absolute and mandatory. The bar under Section 12(1-B) restrained persons (who were not engaged in any collective investment venture up to 25.01.1995) from commencing activities concerning collective investment, till they had obtained a certificate of registration, in consonance with the Collective Investment Regulations. Para 26:- Another aspect which has to be taken note of, is that the the Hon’ble Supreme Court in the case of State of Madhya Pradesh versus Pradeep Sharma reported in (2014) 2 SCC 171, after relying on other judgments, has held that if a person is declared as proclaimed offender / absconder in terms of Section 82 of the Code, he is not entitled for relief of anticipatory bail. Thus, when the relief of anticipatory bail is curtailed, as a consequence of an order passed under Section 82 of the Code, declaring a person absconder, the said order cannot be passed in mechanical manner without recording satisfaction and reasons nor can the same be passed without following the procedure as laid down in the Code. In view of the aforesaid circumstances and the consequence one has to face, the Court has to be very cautious while issuing an order under Section 82 of the Code . ”
