STATE Vs. SUMEET SURI

JUDGEMENT

(1.) The Sessions Court ordered release of respondent accused on bail after he had remained in jail only for 18 days after his arrest in connection with a criminal case registered against him on 16.08.2010 vide FIR No. 125 by the Economic Offences Wing(EOW) of the Delhi Police at the instance of his business partner under Sections 406/420/467/468/471 /120-B of the Indian Penal Code(IPC) and the State has approached this Court for sending him back to jail.

(2.) The facts which alone are relevant for the disposal of this application under Section 439(2) of the Code of Criminal Procedure,1973 may be noticed at the outset The complainant and respondent-accused had started doing the business of manufacturing and trading of readymade garments in the year 2005 by forming a Company by the name of M/s Ivory Clothing Pvt. Ltd. with two of them being the only directors at the time of its incorporation. The respondent-accused was doing independent business also in the name of another Company M/s Anjjane Clothing Co. Pvt. Ltd. The complaint and respondent no.-1 though did some business together but their business association did not last long and in the year 2007 some differences arose between them due to which they decided to part ways. A Memorandum of Understanding(MoU) was executed by them on 29th August,2008 regarding the terms and conditions on which they were separating.

(3.) Sometime in the year 2009, the complainant found upon independent audit of the financial affairs of the Company that the respondent no.1-accused during the period when they were doing the business together had committed various acts of fraud, cheating, forgery, and had siphoned off crores of rupees of their Company for his personal gains in league and conspiracy with the former accountant of the Company. Then he reported the matter to the police which in turn registered an FIR against the respondent -accused and arrested him on 07.11 .2010. The accused had moved a bail application before the Additional Chief Metropolitan Magistrate but he had rejected the bail application after observing that serious allegations of fraud involving eight crores of rupees and also because the investigation was at the initial stage. The learned Additional Sessions Judge, however, granted bail to the respondent accused.