VINAY SHARMA Vs. STATE

JUDGEMENT

(1.) An application has been preferred on behalf of the petitioner under Sec. 439 read with Sec. 482 Cr.P.C. for grant of regular bail in FIR No. 92/2016, under Ss. 420/467/468/471/120B IPC, registered at Police Station Barakhambha Road.

(2.) In brief, as per the case of prosecution, the FIR was registered on directions of learned MM, Patiala House Courts under Sec. 156(3) Cr.P.C. on the complaint of Mr. Pradeep Gupta, AR, Standard Chartered Bank, who alleged that Rakesh Kumar Sharma (M.D.) and Vinay Sharma, (Director) (petitioner in the present case) executed various documents on behalf of M/s Indian Technomac Company Ltd. (ITCOL) in order to avail credit facility to the tune of Rs.30.00 Crores. Standard Chartered Bank agreed to consider the opening of 'Letter of Credit Facility' as and when requested from the company. Subsequently, the facility was modified on the request of the company as Rs.10.00 Crores as 'fund based' and Rs.20.00 Crores as 'non fund based facility'. It is further alleged that an amount of Rs.10.00 Crores was used by way of an overdraft by ITCOL. Further, an amount of approximately Rs.20.00 Crores which was paid by the bank, was not paid by ITCOL on due date i.e. on or before 30/7/2013. ITCOL also did not pay back the overdraft facility of Rs.10.00 Crores.

(3.) During investigation, it was revealed that the letter regarding banking facility/arrangements dtd. 27/2/2012 was signed by the Directors Vinay Sharma (petitioner) and Rakesh Kumar Sharma. Petitioner Vinay Sharma also furnished his personal guarantee with the bank and also deed of guarantee dtd. 8/9/2011 was executed by Vinay Sharma and others as empowered vide resolution dtd. 5/9/2011. Also, the deed of guarantee dtd. 23/5/2012 was executed and signed by the Directors of M/s ITCOL i.e. Vinay Sharma (petitioner), Rakesh Kumar Sharma and two Corporate Guarantors. Further, Vinay Sharma was involved in day-to-day affairs of the company and duly authorized by the minutes of meeting of Finance Committee of the Board of Directors dtd. 22/5/2012.