Economic Fraud Case: Supreme Court Revokes Anticipatory Bail, Emphasizes Gravity of Corporate Financial Misconduct Under Section 447

SC held that anticipatory bail was improperly granted in economic offenses involving serious corporate fraud. The High Court's orders were set aside, considering the respondents' repeated attempts to avoid legal proceedings and the serious nature of allegations under the Companies Act. The Court emphasized that economic offenses constitute a distinct category of grave crimes affecting national financial integrity. Given the non-bailable nature of offenses under Section 447 and the issuance of non-bailable warrants and proclamation proceedings, the anticipatory bail orders were deemed perverse and unsustainable. The appeal was allowed, effectively nullifying the High Court's bail orders and requiring the respondents to submit to legal proceedings. .....

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