TaxTMI 
TaxTMI 
2017 (9) TMI 1931
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....a direction for the de-freezing of his bank accounts has been issued. 3. On 9 May 2014, a First Information Report was lodged against the Directors of a company by the name of Wasankar Wealth Management Ltd. alleging that the complainant Vivek Pathak had been fraudulently induced to part with an amount of Rs. 2.74 crores by way of an investment. On the basis of the information received, offences were registered Under Sections 420, 406, 506 and 120B of the Penal Code and Section 3 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 ('MPID Act'). During the course of investigation, the Respondent was arrested, together with other accused. The bank accounts of the Respondent were attached in....
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....icant undertakes to abide by the present undertaking and also abide all such conditions which this Hon'ble Court impose against the applicant which releasing him on bail. Consequently and in terms of the undertaking filed by him, the Respondent was released on bail in the following terms: Applicant Avinash s/o Rameshji Bhute be released on bail on his executing P.R. Bond for Rs. 1,00,000/- which one solvent surety in the like amount on following conditions: 1. He shall deposit Rs. 1.2 crores before 15th day of each month staring from 15.2.2016 as per his undertaking Exh. 9. 2. He shall deposit accumulated interest at the time of last instalment. 3. He shall attend Crime Branch, E.O.W., Nagpur on every We....
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....he Special Judge rejected the application for modification by an order dated 1 July 2016. 7. The Respondent instituted Criminal Application 178 of 2016 before the Nagpur bench of the Bombay High Court Under Section 482 of the Code of Criminal Procedure 1973 in which he sought the following reliefs: a) quash the FIR No. 156/2014, registered by Ambazari Police Station Under Sections 420, 409, 406, 506, 120-B of Indian Penal Code and Section 3 of RBI Act and Section 24 (1) and 27 of SEBI Act pursuant to the report lodged by the non applicant No. 2 in so far as the applicant is concerned and to; b) quash the action of the non applicant No. 1 of freezing the bank accounts of the applicant and defreeze the same and to; c)....
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.... of amount in cash, applicant be permitted to offer his immovable property i.e. MIDC Leasehold Plot No. D-12, D-13 and D-67 situated at Mouza Sonegaon (Seem), Nagpur MIDC, Hingana Road, Nagpur as a Security by making the same free from all encumbrances within a period of Three months by lifting restrictions imposed upon the applicant by the Special Court, Nagpur vide order dated 09.10.2015, passed in Misc. Criminal Application No. 2472/2015 and to; c) defreeze all the bank accounts of the applicant and he be permitted to operate the same and to;... 9. By a judgment dated 18 August 2016 the Single Judge of the Bombay High Court allowed the Criminal Application and directed that the restraint on the operation of the bank accounts of ....
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....contained in the MPID Act. 12. The MPID Act is intended to secure the interests of small depositors. The Respondent initially filed an undertaking before the Special Judge to set out the manner in which he would secure an amount of Rs. 14,26,36,300/-. Besides an amount of Rs. 2 crores which he had deposited, the Respondent undertook to deposit an amount of Rs. 1.5 crores every month commencing from 15 February 2016. He was released on bail by the Special Judge on 11 January 2016 by requiring him to deposit an amount of Rs. 1.5 crores each month, commencing from 15 February 2016. The Respondent applied for modification of the condition of deposit in Miscellaneous Criminal Application No. 350 of 2016 which was dismissed on 1 July 2016. The H....