https://www.taxtmi.com/caselaws?id=460823 The Madras HC dismissed a bail petition filed by an accused charged under Section 447 of the Companies Act, 2013 for siphoning public money through shell companies via fraudulent bank assistance. The court found no substantial change in circumstances warranting bail consideration despite the filing of a private complaint. Although the Supreme Court had granted bail in similar money laundering cases, the HC determined the petitioner failed to satisfy twin conditions under Section 212(6) of the Companies Act. The court emphasized that in serious economic offenses of grave magnitude affecting society, bail should not be granted when investigation reveals the accused's guilt and potential evidence tampering exists. en-us Fri, 28 Apr 2023 00:00:00 +0530 Fri, 21 Feb 2025 11:34:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460823 The Madras HC dismissed a bail petition filed by an accused charged under Section 447 of the Companies Act, 2013 for siphoning public money through shell companies via fraudulent bank assistance. The court found no substantial change in circumstances warranting bail consideration despite the filing of a private complaint. Although the Supreme Court had granted bail in similar money laundering cases, the HC determined the petitioner failed to satisfy twin conditions under Section 212(6) of the Companies Act. The court emphasized that in serious economic offenses of grave magnitude affecting society, bail should not be granted when investigation reveals the accused's guilt and potential evidence tampering exists. Case-Laws Companies Law Fri, 28 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460823