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2019 (12) TMI 947 - HC - Companies LawGrant of Anticipatory bail - money laundering - siphoning of funds - Director of companies, which had caused a loss to the State by hatching a conspiracy - HELD THAT:- Though undoubtedly, the allegations which are levelled against the applicant/petitioner of his being a Director of four shell companies/ dummy companies which companies are stated to have been created so that they could be taken over by the prime accusedA-1 Mohd. Iqbal for the purpose of laundering his ill-gotten money through engaging in illegal sand mining operations in the State of UP and in/around the District Saharanpur, so that he could project the said ill-gotten money as legitimate assets and these companies were utilized to purchase land and that majority of the transactions made by these companies were outside the banking channels and the companies did not even maintain any account,- are allegations, if established prima facie undoubtedly fall within the domain of a fraud in terms of Sections 447 and 448 of the Companies Act, 2013. The provisions of Section 212(6) of the Companies Act, 2013 in the facts and circumstances of the instant case would have also to be considered and thus, it cannot be contended that the embargo of Section 212(6) would essentially operate in the instant case - In the instant case, there are no contentions raised on behalf of the SFIO that the applicant’s presence cannot be secured or that the applicant would flee from justice or that the applicant can influence the witnesses or tamper with the evidence in any manner. The applicant in the circumstances is allowed to be released on bail on filing a bail bond in the sum of ₹ 2,00,000/- with two sureties of the like amount to the satisfaction of the Special Judge - application disposed off.
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