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Petitioner is in custody for 280 days and it is submitted that co-accused Lalita Saraogi has been granted bail.

Report is placed on record wherefrom it appears that no amount was collected illegally from the public by ASK Financial Services Ltd. during the directorship of the petitioner. However, his resignation was received by ROC belatedly on 26.04.2013.

From the factual matrix of the case it appears that the petitioner stands on the same footing as the co-accused Lalita Saraogi who has been enlarged on bail by us. Ordinarily, delay in furnishing the resignation letter to ROC would have persuaded us to draw an adverse conclusion that the petitioner had generated a fiction of severance from an anterior point of time. However, in view of the fact that there was a contemporaneous change in the ownership and management of the company at the material point of time from the hands of the petitioner and co- accused Lalita Saraogi on the one hand to the Pincon Group on the other hand, we are inclined to grant bail to the petitioner.