R.K. AGGARWAL Vs. UT , CHANDIGARH

JUDGEMENT

(1.) Prayer in this petition is to release the petitioner on regular bail in case FIR No.51 dated 14.03.2014, under Section 420 IPC, registered at Police Station North, Sector-3, Chandigarh.

(2.) Briefly it may be noticed that the FIR came to be registered on the statement of Sh. Kewal Garg. As per complainant, an amount in excess of Rs.10 crores was invested with Shalimar Estates Private Limited (hereinafter to be referred to as the Company), during the period of 2006-2009 and in which the present petitioner was a Managing Director. An MOU (memorandum of understanding) was stated to have been executed on 10.06.2013 between the parties and it was mutually agreed that Sh. Kewal Garg as also his family members would be entitled to one third share in the income of the Company as also from the sale proceeds of the commercial space in a shopping mall. Further complainant asserted that a joint bank account was to be opened and the income from the shopping mall with effect from the date of execution of the MOU i.e. 10.06.2013 was to be deposited in such account and which was to be operated jointly under the signatures of Sh. Kewal Garg and as also the accused/present petitioner. The principal accusation against the petitioner is that a resolution dated 29.10.2013 was subsequently passed fraudulently and on the strength of which the petitioner was authorized to operate the account in question all by himself and even a fresh cheque-book was got issued. It was alleged that based upon such fraudulent resolution dated 29.10.2013 petitioner has unauthorizedly operated the joint account and has embezzled huge sums of money.

(3.) Petitioner was arrested on 14.03.2014. Investigation having been completed, challan was presented on 12.05.2014.