1. The instant application is filed seeking regular bail under Section 439 of the Code of Criminal Procedure in connection with F.I.R. being RC No. 5/E/2011-CBI/BS&FC/MUMBAI regarding the offences punishable under Sections 120-B, 420, 471 of Indian Penal Code and Section 13(2), 13(1)(D) of Prevention of Corruption Act, 1988.
2. Mr. J.S. Unwala, learned advocate for the applicant, at the outset, submitted that at the relevant time, the applicant was serving in capacity as Bank Manager in SBI Branch at Ahmedabad. He took me through the relevant contents in the FIR and submitted that the loan in favour of original-accused nos. 1 to 7, who are office bearers of M/s. Vishal Export came to be sanctioned by the Executive Committee of the SBI of Hyderabad. It is further submitted that the original-accused nos. 2, 3 and 4, who are Chairman and Directors of M/s. Vishal Export, have been released on regular bail by the trial court. It is further submitted that in the FIR, certain procedural irregularities are highlighted allegedly committed by bank officers but the same was the duty of the Executive Committee and other higher officers of the SBI, Hyderabad. Mr. Unwala, learned advocate took me through the copies of the orders passed by the trial court releasing the original-accused nos. 2, 3 and 4 on bail. Mr. Unwala also took me through the order of the trial court whereby the bail application of the applicant came to be dismissed and more particularly he highlighted paragraph 14 in the said order and submitted that the alleged irregularities even as per the trial court came to be committed by higher authority of the SBI, Hyderabad by sanctioning the loan of Rs. 25 crores to main accused. It is further submitted that in the instant matter, the investigation is over and charge-sheet is filed.
3. Mr. Y.N.Ravani, learned Special PP for the respondent no. 1, CBI, at the outset, submitted that so far as the original-accused nos. 2, 3 and 4, who came to be released on bail by the trial court, were released on bail on the ground of sickness. It is further submitted that in the instant case, the CBI did not arrest the applicant but the arrest came to be effected on the basis of non-bailable warrant (NBW) issued by the trial court. It is further submitted that the NBW was executed on 9.5.2012 and thereafter the applicant was remanded to the CBI custody. However, during the course of remand, nothing came to be seized or recovered from him. It is further submitted that considering the facts and circumstances of the case and the serious charges levelled against the applicant, the application may be dismissed.
4. Heard Mr. Nanavati, learned APP for the respondent no. 2, State of Gujarat.
5 I have taken into consideration the submissions advanced on behalf of both the sides, so also I have also taken into consideration the role allegedly attributed to officers of the SBI and the applicant is not specifically named in the FIR. I have taken into consideration, the role attributed to members of the Executive Committee of the SBI, Hyderabad in the FIR. I have also taken into consideration, the fact that the three co-accused persons of M/s. Vishal Exports itself have been released on bail by the CBI court.
6. Considering the facts and and circumstances of the case and the relevant contents of the FIR, so also considering the fact that in the instant matter, the entire investigation is over and charge-sheet is filed, this Court is of the opinion that, upon imposing the requisite terms and conditions, the applicant-accused deserves to be enlarged on regular bail.
7. Learned counsel for the parties do not press for further reasoned order.
8. In the facts and circumstances of the case, the application is allowed and the applicant is ordered to be released on bail in connection with F.I.R. being RC No. 5/E/2011-CBI/BS&FC/MUMBAI, on executing a bond of Rs.50,000/- (Rupees Fifty Thousand only) with one surety of the like amount to the satisfaction of the trial Court and subject to the conditions that he shall;
(a) not take undue advantage of liberty or misuse liberty;
(b) not act in a manner injurious to the interest of the prosecution;
(c) surrender passport, if any, to the lower court within a week;
(d) not leave India without prior permission of the trial Court concerned;
(e) mark presence at the concerned police station on the first Sunday of every month between 10.00 a.m. and 3.00 p.m. for three months only;
(f) furnish the present address of residence to the I.O. and also to the Court at the time of execution of the bond and shall not change the residence without prior permission of the trial Court.
9. The Authorities will release the applicant only if not required in connection with any other offence for the time being.
10. If breach of any of the above conditions is committed, the trial Court concerned will be free to issue warrant or take appropriate action in the matter.
11. Bail bond to be executed before the lower court having jurisdiction to try the case.
12. For modification and/or deletion of any of the conditions herein above, the applicant/s will be at liberty to approach the concerned Court and such Court shall decide the application for modification and/or deletion of any of the conditions of this order in accordance with law.
13. At the trial, the trial court shall not be influenced by the observations of preliminary nature, qua the evidence at this stage, made by this Court while enlarging the applicant on bail.
14. Rule is made absolute to the aforesaid extent. D.S. Permitted.
(J.C.UPADHYAYA, J.) Ashish N.
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