IN THE HIGH COURT OF MADHYA PRADESH AT INDORE BEFORE HON'BLE SHRI JUSTICE PRAKASH CHANDRA GUPTA st ON THE 1 OF NOVEMBER, 2023 MISC. CRIMINAL CASE No. 34861 of 2023 BETWEEN:-

MANISH JHAVERI S/O GORDHANDAS JHAVERI, AGED 53 YEARS, OCCUPATION: BUSINESS R/O 43 KESAR BAG ROAD INDORE, ANNAPURNA, INDORE (MADHYA PRADESH)

.....APPLICANT (SHRI AJAY BAGADIA - SENIOR ADVOCATE ALONGWITH SHRI GURUDEV PRASAD GUPTA - ADVOCATE)

AND THE STATE OF MADHYA PRADESH THROUGH POLICE STATION ANNAPURNA, INDORE (MADHYA PRADESH)

.....RESPONDENT/STATE (SHRI PRADIP KUMAR GUPTA - COMPLAINANT AND SHRI VIRAJ GODHA - PL)

This application coming on for admission this day, the court passed the following:

ORDER

Heard with the aid of case diary.

This is first application filed under Section 439 of Cr.P.C. for grant of bail to the applicant/accused, relating to FIR/Crime No.311/2023 dated - 22.06.2023 registered at Police Station - Annapurna, District - Indore (M.P.) for commission of offence punishable under Sections 420, 467, 468 and 471 of IPC.

2. Prosecution story, in brief, is that complainant Abhay Jhaweri had filed a written complaint on 06.06.2023 stating that grandfather of the applicant Signature Not Verified Gordhandas had bought physical shares of TTK Prestige, Haldeen Glass Gujarat, Reliance, Hindalco, TCFC Finance etc. Gordhandas had died on 01.10.1997. Applicant had made a fake Demat account at Arihant Capital, Indore. In the said account, the applicant had de-materialized the aforementioned shares bought by Gordhandas. After that the applicant had either sold the shares to others or had transferred the shares to his Demat account. The applicant still uses the bank account (A/c No.53020096502 at SBI Shiv Sagar Estate, Worli, South Mumbai) of Gordhandas even after his death. The applicant has forged document in order to gain wrongfully by incurring wrongful loss to the complainant. After inquiry, an FIR was lodged on

22.06.2023 against the applicant.

3. Learned counsel for the applicant/accused submits that the applicant has not committed the offence and has falsely been implicated in the case. Father of the complainant Chandra Mohan Jhaveri and the applicant are real brothers and both of them are son of Gordhandas. After death of Gordhan, the applicant with consent of his brother Chandra Mohan Jhaveri had got the physical shares of the companies, dematerialised. The incident is of year 2009 – 2010 and the FIR was lodged belatedly in year 2023. Father of the complainant Chandra Mohan died on 29.02.2020. No complaint was filed during the lifetime of Chandra Mohan. The applicant is in custody since 22.06.2023. No further custodial interrogation is required. Trial will take considerable long time for its disposal, therefore, it is prayed that the applicant be released on bail.

4. On other hand, learned counsel for the State/non-applicant as well as learned counsel for the objector have opposed the prayer and submitted that after death of Gordhandas, the applicant by forging document and hiding actual Signature Not Verified fact, got a PAN card made in name of his father Gordhandas in year 2009. On 21.05.2013, the applicant opened a Demat account in the name of Gordhandas using forged documents. In order to open the Demat account, the applicant had issued a forged cheque in name of Gordhandas and from the same account did bank transactions till 2020. Chandra Mohan had not given consent to do any such act to the applicant. Thereby, the applicant wrongfully gained a sum of Rs.1.5 Crores. Therefore, the applicant is not entitled for bail.

5. Having heard learned counsels for the parties, perused the case-diary also considering the gravity of alleged offence, in view of this Court, it is not a fit case to grant bail to the applicant at this stage. Resultantly, application for bail is rejected.

(PRAKASH CHANDRA GUPTA)

JUDGE Shruti Signature Not Verified