IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL APPLICATION NO. 4488 OF 2008 Rajkumar C. Basantani ...Applicant Vs. The State of Maharashtra ... Respondent ­­­ Shri Shirish Gupte Sr.Counsel and Manish Bohra i/b. A.S. Khan & Associates for Applicant Shri Rajesh More, APP for State ­­­­ CORAM: V.M. KANADE J. DATED 6TH JANUARY, 2009 P.C. 1. Heard the learned Counsel appearing on behalf of the Applicant and the learned APP for the State. 2. A complaint has been filed by the Complainant for the offences punishable under sections 406, 420, 34 and 120­b of the Indian Penal Code and sections 3 and 4 of the Maharashtra Protection of Interest of Depositors Act. 3. The Applicant is in jail since 17th November, 2008. An application filed by the Applicant before the Sessions Court for bail has been rejected by an order dated 2nd December, 2008. 4. Shri Gupte, Learned Senior Counsel appearing on behalf of the Applicant has invited my attention to the order passed by the Apex Court dated 18.11.2005, in which the following directions were given:­ “In cases where investigations are in progress the prosecuting agency shall continue with the investigation. But there shall not be further prosecutions of the accused persons and as regards pending cases the status quo as on today shall be maintained. It is submitted that in 9 cases already accused persons have been convicted and the convicted persons would be at liberty to apply for bail and the court would be at liberty to pass order granting bail. The interim attachment granted by the competent authority shall subsist until further orders. However, in cases where applications for release of attachment have been filed the same should be disposed of in accordance with law by separate orders. There shall not be sale of attached properties. The Authorities shall not take any coercive steps to recover the amount under the Act. Issue notice in IA Nos.6­10 returnable within a period of four weeks. Delay condoned. Permission granted for filing appeals. Appeals are admitted. Counter affidavit shall be filed within four weeks. The convicted and the under­trials be released on bail.” This Court has held that the provisions under the MPID Act are ultra vires to the Constitution of India and against the said order, the Special Leave Appeal has been filed in the Apex Court and in the said appeal, the aforesaid order has been passed. In view of the clear directions given by the Apex Court, the Applicant is entitled to be released on bail. The other directors also have been released on bail. 5. Accordingly, the application is allowed. The Applicant be released on bail in a sum of Rs.25,000/­ with one or two sureties in the like amount. The Applicant shall report to Economic Offence Wing, Unit No.7 once in a week. 6. Application is, accordingly, disposed of. V.M. KANADE J.