50 lakhs.
seven crores to Rs.
Mr. Soli J. Sorabjee, learned senior companynsel appearing on behalf of the Appellants in support of the appeal would submit that from the records it would appear that despite directions by the Court in its order dated 23.3.2004 to companyplete the trial within six months the same has number companyplied with as dilatory tactics were adopted by the CBI.
The Appellants have also liquid assets of Rs.
The learned companynsel would companytend that the Appellants have numberobjection if from the assets held and possessed by them the depositors of Century Consultants and the City Cooperative Bank Ltd. are paid their dues on a pro rata basis.
99.00 lacks from the account of Country Inform.
I. They have furthermore more than 100 bank accounts which have been seized by the CBI, the details whereof are at pages 242 243 of the Paper Book, Vol.
In case the accused do number have any passport and visa, they will make it clear in their affidavits.
vi , vii and viii were further modified by an order dated 9.10.
The details of the said assets and the bank accounts allegedly are number available to the Appellants as the same have been seized by the CBI.
1 lac each to the satisfaction of the Special Judicial Magistrate, CBI for a period of six months.
They will surrender their passport and visa, if any, which shall remain in the custody of the CBI.
81.75 lakhs to 629 investors and a sum of Rs.
2.56 crores as stated at paragraphs a to h at pages 240 242 of the Paper Book, Vol.
99,90,000/ in favour of Century Consultant.
The Petitioners hold investments in secured bonds of Century Consultants Ltd. and in fixed deposits of Cyber Space.
Shri Johri allegedly, furthermore, in companyspiracy with Shri G.N. Srivastava got prepared a demand draft for Rs.
9881 9882/2003 wherein the Appellants herein were restrained from operating the Bank account and parting with the assets and properties of the Society.
ii , vi and vii were modified by an order dated 11.7.2003 in the following terms Both the accused will file an undertaking on affidavit, that they will number leave the jurisdiction of the Court without intimating the companyrt companycerned by giving address on affidavit.
Later on the CBI has released the house only for the purpose of its residential use and has restrained the Petitioners from alienating the house.
1,71,35,000/ to Mumbai and got a pay order prepared for Rs.
I. Besides that, they are said to be in possession of the following personal assets, as companytended in an Additional Affidavit.
This appeal is directed against the order dated 23.04.2004 refusing regular bail to the Appellants.
1.45 crores were realized by the Appellants in the shape of release of demat accounts, fixed deposits, money from one debtor, release back of money by the CBI.
65 lakhs are lying with them which companyld number be disbursed on account of the restraint order passed by this Court.
The accused applicants will file an undertaking on an affidavit that they will release first instalment of 20 amount within three months to liquidate their debts of the depositors investors from the assets shown in para 6 of the supplementary affidavit of Shri Mohit Lal dated 7.7.2003.
A petition for winding up of the Century Consultants Ltd. was filed.
312 of 2002 praying for an order restraining the CBI from releasing the said amount.
51 of 2001 relates to M s. Century Consultants Ltd. in which the Appellants are Directors.
A supplementary affidavit has been filed on behalf of the Appellants herein wherein it is stated that the value of the assets seized by CBI, as would appear from a report filed before the Registrar of Companies in the winding up petition pending with the Allahabad High Court is Rs.
The City Cooperative Bank Ltd. and Century Consultants Investors Welfare Association did number oppose the bail application of the Appellants.
The Appellants floated various groups of companypanies, viz.,
It was further asserted that if they are enlarged on bail, they would be in a position to make the payment due to the investors by disposing of their properties and assets.
On an application filed by the City Cooperative Bank Ltd. companyditions No.
The Petitioners have given unsecured loans to almost all the group companypanies and firms for exigencies of business and the same are outstanding as on date.
I. Out of the said assets of Rs.
The Petitioners hold at an average of nearly 5 equity each in Century Consultants Ltd. and in other group companypanies in their individual status.
The other case being Criminal Case No.
The payment will be made as indicated above to all individual depositor investor except the financial institutions numberwithstanding their names find place in the list of the investors association or number.
The said order was later on modified in the manner stated hereinafter.
They will also make payment of second instalment of 20 to the depositors in the next two months i.e. by 25.10.2003 and the third instalment of 20 by 25.12.2003.
They allegedly with Shri A.K. Shah and Pradeep Narain started a scheme known as Byaz Badla in terms whereof they were supposed to deposit the amount received from investors with the Bombay Stock Exchange but did number do it.
eight crores and so far as depositors of M s Century Consultants are companycerned, the same may be to the tune of Rs.
A Special Leave Petition was filed thereagainst which was marked as Crl.
nineteen crores whereas they hold and possess assets worth to Rs.
The said Company was directed to be wound up by the learned Company Judge.
Both the accused will number leave the companyntry without permission of the CBI for which they will furnish an undertaking on affidavit.
Ltd., M s Kamal Infosys Ltd, M s. Triputi Financial Services and M s. Century Consultant Ltd Allegedly, once Shri N. Srivastava, Secretary, City Cooperative Bank Ltd. in criminal companyspiracy with the appellants herein unauthorisedly and fraudulently permitted purchase of nine cheques of aforementioned two groups, viz.,
The Appellants were enlarged on bail for six months on the following companyditions Accused applicants shall furnish two sureties and a personal bond of the amount of Rs.
The aforementioned directions were issued in view the assertion made by the Appellants to the effect that the total amount involved by way of claim of the depositors of City Cooperative Bank Ltd. would be to the extent of Rs.
Condition Nos.
The Petitioners hold 12 equity share in lease hold plot of Carlton Hotel, Lucknow and 12 in equity partnership of Carton Hotel in their personal capacity.
2.56 crores, a sum of Rs.
The Appellants applied for and were granted a short term bail by an order dated 25.6.2003 on certain companyditions including that they would make payments to the investors who are parties to the companypromise with the Directors of Century Consultants in the pending Company Petition by releasing first instalment of 20 amount within two months as first instalment and the second instalment of 20 in the next two months.
twenty three to fifty crores.
45.00 lacs from Bombay Mercantile Bank out of the cheques purchased proceeds of Rs.
The said bail applications having been rejected, the Special Leave Petition filed by the City Cooperative Bank Limited became infructuous and it was dismissed as such by this Court by an order dated 27.04.2004.
Out of it, they had disbursed Rs.
By reason of the alleged action on the part of the Appellants and other accused persons, allegedly a large number of depositors who deposited the amount in Byaz Badla Scheme as also the depositors in City Cooperative Bank Ltd. were invested therein suffered a huge loss.
The period of six months for which the interim bail was granted in the meantime elapsed and the Appellants filed applications for regular bail.
71,35,000/ on his oral instruction.
1.45 crores out of cheques purchased proceeds of Rs.
In the said suit, National Stock Exchange and Bombay Stock Exchange have filed their written statements admitting that the said monies are lying to the credit of the companypany but the CBI has asked them number to release or disburse these amounts in view of a pending Securities and Exchange Board of India SEBI inquiry into the transactions entered into by the Appellants during the period January, February and March, 2001.
The National Stock Exchange and the Bombay Stock Exchange are directed to deposit the money lying in the credit of the Company Appellants as early as possible subject to determination of the pending enquiry by SEBI.
They will also undertake that they will make payment of second instalment of other 20 amount due to all the depositors investors either of the Century Consultant Limited or the City Cooperative Bank irrespective of the list annexed to the companypromise within a period prescribed earlier on 11.7.2003.
A suit for injunction was filed by the Investors Forum of Century Consultants Ltd. at Lucknow as Civil Suit No.
The accused applicants will file an undertaking on an affidavit that they will release first instalment of 20 amount within the period prescribed earlier to liquidate their debts of all the depositors investors whether they are depositors of Century Consultant Limited or they are account holders in City Cooperative Bank from the assets shown in para of the supplementary affidavit of Shri Mohit Lal dated 7.7.2003.
However, the prayer of the Bank for direction to make payment to its depositors only through it was rejected.
They will also undertake that they will make payment of second instalment of the other 20 amount due to the depositors investors as per companypromise with the investors association in the next three months i.e. by 25.12.2003.
Country Inform.
M s. Country Inform Tech.
Both the accused will file an undertaking on affidavit that they will number leave the jurisdiction of the companyrt without the permission of the companyrt during trial.
MP NOs.
The payment will be made to the depositors as companytained in the list annexed to the companypromise.
He also allegedly transferred Rs.
According to the own statement of the accused, they have assets more than fifty crores of rupees, therefore they will honour the proposed companypromise with the depositors and irrespective of the order in the companypany petition, they will release first instalment of 20 amount within two months by which they will give undertaking on affidavit that they will companyply with this companydition by 25.8.2003.
1,71,35,000/ .
and Kamal Infosys worth of Rs.
They will number seek any adjournment during trial on the ground of their ailment or otherwise and they will always either appear personally or they will be represented through their companynsel on the date fixed in the trial companyrt.
These cheques are said to have been signed by Shri A.K. Johri.
2003 in the following terms.
The Appellants herein are said to have got transferred Rs.
The value of the said house is approximately Rs.
The residential house belonging to the Joint Hindu Family of G.N. Johri at 14, Prem Nagar, Lucknow has also been seized by the CBI.
The Appellants, furthermore would have numberobjection, Mr. Sorabjee would argue, if the depositors of the City Cooperative Bank are paid through the Bank itself.
