Sahara Refund: Patna High Court Grants Pre-Arrest Bail To Agent Booked For Non-Repayment Of Maturity Amount To Depositor
The Patna High Court has granted pre-arrest bail to Shankar Kumar, an agent of Sahara Credit Co-operative Society Limited who is accused of not re-paying the matured amount of the depositors including complainants. Kumar is booked for offences punishable under Sections 323, 341, 406, 420, 504, and 506 of the Indian Penal Code, along with Section 34.Justice Purnendu Singh granted anticipatory...
The Patna High Court has granted pre-arrest bail to Shankar Kumar, an agent of Sahara Credit Co-operative Society Limited who is accused of not re-paying the matured amount of the depositors including complainants. Kumar is booked for offences punishable under Sections 323, 341, 406, 420, 504, and 506 of the Indian Penal Code, along with Section 34.
Justice Purnendu Singh granted anticipatory bail upon considering that the petitioner had given an undertaking to actively cooperate with the complainant.
“Having considered the rival submissions made on behalf of the parties as well as the fact that the petitioner has given undertaking to provide all help to the complainant in getting all the process fulfilled as prescribed in the notification dated 20th June, 2023 of the Ministry of Co-operation as well as in terms of the direction of the Hon’ble Supreme Court in Writ Petition (C) No.191 of 2022 and has undertaken to produce print out of the “uploaded claim form” on the portal before the learned court below within a period of two weeks, this Court directs the learned court below to release the petitioner on provisional bail in connection with Complaint Case No.505(C) of 2021 and on fulfilling all the conditions within the aforesaid period of two weeks, the court below is directed to make the provisional bail absolute on such terms and conditions as laid down under Section 438(2) of the Cr.P.C.”
The prosecution alleged that Kumar, in his capacity as an agent of Sahara Credit Co-operative Society Limited, failed to repay the matured amount owed to depositors, including the complainants. The allegations were related to the Maturity Benefit Payment under Policy No.00050569, concerning the life of the Life Assured Client (complainant).
The petitioner's counsel acknowledged Kumar's agency role during the purchase of the policy by the complainant. However, it was argued that the entire maturity amount had not been returned to the complainant within the stipulated time frame due to the Society's account being frozen by SEBI and various litigations that arose.
The Counsel highlighted that the matter of legitimate dues disbursement was addressed by the Apex Court in a previous case Pinak Pani Mohanty Vs. Union of India & Ors. The counsel informed that the Apex Court's order directed the transfer of Rs. 5,000 crores from the "Sahara-SEBI Refund Account" to the Central Registrar of Co-operative Societies for transparent disbursement among genuine depositors, as per proper identification and claim verification procedures.
In accordance with the Apex Court's directive and subsequent notification from the Ministry of Cooperation dated 20.06.2023, the petitioner's Counsel further informed the Court that steps were being taken to ensure repayment of the matured amount to the complainant and other depositors.
The Zonal Chief of Sahara India, Bihar, reportedly instructed all branch managers and functionaries to assist in facilitating the payment process for matured amounts as per the Apex Court's judgment and the government notification.
The counsel submitted that in the present case, the net payable amount was Rs.51,875/- and the petitioner had undertaken to provide proper assistance to the complainant in uploading the requisite documents and papers as required on the Portal.
On the other hand, the prosecution's representative, Ajit Kumar, opposed the pre-arrest bail during the hearing.
After considering the arguments from both parties, the Court decided to grant pre-arrest bail to the petitioner.
Case Title: Shankar Kumar vs. The State of Bihar and Anr
Case Citation: 2023 LiveLaw (Pat) 99
Case No.: Criminal Miscellaneous No.54413 of 2023
Counsels For the Petitioner/s : Mr.Manish Kumar Singh, Senior Advocate Mr.Kundan Kumar, Advocate
Counsels For the Opposite Party/s : M.Ajit Kumar, APP
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