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2021 (3) TMI 1446 - HC - Indian LawsGrant of bail - Bike Boat Scheme - huge amount of the investors has been diverted by M/s. G.I.P.L. in the scheme of the applicant - HELD THAT:- As is evident from the record, applicant is not named in the F.I.R. He is not the Director, signatory or shareholder in M/s. G.I.P.L. Although allegation against the applicant is that investors' amount of the Bike Boat Scheme launched by M/s. G.I.P.L. was diverted to the applicant's company and application said to have been moved by the applicant's company does not bear the signature of the person moving it and said person had resigned from the post of Director prior to the date of moving the application yet commercial space has been allotted in the scheme launched by the applicant in favour of M/s. G.I.P.L. and its sister concern and possession over the commercial space has also been taken. The said allotted land is reported to be attached by the Enforcement Directorate in the proceedings started against main accused but accounts of the applicant's company have not been attached. In view the facts and circumstances of the case, role assigned to the applicant to connect him with the present matter, comparing the same with the ingredients of the offences levelled against him in the FIRs in the present matters and also taking into consideration the settled principles of law for granting bail, without expressing any opinion on the merits of the case, the court is of the view that it is a fit case for bail. The bail applications are allowed.
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