The filing of a complaint within the stipulated time precludes the entitlement to default bail, regardless of remand order irregularities, which must comply with statutory requirements.

JUDGMENT

1. The present bail applications have been filed under Section 439 of the Code of Criminal Procedure, 1973 (Cr.P.C.) read with Section 167(2) of Cr.P.C. on behalf of the applicants seeking bail in CNR NO. DLSW01-005039-2022, Reg. No. CC/374/2022, SFIO v. Bhushan Airways Services Pvt Ltd. & Ors..

2. Since the issues involved in both the bail applications are similar, the same are being decided by this common order. The facts are being taken from BAIL APPLN. 2707/2022, Amarjeet Sharma v. S.F.I.O..

3. As per the averments made in the bail application, it is seen that on 03.05.2016, the Ministry of Corporate Affairs, Government of India, (hereinafter referred to as "MCA") in exercise of its powers conferred under Section 212 (1)(c) of the Companies Act, 2013, assigned the investigation into the affairs of Bhushan Power and Steel Ltd. (hereinafter referred to as "BPSL") and its 10 group companies to Serious Fraud Investigation Office (hereinafter referred to as "SFIO"). On 08.01.2018 MCA, vide another order granted approval under Section 219(b) & (c) of the Companies Act, 2013 to investigate 20 group companies associated with BPSL. It is contended on behalf of the applicants that they were directed to join the investigation on numerous occasions. They had been cooperative during the investigation, with the investigating agency. However, on 21.03.2022, the SFIO arrested the present applicants and produced them before the learned Special Court, Dwarka. The SFIO was granted two days' custody remand. On 24.02.2022, they were again produced before the learned Special Court and were remanded for 14 days judicial custody i.e., till 07.04.2022. Further period of judicial custody was extended from time to time. Lastly, on 18.05.2022 on an application filed by SFIO, the further judicial remand of the applicants was extended up to 31.05.2022.

4. On 19.05.2022 the SFIO has filed a Complaint against the present applicants and others for offences punishable under Section 447 along with other offences of the Companies Act, 2013 and offences under the IPC. It is stated that on 31.05.2022 there was no application for extension of remand of judicial custody, the applicants were produced through video conferencing and that without there being any speaking order their remand was extended upto 17.08.2022. The applicants, therefore, on 23.07.2022, filed bail applications under Section 439 read with Section 167(2) of Cr.P.C., which were taken up for hearing on 01.08.2022 and the bail applications were adjourned to 06.08.2022 directing the Ahlmed to trace the relevant documents and produce the same on the next date with respect to the remand order on 31.05.2022. On 01.08.2022, the production warrant for 06.08.2022 was issued. On 06.08.2022, the applicants completed their arguments, however, time was sought by SFIO to address the court and therefore, on 06.08.2022 a further remand order was passed remanding the applicants to judicial custody till 17.08.2022. On 06.08.2022, a report dated 03.08.2022 was also received from the office of Deputy Superintendent, Central Jail-04, regarding the clarification of remand order dated 31.05.2022. On 27.08.2022, the learned Special court dismissed the bail application of the applicants and, therefore, the applicants have filed the instant bail applications. It is stated that the cognizance on the complaint of SFIO is taken by the Sp