VENKATACHALAPATHY Vs. STATE OF KARNATAKA

JUDGEMENT

(1.) M /s. Mark Port Folio Services Private Limited a registered company under the provisions of Companies Act having its registered office at Mumbai invested certain money in the petitioner's business. In the matter of repayment to the investment made by the company the petitioner executed a power of attorney selling certain plots belonging to him. Subsequently, when the petitioner tried to sell these plots to the third party the company initiated proceedings in civil suit in O.S. No.28/2013 for declaration that the plots belongs to them and the same is pending adjudication. In the meanwhile the company filed a private complaint in PCR No.2190/12 and PCR No.2192/2012 for the offences punishable under Sections 403, 407, 420 and 417 IPC. The jurisdictional Magistrate registered the complaint and referred the matter for investigation to the police under Section 156(3) of IPC. Consequently, the police have now registered a case against the petitioner in Crime Nos.85 and 86 of 2013 for the offences referred to above. In the course of investigation the police have arrested the petitioner. Therefore, the petitioner is before this Court for grant of bail under Section 439 Cr.P.C.

(2.) AFTER arguing the matter for some time, Sri. Nanjunda Reddy, learned Senior counsel for the petitioner submits that the petitioner will refund a sum of Rs.2,50,00,000/- to the complainant and he will pay the same within a time frame of three months from today. In addition to the undertaking to refund the money petitioner has furnished Guarantees/Sureties affidavits of six persons by name P. Jyoti, Muniyappa, Vajarmurthy, B.R. Anupkumar, Chandrshekar and Nagaraj guarantying the repayment of money to the complainant and they are taken on record. In the circumstances, I am of the considered opinion that the petitioner is entitled for bail.

(3.) Accordingly, the following: ORDER The petitions are hereby allowed. The petitioner is enlarged on bail subject to following conditions:-