JUDGMENT

PRITHVIRAJ K.CHAVAN, J. - By this petition, under Article 226 of the Constitution of India and under Sec. 482 of the Code of Criminal Procedure, 1973 (for short "Cr.P.C"), the petitioner has made following prayers;

(a) That this Hon'ble Court be pleased to quash and/or setting aside the FIR RCBD1/2019/E/001, Dt. 22/1/2019 u/sec. 7, 13 (2) r/w 13(1) and (d) of PC Act, 420 and 120B of IPC, being investigated by CBI, and the further investigation be stayed;

(b) That this Hon'ble Court be pleased to issue a Writ of Certiorari or a Writ in the nature of Writ of Certiorari, or any other appropriate Writ, order or direction under Article 226/227 of the Constitution of India, quashing and/or setting aside the Orders of the Hon'ble City Civil and Sessions Court, CBI Special Judge dtd. 26/12/2022, 28/12/2022 and 29/12/2022 in FIR RCBD1/2019/E/001, Dtd. 22/1/2019 u/sec. 7, 13 (2) r/w 13 (1) and (d) of PC Act, 420 and 120B of IPC, being investigated by CBI.

(c) That this Hon'ble Court be pleased to declare that the arrest and remand to custody of the Petitioner was arbitrary, illegal, without following due procedure of law and in gross violation of Ss. 41 and 41A of the CRPC and Article 14, 19 (1) (d) and 21 of the Constitution of India;

(d) That pending hearing and final disposal of the present Petition, this Hon'ble Court be pleased to stay the operation of the Orders of the Hon'ble City Civil and Sessions Court, CBI Special Judge, Mumbai dtd. 26/12/2022, 28/12/2022 and 29/12/2022 in R.A No.1271/2022 pursuant to FIR RCBD1/2019/E/001, Dtd. 22/1/2019 u/sec. 7, 13(2) r/w 13 (1) and (d) of PC Act, 420 and 120B of IPC, being investigated by CBI. against the Petitioner and release the Petitioner on bail, on such terms and conditions as this Hon'ble Court may deem fit, necessary and/or proper in the facts and circumstances of the present case;

2. By way of interim relief, the petitioner seeks his release from custody, pending the hearing and final disposal of the petition.

3. Learned Counsel for the petitioner - Mr. Ladda and learned Special P.P, Mr. Raja Thakare have restricted their arguments only on prayer clause (c) of the petition, as above.

4. A few facts germane for considering grant of interim relief are as follows.

5. The petitioner is the former Chairman and Managing Director of the Videocon Group of Companies. On 22/1/2019, a case was registered against (a) Videocon International Electronics Limited, (b) Videocon Industries Limited, (c) the petitioner - Venugopal Nandlal Dhoot (d) Smt. Chanda Kochhar (e) Shri Deepak Virendra Kochhar (f) M/s. NuPower Renewables Limited, (g) M/s. Supreme Energy Private Limited alongwith some unknown private persons and unknown public servants under sec. 120-B r/w Sec. 420 of the I.P.C and under Sec. 7, 13 (2) r/w 13(1)(d) of the Prevention of Corruption Act (for short "P.C Act").

6. An F.I.R was registered on the basis of a preliminary inquiry conducted by the respondent No.1 - C.B.I (for short "respondent No.1") bearing PEBD1/2017/E/0001 dtd. 8/12/2017 at New Delhi against the accused persons on the premise that during the year 2011-2012, credit facilities of about Rs.3,250.00 crores were sanctioned by the I.C.I.C.I Bank in violation of banking regulations and credit policy of the bank to M/s Trend Electronics Limited, M/s. Century Appliances Limited, M/s. Kail Limited, M/s. Value Industries Limited and M/s. Evan Fraser & Co., India Limited. All companies belonging to Videocon Group were promoted by the petitioner. We are not touching to the merits of the case.

7. On 31/1/2019, ECIR/02/HIU of 2019 was registered by Directorate of Enforcement (for short "E.D."), New Delhi against the petitioner, Chanda Deepak Kochhar and Deepak Virendra Kochhar. The petitioner was summoned by the E.D and the respondent No.1. In the month of February, 2021, the E.D. completed it's investigation and filed a prosecution complaint without arresting the petitioner.

8. On 12/3/2021, Sessions Court granted bail to the peti