SUNIL N.GODHWANI Vs. STATE

JUDGEMENT

(1.) Present petition under Sec. 439 Cr.P.C. has been filed on behalf of the petitioner, Sunil Godhwani, for grant of bail in pursuance to FIR No.50/2019 registered at Police Station EOW for the offences punishable under Sec. 420/409/120B IPC.

(2.) The brief facts of the case, as narrated in the present petition, are that the petitioner joined company by the name 'Fortis Financial Services Limited' on 1/8/2001, a small broking house. The said broking business started to expand in next few years and in the year 2006, the brand was renamed to 'RELIGARE'. Pursuant to renaming of brand, the company went public in the year 2007 under the name 'Religare Enterprises Limited' ('RFL'). The said company was listed both on NSE and BSE and was held to the extent of 50.93% by the promoters, viz. Malvinder Mohan Singh (MMS) and Shivinder Mohan Singh (SMS); and 49.07% by the public. Business of RFL was diversified into following verticals:

(3.) REL and RFL both had a distinct boards comprising of members majorly including relatives and friends (especially father in law of MMS-Sh. Harpal Singh) of the promoters who were always there to watch the interest of the erstwhile promoters MMS & SMS, and MMS/SMS have been stepping in and out of the board of different companies under the brand 'RELIGARE' as per their wishes and fancies. REL was the holding company of RFL. The promoters MMS/SMS were regularly interacting and directing the management of REL being the majority stake holders. Mr. Hemant Dhingra was of their contact person who was looking after the correspondence and communications and interest of MMS/ SMS. In the year 2010, the Petitioner was promoted as CMD of REL. The business grew multifold and as result, REL became a strong force of almost 8,000 plus employees.