TaxTMI 
TaxTMI 
2022 (2) TMI 1440
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Act / Additional District and Sessions Judge, Kanpur Nagar under Sections 36(c) red with Sections 447, 185, 186 of the Companies Act, 2013 against the applicant no.1 and under Sections 36(c) read with Section 447 of the Companies Act 2013 against applicant nos. 2 and 3. 2. Heard S/Shri G.S. Chaturvedi, Navin Sinha, learned Senior Advocates assisted by Shri Manu Khare, Shri Rohan Gupta and Ms. Somya Chaturvedi, learned counsel for the applicants as well as Shri Shashi Prakash Singh, learned Additional Solicitor General of India assisted by Shri Manoj Kumar Singh, learned counsel appearing for Serious Fraud Investigation Office (in short 'SFIO') and perused the record. 3. It was submitted by Shri G.S. Chaturvedi, learned Senior....
X X X X Extracts X X X X
X X X X Extracts X X X X
....exure-5 and further submitted that entire M.T. business was being done by the co-accused. Prosecution has not cleared the transactions said to have been taken place prior to commencement of the new Act. Application under Section 438 CrPC is well maintainable even after taking cognizance and issuance of coercive process. Learned Senior Counsel also referred to the observations recorded by the investigating agency against the M.S.L. and further submitted that it is a no evidence case against the applicants. None of the ingredients of alleged offences are attracted against the applicants. In support of his submissions, learned Senior Counsel has placed reliance on the following decisions : (i). Mamta Giri Vs.State of U.t. Chandigarh,C....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ture, learned counsel appearing for SFIO also referred to contents of complaint and conclusion drawn by SFIO and further submitted that applicants cannot be enlarged on anticipatory bail, as despite issuance of coercive processes they are not cooperating with the trial court. It was further submitted that due to the act committed on the part of the applicants, huge loss to the preserved foreign currency has also occurred. Thus, offence committed by the applicants not only affected the financial condition of the Banks concerned but also to the Nation. This is an economic offence and interest of public at large is also involved. Thus, referring to the amount of NPA and the modus operandi adopted by the applicants and co-accused, it was furthe....
X X X X Extracts X X X X
X X X X Extracts X X X X
....has also shown false trade receivables in its financial statements against Surya Global and Gulf distribution Limited to the tune of Rs. 460 Crores approx. It is also alleged that purported MT business of MSL was wound up in May, 2016. Thus, the corporate identity of MSL, its books and bank accounts have been knowingly and willingly handed over to the promoter-directors of RGC and FIL to perpetrate the round tripping of LC funds under the garb of MT. 7. Thus, the sum and substance of the outcome of the investigation conducted in the matter and the facts mentioned in the complaint for prosecution are that concerned Company was engaged in fraudulent merchantine trade and caused wrongful loss to the Public Sector Bank to the tune of multi t....