; custodial interrogation never sought of this applicant by the authorities and since the investigation qua this applicant is complete and he being no more required for the purpose of investigation hence, considering above, there is no impediment to grant him bail. The applicant is hereby granted bail on his executing a personal bond of Rs. 1.00 lac with one surety of like amount to the satisfaction of the learned Trial Court/Duty MM, subject to conditio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... high amount of shareholder's funds of REL has been invested in RFL and such diversion of funds to RFL causes a direct loss to the shareholders of REL. 5. During the course of investigation, a report dated 26.01.2017 from RBI was obtained which noted the entities were related entities; there was inter-linkage between the borrowers themselves; and out of 21 loans disbursed to 9 borrowers, the funds disbursed ultimately came back to the group companies of RFL; accounts of various other borrowers were used to route funds to the group companies; borrower companies had a weak financial standing with no revenue from operations; cash losses etc and loan for working capital was given when there was no business. Further, loans were given on the recommendations of the promoters as the owners of the borrowing entities had good relations with the promoters; the loans given were without any documentation, except a loan agreement/MoU entered into between RFL and the borrower(s). The end-use of these funds is not known. 6. During the course of investigation, the accused persons namely Malvinder Mohan Singh, Shivinder Mohan Singh, Sunil Godhwani, Anil Saxena and Kavi Arora are arrested. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The charge sheet was filed by the EOW on 10.01.2020 wherein no allegations was made against this petitioner. It was only after filing of the charge sheet, EOW arrested the petitioner on 27.10.2020 and sent him to custody in this case. The petitioner was a part of the risk management committee for a considerable period of time and he alongwith other Committee members assessed the risk for grant of loan to certain entities and that out of 13 such entities, 6 entities have been given clean chit by SEBI. The petitioner admittedly was not a part of the Related Party Transaction Committee, Loan Investment and Borrowing Committee at any point of time during his employment, which committees finally approved and sanctioned the plans. 12. The fact petitioner was a part of the Risk Management Committee was known to the prosecution at the time of filing of initial charge sheet on 10.01.2020 in which detailed investigation qua alleged offence was made. The charge sheet filed prior to this arrest and the Supplementary charge sheet, gives the same table showing the petitioner herein, being a part of the Risk Management Committee. The supplementary charge sheet, filed on 20.012(sic).2021, did ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entire trail of money has since been investigated and the transaction pertaining to petitioner regarding approval of 73 loans is already part of the first charge sheet where the petitioner was not even made an accused or was arrested. Thereafter no new material surfaced, yet he was arrested. It is alleged the offences are premised on financial transactions, all of which have taken place through banking channels, hence, even the custodial investigation was never sought by the prosecution upon arrest. 16. Admittedly the investigating authority did not arrest members of other instrumental committees viz. Related Party Transaction Committee, which committee used to recommend the sanctioning of loan-such members are Rashi Dhir, Avinash Chander Mahajan, Harpal Singh, Monish K Dutt, Sunil Kumar Garg and Pankaj Sharma. 17. It is alleged the investigating authority cannot discriminate between accused persons per R Vasudevan vs. CBI, New Delhi 2010(166) DLT 583 which holds as under:- 15. Another point which arises for consideration is the discriminatory treatment of the petitioner qua the other co-accused Ankur Chawla who is named in the FIR. The Sessions Judge had rejected this p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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