Madhya Pradesh High Court
Rajesh Chutani vs Union Of India on 6 October, 2020
Author: Vishal Dhagat
Bench: Vishal Dhagat
1 MCRC-30741-2020
The High Court Of Madhya Pradesh
MCRC-30741-2020
(RAJESH CHUTANI Vs UNION OF INDIA)
Jabalpur, Dated : 06-10-2020
Heard through Video Conferencing.
Shri Siddharth Sharma, learned counsel for the applicant.
Shri J. K. Jain, learned Assistant Solicitor General, for the
respondent/Union of India.
This is the first bail application filed on behalf of applicant Rajesh Chutani under Section 438 of the Code of Criminal Procedure for grant of anticipatory bail, as he is under apprehension of his arrest, in connection with Crime No. RC0082018A0002 registered at Police Station CBI, ACB, Bhopal for commission of offence punishable under Sections 120-B read with Section 420, 467, 468, 471 of the Indian Penal Code and Section 13(1)(d) and 13(2) of the Prevention of Corruption Act, 1988.
Counsel appearing for applicant submitted that applicant was Chief Manager of Punjab National Bank. He was the sanctioning authority in this case for grant of loan to accused person namely Smt. Prakash Singh of Shubham Enterprises. Counsel for the applicant has pointed out the duty sheet of Supervisory Officers. As per this duty sheet, applicant Rajesh Chutani is responsible for business development of the branch in all para metres, overall administration and monitoring of branch, pre-approval and control of expenditure and vouchers, sanctioning of all loans including temporary overdraft duly recommended by Loan Officer and Senior Manager, online checking of daily monitoring reports, marketing and licensing with Government Officials and other premium dignitaries. Shri L.N. Ramesh, who was posted at branch at the relevant time was responsible for all type of the sanctioning appraisal including CIBIL Equifax, risk raiting, board note etc. and recommendation of loan sanction/rejection, documentation, periodical renew/review of all eligible loan accounts and use verification of primary Signature Not SAN Verified securities, checking of collateral securities, timely creation of equitable Digitally signed by ARVIND KUMAR DUBEY Date: 2020.10.08 15:16:39 IST 2 MCRC-30741-2020 mortgage, registration of equitable mortgage and entrance of EM under cercai act, post sanction follow-up including fieldwork. On the basis of duty chart, it is submitted by the counsel that Loan Officer namely Shri L.N. Ramesh was required to do documentation and appraisal of documents which have been filed by the accused person. Applicant was Chief Manager and Sanctioning Authority. It was not his duty to verify the documents which have been filed by the accused person. It is further submitted by him that applicant has already been granted regular bail and anticipatory bail in two other crime numbers which are registered against the applicant by CBI in respect of loan sanctioned by him as Chief Manager during his tenure at the branch. On the ground of parity, counsel for the applicant prayed for grant of anticipatory bail to the applicant.
Shri J.K Jain, learned Assistant Solicitor General, appearing for Central Bureau of Investigation opposed the application for grant of anticipatory bail. It is submitted by him that mandatory instructions were not followed, loan application form and credit appraisal form were not properly looked upon by the applicant. Balance sheet of applicant was not verified and most of the documents which were filed by Shubham Enterprises through its proprietor Smt. Prakash Singh was forged. Applicant has been named in the FIR and collateral security which was offered for cash credit limit by M/s Palak Associates i.e. Survey Nos. 1056/3 , 1152 & 1156, situated in village Depalpur, Indore was already mortgaged with Nehru Nagar Branch. Applicant acted hand in glove with the accused person and, therefore , anticipatory bail of the applicant may be rejected.
Heard counsel for the applicant as well as non-applicant. O n perusing the terms and conditions of accounts, M/s Shubham Enterprises was given facility of cash credit hypothecation (stocks) and book debit. Sanctioned limit was of Rs.400 lakhs. Firm has to maintain margin of 30% for stock and 40% for book debts. Primary security was hypothecation Signature Not of stock in trade and debtors netted with creditors. Advance was classified as SAN Verified Digitally signed by ARVIND KUMAR DUBEY Date: 2020.10.08 15:16:39 IST 3 MCRC-30741-2020 MSME. Collateral security was equitable mortgage of immovable property of M/s Palak Associates measuring 3.56 hectares which has been valued at Rs.974.57 lakhs by Mahesh Agrawal approved valuer. Applicant has been roped in as co-accused in the case with the aid of Section 120-B of Indian Penal Code. Prosecution agency has failed to show direct or indirect circumstances from which criminal conspiracy of the applicant can be gathered. Prosecution does not say that applicant received any kickbacks in sanctioning the loan. Allegation against the main accused in the case is that he did not maintain the margin of reserve stocks and 40% of book debts and further forged documents were filed by him for getting the loan amount. Collateral security offered for cash credit limit was already under mortgage with another bank. No role or conspiracy of the applicant can be gathered directly or indirectly from the circumstances. As per duty roster appreciation of documents, collateral security and inspection of spot and stocks have to be done by Shri L.N.Ramesh.
Considering the aforesaid facts and circumstances of the case, bail application filed by the applicant is allowed. It is ordered that in the event of arrest of the applicant in connection with the aforesaid crime number and the offence, he be released on bail on his furnishing a personal bond in the sum o f Rs.1,00,000/- (Rupees One Lakh) with one solvent surety of the like amount to the satisfaction of the Investigating Officer/Arresting Authority. The applicant is directed to join the investigation immediately and co-operate with the investigating agency. He will further abide by the conditions enumerated in sub-section (2) of Section 438 of the Code of Criminal Procedure.
Certified copy as per rules.
(VISHAL DHAGAT) JUDGE DUBEY/-
Signature SAN Not Verified Digitally signed by ARVIND KUMAR DUBEY Date: 2020.10.08 15:16:39 IST