JUDGMENT - KARNIK D.G., J.:---Heard Shri Adik Shirodkar, Sr. Counsel for the applicants and Mr. D.P. Adsule, A.P.P., for the State. With the permission of the Court, Shri Rajendra Solankar, Advocate representing Bombay Depositors and Financial Brokers Welfare Association as also Investors who requested to be heard, were also heard.

2. Dr. Suresh Motwani, applicant in Bail Application No. 1888/03 is the chairman of Roofit Industries Limited and Sun Earth Ceramics Limited (hereinafter referred to as "the Companies") both of which are public limited companies. Mr. Madan Relwani applicant in Bail Application No. 1889/03 is a non-executive Director of Sun Earth Ceramics Limited. Both the Companies had accepted deposits from the members of the public and it is alleged that the companies have committed default in payment of the principal amount and interest on the deposits. Dr. Motwani was arrested on 8th May, 2003 and Mr. Relwani was arrested on 9th May, 2003 in respect of the alleged offences committed by the two applicants by non-payment of the deposits to the deposit holders. Both of them are charged under sections 406, 420, 120-B of the Indian Penal Code read with sections 3 and 4 of

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