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Delhi HC dismissed bail application filed by ‘ex-CFO of Bhushan Steels Ltd. as offences were serious in nature

January 30, 2020[2020] 113 taxmann.com 561 (Delhi)
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COMPANY LAW : Where offences alleged against petitioner an ex-chief financial officer of company BSL were serious in nature which involved fraud to tune of several crores and offence being an economic one which affects economy of nation, petitioner would not be entitled for bail under section 439 Cr.P.C. Further, in view of allegations appearing on record against petitioner, there are no reasonable grounds to believe that he is not guilty of offences alleged against him and he is not likely to commit any offence under Act while on bail and, therefore, no grounds for bail are made out under section 212(6) of Companies Act, 2013. The bail application is, therefore, dismissed

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