RAMESH CHANDRA JARIWALA Vs. STATE

JUDGEMENT

(1.) This is a second bail application filed u/s 439 Cr. P. C. in Cr. Case F I. R. No. 24/86 registered for offence under section 120-B read with Sec. 409 I.P.C.

(2.) The accused petitioner is a director in M/s Laxmi Oil and Extraction Mills Ltd., Jaipur, a public limited company incorporated under the Companies Act, 1956 having its registered office at Jaipur. The said company is engaged in the business of refining of oil amongst other things. The State Trading Corporation of India Ltd., a corporate body registered under the Companies Act, 1956 imports raw oil of various kinds and gets imported the raw oil refined from various refineries in India to make the said oil fit for human consumption. Thereafter, refined oil is sold by the S. T. C. through various agencies. The petitioner through its above mentioned company has been doing this business of refining oil since last about 6-7 years on contract basis under various contracts executed with the S.T.C. It is alleged that M/s Laxmi Oil and Extraction Mills Ltd. and S.T.C. entered into an agreement on 30. 4. 1984 under which 33000 metric tons of rapeseed oil was sent to the company of petitioner between 10. 5. 1984 to 28. 12. 1984 for refining and the petitioner's company actually received 32090.900 metric tons for refining. It is asserted on behalf of the petitioner that most of the oil received was refined and delivered back to the S T. C. but 600 metric tons oil was not delivered. The value of this oil admittedly comes to around Rs 90 lacs. The petitioners company had deposited Rs. 20 lacs as guarantee amount in the bank, which has admittedly been encased by the S. T. C. towards the amount payable by the petitioner company to the S.T.C. In this way an amount of about 10 lacs has yet to be paid by the petitioner-company to the S. T. C. in lieu of the oil received for refining.

(3.) I have heard Mr. U. N. Bhandari for the petitioner and Mr. S. P. Tyagi appearing on behalf of the State.