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2017 Supreme(Jhk) 1963
IN THE HIGH COURT OF JHARKHAND AT RANCHI
Mr. Anant Bijay Singh, J.
Dhiren Rawani - Appellant
Versus
State Of Jharkhand - Respondent
A.B.A. No. 1456 of 2016
Decided On : 05-07-2017
M/s. R.S. Mazumdar, Advocate, for the Petitioner; Mr. Rajiv Sinha, ASGI, for the Union of India
The diversion of funds by a Multi State Credit Cooperative Society Ltd for the purchase of land was found to be impermissible under the relevant Act, leading to the rejection of the anticipatory bail plea.
Headnote:
anticipatory bail - Multi State Credit Cooperative Society Ltd - Indian Penal Code, sections 415, 420, 120B - The court discussed the provisions of the Multi-state Credit Cooperative Societies Act, 2002 and Multi State Cooperative Societies Rules 2002, and their implications on the petitioner's case. The court also considered the diversion of funds for the purchase of land, which was found to be contrary to the bye-laws of the Act.
Fact of the Case:
The petitioner sought anticipatory bail in connection with a case registered under sections 415, 420, 120B of the Indian Penal Code, alleging diversion of funds by a Multi State Credit Cooperative Society Ltd for the purchase of land.
Finding of the Court:
The court found that the petitioner, a Multi State Credit Cooperative Society Ltd, had collected a significant amount of money from customers and diverted it for the purchase of land, which was deemed impermissible under the relevant Act. The court rejected the prayer for anticipatory bail.
Issues: Alleged diversion of funds by the petitioner for the purchase of land, applicability of the Multi-state Credit Cooperative Societies Act, 2002 and Multi State Cooperative Societies Rules 2002.
Ratio Decidendi: The diversion of funds for the purchase of land was found to be contrary to the provisions of the relevant Act, leading to the rejection of the anticipatory bail plea.
Final Decision: The court rejected the prayer for anticipatory bail, citing the prima facie case made out against the petitioner.
JUDGMENT
Anant Bijay Singh, J. Heard learned counsel for the petitioner and the learned counsel appearing for the Union of India.
2. The petitioner is apprehending his arrest in connection with Panki P.S. case no. 01 of 2014, corresponding to G.R. No. 01/2014, registered under sections 415, 420 & 120B of the I.P.C.
3. The prosecution case, in short, is that one Mohan Lal Marandi, Circle Officer, Panki Circle, Palamau, has given a written report dated 31.12.2013 to the Officer-in-Charge, Panki Police Station alleging therein that by the order of the Deputy Commissioner, Palamau dated 21.12.2013 and the orders of S.D.O., Palamau dated 28.12.2013 and 29.12.2013 he had been ordered to file F.I.R. against the Non-Banking Financial Institutions/Company/Cooperative Society-1 Welfare Building & Estates Private Limited Panki, 2. Rainbow Multi Credit Co-operative Society Ltd and 3. Panki Saving & Credit Co-operative Society Panki were sealed.
4. It is further alleged that the aforesaid companies are not registered as non-banking institution with any government or with any Co-operative Society Act nor they have taken any permission from the Reserve Bank of India. It is further alleged that they are working outside their jurisdictional area by collecting money from the general public and for this purpose they were engaged agents on the basis of heavy commission and general public were depositing the money in the aforesaid companies.
5. Learned counsel for the petitioner has submitted that petitioner is proprietor of Rainbow Multi State Co-operative Society Limited and prior to lodging of this case, petitioner has been implicated in Dhanbad P.S. Case no. 850/2014 and Palamau P.S. case no. 584/2013 and in those cases the co-accused persons namely, Satya Brat Prasad, Anand Brat Prasad and Deepak Prasad have been granted anticipatory bail on 11.02.2015 in ABA No. 2363 of 2014 and other co-accused persons namely, Subhash Chandra Dey and Omshankar Thakur have been granted anticipatory bail on 11.12.2015 in ABA No. 2969 of 2015. However, this petitioner was granted regular bail on 26.06.2015 in B.A.No.4746 of 2015 in connection with Dhanbad (Bank More) P.S. case no. 850/2014, copy of the order is annexed with the anticipatory bail application.
6. Learned counsel for the petitioner on the basis of oral submission and also the written argument has submitted that the petitioner is a company,namely, Rainbow Multi State Co-operative Society Ltd and its staff have been implicated in series of cases with similar allegations such as Dhanbad P.S. Case No. 850/2014 and Palamau P.S. Case No. 584/2013. It is further submitted that other co-accused have been granted anticipatory bail by a Bench of this Court in Annexure-2 series, hence the company does not require any registration.
7. It was further submitted that the I.O of Dhanbad P.S. Case No. 850/2014 had inquired about whether said company requires any COR or not. The Reserve Bank of India in its reply dated 11.05.2015 has clearly stated that Rainbow Multi State Co-operative Society Ltd does not fall under the jurisdiction and no COR was required. It was further submitted that the Department of Agriculture and Co-operation and Ministry of Agriculture has categorically stated that no COR is required for the co-operation of business of Rainbow Multi State Credit Co-operative Society Ltd vide Annexure-4. It was further submitted that the petitioner''s company Rainbow Multi State Credit Co-operative Society operates under Multi state Credit Cooperative Societies Act, 2002 and Multi State Cooperative Societies, Rules 2002 for which certificate of registration has been duly obtained by the said society and accordingly bye-laws have been framed. On that basis of the aforesaid submissions learned counsel for the petitioner has submitted that petitioner deserves anticipatory bail.
8. In this case under order dated 19.09.2016 the learned counsel for the petitioner was directed to add Joint Secretary to the Governm
