NEELKANTH MANSIONS AND INFRASTRUCTURE Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) This is an application filed by the applicant challenging an order passed by the Investigating Officer under Section 102 of the Cr.P.C. to de-freeze accounts of the applicant company. In the said order dated 5th March, 2010, an observation is made that the Investigating Officer had during investigation observed that the funds from GNRC account were diverted to the account of the applicant.

(2.) Brief facts are that there was a joint venture of development of certain land for a commercial as well as residential project and accordingly, the three groups of the said joint venture opened an account referred to as "GNRC Account". Though the commercial venture was over and the development rights for commercial venture were sold and therefore, the partners got the money towards the said development rights, the residential project, however, delayed on account of various reasons. A complaint, therefore, was filed by some of the persons who had booked their flats on the said project and the police recorded the complaint and started investigation.

(3.) Shri. Desai, learned Senior Counsel for the applicant submitted that three groups agreed inter-alia to initially deposit Rs.10 crores each in order to ensure that the construction work in respect of the residential premises is not stalled. He submitted that in fact, about 70% of the work is already over and the construction work is also in progress. He submitted that in fact, the amount which was deposited in their account which is to the tune of Rs.5 crores was to be used for the purpose of making payment to Gammon India Limited which is the contractor which has undertaken the construction of the building in the residential project. He submitted that five more crores is also paid to Gammon India Ltd. He also submitted that undertaking to that effect was given to the Commissioner of Police. He invited my attention to the undertaking given by the applicant to the Commissioner of Police in a separate compilation which is tendered today. He further submits that the applicant shall also file an undertaking in this court within one week from today that the amount which is lying in their account shall be paid only for the purpose of construction of the said residential premises and that they have already handed over cheque of Rs.5 crores to Gammon India Limited and the said cheque could not be signed on account of the freezing of the account by the police.