ABHAY R SINHA Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) HEARD all the learned Counsel; Shri. A. P. Mundargi for the petitioners in Criminal Application Nos. 3956 of 1998, 3980 of 1998 and 545 of 1999 and Shri S. V. Marwadi for the petitioner in Criminal Application No. 3987 of 1998, Ms. A. R. Kamat, the learned A. P. P. for the respondents in all the matters.

(2.) THE above four applications are anticipatory bail applications. By this common order all the aforesaid four applications have been disposed of inasmuch as the broad facts are common in all these four anticipatory bail applications.

(3.) ALL these applicants are connected with one Sanjeevani Savings and Investments India Ltd. , a non-banking financial institute incorporated on 4th February, 1987. The said Sanjeevani Savings and Investments India Ltd. has its head office at Manish Market, Senapati Bapat Marg, Dadar (East), Mumbai and its registered office is at Jawahar Nagar, Akola. The said Financial Institute has its regional office at Bhagyodaya Building, Station Road, Thane. It appears that the said Financial Institute has got over 500 branches in various districts of Maharashtra and also got around 15 branches outside the State of Maharashtra. The said Financial Institute has been receiving substantial amounts from the people on the pretext that the amount deposited with them would virtually double within a period of three years. It appears that the said Financial Company had maximum receipt of the deposits during the year 1992-93 onwards. As many depositors were not receiving back their main deposits, and they receive only interest amount had made complaints and ultimately Reserve Bank of India had conducted an inspection in the year 1994. During the said inspection the Reserve Bank of India has found that the said Financial Company had a much larger liability than its assets. Thereafter, it appears that, the Reserve Bank of India had issued prohibitory orders on 3rd March, 1995 restraining the said Financial Company from accepting the deposits from the public. These Directives of the Reserve Bank of India were also challenged by the said Company before the Nagpur Bench of this Court in Writ Petition No. 808 of 1995 which writ petition was finally dismissed. Thereafter a civil suit has been filed in Nagpur being Civil Suit No. 1081 of 1995 by one Shri R. A. Surve challenging the above directives wherein the suit is pending but there is no injunction.