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The HC observed that liquidation of the CSL is not in investors' interest as substantial amounts were invested in residential/commercial projects. Considering revival of CSL to complete pending projects, the HC held applicants made bona fide efforts to safeguard investors' interests, reflecting intent to rectify consequences rather than perpetuating fraud. The HC found reasonable grounds to believe applicants might not be guilty and are unlikely to commit offence on bail to revive CSL and complete projects, satisfying twin conditions u/s 212(6) of Companies Act. Directing surrender before adjudicating bail would hinder efforts to resolve investors' grievances. The HC allowed regular bail to applicants subject to conditions.
The HC observed that liquidation of the CSL is not in investors' interest as substantial amounts were invested in residential/commercial projects. Considering revival of CSL to complete pending projects, the HC held applicants made bona fide efforts to safeguard investors' interests, reflecting intent to rectify consequences rather than perpetuating fraud. The HC found reasonable grounds to believe applicants might not be guilty and are unlikely to commit offence on bail to revive CSL and complete projects, satisfying twin conditions u/s 212(6) of Companies Act. Directing surrender before adjudicating bail would hinder efforts to resolve investors' grievances. The HC allowed regular bail to applicants subject to conditions.
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