Home Case Index All Cases Indian Laws Indian Laws + SC Indian Laws - 2019 (9) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (9) TMI 570 - SC - Indian LawsGrant of Bail - commission of fraud punishable under Section 447 of the Companies Act, 2013 - siphoning off of funds - fraudulent availment of CENVAT Credit - FY 2009-10 to FY 2016-17 - HELD THAT:- It must be noted that even as per Section 212(7) of the Companies Act, the limitation under Section 212(6) with respect to grant of bail is in addition to those already provided in the Cr.P.C. Thus, it is necessary to advert to the principles governing the grant of bail under Section 439 of the Cr.P.C. Specifically, heed must be paid to the stringent view taken by this Court towards grant of bail with respect of economic offences. The High Court in the impugned order has failed to apply even these general principles. The High Court, after referring to certain portions of the complaint to ascertain the alleged role of Respondent No. 1, came to the conclusion that the role attributed to him was merely that of colluding with the co-accused promoters in the commission of the offence in question - this vague observation demonstrates non-application of mind on the part of the Court even under Section 439 of the Cr.P.C., even if we keep aside the question of satisfaction of the mandatory requirements under Section 212(6)(ii) of the Companies Act. The High Court has failed to apply its mind to all the circumstances that were required to be considered while granting bail, particularly in relation to economic offences - Matter remanded to High Court with a request to the High Court to decide the bail application afresh at an early date, in accordance with law.
|