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2020 (7) TMI 580 - HC - Indian LawsGrant of Bail - unsecured loans granted by RFL to various entities - Non-performing Assets - ever-greening of loans - conspiracy with the Promoters and for their benefit - It is alleged that despite the report of RBI, the petitioner had not taken any remedial measures, but on the contrary actively sought to misrepresent the financial position of RFL by concealing various NPAs - HELD THAT:- The reading of the chargesheet indicates that the prosecution had identified nineteen questionable loan transactions where the borrowers had defaulted in repayment of the dues advanced to them. The chargesheet indicates that in all of those nineteen instances, the loan had been approved by the Risk Management Committee and in certain cases was also approved by the RPT (Related Party Transaction) sub-committee. The date on which the approvals were been granted are indicated in the chargesheet. All of these questionable transactions pertain to the period after the year, 2016 - However, it cannot be disputed that most of the questionable loan transactions had been entered into after 2016. Undisputedly, the petitioner was employed with the Religare Group of Companies in various capacities since 2008. However, it is not disputed that the petitioner was not holding any executive position in RFL after 13.11. 2011. The chargesheet indicates that he had ceased to be a whole time director with effect from 13.11.2011. The petitioner acted as the Group CFO from 06.04.2010 till his resignation on 14.11.2017; thus, it prima facie appears that the petitioner may have supervised certain executive functions relating to RFL but he was not control of its day to day management. The petitioner is a qualified Chartered Accountant and there is no allegation that he had any other stake in REL or RFL except as an employee or an official of the said companies. It prima facie does appear that the petitioner was employed by virtue of his professional qualifications. There is also little material to establish that the remuneration paid to the petitioner was not commensurate with his position in REL. The above is also a vital aspect to be borne in mind while examining whether the petitioner should be granted bail - This Court is not persuaded to accept that the petitioner has any propensity to tamper with the relevant evidence. As noticed above, the petitioner had left the employment of the REL almost three years ago. He had also resigned as a director of RFL. The petitioner shall be released on bail on his furnishing a personal bond in the sum of ₹25,000/- to the satisfaction of the Trial Court/Duty Magistrate with one surety of the like amount. This is also subject to further conditions imposed - petition allowed.
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