SHRIKANT Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) Heard counsel for the applicant and the learned Additional Public Prosecutor for the non-applicant.

(2.) It appears that the applicant was the Managing Director of Green City Marketing Network (P.) Ltd. which was inaugurated on 16-2-2003. According to the applicant, he resigned from the Managing Directorship on 8-6-2003. He informed the concerned authorities about his resignation. Thereafter first information report came to be lodged at Police Station Sitabuldi on 7-8-2004. The first information report disclosed that people were persuaded to purchase 21 shares, face value of each share being Rs. 2,000/-. It was promised that after investment of Rs. 42,000/-, Rs. 2000/- would be paid every month for the entire life of the investor. As many as 23 persons invested the amount of Rs. 9,76,000/-. For the initial 6 to 8 months, the Company gave a payment by cheques which were realised. However, thereafter the cheques started bouncing.

(3.) Firstly it may be seen that the amount raised by way of share capital would not attract the definition of deposit as given in the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999. Secondly, according to the complainant himself, for initial period of 6 to 8 months, the amount was paid to the investors. It may be noted that the applicant diss-associated himself with the said company within four months of its inception. In view of these circumstances, in my opinion, the applicant deserves to be released on anticipatory bail, of course with certain conditions. Hence the order: