BHARATBHAI JAYANTILAL PATEL Vs. STATE OF GUJARAT

JUDGEMENT

(1.) Apprehending the arrest, the applicants herein seek pre-arrest bail in connection with FIR being CR. No. I. 41 of 2019 registered with Bhadarva Police Station, Dist.: Vadodara for the offences punishable under Sec. 120B, 420, 406 and 114 of IPC.

(2.) Facts and circumstances giving rise to present application is that, the complainant is one of the Directors of M/s. Manpasand Beverages Ltd.(herein after referred to as M/s. MBL for short). In the 2019, the complainant company was in dire need of financial assistance to come out of the situation, as company was facing huge tax amount of illegal tax credit. The accused no.1 Bharat Patel, at relevant point of time, was Director of non-banking Finance Company, M/s. Finquest Financial Solutions Pvt. Ltd., agreed to sanction term loan of Rs.100.00 crores subject to creating security on all assets of the company for which the complainant agreed to create the security as stipulated in favour of FFSPL Company. It is alleged in the FIR that the accused Bharat Patel and others misused terms and conditions of agreement and disbursed only Rs.9.00 crore, with object to take over the company and its properties worth approximately Rs.1000.00 crores. It is alleged that the accused company nominated 3 persons as Directors of the Board of M/s. MBL and took complete control of its management, mortgaged properties of the company, causing a loss to the tune of Rs.1000.00 crore and also illegally raised call option to purchase equity shares of the company with BSE and SEBI for purchase of 50% equity @ of 10 paisa per share, causing a loss to the complainant. It is alleged that the complainant when offered to repay Rs.9.00 crore and asked the accused to release the management and control of the company, then, they demanded Rs.20.00 crore. In this background facts, the FIR for the acts of cheating, criminal breach of trust and criminal conspiracy came to be registered against in all 7 persons.

(3.) Heard Mr. N.D. Navavati, learned Senior advocate assisted by Mr. Rahul Dholakia, learned advocate for the applicant. Learned Senior counsel submitted the following submissions :-