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Deep Kanwar Singh Walia vs The State Nct Of Delhi
2022 Latest Caselaw 3519 Del

Citation : 2022 Latest Caselaw 3519 Del
Judgement Date : 23 December, 2022

Delhi High Court
Deep Kanwar Singh Walia vs The State Nct Of Delhi on 23 December, 2022
                                       Neutral Citation Number: 2022/DHC/005792




                          $~3
                          *      IN THE HIGH COURT OF DELHI AT NEW DELHI

                                                             Reserved on: 23rd November, 2022
                                                              Decided on: 23rd December, 2022

                          +     BAIL APPLN. 3052/2022

                                DEEP KANWAR SINGH WALIA            .... Petitioner
                                             Through: Mr. Mohit Mathur, Senior
                                                      Advocate with Mr. Sumit
                                                      Kalra, Advocate
                                             versus

                                THE STATE NCT OF DELHI            ..... Respondent
                                              Through: Mr. Raghuvinder Varma,
                                                       APP for State with SI
                                                       Shubhendu Sharma, P.S.
                                                       EOW
                                                       Mr. Sugandh Agrawal,
                                                       Advocate for complainant
                                                       with complainant in person
                          %
                          CORAM:
                          HON'BLE MR. JUSTICE SUDHIR KUMAR JAIN
                          JUDGMENT

1. The present bail application is filed under section 439 of the

Code Of Criminal Procedure, 1973 (hereinafter referred to as "the

Code") on behalf of the Deep Kanwar Singh Walia (hereinafter

referred to as "the petitioner") for grant of bail in FIR bearing no.

268/2018 dated 27.12.2018 registered at PS Economic Offence Wing

under sections 406/420/120B IPC.

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

2. The present FIR bearing no.0268/2018 was got registered on the

basis of complaint made by J.P. Kakkar s/o C.L. Kakkar (hereinafter

referred to as "the complainant") wherein it is alleged about cheating,

fraud, and misappropriation of money which is stated to have been

taken from the complainant for developing IT & IT Enabled Services

Office Space(s) /Retail Unit in Project namely "Mist Avenue/Festival

City" Business Towers, Sec 143-B, Noida, Uttar Pradesh at Plot No. 1,

Sector 143-B, Noida by M/s Mist Avenue Private Limited (hereinafter

referred to as "the Company") having its registered Office at

premises bearing no.28, Raja Garden, New Delhi-110015 and against

its Directors, namely, Mr. Dharam Narayan Gautam, Mr. Vinod

Kumar, Mr. Kanwarjit Singh and Mr. Satinder Singh Bhasin. It is

alleged in FIR that the complainant is a retired Additional General

Manager from Bharat Heavy Electricals Limited and invested

Rs.23,61,079/- (Rupees Twenty Three Lacs Sixty One Thousand and

Seventy Nine Only) in the project "Mist Avenue" in the year 2013

being developed by the Company which is one of the Company under

the umbrella of Bhasin Group.

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

2.1 The Company advertised about the project "Mist Avenue" in

the year 2013 that 33 floors/storey would be constructed in 99 days

and collected/demanded money without constructing the office spaces

with the malafide intention to dupe, cheat the buyers. The Company

subsequently changed the plan and shifted the location of

tower/structure which could not be permitted without the consent of

all the allottees according to the U.P. Apartment Act, 2010. The

Directors have changed the name of Company on RERA, U.P site

without duly acting in accordance with the provisions of law and also

increased the delivery time from 2018 to 2022 which was against the

agreed terms with the complainant. It was not clear whether Mist

Avenue/Festival City Project is being developed by M/s Mist Avenue

Private Limited or M/s Mist Direct Sales Private Limited. The

building structure was developed at very slow pace by the developer

since 2012-13. The Company also changed its email domain names,

bank accounts, project name (Mist Avenue to Festival City) and

created another Company to mislead the allottees (Mist Avenue

Private Limited to Mist Direct Sales Private Limited). The Ministry of

Corporate Affairs (MCA) website reflects that these two companies

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

are different. It reflected fraudulent intention of the developers with

the sole intention to grab the hard earned money of the complainant.

2.2 The M/s Mist Avenue Private Limited had invited applications

for Commercial IT Office Space/Retail unit in December 2012-13

with assurances to give the possession after 3 years after taking 100%

payment from the complainant. The project is kept in abeyance

without being constructed. M/s Anand Infoedge Private Limited has

submitted the revised map on 12.01.2015 without getting permission

from vagbirers and Sanctioned Authority (NOIDA) to increase the

FAR and revised map/plan as evident from the letter dated 21.07.2017

of Noida Authority. The Company and its directors have duped, used

criminal force, cheated, and misappropriated the funds of the innocent

complainant by showing dream project plan only on paper.

2.3 The complainant was forced to enter into new contract with M/s

Mist Direct Sales Private Limited which reflects the malafide intention

to grab the hard earned money of complainant. The Directors have

illegally misappropriated the funds of project "Mist Avenue" and

committed criminal breach of Trust.

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

2.4 The Company had also advertised false details about the project

"Mist Avenue" in the newspaper. The Company has also agreed with

M/s Anand Infoedge Private Limited to develop the project "Mist

Avenue" at Plot no.1, Sector 143-B, Noida. The Company also

arranged Bhumi Poojan in the month of October, 2013. The Directors

of the Company also represented that the Company had acquired

rights, title and interest in the land on which project "Mist Avenue"

was proposed to be constructed with the promise that the project shall

be completed in a time bound of 3 years. The complainant also made

other allegations in FIR as detailed in FIR itself. The investigation has

already been completed and the trial is stated to be pending in the

Court of Sh. Kapil Kumar, Chief Metropolitan Magistrate, District

West, Tis Hazari Court, Delhi under the title State V. Satender Singh

Bhasin. However, the further investigation is also pending. The

petitioner is not mentioned or named in FIR.

3. It is stated in the bail application that vide order dated

14.07.2022 the Chief Metropolitan Magistrate recorded that the

Investigating Officer (I.O.) had issued notice under section 41A of the

Code against two directors, namely, Deep Kanwar Singh i.e. the

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

petitioner and Dharam Narain Gautam but they have not joined the

investigation. I.O. also informed the Court that he would be taking

Non-Bailable Warrant (NBW) against the Directors i.e. the petitioner

and Dharam Narain Gautam. The concerned Court was not satisfied

with the investigation being conducted by the concerned I.O. I.O. on

25.08.2022 submitted an application before the Court of Chief

Metropolitan Magistrate alongwith affidavit wherein I.O mentioned

that he had issued notice under section 41A of the Code to the

petitioner at his residence bearing no. 475, Double Storey, New

Rajinder Nagar, New Delhi. The Court of Chief Metropolitan

Magistrate in view of the affidavit filed alongwith application

recorded that the I.O. had conducted various raids and the addresses of

the petitioner and Dharam Narain Gautam and thereafter the Chief

Metropolitan Magistrate ordered for issuance of Non-Bailable

Warrants (NBWs) against the petitioner for 27.09.2022.

3.1 The petitioner was arrested on 05.09.2022 from his residence

bearing House No.3, Sector 16 A, Chandigarh and was produced

before the Court of Chief Metropolitan Magistrate on 06.09.2022. The

petitioner was remanded to police custody for one day. A bail

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

application on behalf of the petitioner was filed as there was no

communication whatsoever including the notice under section 41A of

the Code from I.O. which required to be served at the address of the

petitioner i.e. House No.3, Sector 16 A, Chandigarh. The documents

were also produced before the Court of Chief Metropolitan Magistrate

that the actual address of the petitioner is House No.3, Sector 16A,

Chandigarh but NBWs were issued by the I.O. at the earlier address

i.e. 475, Double Storey, New Rajinder Nagar, New Delhi, from where

the petitioner had left 9 years ago. The Chief Metropolitan Magistrate

recorded that the petitioner did not inform about the present address at

Chandigarh to the bank account of the Company, as such there was no

alternate for the I.O. to trace out the other addresses of the petitioner

and the ground of arrest was found to be reasonable. The petitioner

was produced before the Court on 07.09.2022. I.O. did not ask for

further police remand and filed an application for 14 days judicial

custody of the petitioner.

3.2 The Court of Chief Metropolitan Magistrate also did not agree

that the petitioner was not aware of the proceedings of the present

case. The Chief Metropolitan Magistrate completely failed to consider

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

the requirement, to serve the notice under section 41A of the Code,

was on the Investigating Officer which was not complied with. The

bail application of the petitioner was adjourned for 09.09.2022 and

was remanded to judicial custody for 14 days. Thereafter on

12.09.2022, the I.O. submitted a supplementary reply to the bail

application before the Chief Metropolitan Magistrate. The Chief

Metropolitan Magistrate vide order dated 12.09.2022 has dismissed

bail application without considering the arguments advanced on behalf

of the petitioner.

3.3 The petitioner is entitled for bail on the ground of parity as

other accused/promoter of the Company, Satinder Singh Bhasin has

already been granted bail vide order dated 27.05.2019. The petitioner

also filed a bail application on 13.09.2022 before the Court of the

District and Sessions Judge, Delhi which was dismissed vide order

dated 01.10.2022 by the court of Shri. Manish Khurana , Additional

Sessions Judge-04, West/Tis Hazari Courts, Delhi in mechanical

manner.

3.4 The petitioner sought the bail on the grounds that the petitioner

was arrested contrary to the judgment delivered by the Supreme Court

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

in Satinder Kumar Antil V CBI 2022 SCC Online SC 825. No

notice has ever been served to the petitioner by the concerned I.O.

under section 41A of the Code at House No.3, Sector 16A,

Chandigarh. The Courts of Chief Metropolitan Magistrate and the

Session Judge have failed to appreciate the law laid down in Satinder

Kumar Antil V CBI. The main accused has already been granted

anticipatory bail vide order dated 27.05.2019. The petitioner was not

given the benefit of law of parity. The petitioner was a Director in the

Company for a period with effect from 12.10.2012 to 01.08.2013 and

was getting monthly salary of Rs.72,000/-. As per the Supplementary

Reply dated 26.09.2022, the beneficiary of the money of the investors

were the companies promoted by the Satender Singh Bhasin

(Promoter) in the name of The Grand Vanezia Infotech, Bhasin

Motors, Bhasin Infotech and no money was transferred for the benefit

of the petitioner. The petitioner did not have any nexus with the group

of the companies being managed by the main accused.

3.5 The concerned Court of Additional Session Judge has failed to

appreciate the facts that there are total 6 FIRs lodged by different

complainants in the present dispute between the flat buyers and the

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

promoter. FIR bearing no.264/2018 has already been quashed vide

order dated 23.05.2022 passed by this Court. FIR bearing nos.

268/2018, 111/2019, 112/2019 and 114/2019 were already ordered to

be clubbed together vide order dated 02.08.2022 passed by this Court.

In FIR bearing no.254/2019, the application for compounding of

offences has already been filed by the petitioner and is pending for

consideration before the Court of Chief Metropolitan Magistrate.

3.6 The charge-sheet against the main accused has already been

filed wherein no allegation has been made against the petitioner. It is

reflected from the charge-sheet, Satender Singh Bhasin has siphoned

off the amount from the Company to its group of companies. The

petitioner is neither named in FIR nor made as accused person at the

time of filing of the charge-sheet as such the petitioner does not have

any role to play with the alleged offence. The petitioner is already on

anticipatory bail in FIR bearing nos. 425/2019, 427/2019, 841/2019

and 980/2020 registered at P.S. Gautam Budh Nagar.

3.7 The petitioner is a highly qualified person without any previous

criminal antecedents. The petitioner is the father of two minor children

and the sole bread earner of the family. The petitioner was never

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

involved in any decision making of affairs of the Company and he was

merely an employee of the Company. The judicial custody of the

petitioner is not required. The petitioner is ready and willing to join

the investigation as and when directed. The petitioner is not at flight

risk and is having a deep roots in the society. It is prayed that the

petitioner be released on bail.

4. The respondent had submitted the Status Report under the

signature of Ghanshyam, Assistant Commissioner of Police,

Economic Offences Wing. It is stated in the Status Report that the

present case was got registered on the basis of the complaint made by

the complainant and others. It was revealed during the investigation

license was granted to M/s Anand Infoedge Private Limited on

26.10.2012 to develop the IT & IT Enabled Services Office

Space(s)/Retail Unit at Plot no.1, Sector 143-B, Noida, while the

bookings were invited by the Company and at that time, the Company

was not having any collaboration agreement with the M/s Anand

Infoedge Private Limited. The Company received the booking amount

in its Bank Account bearing no. 00751100068876 at Punjab & Sind

Bank, Rajouri Garden. Satinder Singh Bhasin, Mohinder Singh

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

Ahluwalia and the petitioner were found to be authorized signatory as

well as Directors of the Company. The petitioner was found to be an

active Director of the Company from 13.10.2012 to 01.08.2013 as per

the information given by the Registrar of Companies. The address of

the petitioner in the bank account was recorded as 475, Double Storey,

New Rajinder Nagar, New Delhi and 1554, old Gadda Khana opposite

Arya Samaj Park Patiala. Notices under section 41A of the Code were

sent via speed post to the petitioner to join the investigation but the

petitioner never joined the investigation. The efforts were also made to

trace the petitioner. NBWs were ordered to be issued to arrest the

petitioner on 26.08.2022 and to execute NBW on 05.09.2022, a raid

was conducted at Sector-16A, Chandigarh, from where the petitioner

was arrested.

4.1 The complaints of 170 victims were received about the same

project which were clubbed with the present FIR. The charge-sheet in

respect of the accused/Satinder Singh Bhasin has already been filed.

The bail applications of the petitioner were rejected by the Court of

Additional Session Judge vide order dated 01.10.2022 and by the

Court of Chief Metropolitan Magistrate vide order dated 12.09.2022.

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

The petitioner was holding the post of the Director in the Company

and was an authorized signatory. The petitioner may temper with the

evidence or influence the witness. Accordingly, the bail application

was opposed.

5. The learned Senior Counsel for the petitioner advanced oral

arguments and written submissions were also submitted on behalf of

the petitioner.

5.1 The learned Senior Counsel argued that the provisions of

section 41A of the Code and guidelines as laid down in Arnesh

Kumar V State Of Bihar (2014) 8 SCC 273 were not complied with

qua the petitioner. The notice under section 41A of the Code was

issued by the I.O at 475 double Storey New Rajinder Nagar, New

Delhi which was the residence of the petitioner during the year 2012-

13 and thereafter the petitioner is residing at House No.3, Sector 16 A,

Chandigarh since 2017. The concerned I.O. has overlooked the

Aadhaar Card while serving the notice under section 41A of the Code.

5.2 The petitioner was neither named in FIR and nor in main

charge-sheet. There is no allegation or any role assigned to the

petitioner in FIR or the charge-sheet. The only allegations are against

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

the main accused Satinder Singh Bhasin. The perusal of the charge-

sheet and supplementary charge-sheet filed against the petitioner

reflects that there is not a single allegation of siphoning off or

recovery of the money from the petitioner and as per the main charge-

sheet, the money of the investor had gone to the bank account of the

Company being owned and operated by Satinder Singh Bhasin. The

petitioner was as an employee of the Satinder Singh Bhasin with a

meagre salary of Rs.63,000/- for a period of 10 months and had

nothing to do with the business conducted by the Company. The

allegations in the supplementary charge-sheet are related to the period

when the petitioner was admittedly not working or associated with the

Company. The petitioner was not associated with the M/s Mist Direct

Sales Private Limited in any manner as the petitioner has already

resigned from the Company. The charge-sheet is filed on the premises

that the petitioner was the Director of M/s Mist Avenue Private

Limited, the name of which was changed to M/s Mist Direct Sales

Private Limited. As per the website of Ministry of Corporate Affairs,

M/s Mist Avenue Private Limited and M/s Mist Direct Sales Private

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

Limited are different entities. The petitioner was never been in control

of the business of the Company.

5.3 The promoter/main accused Satinder Singh Bhasin has already

been granted bail vide order dated 27.05.2019 passed by the Court of

Additional Session Judge, which has been affirmed by this Hon'ble

Court vide order dated 24.08.2022 passed in CRL. M.C. No.

4036/2019. There is no incriminating material against the petitioner.

No vicarious liability can be fasten on the petitioner as there is no

specific allegations made against the petitioner regarding the dishonest

inducement. The incarceration of the petitioner is not justified. It is

argued that the accused be released on bail.

6. The learned counsel for the complainant submitted that

compliance under section 41A of the Code was sufficiently made. The

Chief Metropolitan Magistrate while dismissing the bail application

vide order dated 12.09.2022 observed that if the I.O. has sent notice

to the petitioner at the address available with the bank then I.O has

done his duty. The petitioner avoided the investigation despite being

aware of the same as is reflected from the whatsapp chats.

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

6.1 The anticipatory bail granted to the main accused Satinder

Singh Bhasin vide order dated 1.10.2022 due to the compromise

between the main accused and one of the complainants and not on

merits of the case. The alleged scam is of more than Rs.400 crores and

also 150 victims are involved.

6.2 The petitioner was a Director of the Company i.e M/s Mist

Avenue Private Limited for a period of 8-10 months and has nexus

with the Company and money worth crores of rupees was transferred

from the bank account of the Company to the bank accounts of various

companies under the signature of the petitioner.

6.3 As per the supplementary charge-sheet, there are ample

evidences which established that the petitioner was a Director during

the period when the alleged scam took place and he was also the

authorized signatory. The petitioner despite being aware of the order

dated 14.07.2022 passed by the Trial Court avoided investigation and

was absconding. It is argued that bail application of the petitioner be

dismissed.

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

7. The Additional Public Prosecutor for the State argued on the

basis of facts as mentioned in the Status Report and strongly opposed

the bail application of the petitioner.

8. It is reflecting that the Company (M/s Mist Avenue Private

Limited) proposed to develop project IT & IT Enabled Services Office

Space(s)/Retail Unit in Project namely "Mist Avenue/Festival City" in

the area of Noida. The complainant had invested Rs.23,61,079/-

(Rupees Twenty Three Lacs Sixty One Thousand and Seventy Nine

Only) in the year 2013, in the above mentioned project. It was

proposed that the said project would be completed in 99 days but

subsequently the delivery time was increased from 2018 to 2022. The

Company (M/s Mist Avenue Private Limited) was also stated to be

changed to M/s Mist Direct Sales Private Limited, but as per the

Ministry of Corporate Affairs, these two companies were different.

The complainant and other investors were also asked to enter in a new

contract with M/s Mist Direct Sales Private Limited. It has became

also apparent subsequently that to develop IT Office Space(s) at Plot

no.1, Sector 143-B, Noida, a license was granted to M/s Anand

Infoedge Private Limited on 26.10.2012 but the bookings were invited

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

by the Company and at that time there was not collaboration

agreement in existence between these two companies. There was a

bank account bearing no. 00751100068876 operational in the name of

the Company (M/s Mist Avenue Private Limited) in Punjab & Sind

Bank, Rajouri Garden and the petitioner was found to be an

Authorised Signatory in respect of the bank accounts beside other

directors, namely, Satinder Singh Bhasin, Mohinder Singh Ahluwalia.

The petitioner was found to be one of the Director of the Company

during the period with effect from 13.10.2012 to 01.10.2013. In the

said bank account, the address of the petitioner was given as 475

double Storey New Rajinder Nagar, New Delhi and 1554 old Gadda

Khana opposite Arya Samaj Park, Patiala. The notice under section

41A was issued by the concerned I.O. qua the petitioner at these

addresses. The petitioner never joined the investigation. During the

investigation non-bailable warrants were ordered to be issued against

the petitioner and the petitioner was arrested from the House bearing

no.3, Sector 16 A, Chandigarh on 05.09.2022. The various complaints

received against the Company were clubbed together with the

complaint of the present complainant.

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

8.1 The bail application filed on behalf of the petitioner was

rejected by the Court of CMM, West vide order 12.09.2022 and by the

Court of Additional Session Judge, West vide order dated 01.10.2022.

The petitioner is in judicial custody since 05.09.2022. The charge-

sheet in respect of the accused Satinder Singh Bhasin and

supplementary charge-sheet in respect of the petitioner have already

been filed before the concerned Court.

8.2 The learned Senior Counsel for the petitioner regarding service

of notice under section 41A of the Code argued that the petitioner was

never served with the notice under section 41A of the Code for

appearance before the concerned I.O. He further argued that the

petitioner stayed at premises bearing no. 475 double Storey New

Rajinder Nagar only during the period 2012-13, thereafter the

petitioner stayed at House no.3 Sector 16A Chandigarh. Section 41A

of the Code deals with the notice of appearance before the Police

Officer. It provides that the Police Officer in a case, where the arrest

of a person is not required shall issue a notice directing the person

against whom a reasonable complaint has been made or information

has been received that he has committed a cognizable offence to

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

appear before the Investigating Officer at the place specified in the

notice. Thereafter it is the duty of a person against whom such notice

has been issued to comply with the terms of the notice.

8.3 It is apparent that the addresses which were available with the

concerned bank were the addresses on which the notice under section

41A of the Code was issued qua the petitioner. The petitioner has

never informed the concerned I.O. regarding the change of address i.e.

the petitioner has shifted to House no.3, Sector 16A, Chandigarh.

There was no occasion for the concerned I.O or bank. to find out the

new address of the petitioner. The concerned I.O. was having no

option except to issue or serve the notice under section 41A of the

Code on the petitioner at the addresses which were available with the

concerned I.O. There is no force in the arguments advanced by the

learned Senior Counsel for the petitioner that the petitioner was not

served with the notice under section 41A of the Code.

8.4 The learned Senior Counsel for the petitioner also argued that

the main accused Satinder Singh Bhasin was granted anticipatory bail

vide order dated 27.05.2019 passed by the Court of Ms. Nirja Bhatia,

ASJ-03 (West), Tis Hazari Courts, Delhi in bail application bearing

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

no.1250/2019. The Additional Public Prosecutor assisted by the

counsel for the complainant argued that the accused Satinder Singh

Bhasin was granted anticipatory bail vide order dated 27.05.2019 due

to the settlement between the parties and the said settlement had never

been complied with. The arguments advanced by the learned Senior

Counsel does not provide any help to the petitioner.

8.5 The perusal of order dated 27.05.2019 reflects that the co-

accused Satinder Singh Bhasin was granted bail vide order dated

27.05.2019 due to the settlement between the complainant and the co-

accused Satinder Singh Bhasin and the grant of anticipatory bail to co-

accused Satinder Singh Bhasin was not opposed by the complainant.

There is no force in the arguments advanced by the learned Senior

Counsel for the petitioner that the petitioner is entitled for the grant of

bail due to parity. There is no settlement between the petitioner and

the complainant and moreover the settlement which was stated to be

arrived between the co-accused Satinder Singh Bhasin and the

complainant was never materialized or executed.

9. The learned Senior Counsel for the petitioner also argued that

the petitioner was not named in the FIR and was also not named in the

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

charge-sheet filed in respect of Satinder Singh Bhasin, and allegations

were made only against the co-accused Satinder Singh Bhasin. The

petitioner was an employee under Satinder Singh Bhasin with meagre

salary of Rs.63,000/- per month and remained under his employment

for a period of 10 months. The petitioner was not associated with the

company during the commission of alleged offence. The complainant

had executed fresh agreement with M/s Mist Direct Sales Private

Limited and the period of delivery of possession was further extended

at that time. The petitioner was not associated with M/s Mist Direct

Sales Private Limited in any manner as he has already resigned from

the Company in the year 2013. The petitioner was a Director of the

Company for a limited period of 10 months with effect from

12.10.2012 to 01.08.2013. The Company (M/s Mist Avenue Private

Limited) and the M/s Mist Direct Sales Private Limited are the two

different companies.

It is also apparent that the petitioner is not named in the FIR

and no specific allegations are made against the petitioner in the

charge-sheet filed against Satinder Singh Bhasin. However, during

further investigation it was revealed that the Company had invited the

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

investors through advertisement in the year 2012-13 to invest money

in the Project M/s Mist Avenue and delivery of the possession was

offered till the year 2015 which was extended till 2022. The

complainant and other investors were forced to enter into a new

contract with another company M/s Mist Direct Sales Private Limited.

The petitioner was one of the Director of the company i.e. M/s Mist

Avenue Private Limited during the period with effect from 12.10.2012

to 01.08.2013 as well as also the Authorised Signatory of the account

operational at Punjab and Sind Bank, Rajouri Garden in which the

invested money was deposited. It was also apparent that the under the

signature of the petitioner the money of the investor was siphoned off

from the said account of the Company to other companies. The

petitioner did not join the investigation and avoided the arrest. It

cannot be said at this stage that the petitioner was not directly or

indirectly connected with the affairs of the company i.e. M/s Mist

Avenue Private Limited. If the petitioner is not named in the FIR or

chargesheet filed against Satinder Singh Bhasin, it does not mean that

the petitioner was not involved in entire transaction as reflected from

further investigation.

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01 Neutral Citation Number: 2022/DHC/005792

10. It is apparent that a fraud of more than Rs.400 crores was

committed and about 150 persons have been duped of their money.

The petitioner did not place any document on record which can reflect

that the petitioner was merely an employee of the Company.

Considering the gravity of the offence and other facts and

circumstances, no ground for bail is made out, hence the application is

dismissed.

11. Nothing in this order shall be taken as an opinion on the final

merits of the case.

SUDHIR KUMAR JAIN (JUDGE) DECEMBER 23, 2022 'j/sd'

Signature Not Verified Digitally Signed

Signing Date:23.12.2022 16:39:01

 
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