Regular bail plea in alleged corporate fund diversion targeting lower-income investors u/s447, refused due to offence gravity upheld. The dominant issue was whether regular bail should be granted to an accused alleged to have committed serious corporate fraud involving diversion and ...
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Regular bail plea in alleged corporate fund diversion targeting lower-income investors u/s447, refused due to offence gravity upheld.
The dominant issue was whether regular bail should be granted to an accused alleged to have committed serious corporate fraud involving diversion and misuse of funds belonging to lower middle and lower income groups, allegedly in the capacity of an authorised signatory, attracting s.447 Companies Act. The SC held that the HC's refusal of bail disclosed no ground warranting interference in exercise of its discretionary jurisdiction, given the gravity and nature of the alleged economic offence. Consequently, the refusal of regular bail was upheld and the SLP was dismissed.
Delay was condoned. The Court declined to exercise jurisdiction under Article 136, holding: "We are not inclined to interfere with the impugned judgment and hence, the special leave petition is dismissed." Consequently, the special leave petition was dismissed, and "Pending application(s), if any, shall stand disposed of."
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