TMI Blog2022 (7) TMI 1125X X X X Extracts X X X X X X X X Extracts X X X X ..... bail. Hence, sub-section (ii) of Section 212(6) is also complied with. The Applicant is enlarged on bail on the following terms and conditions: i. The 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; ii. He shall appear before the Court as and when directed; iii. In case he changes his address, he will inform the IO concerned and this Court also; Application disposed off. - BAIL APPLN. 2054/2022 - - - Dated:- 22-7-2022 - HON'BLE MR. JUSTICE JASMEET SINGH Petitioner Through: Mr. Ramesh Gupta, Sr. Adv. with Mr. Sanjeev Sagar, Ms. Nazia Parveen, Advocates Respondent Through: Mr. Harish Vaidyanathan Shankar, CGSC with Mr. Sr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uance of summons, the applicant has been appearing before the trial Court for the last three years and was never arrested. 6. As stated above, the applicant is still working with UCO Bank and is a senior manager. 7. The complaint pertains to the acts of misappropriation of huge sums of money by Bhushan Steel Ltd. and Bhushan Energy Ltd. 8. The the main stakeholders of both the company i.e. BSL and the Bank i.e., PNB have already been enlarged on bail/interim bail: a. Interim relief granted till pendency of proceedings to ex-promoter/director of the company, Neeraj Singal by the Hon ble Supreme Court on 04.09.2018 in SLP (Crl.) No. 7241 of 2018. b. On grounds of parity, co-accused, Nittin Johari, ex-promoter of BSL in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3/2022, BAIL APPLN. 2055/2022 and BAIL APPLN 2056/2022 dated 11.07.2022. h. This Court granted bail to two Chartered Accountants by BAIL APPLN. 1950/2022 and BAIL APPLN. 1825/2022 dated 18.07.2022. 9. The applicant in support of his bail application has argued similar grounds and I am prima facie agreeable with the same: a. He is still in service of the bank. b. The Applicant is not accused of fraud and the only allegation is of neglect of duties. Additionally, he is not the only officer dealing with LCs, there was a team of officers, GM, DGM, AGM, Sr. Manager, Manager, Clerk and other officials. c. The Applicant is a bank employee and not of Bhushan Steel and there is no siphoning off of funds by the Applicant. Fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he personal 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 Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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