HARI SANKARAN Vs. SERIOUS FRAUD INVESTIGATION OFFICE MUMBAI

JUDGEMENT

(1.) By this application, the applicant seeks his release on bail who is being prosecuted by the Serious Fraud Investigation Office, Mumbai (for short, "SFIO") in connection with Criminal Complaint No.20 of 2019 in File No. SFIO/INV/UNIT - V/1003/IL and FS/2018-19 pending before the Special Judge for the offences punishable under Sec. 447 of the Companies Act, 2013 (for short "Act of 2013") and Ss. 417, 420 r/w 120-B of the Indian Penal Code, 1860 (for short "I.P.C").

(2.) Shorn of unnecessary details, a few facts germane for disposal of this application, can be summarized as follows.

(3.) There are 30 accused arraigned by respondent No.1 - SFIO in the aforesaid criminal complaint. The applicant is accused No.3. The genesis of the case is an order of investigation passed by the Central Government i.e Ministry of Corporate Affairs whereby the said Ministry in the public interest on the basis of cogent material, framed it's opinion that investigation into the affairs of the several companies i.e Infrastructure Leasing and Financial Services Limited (IL and F.S) and it's subsidiary companies is necessary to be conducted by SFIO and accordingly passed an order bearing Order No. 03/679/2018/CL-II (WR) dtd. 30/9/2018 in this regard in exercise of it's powers under Sec. 212 (1) (c) of the Companies Act, 2013.