RAKESH KUMAR Vs. STATE OF HIMACHAL PRADESH

JUDGEMENT

(1.) THIS judgment shall dispose of Cr.M.P.(M) Nos.1120 and 1122 of 2011 which have been filed by Rakesh Kumar and Raman Kumar respectively under Section 438 Cr.P.C. for releasing the petitioners on bail in FIR No. 504 dated 29.09.2011, registered at Police Station, Kullu, under Sections 420, 120 -B IPC and Section 5 of the Himachal Pradesh Protection of Interests of Depositors (In Financial Establishments) Act, 1999.

(2.) IT has been stated by the petitioners that they were the Directors of the Company named 'Success on Line Service System Private Limited', which was dealing in the business of insurance, corporate tour package and sale of electronic items. The petitioners resigned as Directors of the Company on 23.10.2010. Thereafter, they had no concern with the affairs of the Company. The resignations of the petitioners were accepted by the Board of Directors.

(3.) THE petitioners have been falsely implicated in the case. They have no liability in respect of affairs of the Company after their resignation. The petitioners are apprehending their arrest in the above case.