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2022 (7) TMI 414 - HC - Indian LawsSeeking grant of Bail - fraudulent mismanagement of Company - petitioner is the Company Secretary and a signatory of the Financial Statements of FY 2013-14 and 2014-15 of BEL, which was a subsidiary of BSL - It was claimed that the petitioner being the Company Secretary of BEL was privy to all Board meetings and was a signatory to the financial statement, wherein there was a major irregularity with respect to investment in BSL - Section 212(6) of the Companies Act - HELD THAT:- The accused was not arrested either by the Investigating agency during the period of investigations or even thereafter when the charge-sheet was filed in the Court. In fact, the bail application was heard for about three years and the accused was not taken into judicial custody despite being present in Court on every date. The respondent has nowhere averred that the custody of the accused was required for the purpose of the investigations or thereafter not any assertion was made for taking the petition into consideration. Interestingly, the petitioner had “no interim protection of any superior Court” during investigation or while his bail was being heard by the learned Trial Court after taking cognizance, but was never, taken into custody for three years and suddenly on 01.06.2022 when the allegations were still continuing, he was abruptly taken into custody for a reason which existed since last about three years. Moreover, being the Trial Court, it was competent to pass appropriate orders in the circumstances. The bail application was listed for further arguments for 02.06.2022 on which date the application was dismissed. The accused has been appearing before the Investigating Officer and thereafter before the Court diligently and his custody was never sought by the respondent. The petitioner was the Company Secretary in the Company of the accused no. 2 and his main accusation was that he had signed the Financial Statements in his capacity as the Company Secretary. The primary accused, namely, Mr. Neeraj Singhal and Mr. Nitin Johari have already been granted interim bail. The allegations pertain to years-2014-2015 and 2015-2016 and the petitioner neither before nor after has been involved in any criminal offence. The petitioner is hereby admitted to bail on submitting a Bail Bond and Surety Bond in the sum of Rs.1,00,000/- to the satisfaction of the trial court/Special Judge - Application allowed.
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