ARUN BHARDWAJ Vs. STATE OF PUNJAB

JUDGEMENT

(1.) Petitioner seeks grant of anticipatory bail under Section 438 Cr.P.C in case bearing FIR No.0018 dated 30.1.2018 registered under Sections 420, 465, 467, 468, 471 IPC at Police Station Phase-1, SAS Nagar, Mohali.

(2.) Fir was registered at the instance of complainant Arvinder Singh against Mrs. Gurpreet Kaur, Harmohinder Singh and petitioner Arun Bhardwaj. Complainant alleged that M/s Sera Cue Labs Private Limited is a company registered under the Companies Act. The company was incorporated on 15.12.2014 and launched its business operations from Ludhiana in January 2015 in the field of pathological tests. Complainant was one of the directors of the company having joined the company as a director on 15.12.2014. Initially, the complainant was looking after the day to day business of the company, but he was removed from the said assignment vide resolution dated 06.10.2015. Harmohinder Singh (COO) was appointed as the sole incharge of the company. Complainant further alleged that all the three accused in active connivance with each other have entered into several agreements with franchisees after 06.10.2015. The accused even signed new franchisees at Neemrana, Jalandhar, Jaipur, Kanpur and Jammu and took at least Rs.50,00,000/- on an average from each franchisees without notice to the complainant. Complainant was never informed by the accused. Even e-mails sent by the complainant for supply of relevant information were ignored. Even the agendas of Board meetings and general body meetings were not sent to the complainant and the business activities were kept secret. The amount so received from different franchisees has not been shown, rather the same was mis-utilized and mis-appropriated. The revenue collected from path labs has been mis-appropriated. Even the signatures of the complainant were forged on various documents like balance sheets, share transfer certificate and ROC documents etc. Complainant further alleged that accused No.3 in connivance with his wife increased his remuneration without notice to the complainant. Harmohinder Singh in connivance with other accused, purchased a car worth Rs.14,00,000/- from the company account without notice to the complainant. Petitioner in connivance with other accused, withdrew an amount of Rs.7,00,000/- and the same was transferred in his personal account without information to the complainant. Good will of the complainant was used by the accused without knowledge of the complainant for raising huge amount from various franchisees/vendors. They used to commit further forgery by continuing to use the registered office/address of the complainant's mother-in-law even after expiry of lease deed in October 2015 and they continue to use the address till date. Due to mis-doings of the accused, various franchisees registered police complaints against the complainant and the complainant was named as one of the directors of the company and has been involved by the accused in various police complaints. They used to portray involvement of the complainant to attract investment from various franchisees knowing fully well that the complainant was not involved in the responsibility of the company since 06.10.2015.

(3.) Learned counsel for the petitioner vehemently submitted that vide memorandum of understanding dated 16.03.2015, petitioner was agreed to give unsecured loan of INR Rs.40,00,000/- @ 10 % interest per annum to Sera Cue Labs Private Limited. The duration of loan was agreed between 12-18 months from the date of transfer of funds. As per memorandum of understanding, the first party will return the funds to second party i.e. the petitioner after the loan period, unless both the parties agree for an extension. First party i.e. the complainant was also agreed to undertake to give personal guarantee of unsecured loan given to Sera Cue Labs Private Limited by the petitioner as per the ratio of their share capital in the company. By referring to Clauses 5 and 6 of the memorandum of understanding, learned counsel contended that petitioner invested an amount of Rs.37,00,000/- in Sera Cue Labs Private Limited vide cheque dated 16.03.2015 for a sum of Rs.20,00,000/-, cheque dated 11.05.2015 for a sum of Rs.15,00,000/- and cheque dated 22.06.2015 for a sum of Rs.2,00,000/-. On 29.11.2016, resignation was submitted by the petitioner from the Board of Directors of Sera Cue Labs Private Limited and the resignation was not accepted. Out of total amount of Rs.37,00,000/- invested by the petitioner, only a sum of Rs.7,00,000/- was transferred in the account of the petitioner and for remaining amount of Rs.30,00,000/-, petitioner had already filed a suit for recovery under Order 37 of CPC along with interest and other charges accruing thereon. The said suit is statedly pending.