( 1 ) RULE. Mr. A. D. Oza, learned PP waives service of rule on behalf of the respondent No. 1 and Mr. P. S. Champaneri learned advocate for the respondent no. 2.

( 2 ) THE applicant, General Co-operative Bank Depositors Account Holders and share Holders Association, has filed this application for cancellation of bail granted to opponent No. 2 in connection with CR No. 1-121/02 with Naranpura Police Station.

( 3 ) IT is the case of the applicant that there are two group of Companies one that of chairman of the Bank who owes Rs. 34 crores and the second is that of C. N. Shah group of Companies who owes Rs. 45 crores to the General Co-operative Bank in collusion and in connivance with the Bank Officers, the total amount due to the bank is rs. 79 crores. The first group Chairman and three other accused are already released on regular bail by the learned Magistrate whereas Mr. C. N. Shah who is also a member of loan advance committee is still not traceable and his son Nimesh C. Shah was arrested by the police and was on bail granted by the learned City Sessions Judge. It is the case of the petitioner that earlier all the accused were charged with offences punishable u