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TMI Blog2022 (10) TMI 1275X X X X Extracts X X X X X X X X Extracts X X X X ..... ompanies (SGC), consisting of three flagship companies namely Surana Industries Limited (SIL), Surana Corporation Limited (SCL) & Surana Power Limited (SPL). They had bank borrowings which had been declared as non-performing asset and presently undergoing liquidation under the IBC. The liquidator has admitted a total liability of Rs.10,233 Crores. The petitioner being a Chartered Accountant from the Financial Year 2010 onwards, was incharge of the accounts of Surana Corporation Limited (SCL). He was made Assistant Vice President (Accounts & Finance) in the year 2010-2012 and was made Vice President (Accounts & Finance) in the year 2013-2014. He was appointed as a Director of Surana Corporation Limited on 07.03.2015 and continued in the post ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the petitioner would submit that the petitioner was appointed as an Additional Director of one of the companies vide Board Resolution dated 03-07-2015 and subsequently he was confirmed as a Non-Executive Director of Surana Corporation Limited. As a Non-Executive Director, the petitioner had no role in the day to day affairs of the company and no remuneration was paid to him and he was paid salary only from Surana Industries Limited. In fact, he had resigned from the Board in the month of July, 2017 and the same was duly communicated to the Ministry of Corporate Affairs through FORM DIR-11 & 12. The alleged irregularities committed by the company if any, was either before the petitioner joined the Board or after his resignation. Therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to be converted as share capital only after obtaining approval from the consortium of bankers and other statutory authorities. Therefore, the petitioner was no way connected with the writing off non-perishable steel stock of Surana Industries Limited and the same was done based on the valuation of the available steel stock and at the insistence of the statutory auditors. 5. He would further submit that the petitioner has to satisfy twin conditions imposed under Section 212(6) of the Companies Act for the relief of granting bail. The petitioner is not guilty of the offences alleged against him and how the entire allegations leveled against him are imaginary and tainted with malafides. In fact, the petitioner had appeared before the respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ontinued in the post till 09.10.2017. He has also functioned as Group Chief Accounts Officer of Surana Industries Limited from July 2015 onwards and he was in-charge of finance and was designated as a Key Managerial Person of the said company. He had also signed the financial statements of Surana Industries Limited and Surana Corporation Limited, knowing fully well that they are false and fabricated. 8. During the course of investigation, the respondent found that the management of Surana Industries Limited had manipulated revenue, shown fraudulent trading activity as manufacturing activity and fraudulently rotated funds borrowed from banks to falsely show promoter investment in the said company as share capital, subsequently the bank borr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the pretext of purchase of gold. It is further alleged that he had connived with other accused persons to falsely induce banks to lend monies. Thereby, the accused persons siphoned off Rs.8.02 Crores as refund of the share application money and a false representation was made by the petitioner before banks during Corporate Debt Restructuring of Surana Corporation Limited on the recoverability of debt due to the said company from Puppet entities controlled by Surana GOC, knowing fully well of the non-recoverability of the amounts from such puppet companies. Hence, he prays for dismissal of the bail petition. 10. This Court is of the considered view the submissions made by the learned Senior Counsel for the petitioner that the write-off gol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the other accused persons have released on bail except the founders of the company. The petitioner herein is a Chartered Accountant by profession and he had done his duty as a Chartered Accountant, without involving himself in any of the physical activities alleged against the company. 11. Considering the facts and circumstances of the case and the period of incarceration suffered by the petitioner from the date of arrest i.e on 05.08.2022, this Court is inclined to grant bail to the petitioner with certain conditions. 12. Accordingly, the petitioner is directed to deposit original title deed, value to the tune of Rs.10,00,00,000/- (Rupees Ten Crores) along with the proper valuation certificate obtained from the authority concerned and o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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