MANISH KHANDELWAL Vs. ICICI BANK LIMITED

JUDGEMENT

(1.) The applicant, who was arraigned as an accused in CR No.68 of 2010, registered with EOW Wing-3, Mumbai, along with respondent no.3, has preferred this application seeking recall of the order dtd. 27/4/2012, passed by this Court in Criminal Application No.368 of 2012, whereby this Court had expunged the observations made by the learned Additional Chief Metropolitan Magistrate, 19th Court, Esplanade, Mumbai ("ACMM"), in the order in Bail Application No.52/BA/2012 in CR No.68/2010, whereby the applicant and respondent no.3 were ordered to be released on bail.

(2.) The applicant and respondent no.3 along with one Vipul Desai, who was then granted the relief of re-arrest bail, were arraigned in CR No.68/2010, for the offences punishable under Ss. 120B, 406, 409 and 420 of the Indian Penal Code, 1860. The said Vipul Desai was the then Secretary of the ICICI Provident Fund Trust, which managed the employees provident fund. The applicant and respondent no.3 were engaged in the business of investing surplus fund of employees provident fund in Government Securities. The indictment against Vipul Desai and the applicant and respondent no.3 was that in persuance of the criminal conspiracy applicant and respondent no.3 invested surplus of the employees provident fund in Government and corporate debt securities at prices that were inflated by Vipul Desai as compared to the actual market value and dishonestly shared the inflated amount.

(3.) The applicant and respondent no.3 were arrested. By order dtd. 5/3/2012 in Bail Application No.52/BA/2012, the learned ACMM was persuaded to exercise the discretion in favour of the applicant and respondent no.3 and release them on bail subject to certain conditions. In the process, the learned ACMM made certain observations, which reflected upon the acts, omissions and conduct of the trustees of the Provident Fund Trust.