TARANJEET SINGH BAGGA Vs. SERIOUS FRAUD INVESTIGATION OFFICE

JUDGEMENT

(1.) The present bail application has been filed under Sec. 439 of the Code of Criminal Procedure, 1973 (hereinafter "Cr.P.C.") by the applicant seeking regular bail in C.C. No. 245 of 2021 titled "Special Fraud Investigation Office v. Parul Polymers Pvt. Ltd. and Ors." pending before the learned Special Judge (Companies Act), Dwarka Court, South-West, New Delhi (hereinafter "Trial Court") for the offence punishable under Sec. 447 of the Companies Act, 2013 (hereinafter "Companies Act").

(2.) The present applicant was summoned in the instant case by virtue of summoning order dtd. 7/3/2022 vide which cognizance of offences inter-alia under sec. 447 of the Companies Act, 2013 was taken by the Court concerned in C.C. No. 245 of 2021, wherein present applicant was arraigned as accused no. 10, among 12 accused persons. The applicant was summoned to appear on 25/5/2022, and upon entering his appearance, he was sent to judicial custody by the learned Trial Court. Subsequently, his application for grant of regular bail was dismissed by the learned Trial Court vide order dtd. 14/7/2022.

(3.) The background of the present complaint against Parul Polymers Private Limited (hereinafter "PPPL") is that the said company had availed various credit facilities from Central Bank of India, due to non-payment of same as per terms and conditions, appropriate proceedings were initiated by the concerned Bank. During the course of litigation between the parties, this Court on 7/12/2015 had issued directions to Serious Fraud Investigation Office (hereinafter "SFIO") to investigate certain issues, and pursuant to same, SFIO conducted an investigation in limited scope and the report was submitted to this Court on 20/5/2016 as well as to the Ministry of Corporate Affairs. Thereafter, the Ministry of Corporate Affairs ordered investigation into the affairs of PPPL on 14/3/2017. The said investigation led to the filing of present complaint case.