21crn2365-10 1 IN THE HIGH COURT OF JUDICATURE AT MUMBAI CRIMINAL APPELLATE JURISDICTION CRIMINAL APPLICATION NO.2365 OF 2010 1. Ripon Kishor Malhotra, & 2. Alphonsa Ripon Malhotra. ..Applicants. Versus State of Maharashtra. ..Respondent. .... Mr.A.P. Mundargi, Senior Advocate i/b. Jayant Bardeskar, Advocate for the applicants. Mr.K.V. Saste, A.P.P. for the State. .... CORAM : A.R.JOSHI, J. DATED : 15th JUNE, 2010 P.C. 1. Heard rival submissions at length on this anticipatory bail application preferred by both the applicants. 21crn2365-10 2 2. The applicants are apprehending their arrest in C.R. No.59 of 2010 registered with Khadaki police station, Pune for the offence punishable under Sections 420, 406 read with Section 34 of IPC. 3. The allegations, as transpired from the FIR filed by the complainant-woman, are that there were certain share purchase transactions between the complainant and the present applicants, who run one establishment by name UTI Security at Khadaki, Pune. By reading the newspaper advertisement in the year 2005, the complainant approached office of the applicants and on say of the applicants she opened UTI Security Demat account and in which transactions of sale and purchase of shares took place through the establishment of the applicants. Somewhere in the year 2006 on say of the applicants, the complainant gave cash amount of Rs.2 lakhs for purchase of shares in her name. 21crn2365-10 3 4. It appears that without obtaining any receipt such cash amount was given somewhere in the third week of the year 2006. Thereafter also in the year 2007, an amount of Rs. 4,30,000/- was given by the complainant to the applicants. It is also alleged that in December, 2006 when the complainant asked for the shares purchased in her name, it was assured that within 20 days time the shares will be returned to her however on some pretext it is asked for temporary transfer of shares in the name of the applicants details of such shares is given by the complainant in the FIR, and thus various shares of different companies were taken from the complainant. In short, it is the allegation of the complainant that till the time of lodging of the complaint, an amount of Rs.6,30,000/- was due and payable to her from the applicants and on one pretext or the other the applicants avoided to give the said amount. 5. During the arguments, the learned Senior Counsel for 21crn2365-10 4 the applicants submitted that it is pure and simple civil transaction for assuring to give shares and not giving shares and for violation of which, there is a mode of arbitration before the appropriate authority. It is further submitted that initially an amount of Rs.2 lakh, which was curiously given by cash without obtaining any receipt, was the transaction of May, 2006 and as such in the year 2010, it is practically time barred. It is further argued that admittedly there is no any civil litigation initiated by the complainant and she has chosen this mode of filing a criminal complaint in order to have the speedy remedy for recovery of the time barred amount. 6. All the same, considering the nature of transaction between the parties, in the opinion of this Curt it is not a case in which the custodial interrogation of the present applicants can be granted. In other words, even by putting some conditions to attend the concerned police station and to 21crn2365-10 5 cooperate with the investigation, the grievance of the complainant would be redressed, more so when most of the transactions are based on the documentary evidence and transfer or otherwise of the shares. 7. In the result, present application is disposed of with following order : :: O R D E R :: [i] Criminal Application No.2365 of 2010 for anticipatory bail is allowed and accordingly disposed of. [ii] In the event of arrest of the applicants -Ripon Kishor Malhotra, & Alphonsa Ripon Malhotra in C.R.. No.59 of 2010 registered with Khadaki Police Station, Pune, they shall be released on bail on their executing P.R. bond in the sum of Rs.20,000/- (Rs.Twenty Thousand Only) each with one surety for the like amount each. 21crn2365-10 6 [iii] In the event of arrest and availing of the bail, as above, the applicants shall attend the concerned police station on every Tuesday and Friday between 10:00 a.m. to 12:00 noon till completion of the investigation; (A.R.JOSHI,J.)