PUSHPENDRA RADHESHYAM BANSAL Vs. STATE OF GUJARAT

JUDGEMENT

(1.) By way of the present application under Section 438 of the Code of Criminal Procedure, 1973, the applicant has prayed to release him on anticipatory bail in the event of his arrest in connection with the FIR registered as C.R No.I - C.R. No.169/2015 registered with 'A' Division Police Station, Kutch East, Gandhidham for the offences punishable u/s 406, 420, 465, 467, 120-B and 114 of the IPC.

(2.) The gist of the case are as under:

(3.) Considering the rival submissions made at bar and also affidavit of the original complainant Mr. Pramod Bansal along with documents placed on record, it appears that there is specific allegation that the applicant has fraudulently transferred complainant's 1,51,520 promoter quota shares, which were in the name of the complainant by forging his signature on Form D. There is a specific allegation that the applicant has forged signature of the complainant and filled and filed Form D in the Registrar of Companies and transferred said promoter quota shares in the applicant's favour. There is a specific bar on transfer of shares for 15 years according to the family settlement. According to the complainant, there is a breach of Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The applicant was in custody of physical shares and actively participating in the day-to-day affairs of the partnership firm M/s Radheshyam Bansal. The shares belonging to M/s Radheshyam Bansal were of M/s H.S. India Limited of which the applicant was and is Managing Director. Because of his position, the applicant transferred 16,94,146 shares of M/s H.S. India Limited belonging to M/s Radheshyam Bansal, a partnership firm. It is further alleged that the said physical shares were forged and instead in the name of M/s Radheshyam Bansal, it is being shown as ownership of Mr. Radheshyam Bansal and Form D was filed showing that said shares were of the ownership of Radheshyam Bansal (father of the applicant and the complainant) instead of M/s Radheshyam Bansal and in this manner, the applicant transferred the shares belonging to the partnership firm into his personal name. Not only the applicant transferred physical promoter quota shares of the complainant, but of his brothers also by forging their signatures so as to take over the hold of company, namely, M/s H.S. India Limited. It is further alleged that the applicant and his wife after transferring the shares as above illegally obtained loan of Rs.30 crores from the Syndicate Bank by pledging said shares and thus, used the loan amount for their personal gain.