Indra Shantilal Jain And ANR. v. The State Of Maharashtra
Digitally signed by SHAMBHAVI NILESH SHIVGAN Date:
2021.09.02 18:27:55 +0530 SHAMBHAVI NILESH SHIVGAN
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
CRIMINAL APPELLATE JURISDICTION ANT. BAIL APPLICATION NO.1734 OF 2021 Indra S. Jain and Anr.
... Applicants Vs The State of Maharashtra ... Respondents ...
Mr. Prakash V. Vare i/by Ms. Minal Angre for the Applicant.
Mr. Kushal Kumar with Mr. Vikrant Shivdans for Intervenor.
Mr. H.J.Dedhia, APP for the Respondent-State. API Ganesh Pisal, Andheri P. Stn. Present.
CORAM : SANDEEP K. SHINDE J.
DATE : 2ND SEPTEMBER, 2021.
P.C. :
Heard.
After arguing the application for sometime, when I expressed my disinclination to grant pre-arrest protection, on instructions, the learned counsel for the applicants seeks leave to withdraw the application. Application is dismissed Shivgan 1/3
as withdrawn.
The primary evaluation of the First Information Report clearly suggests, applicants' complicity in the crime. Applicants are the directors of M/s Varsha Corporation Ltd. One of the directors, Mr. Shantilal Jain in connivance with the directors of M/s. Adya Motor Pvt. Ltd. obtained a loan from M/s. Volksvagen Pvt. Ltd. (Complainant). The Complainant sanctioned and disbursed Rs.1,71,59,700/- to M/s. Adya Motor Car Pvt. Ltd., dealer associate of the complainant. Investigation has disclosed that the car against which loan was sanctioned and disbursed was never delivered to the M/s. Varsha Corporation Ltd. The record shows very car bearing Engine No.CDT017008 for which loan was sanctioned, is registered in the name of M/s. Finity India at Uttarakhand. It may be stated that out of Rs.1,71,59,700/- (Loan sanctioned and disbursed), Rs.85,79,850 were transferred in the account of Sharad Construction, sister concern of Varsha Corporation. Shivgan 2/3
Prosecution has placed on record vouchers/receipts to show that Rs.83,23,771/- were received by the director of Varsha Corporation Ltd. from M/s. Adya Motor Pvt. Ltd. It may be noted that the Varsha Corporation Ltd. of which the applicants are directors repaid Rs.29,40,551/- in eight equated monthly installments to the complainant. Therefore, evidence clearly shows applicants in connivance with Adya Motors Pvt. Ltd. forged the documents and defrauded the complainant and thereby caused wrongful loss to the complainant.
(SANDEEP K. SHINDE, J.) Shivgan 3/3