SRINIVAS D SRIDHAR Vs. CENTRAL BUREAU OF INVESTIGATION

JUDGEMENT

(1.) The applicant original accused No.7 of Special Case No.27 of 2015 has filed this Revision Application against the judgment and order dated 24.6.2016 passed by the learned Special Judge, CBI Court No.3, Ahmedabad, below Ex.9 which is arising out of R.C.No.7(E)/2014/CBI/BSC/Mumbai and Section 13(2) read with Section 13(1)(b) of the Prevention of Corruption Act whereby the learned Special Judge has rejected the discharge application of the present applicant.

(2.) The brief facts of the case are that respondent through an Investigation Agency has made an allegation against the applicant alongwith 06 other accused, who are also prosecuted with the applicant in the aforesaid case, that other 6 accused and the applicant allegedly hatched criminal conspiracy with principal accused Nos.2 to 4 and allegedly siphoned substantial amount under the grab of commercial transaction and thereby committed offence of cheating and forgery with intent to cheat and, therefore, applicant and two other official of Central Bank of India were alleged involved in the case and, therefore, the provision of Act of 1988 also invoke by the respondent.

(3.) On 31.3.1994, accused Nos.2 and 4 incorporated a Company viz. Electrotherm (India) Ltd., (which will hereinafter referred to as "EIL" for short) which used to have production of certain equipment required for the purpose of steel industries. The promoters/Director of the Company had availed the various loans and credit facilities from other public sector banks such as Bank of India, State Bank of India, Canara Bank and some other private banks as well. The Company was also sanctioned loan by the International Finance Corporation, Washington DC (IFC) which is part of the World Bank Group and it is considered to be prestigious to be borrower of IFC. The Company was considered a leader in its field and had sage and investment grade rating from two external independent credit rating agencies approved by the Reserve Bank of India and Securities Exchange Board of India. The company's equity shares were quoted on the Bombay Stock Exchange at Rs.312/- for a share of face value Rs.10 at the time of sanction and 52 high/low was Rs.415/187.