ASHOK KUMAR Vs. STATE OF H.P.

JUDGEMENT

(1.) THIS is an application under Section 438 Cr.P.C. for releasing the petitioner on bail in FIR No.502 of 2007 dated 22.11.2007 registered at Police Station, Una under Sections 406,420,120-B IPC. The notice was issued to the State on 5.12.2007. The learned Addl. Advocate General has submitted the status report.

(2.) HEARD and perused the record. The learned counsel for the petitioner has submitted that the petitioner took financial assistance amounting to Rs.6,00,000/- from Kangra Central Co-operative Bank, Una in some transport scheme. The petitioner has deposited Rs.1,50,000/- margin money and pledged his FDRs as collateral security. The vehicle Swaraj Whether the reporters of the local papers may be allowed to see the Judgment?Yes Mazada was delivered to the petitioner and on the registration certificate of the vehicle there is an endorsement to the effect that the vehicle was under hypothecation to the Kangra Central Co-operative Bank Branch at Una. The petitioner could pay only two instalments and thereafter due to financial crises he could not make regular payments of instalments. He has undertaken to regularize the payments of instalments shortly. It has been submitted that Branch Manager of the Bank with some ulterior motive got the case registered against the petitioner. The petitioner has not committed any offence. The petitioner is innocent and he is ready to join the investigation. The liability, if any, is of civil nature and not as alleged by Branch Manager.

(3.) THE observations made in this order are for disposal of this application and these shall not be treated as expression of opinion on the merits of the case.