The determination of interim custody of seized property under Section 451 and Section 457 of the Code of Criminal Procedure is a tentative arrangement, and the ownership and source of purchase should be established during trial.

JUDGMENT

Bharati Dangre, J. - Criminal Application filed by the applicant, an Executive Chairman of Haldyn Glass Limited and Managing Director of Haldyn Corporation Limited which is engaged in the business of manufacturing glass containers pose a challenge to a common judgment dated 16th October 2015 passed by the Addl. Sessions Judge in two Criminal Revision Applications, one being instituted by him.

2. At the instance of the applicant, FIR No. 716/PW/2012 was registered which contain an allegation that two of its employees including one Soumyalata Shama Shetty holding the post of General Manager Finance and Commerce cum Chief Financial Officer of Haldyn Glass Limited with common intention being shared by another employee personally forged documents and used the same as genuine documents to siphon off money from the Company. On investigation, charge-sheet came to be filed in the Court of Metropolitan Magistrate, Mumbai by the Economic Offences Wing. She was charged with offences punishable under Section 465, 467, 468, 471 of the IPC being responsible for operating the bank accounts of the Company in the capacity of General Manager and being entrusted with and having dominion over the funds of the Company. She was also charged with offences under Section 408, 420 read with Section 34 of the IPC for fraudulently issuing the cheques from the bank account of the Company in favour of the son of accused Vilas Shembekar and thereby fraudulently misappropriating the funds of the Company.

3. We are not concerned with the proceedings relating to her arrest in the present case and therefore by merely recording that the Bail Application filed by her came to be rejected by the Addl. Sessions Judge, the necessary facts are to be further noted.

4. Application under Section 451 of the Code of Criminal Procedure came to be filed by the present applicant seeking return of property seized during investigation. In the said application, it was alleged that during the inquiry in connection with the FIR registered on the basis of the complaint from the applicant, certain articles in form of gold bars, coins, gold/diamond jewellery were recovered from three lockers. The said property was seized as proceeds of crime, in the backdrop of the allegation that the said property was acquired by misappropriating the funds of the company. The application stated that the articles seized are valuable in monetary terms and since they are acquired by siphoning the funds of the company, the possession and custody of the articles mentioned in the list appended to the application along with the cash be transmitted to the applicant pending trial and disposal of the Criminal Application. Another application was moved by the Respondent accused Soumyalata Shama Shetty who was arraigned as an accused on 1st December 2012. In the said application, she also sought a direction to release and return the gold ornaments seized from Locker No. 15 in her name in the Vijaya Bank, Saki Naka, Mumbai which was mentioned in panchnama drawn on 3rd May 2012. She also made a prayer in relation to Locker No. 209 in Vijaya Bank, Goregaon Branch, Mumbai and sought direction to release and return the foreign currency notes and two share certificates seized from the said locker. Further relief was also sought for release and return of a Mercedes Benz E-350 Model car with registration No. MH-02-CH-5500 and the documents pertaining to its registration which was seized vide panchnama dated 16th July 2012 as the alleged proceeds of crime.

5. The Addl. Chief Metropolitan Magistrate dealt with four applications, two filed by the respondent accused, one filed by the complainant and fourth filed by the Tata Capital Limited seeking return of the property seized during investigation of C.R. No. 42 of 2012 wherein the charge-sheet was filed. Application filed by Tata Capital Limited related to the Motor Vehicle whereas the other three applications pertained to the property contained in the three locker