STATE OF MAHARASHTRA Vs. RAJKUMAR BASANTANI

JUDGEMENT

(1.) Heard the learned APP for the Applicant-State and the learned Advocate for the Respondent-original accused.

(2.) The respondent-accused was the managing Director of Soundcraft Industries ltd. . The said company was receiving Fixed deposits from the investors. The prosecution case is that the Company paid regular interests to the Investors till March, 2004. Thereafter, there was default in payment of interest and also default in returning the Fixed Deposit amounts on maturity. Hence, FIR came to be lodged against the respondent. The said case is numbered as Special Case No. 12 of 2005 and it is pending before the Sessions Court at mumbai.

(3.) Being aggrieved by the said order, the applicant-State of Maharashtra has preferred this Revision Application. The learned APP stated that there is no provision for stay of the red corner notice. Either the notice has to be set-aside in its entirety or the notice will stand as it is and there can be no stay of the red corner notice for a limited period of time. It was submitted that the red corner notice cannot be stayed in respect of one country and the stay would extend to all the countries wherein the copies of the red corner notice have been sent. The learned APP expressed apprehension that if the red corner notice is stayed then in that case, it would be possible for the respondent to travel from U. S. A. to any other country. In which case, it would be impossible for the investigating agency to again trace the respondent-accused.