B.N. GUPTA Vs. STATE

JUDGEMENT

(1.) This is an anticipatory bail application filed by three Directors of M/s Triveni Infrastructure Development Company Ltd. apprehending their arrest by the police for their involvement in a criminal case registered against them on 24th December, 2008 by the Economic Offences Wing(EOW) of the Delhi Police vide FIR No. 234 of 2008 under Sections 406/420/34 IPC.

(2.) The petitioners' case may be noticed at the outset. The petitioners claim that they have been falsely implicated by some handful of people who were speculative investors in the real estate projects developed by the petitioners' Company M/s Triveni Infrastructure Development Company Ltd.(hereinafter to be referred to as "Triveni") Those complainants remained invested in the projects announced in 2006-07 to be developed by Triveni to earn profits when there was boom and appreciation in the prices of real estate but they sought cancellation of their bookings in the year 2008 during sudden and steep fall in the real estate prices and to pressurize the petitioners to refund their money, even though they themselves were the defaulters, made false complaint against the petitioners to the police. Despite that, the petitioners claim, the claims of those complainants have been settled and they have refunded their money.

(3.) It is submitted that the FIR registered in December, 2008, however, was kept alive by the police at the instance of business rivals of Triveni with the object of conveying to the investors in general that Triveni was in deep waters and they should cancel their bookings and book with other real estate developers and get invested in their projects.