JUDGMENT :

1. By way of this Special Criminal Application under Articles 226 and 227 of the Constitution of India r/w Sections 437 and 439 of the Cr.P.C., the petitioner has approached this Court for the following reliefs :

"A. Your Lordships may be pleased to admit and allow this petition.

(B) Your Lordships be pleased to issue Writ in the nature of Certiorari or in the nature of Mandamus or appropriate order or direction quashing and setting aside the impugned direction issued at Para 4 in the operative order dated 02/02/2022 passed in CRMA N. 2705/2021, passed by the Designated Court of Principal District and Sessions Judge, Rajkot directing the petitioner to furnish bank guarantee to the tune of Rs.2,02,47,500/- (Rupees Two Crores Two Lacs Forty-Seven Thousand Five Hundred Only) as the same is illegal, arbitrary and bad in law.

(C) Your Lordships be pleased to issue Writ in the nature of Certiorari or in the nature of Mandamus or appropriate order or direction quashing and setting aside the impugned direction issued at Para 5 in the operative order dated 02/02/2022 passed in CRMA N. 2705/2021, passed by the Designated Court of Principal District and Sessions Judge, Rajkot directing the investigating officer to encash the bank guarantee to the tune of Rs.2,02,47,500/ (Rupees Two Crores Two Lacs Forty-Seven Thousand Five Hundred Only) if the investigating officer fails to recover the amount of Rs.2,02,47,500/- (Rupees Two Crores Two Lacs Forty-Seven Thousand Five Hundred Only) from the petitioner as the same is illegal, arbitrary and bad in law.

(D) Pending the admission and final hearing of this petition, Your Lordships be pleased to stay the operation, implementation and execution of the impugned direction at Para 4 and 5 in the operative order dated 02/02/2022 passed in CRMA N. 2705/2021, passed by the Designated Court of Principal District and Sessions Judge, Rajkot.

(F) Your lordships be pleased to grant ad-interim relief in terms of para 11 (D) above;

(G) To pass such other and further orders necessary in the interest of justice."

2. Short facts of the case can be stated as under:

2.1 The FIR being CR No.11208053213096 of 2021 registered with Rajkot Taluka Police Station, Rajkot for offence punishable under Sections 406, 409, 420, 114 and 120(B) of the IPC and Sections 3 and 4 of the Gujarat Protection of Interest of Depositors (In Financial Establishments) Act, 2003 (for short 'the Act of 2003') by one Shri Daksheshkumar Parshottambhai Patel against the present petitioner.

2.2 In furtherance of the aforesaid FIR, the petitioner came to be arrested and thereby, an application being Criminal Misc. Application No.2705 of 2021 came to be preferred under Section 439 of the Cr.P.C. for seeking, inter-alia, regular bail. The said application came up for hearing before the learned Principal District and Sessions Judge (Designated Court), Rajkot, who, vide its order dated 2.2.2022, allowed the same with certain conditions, mainly Condition Nos.4 and 6, which read, thus :

"(4) The applicant to produce bank guarantee of Rs.2,02,47,500/- (Rupees Two Crores Two Lacs Forty Seven Thousand Five Hundred Only) with the name of Nazir, District Court, Rajkot, i.e. half of the amount which is found to be due to be paid to the investors by the applicant, within fifteen days of his release from custody. However, the payment / disbursement shall be subject to the provisions of G.P.I.D. Act and/or final decision of the trial.

(6) In case the I.0. fails to recover the amount of Rs.2,02,47,500/ (Rupees Two Crores Two Lacs Forty Seven Thousand Five Hundred Only from the applicant, the bank guarantee shall stand forfeited in favour of the complainant -State."

2.3 Being aggrieved by the aforesaid, the petitioner has approached this Court by way of present Special Criminal Application for the reliefs stated herein-above.

3. I have heard Mr.N.D. Nanavati, learned Senior Counsel assisted by Mr.Yash Nanavati, learned counsel appearing for the petitioner and Mr.J.