TaxTMI 
TaxTMI 
2024 (8) TMI 1518
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....ure, 1973. The relevant details are as follows:- 1 C.R. No. 26 of 2020 2 Date of registration of F.I.R. 08/01/2020 3 Name of Police Station Shivaji Nagar, District - Pune 4 Section/s invoked 406, 408, 409, 420, 468, 471, 109, 120B, 465, 467, 474 & 34 of the I.P.C., 1860; 3, 4 & 5 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999. 5 Date of arrest 25/02/2020 6 Date of filing Charge-sheet 11/05/2020 7 Details of Supplementary Charge-sheets Supplementary Charge-sheet No.1 (41/2021) 14/09/2021 Supplementary Charge-sheet No.2 (57/2021) 29/11/2021 Supplementary Charge-sheet No.3 (02/2022) 12/01/2022 Supplementary Charge-sheet No.4 (37/2022) 10/06/2022 3. The Respondent − State of Maharashtra has opposed this Bail Application by filing Affidavit dated 20th April 2023 of Mr. Anand Ganpatrao Ruikar, Assistant Police Inspector, Economic Offences Wing, Pune City, Pune. Thereafter, another Affidavit dated 10th June 2024 has been filed by Mr. Sanjay G. Chavan, Police Inspector, Economic Offences Wing, Pune City, Pune. The Respondent - State of Maha....
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....ow that the Directors are responsible for commission of the aforesaid offence. 11. I say that during the course of investigation, it revealed that as on 31.03.2020, the financial condition of the aforesaid bank is as under :- Sr.No. Particulars Amt.(In Rs.) 1 Total Deposits 432,85,82,488/- 2 Total Number of Investors 93,128 3 Total Loan 401,31,00,506/- 4 Total Loan holders 719 5 N.P.A. Amt. 392,92,86,232/- 6 Total Accounts of N.P.A. 432 7 N.P.A. Percentage 97% 12. I say that after completion of investigation, the investigating agency submitted charge sheet on 21.05.2020 vide Charge Sheet No.32/2020 in Special Case No.317/2020. I further say that during further investigation, the investigating agency conducted investigation and submitted supplementary charge sheets before the Learned Competent Court, the description of which is as under :- Sr.No. Supplementary Charge Sheet No. & Date Supplementary Charge Sheet No. 1 Supplementary Charge Sheet No. 1 Dated 14.09.2021 41/2021 2 Supplementary Charge Sheet No. 2 Dated 29.11.2021 57/2021 3 Supplementary Ch....
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.... (@OTS chart) TOTAL Rs. 53.27 Crore 3. AMOUNT RECEIVABLE Sr. no Receivable Amount Amount Reference 1. OTS offer proposed in 13 NPA Accounts out of 44 NPA Accounts.(Sanction pending) 43.21 Crore @Correspondence to Registrar of Cooperative Society. 2. Valuation of properties of Mr. Anil Bhosale attached by EOW/ED/Bank as on 2017. Applicant has no objection if sale of the attached properties is made absolute. 14.05 Crore (approx.) @valuation reports 3. Government Valuation (as per IGR) of properties mortgaged and attached in lieu of loan in balance 31 NPA Accounts out of 44 NPA accounts. Recovery certificate u/s 101 of MCS Act of 29 NPA Accounts out of 44 NPA Accounts received. 41.00 Crore (approx.) @Bank chart TOTAL Rs. 98.26 Crore 4. SUMMARY: Sr. no Particulars Amount(In Crores) 1. Liability attributed 146.63 2. Actual realisation and amount to be received 151.60 " 6. In view of the above Chart, the learned Single Judge by Order dated 10th April 2023 directed the Respondent - State of Maharashtra to file the Additional Affidavit and in view thereof an Affidavit of Mr. Sanjay G....
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....o-operative Society. 2 Valuation of properties of Mr. Anil Bhosale attached by EOW/ED/Bank as on 2017 Applicant has no objection if sale of the attached properties is made absolute. 14.05 Crores (Approx.) @ Valuation reports 3 Govt Valuation (as per IGR) of properties mortgaged and attached in lieu of loan in balance 31 NPA Accounts out of 44 NPA accounts received Recovery certificate u/s 101 of MCS Act of 29 NPA accounts out of 44 NPA accounts received 41.00 Crore (approx) @bank chart Total 98.26 Crore Explanation - 8.1 In pursuance of the aforesaid compilation submitted by the Applicant/Accused, it is submitted that the following are the details and particulars of the below-mentioned NPA Loan Accounts:- Sr. No. Particulars OTS Loan Amount 30% Amt. received against OTS by Applicant 1 WCTL-406 Kakade Palace Mangal Karyalaya 2,37,53,354/- 93,35,426/- 2 WCTL-408 Jons Holding Pvt. Ltd. 8,83,70,649/- 2,58,11,103/- 3 WCTL-409 Kakade Green Estate Pvt. Ltd. 8,87,53,205/- 2,56,80,954/- 4 WCTL-01 Pushpak Ply 7,49,36,336/- 2,22,68,104/- 5 WCTL-107 V.Y. Infra S....
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....nt)) As regards the actual realisation, details have been submitted in preceding paragraphs. This is subject to the condition that the petitioner clears the outstanding on 5 OTS NPA accounts and also clears the OTS once sanctioned in case of the other NPA accounts. A chart of the present status is enclosed herewith for the sake of clarity. A) Amount recovered from applicant by Shivajirao Bhosale Co Op Bank Ltd, Pune Sr.NO Particulars Amount (in Crores) 1 Amount recovered from applicant by auctioning land by Shivajirao Bhosale Sahakari Bank ltd u/s 101 53.17 Crore 2 Amount recovered out of 01 NPA Accounts from 44 NPA accounts 10.78 lakhs 3 5 loan accounts, One Time Settlement was done by Shivajirao Bhosale Co Op Bank, Pune, (30% amount) 10.78 Cr Total 64.05 Cr B) Amount will be recover from applicant in future Sr.NO Particulars Amount (in Crores) 1 Valuation of properties of Applicant attached by ED/EOW/Bank, 11.43 Cr 2 5 loan accounts, One Time Settlement was done by Shivajirao Bhosale Co Op Bank, Pune and pending payment with monthly 11 installments fixed. (70% amount) 24.94 Cr 3 ....
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....7 of 2024 [Arising out of SLP (Crl) No.3809 of 2024] 10. Mr. Mundargi, learned Senior Counsel submitted that the Applicant is also entitled for bail on the ground of parity as some of the co-Accused have been released on bail by the learned Single Judge. In this regard, he has relied on the Order dated 2nd February 2023 passed by a learned Single Judge in Criminal Bail Application No.1154 of 2022 read with Order dated 7th December 2023. He also relied on the Order dated 2nd March 2023 passed by a learned Single Judge in Bail Application No.2006 of 2021 read with Order dated 7th December 2023. He also submitted that the medical condition of the Applicant is not good and therefore on that ground also the Applicant is entitled to be enlarged on bail. 11. On the other hand, it is the contention of Ms. Shinde, learned APP that the material on record clearly shows that the Applicant is involved in a very serious offence. She pointed out various Affidavits filed on behalf of the Respondent - State of Maharashtra. She submitted that the NPA Loan Accounts attributed to the Applicant are to the tune of Rs.113.14 Crores and the total amount with interest is more than Rs.156 Crores. She ....
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....eing conducted, the Bail Application be rejected. He submitted that as the offence is punishable with imprisonment for life, hence long incarceration is not a valid ground for bail. He submitted that the trial is being delayed on the basis of frivolous Applications. He submitted that the Applicant is a very influential person. He submitted that the Applicant was a Member of the Legislative Council for two terms. The wife of the Applicant is a Corporator of the Pune Municipal Corporation. He submitted that, the earlier Auditor − S. T. Gaikwad was influenced by the present Applicant and therefore Specific Audit Report was not filed earlier. He submitted that an action was taken against the present Applicant as the Scrutiny Team of the RBI along with Mr. Yogesh Rajgopal Lakade, the present Statutory Auditor had verified the available cash amount and entries to the cash book and found that there was deficit cash in hand of amount of Rs.71,78,87,723/-. The Applicant has admitted the liability to the extent of Rs.430 Crores. He submitted that in fact the medical reports submitted by Sassoon Hospital, Pune, to the Trial Court were also found to be suspicious containing contradictory....
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....;सले, वय ५५ वर्ष, सद्या राहणार ९४ संगिता स्मृती. न.ता. वाडी, शिवाजीनगर, पुणे व्यवसाय शेती आज दि. २९ ऑक्टोबर २०१९ रोजी स्वखुशीने लिहून देतो की मी शिवाजीराव भोसले सहकारी बँकेचा माजी अध्यक्ष असुन माझ्या कार्यकाल&#....
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....305;क सुरूळीत चालू होण्यासाठी आवश्यक असणारी रक्कम बँकेत भरणार आहे. या इकरार पत्रात नमूद केल्याप्रमाणे ७ नोव्हें २०१९ पर्यंत भरली नाही तर खातेदाराचे प्रतिनिधीत्व करणारी पुणेकर नागरीक कृती समिती जो निर्ण....
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....ily suggest that from future recoveries up to Rs. 167 crores, balance amount of deposits will not be repaid. 39) It is submitted that as on date 1812 depositors are to receive Rs.154 crores towards principal amount. This leads to conclusion that to pay principal amount of depositor's hard earned money Bank has to receive Rs.323 crores. It is thus evident that only ultimate hope to the depositors who are mostly Senior Citizens, who had invested their life time earnings with the bank, that accused as per his promise through voluntary admission of 29th Oct 2019 repays the fraud amount of Rs. 430 crores." 17. The Supreme Court in the case of Y. v. State of Rajasthan & Anr. (2022) 9 SCC 269 : 2022 SCC OnLine SC 458 has reiterated the decision of the Supreme Court in Prasanta Kumar Sarkar v. Ashis Chatterjee (2010) 14 SCC 496 : (2011) 3 SCC (Cri) 765 concerning the factors to be taken into consideration while deciding application for bail. The relevant discussion is found in Paragraph No.12 of the said decision, which reads as under:- "It is well settled that, among other circumstances, the factors to be borne in mind while considering an application for bail are: ....
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....ticle 21 of the Constitution then the State or any other prosecuting agency should not oppose the plea for bail on the ground that the crime committed is serious. Article 21 of the Constitution applies irrespective of the nature of the crime." 52. The Court also reproduced the observations made in Gudikanti Narasimhulu (supra), which read thus: "10. In the aforesaid context, we may remind the trial courts and the High Courts of what came to be observed by this Court in Gudikanti Narasimhulu v. Public Prosecutor, High Court reported in (1978) 1 SCC 240. We quote: "What is often forgotten, and therefore warrants reminder, is the object to keep a person in judicial custody pending trial or disposal of an appeal. Lord Russel, C.J., said [R v. Rose, (1898) 18 Cox]: "I observe that in this case bail was refused for the prisoner. It cannot be too strongly impressed on the, magistracy of the country that bail is not to be withheld as a punishment, but that the requirements as to bail are merely to secure the attendance of the prisoner at trial.""" (Emphasis added) Paragraph Nos.54 to 57 of the decision in the case of Manish Sisodia (supra) ar....
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....ution of India has been infringed. In that event, such statutory restrictions would not come in the way. Even in the case of interpretation of a penal statute, howsoever stringent it may be, a constitutional court has to lean in favour of constitutionalism and the rule of law of which liberty is an intrinsic part. In the given facts of a particular case, a constitutional court may decline to grant bail. But it would be very wrong to say that under a particular statute, bail cannot be granted. It would run counter to the very grain of our constitutional jurisprudence. In any view of the matter, K.A. Najeeb (supra) being rendered by a three Judge Bench is binding on a Bench of two Judges like us." (Emphasis added) 20. It is required to be noted that in the present case the Applicant is incarcerated since 25th February 2020. The Charge-sheet is filed on 11th May 2020 and thereafter 4 Supplementary Charge-sheets were filed. Till date, there is no progress in the trial and even the Charge is also not framed. As per the prosecution case, there are a total of 256 witnesses proposed to be examined by the prosecution. 21. Mr. Mundargi, learned Senior Counsel for the Applicant....
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....nder Article 21 of the Constitution of India, however, stringent conditions are required to be imposed on the Applicant. In this behalf, it is also required to be noted that the Applicant is a former Member of the Legislative Council for two terms and he is very influential person. 26. Although Mr. Mundargi, learned Senior Counsel has relied on the decision of the Supreme Court in the case of Santosh Kumar (supra) in which the reference is made to the decision of the Constitution Bench in High Court Bar Association, Allahabad v. State of U. P. & Ors. (2024) INSC 150 , however, it is required to be noted that in the case of Ashwini Kumar Upadhyay (supra), the Supreme Court has noted with reference to the criminal cases against MP or MLA in Paragraph Nos.14 and 15 as follows:- "14. These cases have a direct bearing on our political democracy. Hence, there is a compelling need to make every effort to ensure that these cases are taken up on priority and decided expeditiously. Confidence and trust of the constituency in their political representative, be it an MP or an MLA, is necessary for an interactive, efficient and effective functioning of a parliamentary democracy. How....
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....tion (2) of Section 438 CrPC does empower the High Court or the Court of Session to impose such conditions while making a direction under sub-section (1) as it may think fit in the light of the facts of the particular case and such direction may include the conditions as in clauses (i) to (iv) thereof. However, a reading of the precedents laid down by this Court referred to above makes the position of law clear that the conditions to be imposed must not be onerous or unreasonable or excessive. In the context of grant of bail, all such conditions that would facilitate the appearance of the accused before the investigating officer/court, unhindered completion of investigation/trial and safety of the community assume relevance. However, inclusion of a condition for payment of money by the applicant for bail tends to create an impression that bail could be secured by depositing money alleged to have been cheated. That is really not the purpose and intent of the provisions for grant of bail. 26. We may, however, not be understood to have laid down the law that in no case should willingness to make payment/deposit by the accused be considered before grant of an order for bail. I....