1. This petition is filed under Article 226 of the Constitution of India seeking declaration that (i) arrest of the Petitioners is illegal, unlawful and unwarranted, (ii) the proceedings against the Petitioners in respect of CR. No. 336 of 2015 of Dahisar Police Station are illegal. The Petitioners are also claiming relief for quashing and setting aside condition Nos. 2(i), 2(ii) and 2(iii) in the order dated 12th February, 2016 passed by the learned Special Judge in CR. No. 336 of 2015 registered with Dahisar Police Station to the extent that it imposes conditions of depositing Rs. 59 crore for granting bail. The Petitioners have further sought direction to the Respondents to defreeze the bank account No. 0111256053215 of Hubtown Limited maintained with Canara Bank, Santacruz (East),

2. On 20th January, 2017, this petition was placed for admission before this Court. After hearing the learned Counsel appearing for the respective parties, we passed following order :

“Having considered the rival submissions of the learned counsel and learned Special PP appearing for the respective parties and having gone through the compilation of the petition, at this stage, we find that :

1.