VIJAY SHUKLA Vs. SERIOUS FRAUD INVESTIGATION OFFICER

JUDGEMENT

(1.) The petitioner has filed the present (first) petition under Sec. 438 of the Code of Criminal Procedure, 1973 (for short 'the Cr.P.C.) for grant of anticipatory bail in complaint case No.3 of 2019 CNR No.HRGR01-007022-2019 (CIS No.COMA/5/2019) dated 18.05.2019titled as 'Serious Fraud Investigation Office Vs. Adarsh Buildestate Limited and others' in which the petitioner has been summoned under Ss. 58A, 211(7), 227 and 628 of the Companies Act, 1956, Ss. 74(3), 147, 447 and 448 of the Companies Act, 2013 and Sec. 477A of the Indian Penal Code, 1860.

(2.) Briefly stated, the facts as mentioned in the above-referred complaint relevant for disposal of the present petition are that one Multi State Credit Co-operative Society was got registered under the Multi State Co-operative Societies Act, 2002 by Mukesh Modi and his family members in the name of Adarsh Credit Co-operative Society Ltd. (hereinafter referred to as ACCSL). ACCSL accepted deposits from its members, who were marginally low to middle income group individuals. ACCSL had more than 800 branches, about 20 lakh members, 3.7 lakh advisors/agents and outstanding deposit liability of Rs.9253.00 crores payable to the investors/members as on 31/5/2018. After collecting money from the public, Mukesh Modi and his family members and associates created a large number of Companies under the aegis of Adarsh Group of Companies Ltd. (hereinafter referred to as AGCL) with their associates and relatives as the Directors. The money deposited with ACCSL was allegedly siphoned off through the Companies created under the aegis of the AGCL. When the matter came to knowledge of the Central Government, the Central Government, through Ministry of Corporate Affairs vide orders dtd. 20/6/2018 and 25/2/2019 ordered investigation into the affairs of the said companies, through the Serious Fraud Investigation Office (hereinafter referred to as SFIO). During investigation it was found that the group of 126 companies (hereinafter referred to as CUIs) was managed and controlled by Mr. Mukesh Modi, his family members and associates. 70 out of the above said 126 CUIs had fraudulently/illegally obtained loan from ACCSL to the tune of Rs.1700.00 crores. Amount of Rs.4120.00 crores was outstanding against said loans as on 31/3/2018. Sec. 25 of the Multi-State Cooperative Societies Act, 2002 did not allow a company to be a member of Credit Co-operative Society. Amendment of the bye-laws of ACCSL for making companies eligible for membership of ACCSL was rejected by the Central Registrar vide order dtd. 19/4/2012. The petitioner was director of Fracton Technologies Pvt. Ltd., one of the above said 70 CUIs, from 15/6/2011 to 14/8/2018 and was managing affairs thereof during the said period. Fracton Technologies Pvt. Ltd. obtained loan to the tune of Rs.14.75 crores from ACCSL from financial year 2012-13 to financial year 2016-17 and part of the above said loan secured during enforcement of the Companies Act, 1956 remained unpaid upon commencement of the Companies Act, 2013. On completion of the investigation and after taking necessary permissions from the Central Government, SFIO presented the investigation report in the form of statutory Complaint before the Special Court at Gurugram on 18/5/2019. In the Complaint/ report the petitioner is arrayed as accused at Sr.No.149 and Fracton Technologies Pvt. Ltd. is arrayed as accused at Sr. No.65. On filing of the complaint by the SFIO, learned Sessions Judge, Gurugram vide order dtd. 3/6/2019 summoned the CUIs and other individuals including the petitioner, under various provisions of the Companies Act, 1956, the Companies Act, 2013 and the Indian Penal Code, 1860 as mentioned therein.

(3.) The petition has been opposed by the respondent-Serious Fraud Investigation Office in terms of reply dtd. 17/9/2020 and additional affidavit dtd. 6/1/2021 of Sh. Parshant Balian, Deputy Director, Serious Fraud Investigation Office.