GAUTAM SETH Vs. STATE OF HIMACHAL PRADESH

JUDGEMENT

(1.) The present bail applications have been maintained by the petitioner under Sec. 439 of the Code of Criminal Procedure seeking his release in case FIR No. 8, dtd. 3/4/2016, under Ss. 420, 467, 468, 471, 201, 217, 218, 120B IPC and Sec. 13(1)(d) of PC Act, and FIR No. 9 of 2016, dtd. 3/4/2016, under Ss. 420, 468, 471, 406, 409, 411, 201, 217, 218, 120B IPC, 13(1)(C), 13(1)(D)(II) of PC Act, registered in Police Station State CID, Bharari, Shimla, H.P.

(2.) As per the averments made in the petitions, the petitioner is innocent and has been falsely implicated in the present case. He is neither in a position to tamper with the prosecution evidence nor in a position to flee from justice. No fruitful purpose will be served by keeping him behind the bars for an unlimited period, so he be released on bail.

(3.) Police report stands filed. Tersely, as per the prosecution story, Indian Technomac Company depicted high production in order to get loans from the banks and for this the company also prepared the fake documents. Cumulatively, loan liability and tax on the company comes to Rs.2100.00 crore, which the company failed to deposit. The State Government suffered huge loses due to the acts of the company and thus the assets of the company were attached. However, the management of the company with the help and assistance of employees of the office of Excise and Taxation Department, Paonta Sahib and other departments stealthily removed the scrap of the company. Police intercepted a truck of scrap and during the course of investigation it was found that the management of the company was involved in such activities. The petitioner was Chief Finance Officer of the company and Accounts and Finance departments were under his control. The petitioner was single signatory in Delhi Head Office of the company.