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2021 (5) TMI 1064 - HC - Indian LawsSeeking grant of Regular bail - putting the company in poor financial condition by disbursing loans to entities having no financial standings - default in repayment o loans - shell companies/entities were controlled by petitioner or not - HELD THAT:- Admittedly, the petitioner is not a beneficiary to even a single penny and whatever was done appears to be at the instance of beneficiaries Shivinder Mohan Singh and Malvinder Mohan Singh, who have since been granted bail. Though it is alleged the orders of grant of their bails have been stayed but admitted their bails are not cancelled as yet. It is also the case of the petitioner though total amount alleged is Rs. 2397 crores, but such figure pertains to the total disbursal of the loan by RFL and not the outstanding to RFL. The Enforcement Directorate in the chargesheet dated 10.01.2020 has rather concluded only Rs. 300 crores out of Rs. 2397 crores is outstanding. 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. 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 conditions imposed - petition allowed.
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