1 1 1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL APPELLATE JURISDICTION CRIMINAL APPELLATE JURISDICTION CRIMINAL APPLICATION NO.4034 OF 2008 CRIMINAL APPLICATION NO.4034 OF 2008 CRIMINAL APPLICATION NO.4034 OF 2008 Shankar Yamannappa Kalgutaki .. Applicant. Vs. State of Maharashtra .. Respondent. Mr.P.D.Dalvi for the applicant. Mr.K.V.Saste A.P.P. for the State. CORAM : D.B.BHOSALE, J. CORAM : D.B.BHOSALE, J. CORAM : D.B.BHOSALE, J. DATED : 10.12. 2008. DATED : 10.12. 2008. DATED : 10.12. 2008. P.C.: 1. Heard Mr Dalvi, learned counsel for the applicant and Mr K.V.Saste, learned APP, for the State. 2. The applicant is seeking bail in C.R.No.96 of 2008 of Jaysingpur police station, Dist.Kolhapur. The said crime has been registered against the applicant and thirteen others for having allegedly committed an offence punishable under sections 406, 420 r/w 34 of the IPC. 3. The applicant, at the relevant time, was a Member of the Board of Directors of Trimurti Co-operative Credit Society. It is alleged that during the period from 1.4.2005 to 31.3.2006, all the accused, who were members of the Board of Directors at the relevant time, committed several illegalities/ irregularities in sanctioning loans to several 2 2 2 underserving persons and have caused loss to the said Society of Rs.Four crores and fifty six lakhs. Insofar as the applicant is concerned it appears that he had also taken loan of Rs.1.5 Lacs and his brother had taken loan of Rs.2.70 Lacs. During pendency of this application, he has repaid both these loans with interest. It is further alleged that all the accused sanctioned loans in favour of their relatives and friends, without following the due procedure and without verifying their repayment capacity and as a result of which the credit society could not recover the loans/interest from the borrowers. Prima facie, I am satisfied that the applicant is one of the directors, who was responsible for the loss caused to the society. 4. The applicant has placed on record two affidavits dated 6th and 8th December,2008, giving details of immovable properties held by him stating that he shall not dispose them of or create third party rights during pendency of these proceedings and the proceedings initiated under the provisions of the Maharashtra Co-operative Societies Act to fix liability against the applicant. The statements made on affidavit and the undertakings given therein are accepted. The affidavits are taken on record and marked "X" and "X-1" for identification. 5. I have heard learned counsel for the applicant 3 3 3 and the learned APP for quite some time and with their assistance have gone through the entire material placed before the Court. The evidence consists mostly of documents, which are already in possession of the investigating agency. I am satisfied that there is no likelihood of the accused absconding or misusing liberty. Merely because prima facie case is made out against the applicant, that itself cannot be a ground for rejecting the application for bail. In the case like one in hand, what is important is to see whether public money can be secured by imposing further conditions on the applicant. 6. Having considered the affidavits and overall facts and circumstances of the case, I am inclined to grant this application for bail. Hence, the following order. . The applicant - Shankar Y.Kalgutaki to be released on bail in the sum of Rs.50,000/- with one or two sureties in the like amount, subject to condition that he shall report to the concerned police station as and when called. . While passing this order I shall not be understood to have expressed any opinion on merits of the case and the trial Court shall deal with the case without being influenced by the observations made in this order. . The application is disposed off. 4 4 4 (D.B.Bhosale, J.) (D.B.Bhosale, J.) (D.B.Bhosale, J.)