V.K. SHALI, J. 1. This is a bail application filed by the petitioner under Section 439 Cr.P.C. for an offence under Section 120B IPC and Section 7, 8, 12, 13(2) read with section 13(1)(d) of the Prevention of Corruption Act, 1988 registered by the respondent vide case no. 03(A)09-ACU-IX.

2. Briefly stated the facts of the prosecution case are that CBI had received an information from a reliable source that one Manoj Kumar Banthia was approached by Ankur Chawla, Advocate representing a faction of M/s Amar Ujala Publications who was to get in touch with Sh. R. Vasudevan, present petitioner Member of Company Law Board for getting a favourable judgment in the matter of appointing an independent President of the Amar Ujala Publication. It was allegedly revealed that a case relating to Amar Ujala Publication was pending before Mr. R. Vasudevan, the present petitioner Member of Company Law Board who had allegedly demanded and agreed to accept an illegal gratification of Rs. 7,00,000/- from Manoj Kumar Banthia. It is further alleged that Manoj Kumar Banthia in turn demanded Rs.10,00,000/- from Ankur Chawla. The information was that this illegal gratification of Rs.10,00,000/- will be paid to Manoj who will then pay Rs.7,00,000/- to the petitioner at his official residence located at 11, W-Block, HUDCO Place Extension, Andrews Ganj, New Delhi. On the basis of this information a case under Section 120-B IPC read with section 7, 8, 12, 13(2) read with section 13(1)(d) of the Prevention of Corruption Act, 1988 was registered against petitioner, Manoj Kumar Banthia, Company Secretary and Ankur Chawla and the matter was handed over to Sh. Satyender Gossain, Inspector, ACU (IX) for investigation.

3. On 23rd November, 2009 at about 9.00 PM a CBI team consisting of Satender Gosain (Inspector), Sudhansu Shekhar (Inspector) Bhaskar Pratap Singh (Constable), Virender Singh (Constable) along with two independent witnesses Sh. Ashok Kumar and Dr. Sudhir Gupta were organized. The CBI team along with independent witnesses arrived at HUDCO and took suitable position. At about 9.40 PM it was seen that a taxi bearing registration no. DL 1T 6672 black colour ambassador stopped at the entry of the residential flat leading to the house of the petitioner. A person of the physical description which was disclosed in the source information came out of the taxi who was later on identified as Manoj Kumar Banthia. He was carrying cash to the house of the petitioner. At about 10.35 PM Manoj Kumar was seen coming out of the house and going without the paper bag which he was initially carrying. On being intercepted and inquired about the paper bag which he was carrying, initially he got perplexed but on further questioning he revealed that he had left the paper bag at the residence of the petitioner. Thereafter, a raid was conducted at the residence of the petitioner and an amount of Rs.55,00,000/- in cash was recovered from his residence.

4. In the recovery memo cum seizure memo it has been stated by Manoj Kumar that the aforesaid money was given to him by Ankur Chawla. The present petitioner/accused was arrested and remanded to police custody for a week on the ground that he will be taken to Chennai for the purpose of effecting some recovery, however, he was not taken. It is the case of the respondent that from Chennai a recovery of approximately Rs.1,21,23,800/- or so was effected in cash from the number of lockers of the petitioner apart from the fact that he had number of other bank accounts where 51 lakhs of rupees were found in balance. The present petitioner was remanded to judicial custody as no further police remand was sought by the CBI.

5. The petitioner filed an application for grant of bail which was dismissed by the learned Special Judge/Sessions Judge vide order dated 4th December, 2009 on the ground that the case was at the initial stages and further that Rs. 1,21,23,800/- found in four bank lockers of the petitioner. Apart from that Rs.51