IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL APPELLATE JURISDICTION CRIMINAL APPELLATE JURISDICTION CRIMINAL APPLICATION NO. 3672 OF 2008 CRIMINAL APPLICATION NO. 3672 OF 2008 CRIMINAL APPLICATION NO. 3672 OF 2008 with CRIMINAL APPLICATION NO. 3673 OF 2008 CRIMINAL APPLICATION NO. 3673 OF 2008 CRIMINAL APPLICATION NO. 3673 OF 2008 with CRIMINAL APPLICATION NO. 3674 OF 2008 CRIMINAL APPLICATION NO. 3674 OF 2008 CRIMINAL APPLICATION NO. 3674 OF 2008 with CRIMINAL APPLICATION NO. 3675 OF 2008 CRIMINAL APPLICATION NO. 3675 OF 2008 CRIMINAL APPLICATION NO. 3675 OF 2008 with CRIMINAL APPLICATION NO. 3676 OF 2008 CRIMINAL APPLICATION NO. 3676 OF 2008 CRIMINAL APPLICATION NO. 3676 OF 2008 with CRIMINAL APPLICATION NO. 3677 OF 2008 CRIMINAL APPLICATION NO. 3677 OF 2008 CRIMINAL APPLICATION NO. 3677 OF 2008 with CRIMINAL APPLICATION NO. 3869 OF 2008 CRIMINAL APPLICATION NO. 3869 OF 2008 CRIMINAL APPLICATION NO. 3869 OF 2008 with CRIMINAL APPLICATION NO. 4084 OF 2008 CRIMINAL APPLICATION NO. 4084 OF 2008 CRIMINAL APPLICATION NO. 4084 OF 2008 with CRIMINAL APPLICATION NO. 4085 OF 2008 CRIMINAL APPLICATION NO. 4085 OF 2008 CRIMINAL APPLICATION NO. 4085 OF 2008 1. Shri Atmaram Ratumal Devani, 2. Mrs.Savita Tarachand Dalvani ...Applicants vs. The State of Maharashtra ...Respondent Mr.M.S. Karnik for the Applicants. Mr.D.P. Adsule, APP for the State in Cri.Appln. Nos.3672, 3675, 3677, 4084, 4085 of 2008. Mr.S.S. Pednekar, APP for the State in Cri.Appln.Nos. 3673, 3674, 3676, 3869 of 2008. CORAM : V.M. KANADE, J. CORAM : V.M. KANADE, J. CORAM : V.M. KANADE, J. DATED : FEBRUARY 4, 2009 DATED : FEBRUARY 4, 2009 DATED : FEBRUARY 4, 2009 P.C. :- P.C. :- P.C. :- 1. Heard Counsel for the applicants and APP for the State. 2. The applicants apprehend arrest in connection - 2 - with an offence punishable under Sections 406, 428, 468, 471 read with 34 of the IPC in connection with CMA Nos.740 to 747 of 2008. The applicants are Directors of Credit Society. A complaint was filed by the Auditor alleging that the Chairman had disbursed loans without taking an adequate security from the borrowers and all these loans were given to the relatives of the Chairman and the Board of Directors. The Chairman was arrested and he has now been released on bail. The total amount which was due and payable to the bank was about Rs.4 crores out of which Rs.3,60,00,000/- have been recovered so far from the bank. An amount of Rs.40 lakhs is outstanding. 3. The learned Counsel for the applicants invited my attention to the list of borrowers and the amount which is outstanding towards the said loan amount. This fact is not disputed by the learned APP for the State. The applicants have filed a joint affidavit in which they have given a list of moveable and immovable properties and assets. The applicants have stated in their affidavit that they shall not create any third - 3 - party rights in respect of the said properties mentioned in the said affidavit. They shall also not handover possession of the properties to any third party during the pendency of the trial. They shall not crate any new mortgage over the said property. 4. In view of the undertaking given by the applicants in their affidavit and since the liability of the bank is secured by virtue of the affidavit and undertaking filed by the present applicants, in my view, prima facie case is made out by the applicants for grant of anticipatory bail. Further, in my view, custodial interrogation of the applicants is not necessary since the offence pertains to the disbursement of loan without following procedure laid down by law. All documents have been seized and investigation is almost over. Further, the persons to whom the loan has been given are primarily relatives of the Chairman and not the present applicants. 5. The applicants, therefore, in the event of their arrest in connection with C.R.Nos.97/2008, 7/2008, - 4 - 307/2008, 6/2008, 99/2008, 5/2008, 8/2008, 12/2008 and 10/2008 registered at Nashik Road Police Station for the offences punishable under Sections 406, 620, 468, 471 read with 34 of the IPC, shall be released on bail in the sum of Rs.25,000/- each with one or two sureties in the like amount. They shall co-operate with the police and shall attend the police station as and when called. The applicants shall file a separate undertaking in respect of the properties mentioned in the affidavit to this Court within a period of two weeks from today. The undertaking, if filed, be accepted. If the said undertaking is not filed within two weeks, anticipatory bail granted by this Court shall stand cancelled without further reference to this Court. 6. All the applications are allowed and disposed of. (V.M. KANADE, J.) (V.M. KANADE, J.) (V.M. KANADE, J.)