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2023 (5) TMI 103 - HC - Companies LawSeeking grant of Regular Bail - Corporate Structure repeatedly abused for various fraudulent purposes - books of accounts of BPSL were manipulated and various paper/shell companies were used for routing of funds in a deceptive manner - Siphoning of materials from BPSL Plant, Sambalpur, Orissa - Diversion of funds from BPSL in the form of bogus capital advances and routing the same as equity or unsecured loans in related entities of BPSL - Bogus advances to suppliers - Issue and negotiation of Inland Letters of Credit by Bhushan Power & Steel Limited - Diversion of BPSL funds for purchase of. Shares by Promoters & Family Members for Long-Term Capital Gains - Bogus purchase of capital goods - Purchase of property at Mumbai by Assurity Real Estate LLP. HELD THAT:- In the present case the petitioner has sought to invoke the inherent jurisdiction of this Court under section 482Cr.P.C. This Court thus has to analyse if the order granting bail is perverse, without jurisdiction or based on irrelevant material on record. A perusal of the impugned order reflects that the order is neither unsubstantiated nor perverse. The order granting bail is a well-reasoned order and has been based on proper material on record taking into account several incidental aspects around the case. There is no infirmity with the order which so requires the interference of this Court. The Ld. Special Court has after correctly appreciating the special benefit conferred on a woman and after considering the role of the Respondent and upon its satisfaction, has duly exercised its discretion in favour of the present Respondent thereby granting her bail. Moreover, it is not in dispute that SFIO complaint has been filed, cognizance taken and accused persons have been summoned. Thus in absence of any legal infirmity or perversity, this Court cannot interfere with the order of the Ld. ASJ granting regular bail to the respondent/accused. This Court does not sit as a court of appeal and cannot reappreciate evidence and substitute its view with that of the subordinate court merely because another plausible view was taken. Further, in absence of any cogent, supervening circumstances necessitating cancellation of bail of the respondent/accused, this Court cannot merely cancel the bail so granted. There is nothing on record to show that the accused has misused her bail or has not adhered to the conditions so imposed. Petition dismissed.
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