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Issues: Whether the applicant was entitled to bail in view of the allegations relating to offences under the Companies Act, 2013 and the Indian Penal Code, 1860, and the statutory restrictions governing bail under Section 212(6) of the Companies Act, 2013.
Analysis: The application was considered on the basis that the applicant was a bank officer, the role attributed to him was confined to alleged lapses in discharge of duties, and similarly placed co-accused had already been enlarged on bail. The Court held that the requirement under Section 212(6)(i) stood satisfied as the Public Prosecutor was heard on the bail request. It further found, prima facie, that the applicant was not guilty of the charged offences and was not likely to commit any further offence while on bail, thereby satisfying Section 212(6)(ii). The order also noted the long pendency after summoning and the absence of any material showing a specific role of siphoning or wrongful encashment attributable to the applicant.
Conclusion: Bail was granted to the applicant.
Ratio Decidendi: Where the statutory conditions for bail under Section 212(6) are satisfied and the accused's role is distinguishable from that of the main accused, bail may be granted even in prosecutions alleging serious corporate fraud.
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