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Learned counsel for the applicant submits that applicant is innocent and has been falsely implicated in the case. The present applicant has no relation with the companies which have been reflected in the FIR viz. Greenage Food Pre-product Limited; Pincon Infrastructure Limited; L.R.N Finance Limited; LRN Limited; ASK Finance Limited; Utkal Multistate Limited; and Universal Multi State Limited.

Having heard learned counsel for the parties and perusal of record, it reveals that case of the present applicant is not similar to that of co-accused Binay and Hari, who had been enlarged on bail. No documents was there on record in relation to co-accused Binay of his posting as a Director and official of the Pincon Group of Companies and Hari Singh was released on regular bail. More over there is direct involvement of the applicant in the said offence in which the offence has been committed at large level.