( 1 ) RULE. Mr. A. D. Oza, learned Public Prosecutor with Mr. R. J. Dave, learned counsel for the complainant and Mr. K. G. Vakharia, learned Senior Counsel for Mr. Tushar Mehta, waive service of notice of rule on behalf of the respondent Nos. 1 and 2 respectively.

( 2 ) THESE three applications have been filed under Sec. 439 of the Code of Criminal Procedure as they are in judicial custody in connection with Crime Register No. I-452 of 2002 registered with Naranpura Police Station for the alleged commission of offences punishable under Secs. 167, 406, 420, 467, 468 and 471 read with 120-B of the Indian Penal Code and Sec. 46 of the banking Regulation Act.

( 3 ) AS all these applications arise out of a common crime register number of Naranpura Police Station, all these applications are heard together and are being decided by this common order.

( 4 ) THE case in short is that a complaint was filed by the complainant on 30-8-2002 alleging that the Board of Directors and other office bearers of Visnagar Nagrik Co-Operative Bank Limited committed financial irregularities in collusion with the applicants and their allied companies to the tune of Rs. 46. 00 crores resulting into huge financial loss to the bank by committing breach of directions given by the Reserve Bank of India and provisions of Banking Regulation Act and transactions were done by the bank as well as the applicants. Said complaint was registered as Naranpura Police Station Crime Register No. I-452 of 2002 and police started investigation.

( 5 ) AS far as applicant of Cri. Misc. Appln. No. 2859 of 2003 is concerned, he has been taken into judicial custody on 16-3-2003. He has preferred Cri. Misc. Appln. No. 614 of 2003 in the Court of learned City and Sessions Judge wherein after giving opportunity to the parties concerned, learned Addl. Sessions Judge, Court No. 9, Ahmedabad City, rejected the same on merits on 9-4-2003.

( 6 ) AS far as applicants of Cri. Misc. Appln. No. 10615 and 10616 of 2003 are concerned, they have been taken into judicial custody on 3-12-2003. They have preferred Cri. Misc. Appln. Nos. 3208 and 3209 of 2003 respectively in the Court of learned City and Sessions Judge wherein after giving opportunity to the parties concerned, learned Addl. Sessions Judge, Ahmedabad City, rejected the same on merits vide common order dated 18-12-2003.

( 7 ) THEREAFTER, present applications have been filed by the applicants. During the pendency and final disposal of these applications, applicant of Cri. Misc. Appln. No. 2859 of 2003 has prayed for temporary bail wherein this Court vide order dated 8-5-2003 granted temporary bail for a period of three months on condition to deposit an amount of Rs. 3. 00 crores. Said order was passed with the consent of Mr. A. D. Oza, learned Public Prosecutor for the State, Mr. R. J. Dave, learned counsel for original complainant bank and Mr. B. B. Naik, learned counsel appearing for the Depositors Association. However, these applications could not be disposed of till date though matters have been moved in various Courts as per the roster. Had the learned counsels for the respective parties been keen in proceeding with the matters, same could have been disposed of earlier. Ultimately, as per the present roster, again these matters have come up before this Court.

( 8 ) HEARD learned Senior Counsel, Mr. S. B. Vakil for Mr. Y. S. Lakhani for the applicants, Mr. A. D. Oza, learned Public Prosecutor with Mr. R. J. Dave, learned Standing Counsel for the original complainant bank for the opponent No. 1 and learned Senior Counsel, Mr. K. G. Vakharia for Mr. Tushar Mehta for the respondent No. 2-Ahmedabad District Co-Operative Bank Ltd. in all these matters.

( 9 ) IT is mainly submitted on behalf of the applicants that they are Income Tax payers who are engaged in the business of land development, construction and investment and managing number of companies popularly known as Pioneer Group of Companies. The said group o