Legal Dictation from Original Judgment

The allegations are the petitioner was inducted as a director in Private Limited since 02 Feb 2012 to the extent of 86% share holdings and to the extent of 36% share holding. The grievance of the complainants are they had invested in the projects to be raised by and despite making the payments of money, they never received the flats and their money have been siphoned off.

The learned senior counsel for the petitioner submit this FIR was registered on 13 August 2018 and petitioner though initially joined the investigation, but later was arrested on 09 November 2019. The charge sheet has since been filed before learned Trial Court and investigation is thus complete. It is argued after filing of the charge sheet, there is no progress in the case the charges have not been framed against the petitioner; 83 witnesses have been cited to prove documents during trial, which would certainly take a long period.

It is the submission of the learned senior counsel for the petitioner per charge sheet, Private Limited was having its bank account with Bank of Baroda, Greater Noida. It is argued accused has already been granted bail and Manmohan Bansal was never arrested despite he being an authorised signatory of Private Limited. Further, per charge sheet, the role ascribed to the petitioner is of only of being a director in above said two companies. It is alleged he could not justify the bookings made by Private Limited prior to necessary approvals and also qua diversion of funds. The allegations of inducement to the customers are also made against him. All the flat buyers agreements have since been signed by him. The petitioner alleges to have received only an amount of Rs.1 Crores as salary for five years with effect from March, 2013 to October 2017.

Admittedly, there is no allegation proof of siphoning off of the funds against him and as alleged he was not a signatory of bank account of Private Limited, maintained with Bank of Baroda from where diversion of funds is alleged. It is submitted that since the alleged siphoned amount was Rs. 2 crores and the accused who enjoys respectable status in the society, had voluntarily offered to deposit Rs. 4 crores before the Hon'ble High Court of Delhi, which offer was duly accepted by the Hon'ble High Court and interim protection was granted to the applicant vide order dated 29 June 2020.

The applicant accused duly joined the investigation. Since, the applicant could not deposit the amount of Rs. 4 crores, which was the condition precedent, due to the shortfall of funds and the pandemic situation, the interim protection was withdrawn and the applicant was subsequently arrested on 08 November 2020. It is submitted that now the family members have arranged the requisite funds and are ready to deposit Rs. 4 Crores before the court. The picture which emerges from the above submissions is that the land was initially taken by, in which applicant is one of the director.