The court established that without clear evidence of an overt act by the petitioner, allegations of fraud do not suffice to deny bail.

JUDGMENT :

(ANJANI KUMAR SHARAN, J.)

Heard learned Senior Counsel for the petitioner, learned Senior Counsel for the opposite party no. 2 and learned A.P.P. for the State.

2. The petitioner apprehends his arrest in a case registered for the offences punishable under Sections 403 , 409, 419, 420, 467, 468, 477 (A) and 120 (B)/34 of the INDIAN PENAL CODE .

3(1). As per the FIR, the prosecution story, in brief, is that, the complainant is the founder of M/s Aqua Fine Agro Industries, which was established in 1989. Later on, in the year 2004, the firm was registered as a company in the name of Indigo Steel Pvt. Ltd. It is further alleged that the complainant being the chief promoter, with his heavy investment and long earned skills, established and promoted the business of the company. As he has less knowledge with regard to paper work, so he made his close aide Ramavtar Agarwal and Arun Kumar Agarwal as Director in 1993, and when Arun Kumar Agarwal resigned, Sunil Kumar Agarwal (the petitioner), became Director of the Company. On 1^st April, 2012, Ramavtar Agarwal retired and before his retirement, the complainant was inducted as Director of the company and formulated the resolution in this regard. Prior to, Ramavtar Agarwal’s resignation, on the same day, the complainant became Additional Director of the company by signing a consent letter in this regard and handed over to the petitioner for filing the said discussion of board meeting of the company before the ROC, but he did not submit the said board resolution to the ROC.

3(2). It is further alleged that 89,100 Nos. @ Rs. 10 per share were also transferred by Ramavtar Agarwal in the name of the complainant by signing and executing a transferred Deed of shares, but the petitioner did not file return to ROC rather he got the shares transferred in the name of his wife. Petitioner and his wife filed Director Appointment Form 12 in the name of Ramavtar Agrawal who died on 25.12.2012. The balance sheet of 2013-14 shows the signature of Ramavtar Agarwal even though he died in 2012. Further, petitioner got 55000 shares of Shakuntla Devi Agarwal transferred in his wife’s name and has filed fake resignation letter of Ramavtar Agrawal in 2014.

3(3). The accused persons are said to have misappropriated an amount of Rs. 87,60,000/- and sold all the stocks, fixed assets and grabbed an amount of Rs. One Crore, and showed ‘Nil’ in the Balance sheet.

4. Learned Senior counsel for the petitioner submits that petitioner is quite innocent and has committed no offence. No such occurrence as alleged ever took place. He has been falsely implicated in this case due to ulterior motive. The allegation levelled against the petitioner is totally false and based on concocted facts. It is further submitted that as the complainant alleged that he was the founder of the company and through his own efforts and hard work, he had acquired the business and started a steel trading processing unit in name of M/s Aqua Fine Agro Industries, then he must have sales tax Registration/ Factory Registration/ Labour Registration. Complainant has no proof regarding ownership/partnership deed in this Company from 1989 to 31.12.1993. If the complainant is the chief promoter and he has done heavy investment in the company, then he must have done payments transaction through Cheque/DD, but complainant has not filed such documents. The present case is a counter-blast of Complaint Case No. 1937 of 2020 in which Anil Kumar Agarwal, who is own brother of the petitioner. The petitioner has not got his wife appointed as Director of the Company by using his own digital signature and misusing his power as a Chairman. The complain