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HC dismissed bail petition of accused charged with serious economic offenses involving bank fraud and misappropriation under Section 447 of Companies Act. Accused allegedly played active managerial role in siphoning public funds through puppet companies, writing off stocks and inventories via misrepresentations to banks. Despite completed investigation, court determined accused's presence necessary for charge framing. Court rejected long incarceration argument, distinguishing from V. Senthil Balaji precedent as present case solely involved Companies Act violations. Parity grounds also dismissed as co-accused's bail order pending Supreme Court review. Court emphasized risk of evidence tampering and witness influence, noting non-compliance with twin conditions under Section 212(6) of Companies Act, 2013.
HC dismissed bail petition of accused charged with serious economic offenses involving bank fraud and misappropriation under Section 447 of Companies Act. Accused allegedly played active managerial role in siphoning public funds through puppet companies, writing off stocks and inventories via misrepresentations to banks. Despite completed investigation, court determined accused's presence necessary for charge framing. Court rejected long incarceration argument, distinguishing from V. Senthil Balaji precedent as present case solely involved Companies Act violations. Parity grounds also dismissed as co-accused's bail order pending Supreme Court review. Court emphasized risk of evidence tampering and witness influence, noting non-compliance with twin conditions under Section 212(6) of Companies Act, 2013.
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