Keshav Prasad Mishra And Others vs State Of Madhya Pradesh

This application is filed under Section 438 Cr.P.C. for grant of anticipatory bail to the applicants in connection with Crime No.334/2018 registered at

Police Station, Shahpura, District Bhopal for offence under Sections 420 and 34 of Indian Penal Code.

Learned counsel for the applicants urged that applicant No.1 was working as General Manager(Geophysics-Wells) in Oil & Industrial Gas

Commission (ONGC). He retired from the said post on attaining the age of superannuation in October, 2010. Although he got certain other offers in

other government institutions, he was pursuaded by his brother-in-law Shikant Dixit and his friend Shri Ram Kripal Jadia resident of Panna to join them

for establishing an industry in Mandideep Industrial Area, District Raisen. In view of the said request, petitioner alongwith Shikant Dixit, Ram Kripal

Jadia and Smt. Sharda Pathak got a Limited Liability Partnership registered with Registrars of Industries on 12.05.2011. Last partner Smt. Sharda

Pathak disassociated herself in December, 2011 and Smt. Varsha Pathak and Shri Prashant Jadia joined as new partners.

Shri Sankalp Kochar, learned counsel for the applicants submits that the State Bank of India sanctioned a loan of Rs.398.70 lacs to the Firm on

23.09.2013/30.06.2014. The Factory was inaugurated on 08.03.2015 in the presence of all partners and their relatives.

By taking this Court to the representation of applicants dated 05.08.2017 submitted before Superintendent of Police, South Region, Bhopal, Shri

Kochar urged that later on, the Industry could not perform well and; therefore, the bank declared it as a Non Performance Asset(NPA). One Ashok

Palod initially gave an offer to purchase the industry for Rs.3 crore but later on withdrew himself. It is further argued that an agreement was prepared

amongst the partners to withdraw their part of partnership which was duly circulated amongst the partners. After obtaining their signatures in the

agreement, the document was sent before the competent authority i.e. Ministry of Corporate Affairs. The said agreement was accepted by the

competent authority which was reflected in its website on 14.07.2016. On the basis of written acceptance of previous partners, the permission was

given by Registrar of Industries.Â

 5. The applicant No.2, wife of applicant No.1 was duly inducted as a partner. In order to get a better rate of interest, an amount of Rs.80 lacs was

transferred to  applicant No.1's personal account. The same was done in accordance with the established procedure and by passing a

resolution. It was done for a period of one  month so that adequate and enhanced interest is received. Immediately after one month, the amount

of Rs.80 lacs was redeposited in the account of the Organisation. Thus, there is no financial embezzlement whatsoever.

 6. The complainant after more than one year preferred the complain regarding misappropriation/embezzlement. The other partners have not

raised their eyebrows  on this aspect at all.

 7. Shri Sankalp Kochar, learned counsel for the applicants submits that the applicants are law abiding citizens. They will cooperate and

participate in the  investigation. They will not tamper with material/ evidence in any manner.  Lastly, Shri Kochar submits that subject matter of

complaint is a commercial transaction  which is essentially of civil nature. There is no element of embezzlement on the part of the applicants. In a

case of this nature, by putting strict conditions including providing local surety, anticipatory bail may be granted to them. He placed reliance on certain

judgments of Supreme Court.

Per contra, Shri Piyush Bhatnagar, learned Panel Lawyer opposed the prayer on the strength of case diary.

I have heard the parties at length and perused the record.

Prima facie, it appears that the amount in question has been redeposited by the applicant in the account of the Industry/Firm. During investigation,

the investigating agency will examine the existence of dishonest intention, etc. on the part of the applicants. Applicants are senior citizens. Considering

the nature of accusation, I deem it proper to grant anticipatory bail to the applicants by putting following strict conditions:

(i) The applicants shall deposit their passport before the Superintendent of Police, Bhopal and said authority shall provide them the receipt thereof;

 (ii) The passport may be returned to the applicants after completion of investigation;

 (iii) Applicants shall join the investigation immediately and shall not influence the material and evidence in any manner.

 11. Accordingly, in the event of arrest, the applicants Keshav Prasad Mishra and Smt. Padma Mishrab e released on anticipatory bail on their

furnishing  personal bond in a sum of Rs.50,000/- (Rupees Fifty Thousand only) alongwith local surety each in the like amount to the

satisfaction of arresting officer for their  appearance before the Investigating Officer during the course of investigation as and when directed. Â

Conditions of Section 438(2) Cr.P.C. shall also apply on the  applicants during currency of bail. It is made clear that this court has not given any

findings on the merits of the case.

M.Cr.C. is disposed of.

Certified copy as per rules.