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2022 (5) TMI 1315 - HC - Companies LawSeeking grant of Bail - second bail application - fraudulent merchantine trade - wrongful loss to the Public Sector Banks - siphoning of Bank funds through merchantine trade - falsification of financial statement of the Companies involved in the matter by not showing true and fair views - HELD THAT:- As is evident from the record, earlier an F.I.R. was lodged on behalf of the C.B.I. on the basis of same set of facts on which present compliant has been filed. Applicant was enlarged on bail. Thereafter, he was again arrested in the present matter started by the S.F.I.O. Applicant moved bail application before this Court, which was rejected. Thereafter, he approached the Apex Court and was allowed on interim bail. Applicant withdrew the Special Leave Petition with liberty to approach the High Court or the court below. Thereafter, this second bail application has been moved. Although, technically, this is the second bail application moved before this Court, but submission raised on behalf of the S.F.I.O. that bail application is not maintainable directly before the High Court is not tenable. Present bail application can be entertained and decided by the High Court. Perusal of the record also reveals that one Udai J. Desai had also approached this Court for bail, but bail prayer made by him was rejected by this Court. Thereafter, he approached the Apex Court and he was allowed on bail. Another co-accused Vishwanath Gupta had applied for anticipatory bail, which was allowed by the coordinate bench of this Court, as is clear from the record. Order passed on the anticipatory bail application was challenged before the Apex Court, which was dismissed. Applicant is allowed to be released on bail - application allowed.
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