IMPORTANT POINT
Where accused was alleged to have misappropriated a sum of Rs. 97,00,000 plus and there was likelihood of his absconding and threatening witnesses if set at liberty, accused did not deserve to be released on bail.

ORDER

M.M. Das, J. —This is an application under Section 439 Criminal Procedure Code for grant of bail to the petitioner.

2. On 20.11.2006, one Shri Dandanirodha Mishra, the then General Manager of “The Samaja” lodged an FIR in the Cantonment Police Station alleging, inter alia, that a sum of Rs. 97,08,500 has been misappropriated from the account of “The Samaja” in two phases. It was alleged that the petitioner, who was the then General Manager, Printer and Publisher of “The Samaja” by resorting to fraud, forgery, cheating etc. at the first phase, misappropriated a sum of Rs. 50,00,000 and in the second phase, the petitioner and Shri Sunil Poddar, Managing Director of M/s Poddar Global Ltd. misappropriated a sum of Rs.47,08,500 fraudulently. On lodging of the FIR, investigation was taken up. Two cheques amounting to Rs. 15,00,000 each and another cheque amounting to Rs. 20,00,000, being bearer cheques, under the joint signature of the petitioner and Smt. Manorama Mohapatra, who is the life member of the Servants of the People Society (in short “SOPS”) and the Editor of the Samaja, were drawn in favour of M/s Poddar Global Ltd. The said cheques were encashed from the Punjab National Bank in its extension counter within the premises of “The Samaja”, Cuttack, by the bearers of the said cheques. It appears from the record that on a query being made by the informant, M/s Poddar Global Ltd., through the authorized signatory of the said company, sent a fax message on 9.11.2006 intimating that the company has no information regarding the cheques as it has neither been received by the said company nor it was encashed to the knowledge of the said company. It also appears from the said record that pursuant to the above fax message, a letter dated 26.11.2006 was issued by “The Samaja” to M/s Poddar Global Ltd. making a query as to who is its authorized signatory and as to whether the bearers i.e. Sunil Jain and Binod Jain, who were the persons, who got the cheque encashed, were the employees of the said company. Investigation discloses that the petitioner, who was working as General Mananger of “The Samaja” handed over such huge amount by bearer cheques and when the Manager and Cashier of the bank had objection to pay such huge amount to the bearers of the cheques and wanted confirmation/identification by the General Manager, it is alleged that along with the joint signatory, Smt. Manorama Mohapatra, the petitioner identified the said persons, who wanted to encash the cheques, as Sunil Jain and Binod Jain. Upon such identification being made, the bank paid the amount to them.

3. The other transaction relates to a cheque for a sum of Rs. 47,08,500,which was issued in favour of M/s Poddar Global Ltd., even though it is alleged that nothing was due to be paid to the said company. The said cheques were jointly signed by the petitioner and Shri Satya Paul, Former Executive Secretary, Board of Management, SOPS, Orissa Branch, they being the authorized signatory for operation of the bank account. Shri Satya Paul was ordinarily residing at Delhi and in the FIR it is admitted that Shri Satya Paul signed the cheques in good faith as the petitioner, who was the General Manager of “The Samaja”, already signed the cheques.

4. Mr. B. Mishra, learned senior counsel appearing for the petitioner vehemently argued that with regard to the bearer cheques totalling to Rs. 50,00,000, the case of the prosecution is clear that the said amount was taken by the bearers of the said cheques, who were employees of M/s Poddar Global Ltd. and therefore, no fault can be found with the petitioner of having misappropriated the said amount. He further submitted materials are available in the case diary to show that at the behest of the informant, in order to show that the newspaper. “The Samaja” has the highest circulation, the above amount of Rs. 47,08,500 was paid to M/s Poddar Global Ltd. by way of an arrangement and the said amount was paid by Account Payee cheques,