IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL APPLICATION NO. 272 OF 2009 Sharad Khandu Sanap ...Applicant Vs. The State of Maharashtra ... Respondent --- Shri Rameshwar M. Gite for Applicant Shri Rajesh More, APP for the State ---- CORAM: V.M. KANADE J. DATED 26TH MARCH, 2009 P.C. 1. Heard the learned Counsel appearing on behalf of the Applicant and the Learned APP for the State. 2. The Applicant is a borrower had availed loan of Rs.25,00,000/- from the Shriram Sahakari Bank, Nashik. Two complaints were filed against the directors of the bank, one complaint was filed by depositor and other complaint was filed by the borrower, alleging misappropriation made by the directors of the money deposited by the depositors in the bank. It is alleged in the complaint that loan was given to various persons without following procedure laid down by the bank and without securing the said loan by mortgaging the property of the borrowers. 3. The learned Counsel for the Applicant submits that the Applicant is a borrower and he has repaid an amount of Rs.15,00,000/- so far, out of Rs.25,00,000/- which he had received from the bank. 4. The Applicant filed an undertaking / affidavit dated 17.3.2009, in which he has given an undertaking that the property which is owned by him which is described in paragraph 5 shall not be sold by him or sold any related during pendency of the recovery proceeding initiated by the bank. Undertaking is accepted. The Applicant, admittedly, is not the director of the bank, but has borrowed the amount for the purpose of utilizing it in his business. The recovery proceeding has been initiated by the bank, Applicant's name has not been mentioned in the complaint, therefore, custodial interrogation, in my view, is not necessary. The principal allegation is made against the directors of the bank. 5. The Applicant, therefore, in the event of his arrest in connection with C.R. Nos. I-47 of 2008 and I-52 of 2008 registered with Panchavati Police Station, Nashik for the offence punishable under sections 403, 406, 408, 409, 418, 420, 471, 120B of the Indian Penal Code, shall be released on bail in a sum of Rs.15,000/- with one or two sureties in the like amount. The Applicant shall report to the concerned police station, as and when called. 6. Application is disposed of. V.M. KANADE J.