Blog

BAIL APPLN. 3344/2022

TIKA RAM KHARE vs STATE OF NCT DELHI

The regular bail application is filed as per section 439 (Special powers of High Court or Court of Sessions regarding bail) Code of Criminal Procedure, 1973 with respect to the FIR No. 4/2021, dated 11.01.2021 registered at Police Station Economic Offences Wing, under Sections 406/420/120-B of the Indian Penal Code, 1860. The application of bail was before the HON’BLE MR. JUSTICE AMIT MAHAJAN.

Charges under IPC

Section 406	Punishment for criminal breach of trust
Section 420	Cheating and dishonestly inducing delivery of property.
Section 120B	Punishment of criminal conspiracy

FACTS OF THE CASE:

The FIR was registered as a joint complaint given by Mr. Gopal Krishna Handa, Smt. Neetu Handa, Sh. Pragati Kumar, Sh. Parth Kumar and Sh. Kritin Kumar who alleged that a company named M/s Sharebrokers Ltd. (KSBL) lured and induced the complainants that they would receive promised / guaranteed returns if they contributed basket of securities which including bonds and shares with the company for margin funding and to meet working capital requirements of the company.

It is also alleged that the complainants were assured safety of their contributions by the company and the same had backing by legal agreements and cheques of equivalent amounts as security. The first agreement was executed on 06.06.2011 and thereafter 10 more agreements were executed. The final one being executed on 17.02.2018.

As per the mentioned agreements, fixed guaranteed interest was to be paid to the complainants and assurance as such was also given. The Complainants were also promised that the loaned securities can be withdrawn at any time by giving the company a notice of seven days.

The applicant is Accused No. 2 and is a 70 year old man suffering from various age-related ailments and is in judicial custody from 14.06.2022. The applicant has medical-ailments such as the compromised lungs because of the history of Tuberculosis and his liver is also damaged. The Applicant submits that he was a salaried director in the company and his role was only limited to matters relating to administration, legal, business development, human resource and correspondence with different institutions. He claims that he had no rule in looking after the day-to-day affairs of the Company especially with respect to execution of agreements with the Complainants.

The investigation of the current case is complete and that charge-sheet has already been filed.

The Applicant as per the charge-sheet submits that the dispute is in relation to a breach of contract which is civil in nature. He also submits that the interest was paid for the years 2011 to 2018. He claims that the complainant had not disclosed this fact that they have been the recipient of amount more that 10 Crores as interests in the mentioned duration.

The application faces opposition from the Learned Counsel for the State. She submits that the complainants had executed agreements and loaned their shares and bonds valued of Rs. 16,74,76,043/- and it was mentioned in the agreements, that the loaned securities would be used as margin by the company in its trading activities and must remain intact/ secure.

The accused company had issued security cheques of around Rs. 27 Crores being equivalent to the amount against loaned securities and these cheques were issued by the alleged directors namely Tika Ram Khare, the present applicant and Ramesh Chand Arora (co-accused). The Accused have stopped paying the guaranteed interest since July 2018 even after several repeated requests. Complainants then served 7 days’ notice as per the agreements for returning the securities but such has not been done till date.

JUDGEMENT:

The evidence, in the present case, is documentary in nature. The investigation is already complete and charge sheet has already been filed. It cannot be alleged that further incarceration of the applicant is required to carry out further investigation and that the applicant will hamper the investigation in case he is released on bail.

The other co-accused persons, including the main accused are already on bail and the stated medical condition has not been denied by the State.

With respect to the claim of the applicant of the sum of Rs. 10 crore that has already been paid to complainants, were purely commercial or was there any element of cheating would be tested at the time of trial and cannot be presumed at this stage.

The Court feels that further incarceration is of no useful purpose considering the fact that the applicant is in judicial custody from 14.06.2022 and that the trial is likely to take a considerable amount of time.

The Court directed the release of the applicant on furnishing a bail bond of Rs. 50,000/ with one surety of the like amount, to the satisfaction of the learned Trial Court/ duty Metropolitan Magistrate, on the conditions:

• The Applicant shall not leave the city without informing the concerned Investigating Officer or the Station House Officer.
• He shall not leave the country without the permission of the learned Trial Court.
• He shall appear before the learned Trial Court as per directions.
• Upon release he shall provide the concerned Investigating Officer or the Station House Office his mobile number and keep his phone switched on at all times.
• If any FIR/ Daily dairy entry/ complaint lodged against the applicant, the State would be open to seek redressal and cancel the bail.

Observation made here are only for the purpose of deciding the present bail application and hence not influence the outcome of the trial.

“PRIME LEGAL is a full-service law firm that has won a National Award and has more than 20 years of experience in an array of sectors and practice areas. Prime legal fall into a category of best law firm, best lawyer, best family lawyer, best divorce lawyer, best divorce law firm, best criminal lawyer, best criminal law firm, best consumer lawyer, best civil lawyer.”

JUDGEMENT REVIEWED BY ADITYA G S.

Click here to view your judgement