Shri Rakesh Kumar vs State of Himachal Pradesh

Kuldip Singh, Judge

This judgment shall dispose of Cr.M.P.(M) Nos.1120 and 1122 of 2011 which have been filed by Rakesh Kumar and Raman Kumar respectively u/s 438 Cr.P.C. for releasing the petitioners on bail in FIR No. 504 dated 29.09.2011, registered at Police Station, Kullu, under Sections 420, 120-B IPC and Section 5 of the Himachal Pradesh Protection of Interests of Depositors (In Financial Establishments) Act, 1999.

It has been stated by the petitioners that they were the Directors of the Company named ''Success on Line Service System Private Limited'', which was dealing in the business of insurance, corporate tour package and sale of electronic items. The petitioners resigned as Directors of the Company on 23.10.2010. Thereafter, they had no concern with the affairs of the Company. The resignations of the petitioners were accepted by the Board of Directors.

The complaint has been filed by one Inderjit Malik on behalf of the distributors of said Company alleging that profit sharing bonus has not been paid to them. It has been stated that profit sharing bonus was to be paid to the employees subject to the condition that Company earned requisite profits. The Company incurred losses, therefore, the Company was not liable to pay any profit sharing bonus.

The petitioners have been falsely implicated in the case. They have no liability in respect of affairs of the Company after their resignation. The petitioners are apprehending their arrest in the above case.

The petitioners are innocent. There is no legal evidence to connect the petitioners with the commission of offence. The petitioners are ready to join the investigation and furnish bail bonds. The prayer has been made for releasing the petitioners on bail.

The status report has been filed in Cr.M.P.(M) No. 1120 of 2011 and the bail applications have been opposed. It has been stated that the case has been registered on the complaint made by Inderjit Malik on 29.09.2011. It has come during investigation that Raman Kumar was C.M.D. of the Company and he was authorized for financial transactions of the Company and in emergency Rakesh Kumar was also authorized. They prepared format on computer of bonus scheme in order to mislead the consumers in the year 2010. The Company opened its Office in Kullu and appointed Meena Rana Clerk as Branch Manager. Raman Kumar and Rakesh Kumar misled the people that the Company is authorized by Reserve Bank of India and the money will be doubled in two years.

It has been stated that the petitioners have misappropriated about Rs. 1,00,00,000/-in District Kullu. The petitioners were interrogated, but they are not co-operating. In District Una the Company has misappropriated about Rs. 80,00,000/-. The bank accounts of the petitioners are to be freezed. The details of their movable and immovable properties are to be ascertained, Chief Advisor Nikhil Nanda is to be arrested, who is in contact with the petitioners on mobiles and they are changing the sims.

The petitioners had engaged Vindhyachal Yadav, Deepak Kumar, Pankaj Kumar, Vinay Kumar, Chandershekhar, Aman Kumar,Divya and Rajesh Kumar, Field Boys, but they are not disclosing their addresses. On 28.12.2011 Raman Kumar was directed to produce two computers and printers on which the formats were prepared, but he has not produced those computers and printers nor they are assisting in recovery of the amount. The petitioners have also not co-operated for giving their signatures and handwritings. The Investigating Agency has shown an apprehension that if petitioners are released on bail then there is likelihood of petitioners transferring the properties and money collected by them. The submission has been made for rejection of the bail application.

I have considered the contentions of both sides. The learned counsel for the petitioners has stated that the petitioners have resigned on 23.10.2010 from the Company and their resignations have been accepted by the Board of Directors of the Company. The FIR has been registered on 29.09.2011 in which allegations pertaining to the period starting from November, 2010, have been made. FIR is not the only document which is to considered. The very working of the petitioners in the Company right from the very beginning is under cloud. There are serious allegations against the petitioners of misappropriation of huge amount by giving false promises to the consumers. It has come in the investigation that in District Kullu amount involved is Rs. 1,00,00,000/-and in District Una amount involved is Rs. 80,00,000/-. In view of gravity of offence, it is in public interest to give free hand to the Investigating Agency to dig out the truth. The petitioners are not entitled to bail u/s 438 Cr.P.C. at this stage. Accordingly, both the bail applications are dismissed.

The observations made in the judgment are for the disposal of the bail applications and shall not be construed as expression of opinion on the merits of the case.