- (1.)The Petitioner has challenged the Order dated 30-7-2013 passed by the Gujarat High Court declining bail to him. It appears that the Forward Markets Commission ("the Commission"), a regulatory authority set up by the Government of India in accordance with the provisions of Section 3(1) of the Forward Contracts (Regulation) Act, 1952 ("the Act") received a complaint on 28-11-2010 wherein various irregularities alleged to have been committed by the National Multi Commodity Exchange ("the NMCE") were mentioned and the Commission's intervention was sought. The complaint pertained to trading irregularities and abuse of its position in NMCE by M/s. Neptune Overseas Limited ("NOL"), the anchor Promotor of NMCE. The Report of the Auditors appointed by the Commission pointed out irregularities committed by NMCE. A show cause notice was issued to the Petitioner, who was the Vice-Chairman and Managing Director of the NMCE, Under Section 4(b) of the Act. An Inquiry was conducted and after analysis of evidence, the Commission observed as under: -
"a) Embezzlement of huge funds from the Exchange through ATSPL amounting to atleast Rs. 28.80 crore.

b) Irregularities in the allotment of shares of NMCE to NOL, including misuse/ misappropriation of Exchange funds for the said purchase.

c) Misuse of Exchange funds running in crores of rupees on numerous frivolous consultancies without proper appointments and consultancy/study reports.

d) Illegal payments from NMCE to his family members and others.

e) committing criminal offence by doing all the above.

f) subversion of corporate governance in the Exchange.

g) Abetment of criminal acts by relatives and family members."

The Commission inter alia directed the NMCE to file FIR against the Petitioner.

(2.)Pursuant to this direction, FIR was registered against the Petitioner being C.R. I No. 027/2012 dated 27-4-2012 Under Sections 406, 408, 409, 420, 465, 466, 467, 468, 471, 477(A) read with Sections 120B and 34 of the Indian Penal Code with DCB Police Station, Ahmedabad.
(3.)The Directorate of Enforcement, Department of Revenue also registered a case under the Prevention of Money Laundering Act against the Petitioner On 31 -3-2013, the Petitioner was arrested. The Petitioner filed bail application in the Sessions Court which came to be rejected on 24-4-2013. On 28-5-2013 bail application filed by the Petitioner in the High Court came to be withdrawn. After the charge-sheet was filed on 24-6-2013, the Petitioner again filed bail application in the Sessions court which was rejected. The Petitioner then filed bail application in the High Court. By the impugned order, it was rejected. Hence, this Special Leave Petition.