Bail application disposed of granting release on bail with specific terms. Petitioner must pledge property details stated in affidavit to OPID Court. Property not to be transferred without court leave; may be sold to compensate depositors.
Petitioner released on bail by Designated Court, Cuttack, with terms to pledge property details stated in affidavit.
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BLAPL NO. 4569 OF 2015
06. 08.12.2015 Heard learned counsel for the petitioner a
nd learned Addl. Standing Counsel for the State.
The petitioner is implicated in the offence punishable U/Ss. 420 / 467 / 468 /
471 / 406 / 120-B IPC and Section 4 of the OPID Act.
The petitioner is one of the Director of M/s. Ascend Creations Pvt. Ltd., whic
h is a Chit Fund Company.
The husband of the petitioner, who is the Managing Director of the Company and
another Director of the Company, who happens to be the brother-in-law of the present petition
er, have already been released on bail by giving security of Rs.1.50 Crores jointly.
The present petitioner in an affidavit dated 24.11.2015 has given the details
of the property, bench-mark valuation of which is about Rs. 1.22 Crores and has further averre
d in the affidavit that, the said property shall be given towards the property security in lie
u of bail.
Considered the materials placed by learned counsel for the parties.
Regard being had to the facts and submissions, factum of permanent residence o
f the petitioner, release of the co-accused persons on bail including the Managing Director in
the meantime and completion of investigation, it is directed that the petitioner shall be rel
eased on bail by the learned Designated Court, Cuttack under OPID Act in C.T. Case No.14 of 20
14 on such terms and conditions as deemed just and proper, including the conditions that the p
etitioner shall pledge the property in question in favour of the OPID Court, details of which
has been stated in affidavit dated 24.11.2015. All the claimants of the property shall file in
dividual affidavits to the effect that, nobody shall have any claim over the property in quest
ion. If required, the property in question may be included in the OPID proceeding at the discr
etion of the said court. Further, the property in question shall not be transferred or conveye
d in favour of anybody without leave of the court in seisin over the matter. If required, the
property may be sold at the discretion of the designated court and the sale proceeds thereof m
ay be appropriated to compensate the depositors.
The bail application is accordingly disposed of.
Urgent certified copy of this order be granted as per rules.
A free copy of this order be supplied to the learned ASC.
Subha
4
1 issue framed by the court
Whether the petitioner is entitled to release on bail in consideration of property security under the OPID Act.
2 provisions across 2 enactments
BLAPL NO. 4569 OF 2015
State
Subha
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court