Case: Rakesh Baban Borhade Vs. The State Of Maharashtra &amp; Anr Etc.Etc

3. Case of the prosecution arises out of a private complaint filed by M/s. Merit Magnum Construction alleging commission of offences against the appellant and other accused u/s 420, 406, 423, 424 r/w Section 34 IPC wherein directions were issued by the Magistrate u/s 156 (3) Cr.P.C. for proper investigation. Case of the complainant is that on 21.12.2005, the seven companies through their Directors entered into a Memorandum of Understanding (MOU) to sell the rights of their land to the complainantM/s. Merit Magnum Construction, formerly M/s Vimal Builders. Till 2006, the complainant is said to have paid a sum of Rs.7,22,12,256/to the said companies. It is alleged that inspite of the timely payment ofthe accused persons did not transfer the lands as promised in the MOU. It is the case of the complainant that during the period from 2005 to April 2013, the Directors and shareholders of the above mentioned seven companies– Suresh V. Vora, Rajnikant N. Parekh and the appellant– Rakesh Baban Borhade with common intention to deceive the complainant company avoided transferring ownership rights, interest, shares and related documents to the complainant company and also deliberately suppressed several transactions relating to the property prior to MOU.4. The Sessions Court dismissed the anticipatory bail application filed by the appellant and other accused. Aggrieved by the same, the accused persons moved the High Court, which vide its impugned order dated 1.4.2014 while granting bail to the other accused persons, dismissed the application of the appellant. The appellant is before us, assailing the correctness of the impugned order.

Court's reasoning:
10. When the Special Leave Petitions came up for hearing, by order dated 9.5.2014 interim protection from arrest was granted to theand without prejudice to the contentions, the appellant was directed to deposit a sum of rupees one crore in the Registry of the Supreme Court and in compliance of the said order, the appellant has deposited rupees one crore. Since the transaction is in the nature of commercial transaction and since the appellant has also shown his bonafide by depositing rupees one crore, pending further investigation, in our view, anticipatory bail could be granted to the appellant.