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Order in BA no.353/2023
MHCC020063562023
BEFORE THE DESIGNATED COURT UNDER M.P.I.D. ACT
CITY CIVIL & SESSIONS COURT, MUMBAI
BAIL APPLICATION NO. 353 of 2023
Ramdas Shankar Shedge
Age : 42 years, Occ : Finance Business
residing at Mu. Parambe, Po. Petari,
District Taluka – Satara
Current Address – F/12, 1st floor,
Ashok Apartment, Sadar Bazar,
District­Satara
]
]
]
]
]
] Applicant/
]… Accused No.1
Versus
The State of Maharashtra
(At the instance Ghatkopar Police Station)
]
]… Respondent
Appearances:­
Ld. Advocate Nitu Singh for applicant present for the Applicant.
Ld. SPP V. C. Malankar for the State/ Respondent.
CORAM : HIS HONOUR JUDGE
SHRI S. M. TAPKIRE
(Court Room no. 7)
DATED : 9th May, 2023.
ORAL ORDER
1. This is an application under Section 437 of The Code of Criminal
Procedure, 1973 preferred by the applicant/accused to have
liberty to him in connection with the crime vide C.R. No.
149/2021 dated 27.03.2021 registered with Ghatkopar police
station for the offences punishable under Sections 409, 420 r/w
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Order in BA no.353/2023
Section 34 of the Indian Penal Code, 1860 (hereinafter referred
as “IPC”) and Sections 3 of The Maharashtra Protection of
Interest of Depositors (In Financial Establishments) Act, 1999
(hereinafter referred as “MPID Act”).
2. The Respondent/EOW has strongly opposed to the bail plea of
applicant by filing their written objection at Exhibit No.02.
3. Perused the application, plea, grievance, submissions raised
therein coupled with respondent’s say, documents placed reliance
by the rival parties, especially copy of charge­sheet and
documents annexed with it. Heard, Ld. Advocate Nitu Singh for
applicant and Ld. SPP V. C. Malankar for State/ Respondent.
4. Taking into consideration rival submissions, contentions and
record availed it inclined initially impugned crime was raised
against in all three accused. They all are arrested. It is alleged by
the informant Rajesh Gavane that the applicant and other
accused are director of Shubharambh Nagari Sahakari Sanstha
Maryadit (hereinafter referred said Patsanstha). The person
namely Naresh Kadam was acquainted to him, he instigated to
him and his family members for depositing their amount in said
Patsanstha by giving assurance that they would get 15% p.a.
interest.

Thereby, they have invested in all amount Rs.

29,40,000/­ in the name of him and his father and mother.
However, in the year 2018 as he was required Rs. 13,00,000/­ for
the purpose of renovation of his residence thereby he approached
to the said Patsanstha and applicant and Naresh Kadam also.
However, they started to neglect him and failed to provide his
deposited amount. He has inclined that applicant and other 13
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Order in BA no.353/2023
persons were directors of said Patsanstha. They all have get
transferred the deposited amount in their personal bank account
and by cheated them misappropriated their huge deposits
amounts and also committed fraudulent default thereby raised
registered the impugned crime against all the directors and
managing directors of said Patsanstha.
5. The applicant with regard to the alleged plea, grievance,
contention raised against him in FIR come with the case that
though the informant allegedly deposited amount in the year
2016. However, the impugned crime raised in the year 2021
thereby huge delay in lodging FIR is there. In fact he has not
committed any crime. Though, he was director however he has
not misappropriated any amount or committed fraudulent
default.

The substantial deposited amount in said Patsanstha
provided by loan to the members of said Patsanstha. Only due to
not recovered the loan amount from concerned borrowers,
financial crisis arise. Therefore, the amount of depositors/account
holders could not repay. Till now three accused are arrested. The
substantial material allegations are just raised against the
managing director. He is arrested on 31.01.2023. Against him
just plea, grievance, accusations raised that in his personal
account in all Rs. 94,000/­ has been transferred. The said amount
is still laying with said Patsanstha. Also submitted that though
the impugned crime raised on 27.03.2021, however, he is
arrested on 31.01.2023.

In view of raised plea, grievance,
allegations and thereby saddled charge of offence under Sections
420 r/w 34 of Indian Penal Code under Section 3 and 4 of MPID
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Order in BA no.353/2023
Act, till now chargesheet is not submitted. Though the offence
punishable
under
Section
409
subsequently
added
by
investigating agency, however, the same is just added after
thought and for giving by pass for mandate compliance under
Section 41 A of Cr.P.C.

In such eventualities, no any reason,
cause, ground is remained for his custodial detention for
indefinite period. He also raised general grounds.
6. The respondent/State has strongly opposed to the bail plea of the
applicant principally on the ground that the applicant, Naresh
Kadam are mastermind, author and architect of impugned crime.
They along with other directors by conspired instigate lured
informant and other depositors for depositing their amount in
said Patsanstha by giving promise, assurance to provide the
interest amount at the rate of 15% p.a. which was not viable to
provide the depositors. The accepted deposit amount given as on
loan to the directors of said Patsanstha.

The director Naresh
Kadam is one of the borrower of Patsanstha. He has obtained
huge loan amount. The same is not repaid by him. The applicant
and other accused have transferred divert rooted huge amount of
Patsanstha in their personal account and also in account of other
directors. While audit for the period of 2016­2017 against the
applicant and other directors serious in natures allegations of
default, improperness in transactions and distribution of loan,
other considerable intentional mistakes are recorded and
inclined. Therefore, as the applicant is also actively involved,
participated to commit the impugned crime thereby he does not
deserve to have the liberty. They also raised general objections.

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Order in BA no.353/2023
7. In above such circumstances having into consideration, rival
submissions, contentions and record availed prima facie revealed
in all Fourteen (14) accused are involved in impugned crime. The
applicant was deputed as Secretary of said Shubharambh Nagari
Sahakari Sanstha Maryadit and other accused were Managing
Director and Directors. Thereby, allegedly he was actively
participated in impugned crime. Against him also alleged that as
per his direction and request the amount Rs.8 Lakhs was given to
one of the accused Naresh Kadam. The same is due with said
borrower. Except that against him no any seriously, considerable,
cognizable allegations, grievance raised. It also inclined no any
single rupee transferred in his personal account. The material fact
that charge­sheet is submitted on 26.03.2023 and prior to that on
21.12.2022 he is arrested. The two accused Directors Kiran
Bhosale, Pranali Kulkarni are already enlarged on bail. Another
one accused Director namely Vishwas Govind Bhosale is on
Anticipatory Bail. Other accused are yet to be detected and
transpired. The record shows in impugned crime substantial
documents and witnesses are involved. Thereby, inevitable time
would take to commence and conclude the trial. Even the
substantial
material
facts
and
circumstances
allegations,
grievance are just concern with the documentary evidence.
Against the applicant and all accused same, common and similar
in natures allegations are raised. Thereby, I felt the applicant
certainly would entitle to have liberty on the ground of parity.
Thus, I am inclined to have liberty to applicant subject to
following conditions. With this passed following order :­
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Order in BA no.353/2023
ORDER
1.
The present Bail Application No. 353 of 2023 is hereby allowed,
subject to following conditions by applicant /accused no.1­
i. The Applicant/Accused No.1 Ramdas Shankar Shedge be
released on executing a PR Bond of Rs. 5,00,000/­ (Rupees
Five Lakhs Only) with furnishing one or two solvent
sureties in the like amount in crime vide C.R.No.149/2021
dated 27.03.2021 registered with Ghatkopar police station,
Mumbai for the offences punishable under Sections 409,
420, r/w Section 34 of Indian Penal Code, 1860 a/w under
Sections 3 of The Maharashtra Protection of Interest of
Depositors Act, 1999.
ii. The applicant shall not tamper or hamper the prosecution
witnesses and evidence as well as pressurize to any of the
prosecution witness by any manner.
iii. The applicant shall attend every date of trial without fail.

iv. The applicant shall not indulge in any criminal activity.
v. The applicant shall co­operate in investigation, as and
whenever he required for interrogation, he shall avail for
the same.
vi. The applicant shall not leave India without prior
permission of Court.
vii. The
applicant shall submit his proper considerable
residential address proof as well as telephone and cell
numbers with respondent/State in view of his contact.
The applicant shall submit his passport with
Respondent /State if any availed with him.

viii.

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Order in BA no.353/2023
ix. The applicant shall not alienate, transfer, sell, mortgage or
create any third party interest over the movable and
immovable properties bearing in the name of his Financial
Establishment himself and his contiguous blood relatives
by any manner.
x. In case of disobedience or breach of any saddled condition
by applicant, this order will liable to be canceled.
2.

Accordingly, Respondent/State to take the note of this order.

3.

The present Bail Application No. 353 of 2023 stands disposed of
accordingly.
(Dictated and pronounced in the open Court.)
Digitally signed
by SHRIRAM
MADHUKAR
TAPKIRE
Date:
2023.06.08
15:30:27 +0530
Date : 09.05.2023.

Dictated on
: 09.05.2023.
Transcribed on : 12.05.2023
Signed on
: 05.06.2023
( S. M. Tapkire)
Designated Judge and Addl.
Sessions Judge, City Civil &
Sessions Court, Mumbai.

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Order in BA no.353/2023
“CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL SIGNED
JUDGMENT /ORDER”
On 08.06.2023 at 2.42 P.m.
UPLOADED DATE AND TIME
Mrs. G. P. Acharekar
NAME OF STENOGRAPHER
Name of the Judge (with Court Room no.)

H.H.J. S. M. Tapkire
C.R. No.07
Date of Pronouncement of Judgment/Order
09.05.2023
Judgment /Order signed by P.O. on
05.06.2023
Judgment/Order uploaded on
08.06.2023