Anil O. Khandelwal vs. The State Of Maharashtra And Anr

Facts

Two bail applications were filed by Anil O. Khandelwal (CFO of Cox and Kings Limited - CKL) and Naresh Tikamchand Jain (Internal Auditor of CKL) in connection with C.R. No.67 of 2021, registered by the Economic Offences Wing for offences under Sections 406, 409, 418, 420, 421, 422, 465, 467, 468, 471, 477A read with 120-B of the Indian Penal Code. The complainant is Yes Bank. CKL defaulted on repayment of a loan of Rs. 525 crores obtained from Yes Bank between May 2017 and June 2021. The prosecution alleges falsification of accounts by the applicants in collusion, leading to diversion of funds. Both applicants have been incarcerated since February 11, 2022. Charge-sheet has been filed. The applicants seek bail based on parity with the main accused, Ajay Ajit Peter Kerkar, who was granted bail by the Supreme Court, and also citing their long incarceration and delay in trial commencement.

Held

The Court allowed both bail applications. The Court noted that the applicants have been incarcerated for a significant period (since February 11, 2022) and that the charge-sheet has been filed. A crucial factor considered was the grant of bail to the main accused, Ajay Ajit Peter Kerkar, by the Supreme Court, and to Anil O. Khandelwal by this Court in a separate matter. The Court also took into account the orders from the PMLA Special Court granting bail to the applicants on grounds of delay in trial commencement and long incarceration. The Court prima facie observed that the complainant bank might not have conducted adequate due diligence before advancing substantial amounts of money over a period of four years, despite receiving falsified accounts. Considering the long period of incarceration, the parity with co-accused, and the prima facie observations regarding due diligence, the Court was of the opinion that the applicants had made out a case for bail. The Court directed the release of both applicants on bail, subject to furnishing a Personal Release Bond of Rs. 1,00,000/- each with sureties, and imposed several conditions including reporting to the Investigating Officer, cooperating with the trial, not leaving the State without permission, and surrendering passports.

Key Issues

1. Whether the applicants are entitled to regular bail under Section 439 of the Code of Criminal Procedure, 1973, considering their long incarceration and the principle of parity with co-accused who have been granted bail? Arguments for the Petitioners/Applicants: Mr. Mundargi and Mr. Joshi argued that the applicants are entitled to bail on the principle of parity. They highlighted that the main accused, Ajay Ajit Peter Kerkar, was granted bail by the Supreme Court on August 29, 2024. They also referred to an order dated August 13, 2024, by this Court granting bail to Anil O. Khandelwal in a different case with similar allegations. Furthermore, they pointed out that the applicants had been granted bail by the PMLA Special Court on April 30, 2024, citing delay in trial commencement and long incarceration. They contended that their further judicial custody is unwarranted as they have cooperated with the investigation. Arguments for the Respondent/State: Ms. Bajoria, learned APP, vehemently opposed the grant of bail, submitting that the applicants are indicted for an economic offence, which is considered an offence against the economy of the nation and affects its financial fabric.