HON'BLE MS.JUSTICE MUKTA GUPTA BAIL APPLN.1113/2017 & Crl.M.A.No.244/2018 BAIL APPLN.Represented by: Mr. Sanjeev Narula, CGSC, Mr. Amit Mahajan, CGSC, Mr. Nitesh Rana, SPP and Ms. Anumita Chandra, Advocate.Represented by: Mr. Sanjeev Narula, CGSC, Mr. Amit Mahajan, CGSC, Mr. Nitesh Rana, SPP and Ms. Anumita Chandra, Advocate.BAIL APPLN.1113/2017 & 1114/2017 Page 1 of 81114/2017 & Crl.By way of the present applications, petitioners Virendra Jain and Surender Kumar Jain, the two brothers seek regular bail in ECIR/01/DLZO- II/2017 dated 11th February, 2017 under Sections 3 and 4 of the Prevention of Money Laundering Act, 2002 (in short 'PMLA').The above-noted complaint was lodged after an order dated 28th October, 2013 was passed by the Ministry of Corporate Affairs directing investigation by Serious Fraud Investigating Officer (in short 'SFIO') into affairs of the various companies.On the basis of the investigation report a Criminal Complaint No. 57463/2016 dated 29 th November, 2016 was filed by SFIO against 31 accused persons including the two petitioners for violation of the provisions under Sections 233/628 read with Sections 211/240 (3) of the Companies Act and under Sections 420/468/477-A/120B IPC before the learned Additional Chief Metropolitan Magistrate (Central) Special Acts, Tis Hazari Courts, Delhi.These bail applications came up before this Court earlier and vide order dated 20th September, 2017, this Court dismissed the two bail applications.Aggrieved by the order dated 20th September, 2017 dismissing the bail applications, the petitioners preferred Special Leave Petition before the Hon'ble Supreme Court and vide order dated 23 rd November, 2017 in a batch of writ petitions and criminal appeals, the Hon'ble Supreme Court declared the two further conditions imposed for release on bail in Section 45 BAIL APPLN.1113/2017 & 1114/2017 Page 2 of 8 (1) of PMLA to be unconstitutional, violative of Articles 14 and 21 of the Constitution of India and remanded back the matter to the respective Courts which denied the bail, to be heard on merits without application of the twin conditions mentioned in Section 45 of the PMLA.Thus in both the petitions additional applications challenging the order dated 8 th December, 2017 passed by the learned Special Judge have also been filed.BAIL APPLN.1113/2017 & 1114/2017 Page 2 of 8Appeals filed before the Commissioner, Income Tax were dismissed however, the challenge before the Income Tax Appellate Tribunal succeeded and both the orders of the Assessing Authority and CIT (Appeals) were set aside and the matter remanded back with directions to provide adequate opportunity to the petitioners after confronting them with the entire material.BAIL APPLN.1113/2017 & 1114/2017 Page 3 of 8This Court during the course of arguments repeatedly inquired from the learned counsel for the respondent that even if assuming there was rotation of entries to the tune of approximately 8,000 crores and since substantial investigation has been carried out, what was the financial stability of the companies and the amount available with the companies however, no clear figure could be given by learned counsel for the respondent.It is not disputed by learned counsel for the respondent that a complaint and a supplementary complaint have already been filed in the case.The case of the prosecution rests primarily on the documentary BAIL APPLN.1113/2017 & 1114/2017 Page 7 of 8 address the same will be duly informed to the court by way of an affidavit and in case the petitioners are found interfering in the process of further investigation or tampering with the evidence or violating the conditions imposed, the respondent will be at liberty to take appropriate remedies in accordance with law.Petitions and applications are disposed of.Order dasti.(MUKTA GUPTA) JUDGE JANUARY 25, 2018 'vn' BAIL APPLN.1113/2017 & 1114/2017 Page 8 of 8BAIL APPLN.1113/2017 & 1114/2017 Page 8 of 8

Relevant sections: Section 420 in The Indian Penal Code; Section 120B in The Indian Penal Code; Section 468 in The Indian Penal Code