1 2025:CGHC:53892 NAFR HIGH COURT OF CHHATTISGARH AT BILASPUR MCRCA No. 1685 of 2025 Harbilas Agrawal S/o Bhola Prasad Agrawal Aged About 58 Years Director Shri Rupanadham Steel Pvt. Ltd. And Banke Bihari Ispat Pvt. Ltd. R/o 7th Floor, Laxmi Heights, Dhimrapur, Raigarh, District : Raigarh, Chhattisgarh ... Applicant(s) versus State Of Chhattisgarh Through Police Station Punjipathra, Raigarh, District : Raigarh, Chhattisgarh ... Respondent(s) For Applicant(s) : Mr. Manoj Paranjpe, Senior Advocate assisted by Mr. Rishabh Gupta, Advocate. For Respondent(s) : Mr. Nitansh Jaiswal, Panel Lawyer. Hon'ble Mr. Ramesh Sinha, Chief Justice Order on Board 04.11.2025 1. This first anticipatory bail application under Section 482 of the Bharatiya Nagarik Suraksha Sanhita, 2023 (for short ‘BNSS’) has been filed by the applicant, who is apprehending his arrest in connection with Crime No.233/2025 registered at Police Station AKHILESH KUMAR DEWANGAN Digitally signed by AKHILESH KUMAR DEWANGAN 2 Punjipathra, Raigarh, District : Raigarh (C.G.) for the offence punishable under Section 420 r/w Section 34 of the IPC. 2. Prosecution case in brief is that the complainant, who is the younger brother of the applicant, lodged an FIR alleging that the applicant, by committing fraud, transferred 2,09,960 equity shares, constituting 16.92% of the total shareholding of the company, into his own name by executing a forged gift deed dated 16.05.2024 and a share transfer deed. It is further alleged that the applicant forged the complainant’s signatures for the execution of the said gift deed and, in collusion with other directors of the company, committed fraud. Hence, the bail application. 3. Learned counsel for the applicant would submit that the applicant is innocent and has falsely been implicated in the present case. He further submits that the applicant is a Director of Rupanadham Steel Pvt. Ltd. and Banke Bihari Ispat Pvt. Ltd., along with two other Directors, Ayush Agrawal and Pranav Agrawal. The complainant, who is the applicant’s younger brother, was holding 16.92% shares (2,09,960 equity shares) in Banke Bihari Ispat Pvt. Ltd.. Due to ongoing family disputes, the applicant had earlier lodged FIR No. 532/2025 dated 20.08.2025 against the complainant and his family members, followed by a legal notice dated 19.06.2025. The said 2,09,960 shares were transferred to the applicant through a duly executed Gift Deed dated 16.05.2024 and corresponding Form SH-4 as required under Section 56 of the 3 Companies Act, 2013, both signed by the transferor and transferee. Subsequent notices issued by the complainant under Sections 115 and 169 of the Companies Act, 2013, clearly reflect that he was aware of the transfer, as he declared holding only 1.5% shares under Ajay Kumar Agrawal HUF. The Forensic Report has confirmed the genuineness of signatures on the Gift Deed. Despite holding possession of the company’s vehicles, the complainant has failed to return them. Furthermore, the complainant has already filed a petition before the NCLT, Cuttack Bench under Sections 213, 221, 241, 242 read with 244 of the Companies Act, 2013, wherein he himself admitted holding 16.92% shareholding. The company, in response, filed an application for dismissal, supported by all documents evidencing valid transfer of shares to the applicant. So far as the criminal antecedents of the applicant are concerned, the applicant has two criminal antecedents, out of which, one case, which is of the year 2021 was withdrawn by the State Government/Prosecution by preferring an application under Section 321 of CrPC on 10.07.2021 and another is of the year 2020, which is pending, hence he prays for grant of anticipatory bail to the applicant. 4. On the other hand, learned State counsel has opposed the prayer for grant of anticipatory bail and submits that the applicant is alleged to have fraudulently transferred 2,09,960 equity shares, constituting 16.92% of the total shareholding of Banke Bihari Ispat Pvt. Ltd., in his own name by executing a forged gift deed and 4 share transfer deed dated 16.05.2024, by forging the signatures of the complainant and in collusion with other directors of the company, further the applicant two criminal antecedents of the years of 2020 and 2021, therefore, the applicant is not entitled for grant of bail. 5. I have heard learned counsel for the parties and perused the case diary. 6. Considering the facts & circumstances of the case, submissions of learned counsel for the parties, nature of dispute and material available in case diary, and the fact that though the applicant is alleged to have fraudulently transferred 2,09,960 equity shares, constituting 16.92% of the total shareholding of Banke Bihari Ispat Pvt. Ltd., in his own name by executing a forged gift deed and share transfer deed dated 16.05.2024, by forging the signatures of the complainant and in collusion with other directors of the company, but considering the fact that the applicant has only one criminal antecedent pending against him, which is of the year 2020 under the IPC, as such, without further commenting anything on merits, this Court find it appropriate to grant anticipatory bail to the applicant. 7. Accordingly, the instant MCRCA is allowed and it is directed that in the event of arrest of the applicant - Harbilas Agrawal, on executing a personal bond with one surety in the like sum to the 5 satisfaction of the arresting Officer, he shall be released on bail on the following conditions:- (a) He shall not directly or indirectly make any inducement, threat or promise to any person acquainted with the facts of the case so as to dissuade him from disclosing such fact to the Court. (b) He shall not act in any manner which will be prejudicial to fair and expeditious trial. (c) He shall appear before the trial Court on each and every date given to him by the said Court till disposal of the trial. (d) The applicant and the surety shall submit a copy of their adhaar card alongwith a colored postcard full size photo having printed the adhaar number on it, which shall be verified by the trial Court. (e) He shall not involve himself in any offence of similar nature in future. Sd/- (Ramesh Sinha) CHIEF JUSTICE Akhil