ARUN KUMAR AGGARWAL Vs. SERIOUS FRAUD INVESTIGATION OFFICE

JUDGEMENT

(1.) The present application under Sec. 439 of the Code of Criminal Procedure, 1973 ('CrPC') read with Sec. 212(6) of the Companies Act, 2013 seeks grant of regular bail in Complaint Case No. 374/2022 titled Serious Fraud Investigation Office v. Bhushan Airways Services Pvt. Ltd. & Ors., registered under Sec. 120B read with Ss. 417 and 420 of Indian Penal Code ('IPC'), Sec. 36(c) read with Sec. 447 of the Companies Act, 2013 ('Companies Act'); Ss. 129 and 448 read with Sec. 447, and Ss. 211 and 628 of the Companies Act, 1956, pending before the Court of the learned Additional Sessions Judge-03/Special Judge (Companies Act), Dwarka Courts, New Delhi. Background

(2.) The Ministry of Corporate Affairs, Government of India ('MCA'), in exercise of its powers conferred under Sec. 212(1)(c) of the Companies Act, assigned the investigation into the affairs of Bhushan Power and Steel Ltd. ('BPSL'), its ten group companies and Bhushan Steel Limited ('BSL') with its two group companies to Serious Fraud Investigation Office ('SFIO'), vide order F. No. 5/5/2016/CL-II dtd. 3/5/2016.

(3.) The Director, SFIO, appointed officers of the SFIO as inspectors to investigate the aforementioned companies. Thereafter, MCA vide order No. 5/5/2016/CL-II dtd. 8/1/2018 granted approval under Sec. 219(b) & 219(c) of the Companies Act to investigate twenty group companies associated with BPSL.