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2016 (4) TMI 1457 - HC - Companies LawSeeking release on Regular Bail - Fraud - misappropriation of huge amount of money - HELD THAT:- The undisputed facts is that the applicant was Chairman of MEGA and was responsible for the transaction being a head of the Company. However, the investigation is over and time was granted to the State Government for further investigation which has also been completed and supplementary charge-sheet has been submitted on 27.1.2016. In the case of Sanjay Chandra v. Central Bureau of Investigation, [2011 (11) TMI 537 - SUPREME COURT] the Hon'ble Supreme Court has dealt with most important judgments of the Hon'ble Supreme Court itself and has released the accused who were facing charges for 2G Spectrum scam wherein public exchequer has lost thousands of crores of rupees. The Hon'ble Supreme Court has, after considering the decisions of Kalyan Chandra Sarkar v. Rajesh Ranjan, [2005 (1) TMI 704 - SUPREME COURT], Gudikanti Narasimhulu v. Public Prosecutor, [1977 (12) TMI 143 - SUPREME COURT], Vaman Narain Ghiya v. State of Rajasthan, [2008 (12) TMI 446 - SUPREME COURT], State of U.P. v. Amarmani Tripathi, [2005 (9) TMI 659 - SUPREME COURT] has ultimately held that the applicant can be released on bail by imposing appropriate conditions. It is pertinent to note that the applicant is behind bar since 14.5.2015 and investigation is over. The Court has not even framed charge in the matter. There are about 12 accused and about 100 witnesses and there is voluminous record of documents which are relied upon by the prosecution. It is also pertinent to note that the applicant was released on temporary bail and has surrendered in Jail in time. It is not the case that he has ever tried to misuse the liberty granted to him. It is opined that this is not a heinous crime wherein there is an apprehension that he may tamper with the prosecution witnesses or is danger to the Society at large. The case is based on documentary evidences which is required to be proved by the prosecution at the time of trial. Considering the entire facts and circumstances of the case and the papers of investigation and charge-sheet and supplementary charge-sheet, the application requires consideration. Hence, the application is allowed and the applicant is ordered to be released on bail subject to the conditions imposed. Bail application allowed.
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