( 1 ) THE petitioner along with one Amarjit Singh formerly General Manager Punjab National Bank Limited is sought to be prosecuted under Sections 420, 467, 468, 471 read with Section 120-B Indian Penal Code and the charge sheet against him has been produced before the court. Earlier the bail has been refused to the petitioner a number of times by courts below and this court. This is a matter which has been frankly conceded by Mr. Ram Jethamalani but despite that he urges before me that this bail petition must be considered as, after the last bail application was rejected, fresh circumstances have come into existence and fresh developments have taken place.

( 2 ) IT may at the outset be stated that the learned Chief Metropolitan Magistrate after duly hearing the parties and after due consideration of the points involved has declined to charge the petitioner for offences under Sees. 467, 468 and 471 Indian Penal Code. Charges have been framed against the petitioner and his co-accused only under Section 420 read with Section 120-B Indian Penal Code. An elaborate order dated 13/3/86 passed by the learned Chief Metropolitan Magistrate in this regard is the subje