2023:BHC-AS:28394 IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL WRIT PETITION NO. 1382 OF 2020 Anand Prakash Mittal, Age 65 years, Occ. Retired, residing at House No.708, PLA Hisar, HARYANA – 125001 .. Petitioner Versus

1 The State of Maharashtra

2 Central Bureau of Investigation Economic Offences Wing (EOW)

11th Floor, CBI Building, Bandra Kurla Complex, Mumbai. .. Respondents …

Mr. Kamlesh Ghumre with Mr.P.B. Pawar for the petitioner.

Mr.H.S.S. Venegavkar with Ms.Priya Dubey for respondent no.2.

Mr.S.S. Hulke, APP for the State.

CORAM: BHARATI DANGRE, J.

DATED : 23rd AUGUST, 2023 JUDGMENT:-

1 The Central Vigilance Commissioner (CVC), New Delhi, vide it’s letter dated 18/1/2016, directed the CBI, EOW to register a case against Dr.Anand Prakash Mittal, the then Deputy General Manager, New India Assurance Co. Ltd (hereinafter referred to as “NIACL”), Mumbai, for criminal breach of trust and misconduct committed by him while he was on deputation with M/s.Prestige Assurance PLC, (M/s.Prestige) Lagos, Nigeria, a subsidiary company of NIACL.

In furtherance thereof, Mr.Segar Sampath Kumar, General Manager, NIACL as preferred a written complaint on

14/9/2016 with CBI, EOW, Mumbai.

This is the fore ground of the case registered against Dr.Anand P. Mittal, the petitioner before the Court for the offence punishable u/s. 409, 471 of IPC and Section 13(2) r/w Section 13(1)(c) and (d) of the Prevention of Corruption Act, 1988 (for short ‘P.C. Act’).

2 The FIR registered on 14/9/2016 allege that the petitioner, the Dy. General Manager of NIACL, while functioning as Managing Director of M/s.Prestige Assurance (PLC), on deputation, abused his official position and by corrupt and illegal means had drawn a total amount of US$ 263,462.82 under the head “Parting Gift” and “Pension” from the account of M/s. Prestige Assurance, Nigeria, without any approval of the competent authority i.e. the Board of M/s. Prestige Assurance PLC and dishonestly misappropriated the same. It is also alleged that on 5/6/2015, the petitioner made the part payment of US$ 49990 to M/s. Prestige, but failed to refund the remaining amount, causing wrongful loss of US$ 2,13,472.82 equivalent to Indian currency of Rs. 1,43,45,373.50 to M/s.Prestige Assurance and corresponding wrongful gain to himself.

3 M/s.Prestige Assurance PLC, Lagos, Nigeria is a subsidiary company of New India Assurance Co. Ltd which hold stake of 67.64% in Prestige which is listed on Nigerian stock exchange. The authorized share capital of the Company is 2,000,000,000 and M/s.NIACL is holding 24,994 shares of the Company.

M/s.Prestige is run by Board of Directors constituted with the representatives of New India Assurance, Leadway Assurance Co. Nigeria, representative of minor shareholders and independent Directors. The policy decision of the Company is taken by the Board and executed by the Managing Director and the structure of the Company would reveal that the Board is assisted by three Committees viz. Establishment Committee, Finance and General Purpose Committee and Audit Committee.

The top level post of the Companies such as the Managing Director, General Manager, etc. are occupied by the officials from NIACL, India, on deputation basis, and the remuneration as well as financial facilities are discussed and disbursed after being discussed by the Establishment Committee, which thereafter recommend it’s decision to the Board for approval. It is only upon the approval from the Board the decision shall be implemented by the Managing Director. The Board of Directors is the final and competent authority to take decision on financial matters, involving the Company.

4 The petitioner was recruited in NIACL as Administrative Officer in the year 1978, and he held various positions till he was promoted to the post of Deputy General Manager and posted in Regional Office, Mumbai. He was selected for various posts and placed on deputation with M/s.

Prestige for initial period of two years.

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