( 1 ) COULD in exercise or revisional power under Section 397 of the Code of Criminal Procedure, a single Judge of the court interfere with the order of the Chief judge, City Sessions Court at Calcutta who acted in obedience to the direction of a Division bench of the Court and decided afresh the application of the opposite party for bail in a case allegedly falling under Section 35 of the foreign Exchange Regulation Act, 1973 on the accusation of contravention of the provision of Sections 8 (1), 9 (1) (b), 9 (l) (d), 16 (l) (a) (b), 18 (2) and 18 (3) read with Section 68 of the said Act ?

( 2 ) THE fact of the matter lies in a very narrow compass. The opposite party was arrested on 25-5-1996 for the aforementioned offences allegedly committed by him involving about Rs. 53 crores during the period March to October, 1995. He was remanded to custody by the Chief Metropolitan Magistrate, Calcutta by the order dated 26th May, 1996. He filed an application for bail in terms of subsection (1) of Section 439 of the Code of criminal Procedure before the Chief Judge, city Sessions Court at Calcutta being Criminal misc. Case No. 573 of 1996. On 30-5-1996, the Chief Judge,