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2022 (9) TMI 132
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.... Prevention of Money Laundering Act, 2002, pending in the court of the Addl. Judicial Commissioner- XVIII-cum-Special Judge, PMLA, Ranchi. 2. Learned counsel for the applicant has submitted that a complaint under Section 44 read with Section 45 of Prevention of Money Laundering Act, 2002 for commission of offence under Section 3 read with Section 70, punishable under Section 4 of PMLA, 2002 has been filed with these allegations that an F.I.R. under Section 120B read with Sections 420,467,468,471,472 of the Indian Penal Code and Section 138 of N.I. Act against M/s Sanjeevani Buildcon Pvt. Ltd. & 34 others including the applicant was lodged. 3. Applicant Shri Ram Pratap Verma @ Ram Pratap Verma was the Director of S.B.P.L. and charge-sh....
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..../s SPDPL wherein Prakash Prasad Lala and his wife Smt. Ranjana Srivastav were the authorised signatories. It was also revealed that a total of 39 number of bank accounts were in the name of the Companies and its Directors including Ram Pratap Verma for the purpose of laundering of proceeds of crime. During scrutiny on the basis of the statement of accounts of the Bank Accounts of M/s S.B.P.L. an amount to the tune of Rs. 49,62,77,876/- was received from several customers during the period of 14.06.2010 to 31.12.2012. The said amount of Rs. 14.9 crores was either directly received from the customers or deposited in cash by collecting the same from the customers. During investigation it was also revealed that in the account of S.B.P.L. and it....
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....the truth by co-operating with the Investigating Agency. As per prosecution case, the amount alleged against the account of the applicant is Rs. 20,00,000/- and is entitled to be released on bail and is also ready to abide by any terms and conditions as imposed by the Court. 5. Learned Counsel for the E.D. vehemently opposed the contention made by the learned Counsel for the applicant and contended that from the documentary evidence, it is well proved that the applicant was the Director of the Company and he actively participated in all the activities in conducting the business of the Company and is liable for the offence as alleged against him in view of Section 70 of PMLA. 6. For disposal of this bail application, the following prov....
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....words "which may extend to seven years", the words "which may extend to ten years" had been substituted." 70. Offences by companies.- (1) Where a person committing a contravention of any of the provisions of this Act or of any rule, direction or order made thereunder is a company, every person who, at the time the contravention was committed, was in charge of, and was responsible to the company, for the conduct of the business of the company as well as the company, shall be deemed to be guilty of the contravention and shall be liable to be proceeded against and punished accordingly. Provided that nothing contained in this sub-section shall render any such person liable to punishment if he proves that the contravention took....
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.... of the said Act was cured by Parliament by way of Amendment Act 13 of 2018 and consequently, the twin conditions of Section 45 while disposing of the bail application under the Act, 2002 stood revived. 8. The Hon'ble Apex Court in the case of "Cheviti Venkanna Yadav vs. State of Telangana" reported in 2017 (1) SCC 283 has held as under: "27. In State of Himachal Pradesh v. Narain Singh while dealing with the validation of statute the court ruled that:- "It is therefore clear where there is a competent legislative provision which retrospectively removes the substratum of foundation of a judgment, the said exercise is a valid legislative exercise provided it does not transgress any other constitutional limitation." 9.....
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....cribed in Section 45 (1) stood revived. 12. The Hon'ble Apex Court in the case of "YS Jagan Mohan Reddy vs. C.B.I." reported in 2013 (7) SCC 439 has held as under:- "34. Economic offences constitute a class apart and need to be visited with a different approach in the matter of bail. The economic offence having deep rooted conspiracies and involving huge loss of public funds needs to be viewed seriously and considered as grave offences affecting the economy of the country as a whole and thereby posing serious threat to the financial health of the country." 13. The Hon'ble Apex Court in the case of "State of Gujarat vs. Mohanlal Jitamalji Porwal and ors.", reported in 1987 (2) SCC 3645 has held as under:- "...............