TMI Blog2017 (2) TMI 287X X X X Extracts X X X X X X X X Extracts X X X X ..... he investigating agency. 3) She would report before the Trial Court and the investigating officer once a month, till the investigation in the case is completed in full. 4) She would not in any way hinder or try to influence the investigation in any manner whatsoever and would not endeavor to either tamper with any evidence or induce/influence/dissuade/intimidate any witness or deal with any record relevant to the case. 5) She would cooperate with the investigation and would always be available to be interrogated by the Investigating Agency. 6) Any other condition as the Trial Court may consider to be appropriate if and as and when necessary. 7) We hereby clarify that breach or non-compliance of any of the above conditions would entail immediate cancellation of the bail granted, either suo motu or on any complaint made by any quarter whatsoever. 8) Apart therefrom, such a breach or non compliance would be viewed very seriously and would visit the appellant with stringent adverse consequences as contemplated in law. The Trial Court as well as the Investigating Agency are directed to keep continuous vigil in the matter so as to, if need be, bring to the notice of thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Saradha Group was of several thousand crores. The exercise undertaken by the Commission of Inquiry appointed by the Government of West Bengal, which received nearly 18 lakh complaints and claim petitions was also noted. Involvement of high dignitaries did not miss the attention of this Court as well. This Court noted with concern too, the failure of the Regulators like SEBI, Authorities under the Companies Act and the Reserve Bank of India. It was recorded that the scam had spread its roots in the States of West Bengal, Tripura, Assam and Odisha and had by then devoured ₹ 10,000 crores approximately from the public in general specially the weaker sections of the society, having fallen prey to the temptations of handsome returns, extended by the companies involved. That the collection of such huge amounts from the depositors was neither legally permissible nor were such collections/deposits invested in any meaningful business activity to generate the high returns as promised to the depositors was noted. Having regard to the gravity of the situation and the inter-state ramifications of such notorious venture, this Court acceded to the prayer for transfer of investigation from t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion business of Shardha Group acquired T.V. Channels and Newspapers and entered into several business deals in furtherance thereof. In the process, the appellant, who claims to be a Journalist and at the relevant time was not only associated with the Media but had some clout on her business in the North Eastern states, where such illegal exaction of Saradha Group was expanding, executed on 09.06.2010, a Memorandum of Understanding (MOU) with Sudipta Sen representing M/s Bengal Media (P.) Ltd. In the MOU, the appellant, along with her father, was depicted to be the absolute owner of M/s GNN India Limited. conducting the T.V. Channel (Rajdhani Frontier T.V.). Under the said MOU, the appellant and her father agreed to sell and transfer 50% share of M/s GNN India Limited to M/s Bengal Media Private Limited at a consideration of ₹ 50 crores, in return whereof , she was to be appointed as the Chief Executive Officer of the latter company and further to be entitled to a remuneration of ₹ 15 lakhs per month. An agreement between the parties followed on 21.6.2010, substantially in the same lines with the elaboration that M/s GNN Indian Private Limited would issue fresh shares ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te agreement between them, whereunder the liabilities of M/s. Global Automobiles Limited were agreed to be taken over at a price of ₹ 220 crores in all, figured as well in the charge-sheet. This, the CBI has in specific terms recorded on the basis of the investigation that Santanu Ghosh had indulged in such transactions being fully aware of the illegal deposit collection business of the Saradha Group. The supplementary charge-sheet mentions, to reiterate that further investigation is continuing as per Section 173(8) of the Code of Criminal Procedure, 1973 (for short, hereinafter to be referred to as Code ) in respect of influential accused persons, role of regulatory bodies like SEBI, ROC, RBI and other agencies to unravel the larger criminal conspiracy angle and the money trail. Admittedly, this supplementary charge-sheet had been submitted on 4.1.2016, as noted above and though the investigation is continuing, there has been no further supplementary charge-sheet in between. Records reveal that meanwhile, the appellant has been interrogated by the CBI in the hospital on 29.12.2015, 20.6.2016 and 14.10.2016. 11. In the above imposing factual backdrop, however, in the inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion in the real sense, it has been asserted that lastly, she has also given up her plea based on medical ground and thus it is of no avail or significance for the present. According to Mr. K. Raghavacharyulu, her hospital bills also do not endorse her plea of illness and treatment in connection therewith. He has urged that as the investigation is in progress, notwithstanding the release of some of the accused persons, it is not a fit case to grant bail to the appellant, more so when the Trial Court as well as the High Court have rejected her prayer to that effect on a consideration of all relevant aspects. 14. We have closely analyzed the competing contentions and have perused as well the pleadings and documents presently available on records. In course of the arguments, having noticed the emphasis on the ongoing investigation as a factor against grant of bail, we had required the learned counsel for the CBI to furnish a status report with regard thereto disclosing the updates, for a fair decision. 15. Accordingly, a status report had been laid before us in a sealed cover, which apart from the background facts leading to the registration of the case, arrest of the accused pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d and found guilty. It was underlined that the object of bail is neither punitive nor preventive. This Court sounded a caveat that any imprisonment before conviction has a substantial punitive content and it would be improper for any court to refuse bail as a mark of disapproval of a conduct whether an accused has been convicted for it or not or to refuse bail to an unconvicted person for the purpose of giving him a taste of imprisonment as a lesson. It was enunciated that since the jurisdiction to grant bail to an accused pending trial or in appeal against conviction is discretionary in nature, it has to be exercised with care and caution by balancing the valuable right of liberty of an individual and the interest of the society in general. It was elucidated that the seriousness of the charge, is no doubt one of the relevant considerations while examining the application of bail but it was not only the test or the factor and that grant or denial of such privilege, is regulated to a large extent by the facts and circumstances of each particular case. That detention in custody of under-trial prisoners for an indefinite period would amount to violation of Article 21 of the Constituti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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