4. cr appln 2645-08.doc RMA IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRI. APPLICATION NO. 2645 OF 2008 Xerox Modicorp Ltd .. Applicant Vs State of Maharashtra & Ors .. Respondent Ms. Mallika Ingale i/b Mr. Tushar V. Shah & Ms. Nirmala K. Vyas for the Applicant Ms. Rujuta V. Pradhan i/b Mr. A.M. Chimalkar for Respondent no. 6 Ms. M.M. Deshmukh, APP for the State Mr. Suhas Patil, PI, EOW, Mumbai. CORAM : SMT. V.K. TAHILRAMANI, J DATE : 5th OCTOBER, 2010. P.C.: 1. Heard learned advocate for the applicant, learned counsel for respondent no. 6-original complainant and learned APP for the State. 2. The applicant has prayed for defreezing of its two bank accounts i.e 1206192 and 1206036 in Citibank. 3. There was some dispute between respondent no. 2 and respondent no. 6. According to respondent no. 6, respondent nos. 3 to 5 and the present applicant were hand in gloves with respondent no. 2, hence, FIR came to be lodged by respondent no. 6 against the officer of the applicant for offences under Sections 406, 408, 420, 120B 1 4. cr appln 2645-08.doc read with 34 of IPC. The said case is numbered as 2/Summary/2010 and it is pending before the learned Addl. Metropolitan Magistrate, 19th Court, Mumbai. During the course of investigation, the bank accounts of the applicant in Citibank i.e account nos. 1206192 and 1206036 came to be frozen by the investigating agency i.e Senior Inspector of Police, EOW, CBCID, Mumbai. At the relevant time, a total amount of Rs. 33,41,892/- was in both the bank accounts. 4. The applicant preferred an application before the learned Magistrate for release of the bank accounts. The said application came to be rejected. The said order was challenged before the Sessions Court. The Sessions Court by order dated 1st March 2007, rejected the said CRA, hence, this application. 5. The learned APP on instructions states that the police have investigated the matter and in the said case, the police have filed an application for grant of "C" summary before the learned Addl. Metropolitan Magistrate. The learned APP has tendered the report which is taken on record. In view of the fact that the police have prima facie come to the conclusion that no case is made out against the applicant, I am inclined to release the bank accounts. However, the application for grant of 'C' summary is pending before the learned Magistrate. The 2 4. cr appln 2645-08.doc application for grant of "C" summary has not yet been granted. Obviously, the complainant would have to be heard in the matter before "C" summary is granted. Moreover, the learned Magistrate may or may not grant the application for "C" summary, hence, I am of the opinion that to safeguard the interest of the complainant, the bank account nos. 1206192 and 1206036 in Citibank be de- frozen on the applicant furnishing a bank guarantee for the amount of Rs. 33,41,892/-. The bank guarantee shall be furnished before the trial Court. The bank guarantee shall be renewed from time to time till the application for "C" Summary is disposed of. The learned Magistrate on disposal of the application for "C" Summary, shall pass appropriate orders in respect of the bank guarantee. 6. The application is disposed of in above terms. [SMT. V.K. TAHILRAMANI, J.] 3 4. cr appln 2645-08.doc 4