1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL APPLICATION NO.4353 OF 2009 1. Laxman Bhagwan Tambe 2. Vishnupant Mahadev Vasekar 3. Chandrakant Bhagwan Baraskar .... Applicants. v/s The State of Maharashtra ....Respondent Mr. P.R. Arjunwadkar for the applicants. Mr. J.P. Kharge, APP for the State. CORAM: V.M. KANADE, J. DATE : 8TH DECEMBER, 2009 P.C.: 1. Heard the learned Counsel for the applicants and the learned APP for the State. 2. Applicants have been arrested in connection with the offence punishable under sections 406, 408, 409, 420 read with section 34 of the Indian Penal Code registered with Mohol Police Station vide C.R. No.I-507/2008. 2 3. Applicants are Managers of various Branches of Credit Society known as Priyadarshani Nagari Sahakari Patsanstha Ltd., Mohol. It is alleged that the Chairman and Directors of the Credit Society and the present applicants had disbursed loans to various persons without following the procedure which is prescribed by Reserve Bank of India. It is alleged that proper securities were not obtained from these persons who had borrowed money from the Society and, as a result, the Society is not in a position to recover the amount from these borrowers and recovery proceedings are pending. It is, therefore, alleged that the monies deposited by depositors were used for the purpose of giving loans to such persons who did not fulfill the necessary criteria. Charge-sheet has been filed. Applicants are in jail since April, 2009. 4. The learned Counsel appearing on behalf of the applicants submitted that the applicants are Branch Managers and they did not have any authority to grant loan. On the contrary, Directors of the Credit Society who were in charge of the management of the said Society have been granted bail by the Sessions Court. He invited my attention to the said order passed by the Sessions Court granting bail to the Directors. It is not alleged that loan was given to relatives of the present 3 applicants or that the said amount has been misappropriated. The learned Counsel submitted that recovery proceedings have been filed against the said borrowers who have not repaid their loans and it is, therefore, submitted that the ingredients of sections 406 and 420 are not attracted to the present case. 5. The learned APP, on the other hand, vehemently opposed this application for bail. He has filed an affidavit-in- reply of the Police Inspector attached to Crime Branch, Solapur (Rural). It is submitted that there was conspiracy of the applicant alongwith with the Chairman of the Credit Society and the amounts deposited by poor investors have been utilized for sanctioning loan amounts. The learned APP appearing on behalf of the State submitted that the loan was disbursed to the close relatives of the Directors. However, perusal of the complaint does not disclose that this amount has been given to the relatives of the Directors of the Credit Society. 6. I have perused the complaint and the order passed by the Sessions Court, granting bail to other Directors. There is some substance in the submissions made by the learned Counsel for the applicants that the applicants are Managers in the said Credit Society and the authority to sanction loan vests with the 4 Chairman and Directors of the Society and, therefore, it cannot be said that the applicants who were the Managers, were strictly responsible for sanctioning loan and disbursing the same to the borrowers. In any case, recovery proceedings have commenced. There is no material on record to indicate that loan is given to the relatives of the Directors. Charge-sheet has now been filed and the documents have been seized. Continued detention of the applicants in jail, therefore, in my view, is not necessary. 7. Applicants be released on bail in C.R. No.I-507/2008 registered with Mohol Police Station in the sum of Rs 5000/- each with one or two sureties each in the like amount. They shall report to the concerned Police Station once in a month. 8. Application is disposed of. (V.M. KANADE, J.)