PRAVINCHANDRA HARILAL SHAH Vs. STATE OF GUJARAT

JUDGEMENT

(1.) Present application under Sec. 439 of the Criminal Procedure Code, 1973, is filed by the applicant with a prayer of bail in connection with the FIR No.11196010230014 of 2023 registered with DCB Police Station, Vadodara City, Vadodara dtd. 21/09/2023 for the offences punishable under Ss. 406, 409, 420, 507, 120-B of the Indian Penal Code and Sec. 3 of the Gujarat Protection of Interest of Depositors (In Financial Establishments) Act, 2003 (for short 'the GPID Act").

(2.) Ms. Krupa Soni, learned advocate for the applicant submitted that the applicant is authorized signatory of the registered company under the Company Act namely Suth Commerce Pvt. Ltd. having its Identity No.U74999GJ2018PTC100637, Pan No.AAJDCS7630L, having its registered office at 98, Ramdevnagar Society, Bapod, Vadodara and also having certificate of incorporation given by the State Government. Main function of the company is to finance in the share bazaar and to make MOU regarding investor's funds and impress upon the investors by giving security cheques.

(3.) Ms. Soni, learned advocate submitted that original complainant and other investors used to invest their funds in share markets and for those funds, the original complainant and other investors time to time would receive interest and they have received more money than the principal amount which they have invested. Ms. Soni, learned advocate submitted that despite receiving regular interest and the returns, taking advantage of the recession which had come in the corporate sector and business world because of Covid-19 Pandemic, the complainant and others demanded more money in lieu of security cheques given by the company and thereby started threatening the applicant accused. Ms. Soni, learned advocate submitted that on 09/05/2023, the applicant wrote complaint against the original complainant and other investors to the Police Commissioner, Hon'ble Home Minister, Human Rights Commission, District Collector and Police Inspector, Panigate Police Station and pursuant to that, inquiry was made.