Bombay High Court
Bankesh Bhavsar S/O Baldev ... vs The State Of Maharashtra And Anr on 28 April, 2022
Bench: Prakash Deu Naik
1 of 4 14.IA.788.2019.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
CRIMINAL APPELLATE JURISDICTION
INTERIM APPLICATION NO.788 OF 2019
AND
INTERIM APPLICATION NO.1243 OF 2022
IN
INTERIM APPLICATION NO.788 OF 2019
AND
INTERIM APPLICATION NO.789 OF 2019
IN
CRIMINAL APPEAL NO.1408 OF 2019
Bankesh Bhavsar s/o Baldev Bhavsar Applicant
versus
The State of Maharashtra and another Respondents
Mr.Manish Bohra i/by M/s.A.S.Khan & Associates for applicant.
Ms.Ushajee Peri, Advocate for respondent no.2 SEBI.
Mr.Arfan Sait, APP, for State.
CORAM : PRAKASH D. NAIK, J.
DATE : 28th April 2022
PC :
Digitally signed by
MANISH MANISH SURESH
SURESH
THATTE
THATTE
Date: 2022.04.29
16:15:30 +0530
1. The applicant-applicant is convicted vide judgment and order
dated 23rd September 2019 passed by learned SEBI Special Judge,
City Civil & Sessions Court, Greater Bombay in SEBI Special Case
No.327 of 2014 convicting applicant for the offence u/s.24(2) of
SEBI Act, 1992 and sentenced to suffer imprisonment of one month
and pay fine of Rs.5,00,000/- and in default of payment of fine to
undergo simple imprisonment for six months. It was further directed
that out of fine amount of Rs.5,00,000/-, the accused shall pay
Rs.4,50,000/- to SEBI as compensation by demand drat or pay order
and Rs.50,000/- was directed to be deposited in Court towards fine.
2 of 4 14.IA.788.2019.doc
2. Interim Application Nos.788 of 2019 and 789 of 2019 are
preferred for suspension of sentence and grant of bail; whereas
Interim Application No.1243 of 2022 is preferred for relaxation of
deposit of fine amount imposed by Trial Court while convicting
applicant.
3. The appeal preferred by the applicant challenging impugned
judgment of conviction is admitted by this Court on 14 th January
2022.
4. Learned advocate for applicant submitted that judgment of
Special Court suffers from serious infirmity. The judgment has been
challenged by preferring appeal which has been admitted by this
Court. The applicant has deposited Rs.50,000/- before Trial Court in
accordance with impugned order dated 23 rd September 2019. It is
further submitted that sentence of imprisonment was suspended by
Trial Court on the date of conviction. The applicant is in financial
constraints. He is without employment. He is earning meager sum
of Rs.8,000/- p.m on account of Covid-19 and various other
circumstances. The applicant is not in a position to deposit fine
amount. The applicant, however, would make arrangement to
deposit the amount of Rs.50,000/- towards fine amount. It is
submitted that in similar case this Court had relaxed the condition of
depositing fine.
5. Learned advocate for respondent no.2 opposed the relief
sought in these applications. It is submitted that the applicant was
punished for the offence u/s.24(2) of SEBI Act vide judgment and
order dated 23rd September 2019. Except the amount of Rs.50,000/-
3 of 4 14.IA.788.2019.doc
which has been deposited in the Trial Court, the applicant has not
paid any amount to SEBI in accordance with judgment and order
dated 23rd September 2019. The sentence was suspended by Trial
Court for the stipulated period on the date of conviction and
although the applicant had sufficient time since last two years, the
applicant has not complied the directions of Trial Court nor sought
suspension of sentence from this Court immediately after the
impugned judgment passed by the Trial Court. Respondent no.2 has
filed reply opposing prayers made in these applications.
6. The appeal preferred by the applicant challenging judgment of
conviction has been admitted by this Court. The amount of fine of
Rs.50,000/- has been deposited before Trial Court immediately after
conviction, however, further amount of Rs.4,50,000/- which was
directed to be paid to respondent no.2 by way of demand draft/pay
order, has not been paid by applicant. Considering the submissions
of both sides, I pass following order :
ORDER
(i) Interim Application Nos.785 of 2019, 786 of 2019 and 1245 of
2022 are allowed and disposed of;
(ii) The sentence of imprisonment imposed vide judgment and
order dated 23rd September 2019 passed by learned SEBI Special
Judge, City Civil & Sessions Court, Greater Bombay in SEBI Special
Case No.327 of 2014 is suspended and applicant is directed to be
released on bail on executing PR bond in the sum of Rs.25,000/-
with one or more sureties in the like amount;
(iii) The applicant is permitted to furnish cash bail in the sum of
Rs.25,000/- for twelve weeks;
4 of 4 14.IA.788.2019.doc
(iv) The applicant shall deposit Rs.2,00,000/- before Trial Court
towards fine amount within twelve weeks from today;
(v) The applicant shall attend Trial Court once in six months on
First Saturday of the month till disposal of the Criminal Appeal;
(vi) In the event there are two consecutive defaults in attending
the Trial Court, the Trial Court shall submit report to this Court;
(vii) In the event of default committed by the applicant in attending
the Trial Court, the prosecution will be at liberty to prefer application
for cancellation of bail.
(PRAKASH D. NAIK, J.)
MST
