High Court extended the bail period by three months for the applicant who failed to repay investors in full but had made substantial payments, conditional upon full payment within the extended time.
Bail period extended by three months; bail to be absolute upon full payment or cancelled automatically otherwise.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
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APPP-277.13
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
APPELLATE SIDE
CRIMINAL APPLICATION NO. 277 OF 2013
SHARAD @ DEV S. GUPTA
.. APPLICANT
VERSUS
THE STATE OF MAHARASHTRA .. RESPONDENT
Mr. Vijay J. Bhanushali i/b M/s. Rajeev Sawant & Assoc.,Advocate for the applicant Mrs. G. P. Mulekar, APP for the State Mr. Rajendra Rathod, Advocate for the intervener Ms. Tahera Qureshi, Advocate for the intervener I.O. - Mr.a. N. Salunkhe – PSI, Santacruz Police Station – present.
CORAM:-ABHAY M. THIPSAY, J. DATED : 26/07/2013
P.C.
Heard Mr. Vijay J. Bhanushali, learned counsel for
the applicant, Mrs. G. P. Mulekar, learned APP for the State,
Mr. Rajendra Rathod, and Ms. Tahera Qureshi, learned Advocates for the interveners.
2 Undoubtedly, the applicant has failed to make the
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APPP-277.13
repayment of the principal amount to the investors within a period of four months from his release on bail, as had agreed upon by him. However, it is not that the applicant has not paid any amounts to the investors. I am informed that the total amount repayable by the applicant to the investors is Rs.1,41,03,892/-. Out of this, the applicant has satisfied the claims of investors to the extent of Rs.80,52,538/-. Additionally the property belonging to the applicant, said to be worth more than Rs.20 Crores, is being attached, and I am informed that the necessary steps for the same are being taken. 3 Though the applicant has not fulfilled his commitment, the learned counsel for the applicant explains the difficulties, why the applicant could not make the payment. It is also stated before me that, if given three month's time, the applicant would satisfy claims of all the investors.
4 Since the applicant has, in any case, paid considerable amount and complied with his obligation to repay,
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APPP-277.13
quite substantially, I think it fit to extend the period of the bail granted to him, by three months from today. Thus the bail order passed in favour of the applicant shall remain in force for a further period of three months from today.
5 Should the applicant fail to pay the entire principal amount, due and payable to the investors, within this period of three months, the bail granted to him shall stand cancelled automatically. On the other hand, if the applicant pays the entire amount, the bail order shall be made absolute.
6 The application is disposed of in the aforesaid
terms.
(ABHAY M. THIPSAY, J.)
md.saleem
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Sharad @ Dev S. Gupta
The State of Maharashtra
Abhay M. Thipsay
As recorded by the court registry
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