9911796707
TMI Blog2013 (7) TMI 1220X X X X Extracts X X X X X X X X Extracts X X X X ..... abad for offences alleged to have been committed and punishable under Sections 406, 409, 420, 465, 467, 468, 471, 477(A) read with Section 120(B) of Indian Penal Code. 2. Rule. Learned APP waives service of notice of rule on behalf of respondent State. 3. Heard Mr. N.D. Nanavaty, learned senior advocate with Mr. Vaibhav N. Sheth, learned advocate for the applicant, Mr. Neeraj Soni, learned APP for the respondent State and Mr. Navin Pahwa, learned advocate for the original complainant. All the learned advocates have addressed the Court at length. 4.1 Learned advocate for the applicant has made detailed submissions on the merits of the matter, the design of falsely implicating the applicant in the offence, the role of even the origin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dabad, for which the present offence is registered. It is contended that considering these aspects, the application be rejected. 4.3 Number of decisions are also cited by the learned advocates for the respective parties in support of their submissions, as to under what circumstances, discretion be exercised by this Court. 5. Having heard learned advocates for the respective parties and having gone through the material on record, this Court finds that since the applicant is yet to be tried, making any observation at this stage, with regard to the merits of the matter, may prejudice the case of any of the parties and therefore, those aspects are not gone into in detail by this Court, at this stage, however, for the purpose of arriving a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on. 5.7 The Sections, with which the applicant is charged with, though triable by Magistrate, provide for sentence upto imprisonment for life. 5.8 The amount alleged to have been siphoned away is stated to be public money of more than Rs. 28 crores. 5.9 The Directorate of Enforcement, Department of Revenue, Ministry of Finance, Government of India also has registered a case under the Prevention of Money Laundering Act, for investigation into misappropriation of the alleged fraud, in question. 6. The above are the factors, to reasonably conclude, inter alia that, the offence is grave in nature, and further that, in the event the applicant is enlarged on bail, the likelihood of his being available at the time of trial are less. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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