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* IN THE HIGH COURT OF DELHI AT NEW DELHI
Date of Decision: 25th November, 2014
+ Crl.M.B.10242/2014 & Crl. M.A. 17154/2014 in CRL.A. 916/2013
SUSHIL VERMA ..... Appellant
Through: Mr. Pavan Narang and Ms. Vasundhara,
Chauhan, Advocates
versus
CENTRAL BUREAU OF INVESTIGATION ..... Respondent
Through: Mr. A.S. Singh, Advocate for Mr. R.V.
Sinha, Standing Counsel for CBI
Mr. Rajeev Aggarwal, Mr. S. Sethi,
Advocate for SBBJ
CORAM:
HON'BLE MS. JUSTICE SUNITA GUPTA
JUDGMENT
: SUNITA GUPTA, J.
Crl. M.B. No.10242/2014
1. This is an application moved by the appellant u/s 389 r/w Section 482 Cr.P.C. for suspension of sentence during the pendency of the appeal in FIR No.RC-4(E)/2006/EOW-I/CBI/New Delhi u/s 120 B IPC and Section 13(2)/13(1)(d) of the PC Act, 1988 and Section 420/471 IPC.
2. It is submitted that the appellant has been sentenced to undergo
(i) rigorous imprisonment for a period of two years and a fine of Crl.M.B. 10242/14 in Crl.A.916/13 Page 1 of 6 Rs.5000/- in default one month simple imprisonment for offence punishable u/s 120B IPC, (ii) rigorous imprisonment for four years and a fine of Rs.6 crores in default of which two years simple imprisonment for the offence under Section 420 IPC, (iii) rigorous imprisonment for three years and a fine of Rs.10,000/- in default two months simple imprisonment. It was also ordered that fine if realized, a sum of Rs.5.5 crores be paid to the bank in question as compensation.
3. Vide order dated 11th October, 2013, the applicant was enlarged on interim bail for a period of six weeks to enable him to discuss the terms of sale of the two properties and for payment of outstanding amount to the State Bank of Bikaner and Jaipur. In compliance of this order, the applicant had several meetings with the senior officials of the bank. Now the parokar of the appellant has approached the bank with another proposal dated 30th July, 2014 wherein the appellant has offered an upfront payment of Rs.1 crore and balance sum of Rs.5.5 crores within 180 days of the acceptance of the proposal.
4. Another application bearing Crl. M.A. No.17154/2014 was also moved subsequently for issuance of notice to State Bank of Bikaner and Jaipur (SBBJ) for confirming One Time Settlement. Crl.M.B. 10242/14 in Crl.A.916/13 Page 2 of 6
5. Notice was sent to SBBJ and respondent-CBI was also directed to verify the settlement.
6. Suspension of sentence was opposed by CBI on the ground that the appellant and his daughter Ms. Amrita Verma were directors of M/s Standard Logistics Pvt. Ltd. and M/s. Standard Logistics Pvt. Ltd (Mother Dairy Division). The appellant Sushil Verma has been availing certain credit facilities from SBBJ, Nangal Raya Branch, New Delhi since 20th December, 2004. On 19th February, 2005, the appellant in collusion with co-accused S.K. Chawla, the then Chief Manager and J.S. Chaney, a valuer, sought enhancement of credit facilities to the extent of cash credit limit of Rs.75 lacs and bank guarantee limit of Rs.40 lacs and presented Sh.Charan Das Chhabra as guarantor. A property at Ghaziabad, UP was also offered as collateral security. During investigation, it transpired that Sh.Charan Das Chhabra who was purportedly presented as guarantor by the appellant to secure the loan was not even alive and appellant Sushil Verma in collusion with S.K. Chawla made someone else to appear as Charan Das Chhabra and dishonestly and fraudulently obtained the credit facilities from the State Bank of Binaker & Jaipur, Nangal Raya Branch, New Delhi. The property offered as collateral security was Crl.M.B. 10242/14 in Crl.A.916/13 Page 3 of 6 valued by Jagpal Singh Chaney and it was also found that no such property was situated. As such, the allegations are very serious in nature for which the appellant has been convicted.
7. However, as regards, one time settlement between the parties, the same was verified from the bank according to which an OTS between the bank and the borrower has been approved by the Bank's competent authority on 16th October, 2014 for Rs.6 crores. Rs.1 crore has been deposited. Rs.0.50 crores is to be deposited before 31st December, 2014 and 15th January, 2015. Rs.4 crores is to be deposited before 31st March, 2015.
8. An affidavit has been filed by Sh. Mukesh Gulati, Assistant General Manager, State Bank of Bikaner and Jaipur, Asset Recovery Branch confirming the acceptance of proposal made by the appellant through his daughter Ms.Amrita Verma for a total sum of Rs.6 crores. Initially the payment was to be made by 31st January, 2015 but it was modified and time was extended up to 31st March, 2015. The bank has accepted and approved the payment terms vide letter dated 13 th November, 2014 which has been accepted by the appellant through her daughter and one of the director of the borrower company Ms. Amrita Verma according to which schedule of deposit will be as Crl.M.B. 10242/14 in Crl.A.916/13 Page 4 of 6 under:-
Rs.1.00 Crore already deposited Rs.0.50 Crore to be deposited upto 31.12.2014 Rs.0.50 Crore to be deposited up to 15.01.2015 Rs.4.00 Crores to be deposited by 31.03.2015
9. Needless to say, the allegations for which the appellant has been convicted are very serious in nature, that being so, the appellant is not entitled for suspension of sentence till the disposal of the appeal. However, in order to make necessary arrangement for payment to SBBJ where settlement has been arrived at for Rs.6 crores, the appellant is admitted to interim bail till 15th January, 2015 on his furnishing a personal bond in the sum of Rs.1 lac with one surety in the like amount to the satisfaction of the learned Trial Court and subject to further condition that:-
i) He shall not leave Union Territory of Delhi during this period.
ii) He shall report to CBI at 11:00 AM on every Wednesday during this period.
iii) He shall furnish his address as well as the mobile number to the CBI.
iv) He shall surrender before the Superintendent Jail on 16th January, 2015.Crl.M.B. 10242/14 in Crl.A.916/13 Page 5 of 6
Applications stand disposed of.
Order dasti under the signature of the Court Master.
A copy of this order be sent to the Superintendent Jail for necessary information.
(SUNITA GUPTA) JUDGE NOVEMBER 25, 2014 rs Crl.M.B. 10242/14 in Crl.A.916/13 Page 6 of 6