TaxTMI 
TaxTMI 
2017 (2) TMI 1248
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....d by the National Spot Exchange Limited (hereinafter referred to as `NSEL') through its broker viz. Capital First Commodities Ltd. NSEL is a Spot Exchange. Jignesh Shah was the founder Chairman and Group CEO and was managing the affairs of NSEL along with one Joseph Massey and Anjani Sinha. NSEL owed payments to the complainant for various trades of commodities done under various contracts. However, NSEL had discontinued trading and deferred settlement by conveying to the traders that there is disequilibrium in trade. According to the complainant, the funds were diverted and misappropriated by Jignesh Shah and others and that they all induced people to make investments by making false representations and assurances and had misled the traders by issuing fabricated documents. On the basis of his report, Crime No.216 of 2013 was registered for the offences punishable under Sections 120B, 409, 465, 467, 468, 471, 474, 477A of the Indian Penal Code. Taking into consideration the gravity of the allegations and the amount involved, the investigation of the said case was transferred to the Economic Offences Wing (EOW). The said case was renumbered as Crime No.89 of 2013. The accused we....
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.... days i.e. till 29.9.2016. On 29.9.2016, the application seeking interim bail was rejected by the Special Judge. On 21.10.2016, the Special Court rejected the bail application of the applicant. On 24.11.2016, an application seeking enlargement on bail under Section 167(2) of Cr.P.C. was also rejected. 9. The learned Special Court has observed that the investigation is completed and a statutory complaint under PMLA has been filed by the Registry on 21.11.2016. After the complaint was filed, the applicant had once again renewed his prayer for bail. All the co-accused were either parties to Anticipatory Bail Application or Regular Bail. Without considering the doctrine of parity, the Special Court had rejected the application filed by the applicant seeking enlargement on bail on 11.1.2017 as there was no change in circumstance. It is in the abovementioned circumstances, that the applicant has filed the present application seeking enlargement on bail. 10. The learned Senior Counsel appearing for the applicant has vehemently submitted that the applicant was in custody from 11.8.2014 to 14.9.2014 for the offence punishable under Section 409 of Cr.P.C. etc. The learned Senior Counse....
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....ng prosecuted are Sections 465, 467, 468, 471, 474 and 477A of the IPC. Section 465 is punishable with imprisonment for a term which may extend to two years or with fine or with both. Section 467 is punishable with imprisonment of either description which may extend to ten years and fine. Section 468 is punishable for a term which may extend to seven years. section 471 is a compoundable offence and the punishment contemplated is in the same manner as if he had forged the document. Section 474 is punishable with sentence which may extend to seven years or with life. Section 477-A is punishable for a term which may extend to life or ten years. It is in this background that the learned counsel for the respondent submits that the applicant would not be entitled to be enlarged on bail under the provisions of PMLA. The Court cannot be oblivious of the fact that Crime No.216 of 2013 was registered for the abovementioned offences and the applicant has been enlarged on bail on 11.9.2014. 13. According to the learned counsel for the respondent, it would be impossible to record a finding that the applicant may not commit a similar offence if enlarged on bail. This Court had occasion to con....
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....iding effect on the general provisions of the Code of Criminal Procedure in case of conflict between them. Section 45 of the PMLA imposes following two conditions for grant of bail to any person accused of an offence punishable for a term of imprisonment of more than three years under Part-A of the Schedule of the PMLA: (i) That the prosecutor must be given an opportunity to oppose the application for bail; and (ii) That the Court must be satisfied that there are reasonable grounds for believing that the accused person is not guilty of such offence and that he is not likely to commit any offence while on bail." "30. The conditions specified under Section 45 of the PMLA are mandatory and needs to be complied with which is further strengthened by the provisions of Section 65 and also Section 71 of the PMLA. Section 65 requires that the provisions of Cr.P.C. shall apply in so far as they are not inconsistent with the provisions of this Act and Section 71 provides that the provisions of the PMLA shall have overriding effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force. PMLA has an overriding effect and the provisions of....