Criminal Procedure Code, 1973
Section 439—Regular bail—Offence of siphoning off funds—FIR registered under Section 409/420/120B of IPC—Charges were framed against applicant only under Sections 406/174A of IPC and applicant was discharged by trial court for offences Sections 409/420 of IPC—Declaration of applicant as PO will not be an impediment for the High Court to consider granting regular bail—All the other remaining co-accused persons have been released on regular bail—When the other co-accused persons were already granted bail by the High Court, the accused/applicant can also be meted out with the same treatment on the grounds of parity—Though applicant has been alleged to be the "Kingpin" or the Mastermind behind the entire conspiracy and transaction, once having elicited all required information from the applicant as also the other co-accused and having seized all the relevant documents on such alleged disclosure, nothing further would remain to be enquired from the applicant—Even if the role ascribed to the applicant is serious and grave, that by itself cannot be a ground to incarcerate person if otherwise no further information or relevant details are required from the applicant—Bail granted.
[Paras 19 to 22]
Sections 439 & 441—Security for purposes of bail—Merely because an under trial is not able to provide sufficient security, that by itself should not and ought not to disentitle an under trial from availing the benefit of the regular bail—Immovable property belonging to applicant's father-in-law provides for a sufficient security, though, to the extent of only rupees seven crores—Investigation has revealed an alleged siphoning off of approximately rupees seventy four crores, allegedly by the applicant as also the other co accused persons—High Court had previously directed each of directors to furnish a security of rupees ten crores each—Court is satisfied that such immovable property is sufficient to be treated as security for the purposes of bail.
[Para 23]