9911796707
TMI Blog2023 (4) TMI 1397X X X X Extracts X X X X X X X X Extracts X X X X ..... SUPREME COURT] observing that charge sheet has been filed and it is true that Section 45(1) of the Prevention of Money Laundering Act 2002, which imposes twin conditions is akin to Section 212(6) of the Companies Act. In the case on hand, it appears that the investigation so far done by the respondent reveals that the petitioner had indulged in fraud as explained under Section 447 of the Companies Act and the statements recorded from the witnesses so far points out the guilt of the petitioner. According to the respondent the case, being one with high stake, they have widened the investigation and there is every likelihood of bringing home the guilt of the petitioner and in the event of the petitioner being released on bail, he would tamper with the evidence and shatter the entire case of the respondent. This court has, recently, declined to grant bail, considering the fact that it is a case of economic offence of grave magnitude affecting the society and having arrived at a conclusion that the petitioner has not satisfied the twin conditions imposed under Section 212(6) of the Companies Act for grant of bail for the offence punishable under Section 447 of the Companies Act and al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d his various acts pointing out the specific role alleged to have been played by the petitioner in the fraudulent conduct of affairs of SIL in connivance with his father Dinesh Chand Surana and dismissed the bail petition. Therefore, this court feels that it would be redundant to go into the same once again and it would be suffice if there is any change of circumstance pleaded and established by the petitioner warranting this court to grant bail to the petitioner. 6. Mr.R.John Sathyan, learned Senior Counsel submitted his arguments as under:- i) A private complaint has been filed by the respondent on 9.9.2022 before the Special Court, SFIO and the XV Additional Sessions Judge, Special Court, SFIO has taken cognizance of the matter by assigning the complaint number Spl.C.C.No.1 of 2023 on 12.1.2023 and thus, there is no requirement to keep the petitioner in the judicial custody. ii) The petitioner's remand to judicial custody was extended by XV Additional Sessions Judge, Special Court SFIO on 21.1.2023 till 15.2.2023. iii) There are 90 accused, 125 witnesses, private complaint runs around 10,600 pages and over 1,00,000 pages of documents are filed with the private complai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contend that the bail sought therein for the offence under Section 45(1) of the Prevention of Money Laundering Act, 2002, which is akin to Section 212(6) of the Companies Act, 2013 was granted and thus, craves indulgence of this court for grant of bail to the petitioner. 9. Mr.B.Mohan, learned Special Public Prosecutor would submit his arguments as under:- (i) The petitioner has approached this court with the present petition without any change of circumstances prevailed as on 20.10.2022 when this court had dismissed the first bail petition. ii) Some accused have not appeared till date and the charges are yet to be framed by the trial court and thus, there is every likelihood of trial being delayed in the event of the petitioner being released on bail. iii) The observation made by this court while dismissing the first bail petition with regard to the non-obstante clause under Section 212(6) of the Companies Act, 2013 and the bar operating against the petitioner still holds good. iv) Taking cognizance of the criminal complaint and extension of judicial custody will not amount to substantial change in circumstances for granting bail in view of the dictum laid down in in Viru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rpose of reviving and rehabilitating the Company. On one side, he claims such a responsibility of reviving and rehabilitating the Company and on the other side, he claims no knowledge when it comes to the part of fraudulent activity in dealing with the Banks and siphoning of amounts, whereas the records also reveal that the petitioner and the other accused have formed benami/shell and puppet Companies and they have indulged in round tripping of money to their Companies. Though there are several statements recorded from the witnesses, the statement recorded from one of the Statutory Auditors viz., Geetha Suryanaranayan under Section 217 of the Companies Act reveals that the petitioner had played a key/pivotal role in the organisation. Further, a perusal of the statements recorded from other witnesses also show that the petitioner is the person, who is responsible for floating puppet and shell Companies in the name of their employees, poor relatives and round tripping and layering of money. 19. A perusal of the materials reveals that the petitioner is the person who has signed in various documents as person in charge of commercial/financial transactions of Surana Power Limited. Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve been provided in several other special legislations validity whereof has been upheld by this Court being reasonable and having nexus with the purposes and objects sought to be achieved by the concerned special legislations. Besides the special legislation, even the provisions in the general law, such as 1973 Code stipulate compliance of preconditions before releasing the accused on bail. The grant of bail, even though regarded as an important right of the accused, is not a mechanical order to be passed by the Courts. The prayer for grant of bail even in respect of general offences, have to be considered on the basis of objective discernible judicial parameters as delineated by this Court from time to time, on case-to-case basis. 16. In the case on hand, it appears that the investigation so far done by the respondent reveals that the petitioner had indulged in fraud as explained under Section 447 of the Companies Act and the statements recorded from the witnesses so far points out the guilt of the petitioner. According to the respondent the case, being one with high stake, they have widened the investigation and there is every likelihood of bringing home the guilt of the petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
