The High Court allowed the bail application of the applicant, a co-accused in a bank fraud case, setting bail on the basis of parity with another enlarged accused.
The applicant was enlarged on bail subject to deposit of Rs. 10 lakhs as cash bail and furnishing a PR bond with sureties.
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.
ba.243.18.909.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL BAIL APPLICATION NO. 243 OF 2018
Jagdish Chandra Somani ...Applicant Versus The State of Maharashtra ...Respondent
Mr. Hrishikesh Mundargi a/w Mr. S. Sarkar for the Applicant
Mr. S. S. Hulke, A.P.P for the Respondent-State
Mr. Sandesh Patil for the CBI
CORAM : REVATI MOHITE DERE, J. WEDNESDAY, 18th APRIL, 2018
P.C. :
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A. S. Gadkari, J.) vide order dated 23rd January, 2018 passed in Bail Application No. 2168 of 2017. Learned counsel for the applicant submits, that according to the prosecution, what is allegedly due from the applicant, is a sum of Rs. 23,04,042/-. Learned counsel for the applicant submits that, without prejudice to his rights and contentions, the applicant is ready and wiling to deposit the said sum within a reasonable period, as may be directed by this Court.
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availed several term loans and working capital loans from a group of banks under a consortium arrangement with 13 banks led by Canara Bank. It is alleged that the fraud on consortium banks was quantified to the tune of Rs. 2107.76 crores. According to the prosecution, as M/s. Nakoda Ltd. defaulted in repayment of loans, M/s. Nakoda Ltd. was classified as NPA on various dates by each of the 13 banks in 2014. Accordingly, the banks conducted inquiries and initiated recovery proceedings as against M/s. Nakoda Ltd. Canara Bank declared the account of M/s. Nakoda Ltd. as “Fraud” and the case was reported to the RBI in February 2016. All the other banks authorized the Canara Bank as a lead Bank, to register an FIR and accordingly, the FIR was registered and was lodged by Canara Bank on 4th October, 2016.
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ORDER
(i) The applicant be released on cash bail in the sum of Rs. 1,00,000/-, for a period of six weeks;
(ii) The applicant shall furnish PR Bond in the sum of Rs. 1,00,000/-, with one or more local solvent sureties in the like amount, within a period of six weeks of his release on cash bail;
(iii) The applicant shall attend the concerned Police Station on the
first Monday of every month between 11:00 a.m. to 1:00 p.m., till the conclusion of the trial;
(iv) The applicant shall deposit Rs. 10 lakhs in the Registry of this Court before his actual release and the balance amount i.e. Rs. 13,04,042/- in two instalments within six months i.e. 50% within three months from the date of his release and the balance 50% within three months thereafter;
(v) The applicant shall deposit his passport, if any, in the trial Court;
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(vi) The applicant shall not leave the Country without the permission of the trial Court;
(vii) The applicant shall not tamper the evidence or attempt to influence or contact the complainant, witnesses or any person concerned with the case;
(viii) The applicant shall inform his latest place of residence and mobile contact number and/or change of residence or mobile details, if any, from time to time to the Court seized of the matter and to the Investigating Officer of the concerned Police Station;
(x) The applicant shall file an undertaking with regard to clauses (iii) to (ix) in the trial Court, within two weeks of his release;
(xi) If there are two consecutive defaults in appearing before the trial Court or in reporting to the Investigating Officer and if there is a breach of any of the aforesaid conditions, the prosecution shall be at liberty to seek cancellation of the applicant's bail.
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REVATI MOHITE DERE, J.
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3 issues framed by the court
Whether bail should be granted to the applicant on grounds of parity with a co-accused who was already enlarged on bail.
Whether the applicant's readiness to deposit the recovered amount is sufficient to grant bail.
What conditions must be imposed on the applicant for his release on bail.
Colour shows how this judgement treated each authority
Punett Kumar Bail ApplicationReferred¶11
Bail Application No. 2168 of 2017
2 provisions across 2 enactments
Jagdish Chandra Somani
The State of Maharashtra
REVATI MOHITE DERE
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
