- (1.) Heard Sri Sanjeev Dubey, Advocate holding brief of Sri Abhishek Tiwari, learned counsel for the applicant and Sri Gyan Prakash, learned counsel for the respondent.
(2.) This is an application moved by the applicant seeking bail in Special Case No. 01 of 2017/Criminal Misc. Case No. 07 of 2016 (Central Bureau of Investigation versus Rajat Alloys Pvt. Ltd.) pending before the Special Judge, Prevention of Corruption (CBI), Court No. 1, Ghaziabad under Sections 120-B, 420, 467, 471 of the Indian Penal Code and Section 13 (2) read with Section 13 (1) (d) of the Prevention of Corruption Act, 1988 in connection with the first information report dated 1st April, 2015 registered as RCBD1/2015/E0005 at BS & FC CBI, New Delhi.
(3.) The contention of the learned counsel for the applicant is that M/s. Rajat Alloys Pvt. Ltd. (for short "RAPL") (accused no. 1) is a company duly registered under the Companies Act, of which the applicant is the Director. The applicant has been shown as Accused No.3 in the charge-sheet. RAPL has sold steel to M/s. International Electron Devices Limited Ex-works (for short "IEDL") (accused no. 4) and the transportation of the goods sold by the RAPL was the responsibility of the purchaser i.e. IEDL. The payments of the sold material was assured under the Letters of Credit issued by the Punjab National Bank of India (for short "PNB"). Union Bank of India (for short "UBI") has purchased those Letters of Credit being in assurance of payments subject to the compliance of condition mentioned in those Letters of Credit itself, which constitute an independent contract between the issuing Bank- PNB and the negotiating Bank- UBI. It was obligatory on the part of the UBI to verify the genuineness of the Letters of Credit from the issuing Bank i.e. PNB.;