TMI Blog2022 (7) TMI 583X X X X Extracts X X X X X X X X Extracts X X X X ..... e charged with, and therefore, it is opined, that they are not likely to commit any further offence while on bail. The Applicants are enlarged on bail on the following terms and conditions - Each applicant shall furnish a personal bond with two local sureties in the sum of Rs. 25,000/- each, to the satisfaction of the Trial Court - Application disposed off. - BAIL APPLN. 2053/2022, BAIL APPLN. 2055/2022 & CRL.M.A. 12892/2022, BAIL APPLN. 2056/2022 & CRL.M.A. 12893/2022 - - - Dated:- 11-7-2022 - HON'BLE MR. JUSTICE JASMEET SINGH MEMO OF APPEARANCE Mr. Ramesh Gupta, Sr. Adv. with Mr. Sanjiv Sagar, Mr. Dhir Singh Kasana, Mr. Rishab Malik and Ms. Nazia Parveen, Advs. Mr. Harish Vaidyanathan Shankar, CGSC with Mr Sri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BI, as a result committed various acts and omission which caused loss to the banks. 4. Pursuant to issuance of summons, the petitioners have been appearing before the trial Court for the last three years and were never arrested. 5. A-195 retired as General Manager from UCO Bank, A-193 retired as Assistant General Manager from UCO Bank, and A-194 retired as Assistant General Manager from UCO Bank. 6. The complaint pertains to the acts of misappropriation of huge sums of money by Bhushan Steel Ltd. and Bhushan Energy Ltd. 7. The the main stakeholders of both the company i.e. BSL and the Bank i.e. PNB have been enlarged on bail/interim bail: a. Interim relief granted till pendency of proceedings to ex-promoter/director of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bhatia v. Serious Fraud Investigation Office dated 07.07.2022. 8. A-195, A-193 and A-194 in support of their bail application have argued similar grounds and I am prima facie agreeable with the same: a. All are retired officers of the bank. b. The Applicants are not accused of fraud and the only allegation is of neglect of duties. Additionally, they were not the only officers dealing with LCs, there was a team of officers, GM, DGM, AGM, Sr. Manager, Manager, Clerk and other officials. c. The Applicants were bank employees and not of Bhushan Steel and there is no siphoning off of funds by the Applicants. Further, the complaint does not disclose which LC was encashed wrongly due to the petitioner, similarly the Investigatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liberty of the accused in the face of a delay in the conclusion of the trial. We are inclined to grant bail on the above ground having regard to the fact that the appellant has been in custody since 28 August 2019. In Nittin Johari (supra), this Court has held: 24. At this juncture, it must be noted that even as per Section 212(7) of the Companies Act, the limitation under Section 212(6) with respect to grant of bail is in addition to those already provided in CrPC. Thus, it is necessary to advert to the principles governing the grant of bail under Section 439 of CrPC. Specifically, heed must be paid to the stringent view taken by this Court towards grant of bail with respect of economic offences. While the provisions of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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