((-1-)) IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL APPLICATION NO.3052 OF 2006 Ashok Ratiram Agarwal Applicant versus The State of Maharashtra & anr. Respondents Mr.A.P.Mundargi i/by Asha Joshi for applicant. Mr.S.S.Pednekar, APP for State. CORAM : S.C.DHARMADHIKARI, J. DATE : 30th August 2006 PC : 1. Heard Shri Mundargi-learned senior counsel for the applicant and Shri Pednekar, APP for State. 2. The applicant was arrested by Sakarwada Police Station, Nashik on 26th July 2006 in CR No.213 of 2006 on allegations that he has committed offences punishable under sections 420, 416, 408 and 409 of IPC.. He is in magisterial custody. 3. The applicant was a Director in the Agrasen Nagri Sahakari Pat Sanstha Maryadit at Nashik and ((-2-)) it is his case that during the course of the business there were several proposals for sanction of loan and which were placed before the Board of Directors for approval and upon approval, they were sanctioned during the period 1.4.2000 to 30.9.2005. 4. Upon a complaint being registered that the proposals were bogus and that the documents forged and the amounts misappropriated by the persons who are not borrowers to the tune of Rs.3.00 crores and odd, 96 persons were arrested including the applicant. 5. The applicant is the accused no.2. Shri Mundargi submits that apart from the fact that the applicant is involved in the said transaction only in his capacity as a Director along with others and having attended the said meeting for approval, some of the other Directors against whom identical allegations are made, have been granted anticipatory bail. He has invited my attention to the orders in their application after handing over copies thereof to me. The matter was kept back in the morning session to enable the learned APP to take instructions. ((-3-)) 6. Learned APP does not dispute that the Ad-hoc Additional Sessions Judge Nashik has granted pre-arrest bail so also regular bail in some of the cases involving other accused. He also does not dispute that some of the applicants who have been enlarged on bail, are Directors and officers of the Pat Pedhi. 7. The applicant is in custody for more than a month. Although investigations are going on, the investigation file papers handed over to me demonstrate that almost all documents concerning loan accounts, are in the custody of the investigating machinery. Further, the learned APP states that the applicant has yet to pay a sum of Rs.3.47 lakh and odd by way of interest. Shri Mundargi states that even this amount would be paid off if the same is not paid till date. 8. In the above circumstances and when the applicant is identically situate and the Trial Court observing that the Directors were not in charge of day to day affairs, it would be just, fair and proper to enlarge the applicant on bail. Hence, following order. 9. ORDER :- ((-4-)) (i) The applicant shall be enlarged on bail in connection with C.R.No.213 of 2006 registered with Sakarwada Police Station, subject to furnishing a personal bond of Rs.50,000/- (Rs.Fifty thousand only) with one or two local sureties; (ii) The applicant shall report at the Economic Offence Wing, Crime Branch, Nashik once a week till conclusion of Trial; (iii) The bail is granted subject to condition that the applicant shall not, directly or indirectly, make any inducement or threat to any prosecution witnesses and shall not in any manner tamper with prosecution evidence. (iv) The applicant shall co-operate with the Trial Court for expeditious disposal of the trial. Any attempt by the applicant to delay the trial may be a ground for cancellation of bail. (v) Any observation/s made in this order shall not be constructed as any finding or any expression of opinion on the merits of the case at the time of trial. (vi) Application is disposed of in above terms. (S.C.DHARMADHIKARI, J.)