S L GOEL Vs. STATE (UNION TERRITORY, CHANDIGARH)

JUDGEMENT

(1.) S.L.Goel, the petitioner by way of Criminal Misc. No.M-25242 of 2012 and Jagdish Rai, the petitioner by way of Criminal Misc. No. M- 26087 of 2012 seek regular bail in a case registered by way of FIR No.5 dated 13.6.2012 at Police Station Vigilance, Union Territory, Chandigarh for an offence punishable under sections 406, 420, 467, 468, 471 read with section 120-B of Indian Penal Code read with sections 13(1)(d) and 13(2) of the Prevention of Corruption Act, 1988.

(2.) Mr. R.S.Cheema, learned senior counsel arguing for petitioner S.L.Goel has submitted that M/s Radhey Sham Sarees Private Limited (for short, "the company") is a company incorporated with share capital divided in 1.60 lakh shares. According to him, the shares were divided primarily among the people of S.L.Goel group and Radhey Krishan group. According to him, Ramesh Kumar and his mother had only 1000 shares each. According to him, the FIR is an abuse of the process of the law because it has been lodged by Ramesh Kumar, a share holder on 13.6.2012 after he and his mother had sold their shares on 3.3.2010 to one Kamal Kapoor. In this regard, he drew my attention to Annexure P14, copy of letter written by Ramesh Kumar to the Advisor, Union Territory, Chandigarh. According to him, the complainant is playing the role of a black-mailer and after lodging this FIR against every other share holder of the company, he is entering into compromise with various persons and even the purchaser of the shop-cum-flat (SCF) owned by the company after getting money. In this regard, he drew my attention to Annexure P13, which is a compromise between Ramesh Kumar and Rajesh Gupta, Yogesh Gupta, Neelam Gupta and Veena Gupta, who have purchased the SCF.

(3.) Learned senior counsel for the petitioner, SL Goel has further submitted that after lodging of this FIR, Ramesh Kumar had given power of attorney to Kamal Kapoor, the purchaser of his shares and vide Annexure P15, dated 3.9.2010, he cancelled his power of attorney in favour of Kamal Kappor. According to him, the Company was incorporated to run a saree business and they decided to purchase a SCF for which they took a loan from State Bank of India which they could not repay. The bank went to Debt Recovery Tribunal under sections 17 and 18 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, "the Act")) and the SCF was ultimately sold under the orders of Permanent Lok Adalat, Chandigarh. He has submitted that from the sale proceeds, the dues of the bank were paid and the remaining amount was shared by the share holders. He has further submitted that the petitioner, SL Goel is in judicial custody and his custody is no more required for the purpose of investigation.