- 1 - HC-KAR CNR: KAHC010378572026 NC: 2026:KHC:36775 CRL.P No. 7998 of 2026 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 16TH DAY OF JULY, 2026 BEFORE THE HON'BLE MR. JUSTICE S VISHWAJITH SHETTY CRIMINAL PETITION NO. 7998 OF 2026 BETWEEN: 1. MR. RAGHAVENDRA AGARWALA S/O DR. RAMESH CHANDRA AGARWALA AGED ABOUT 48 YEARS INDIAN NATIONAL RESIDENT OF B2 302 PACIFIC GOLF ESTATE SAHASTRADHARA ROAD DEHRADUN, UTTARAKHAND INDIA - 248 001. 2. MRS. SMITA SAHU W/O RAGHAVENDRA AGARWALA AGED ABOUT 43 YEARS INDIAN NATIONAL RESIDENT OF B2 302 PACIFIC GOLF ESTATE SAHASTRADHARA ROAD DEHRADUN UTTARAKHAND, INDIA - 248 001. …PETITIONERS (BY SRI SANDEHS J CHOUTA, SR. COUNSEL FOR SRI KOTABAGI VINODKUMAR DUNDAPPA, ADV.) AND: 1. THE STATE OF KARNATAKA THROUGH MANIPAL POLICE STATION UDUPI, REP BY SPP HIGH COURT OF KARNATAKA BENGALURU - 01. 2. DILIP R ADIGA S/O K.R. RAMACHANDRA ADIGA AGED ABOUT 35 YEARS Digitally signed by NANDINI M S Location: HIGH COURT OF KARNATAKA - 2 - HC-KAR CNR: KAHC010378572026 NC: 2026:KHC:36775 CRL.P No. 7998 of 2026 RESIDING AT NO. 8-1-52A1 BENEKA, LALA LAJPAT RAI MARG KUNJI BETTU, SHIVALLI VILLAGE UDUPI, KARNATAKA - 576 102. …RESPONDENTS (BY SRI VINAY MAHADEVAIAH, HCGP) THIS CRL.P IS FILED U/S 438 CR.PC (FILED U/S 482 BNNS) PRAYING TO DIRECT THE EVENT OF THE ARREST OF THE PETITIONERS BY THE RESPONDENT OR ITS OFFICIALS IN CONNECTION WITH FIR BEARING CRIME NO.0056/2026 DATED 18.04.2026 REGISTERED AT MANIPAL POLICE STATION UDUPI DISTRICT FOR THE ALLEGED OFFENCES P/U/S 409 AND 420 R/W 34 OF THE IPC THE PETITIONERS SHALL BE FORTHWITH RELEASED ON BAIL UPON THEIR EXECUTING PERSONAL BONDS WITH SUCH SURETIES. THIS PETITION, COMING ON FOR ORDERS, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: CORAM: HON'BLE MR. JUSTICE S VISHWAJITH SHETTY ORAL ORDER 1. Accused Nos.3 and 4 in Crime No.56/2026 registered by Manipal Police Station, Udupi, for the offences punishable under Sections 409, 420 read with Section 34 of IPC, are before this Court in this petition filed under Section 482 of BNSS, 2023, seeking anticipatory bail. 2. Heard the learned counsel for the parties. 3. FIR in Crime No.56/2026 was registered by Manipal Police Station, Udupi, for the aforesaid offences against Peter Geoffrey - 3 - HC-KAR CNR: KAHC010378572026 NC: 2026:KHC:36775 CRL.P No. 7998 of 2026 Jermyn and others based on the first information dated 18.04.2026, received from Deelip R Adiga, S/o K. R. Ramachandra Adiga. Apprehending arrest in the said case, petitioners herein had filed Crl.Misc.No.185/2026 before the jurisdictional Sessions Court at Udupi, which was rejected on 16.05.2026. Therefore, they are before this Court. 4. Learned Senior counsel appearing on behalf of the petitioners submits that dispute between the parties is civil in nature, which arises out of an Agreement executed in the year 2019. First informant had initiated arbitration proceedings prior to approaching the police. Petitioners, who do not have any criminal antecedents are ready and willing to cooperate with the police for the purpose of investigation. Only to arm-twist the petitioners, the present criminal case has been registered. 5. Per contra, learned HCGP for respondent No.1 and learned counsel for respondent No.2, who has filed his statement of objections opposing the petition, submit that accused Nos.1 and 2 are residents of Singapore and accused - 4 - HC-KAR CNR: KAHC010378572026 NC: 2026:KHC:36775 CRL.P No. 7998 of 2026 Nos.3 and 4 are residents of Dehradun, Uttarakhand and they have not been cooperating with the police. 6. Learned counsel for respondent No.2 submits that documents produced along with the statement of objections would go to show that the share price of the Company was undervalued and a false representation was made by the accused persons to induce the first informant to enter into an Agreement. Similar complaint is filed against the accused in the present case at Pune in Maharashtra State. He submits that considering the nature of allegations found in the first information, custodial interrogation of the petitioners is required. Accordingly, he prays to dismiss the petition. 7. Perusal of the material on record would go to show that accused No.3 is the Chief Technology Officer and Board Member of a Company known as 'Infomo Global Pvt. Ltd.' and accused No.4 is the Director of the said Company. It appears that, in the year 2019, Infomo Global Pvt. Ltd. had entered into an Intellectual Property Sale Agreement with the Company known as 'M N Shetty Technologies Pvt. Ltd.' of which the first - 5 - HC-KAR CNR: KAHC010378572026 NC: 2026:KHC:36775 CRL.P No. 7998 of 2026 informant is a Director, for the purpose of purchase of the product of the Company of the first informant known as 'Nuntium'. The allegation in the first information is that accused persons had made a false and fraudulent representation about the valuation of their shares and had induced company of the first informant to accept shares in their company in lieu of part sale consideration of the aforesaid product. It appears that subsequently separate sale purchase agreement was executed between the aforesaid two companies on 06.04.2023. 8. A reading of the averments found in the complaint would prima facie go to show that the dispute between the parties is with regard to non-performance of the terms and conditions of the aforesaid agreements executed between the parties. It is not in dispute that prior to registration of the FIR in the present case, first informant had initiated arbitration proceedings in Singapore, in terms of the Agreement executed between the parties, as aforesaid. Considering the aforesaid aspects of the matter and since the petitioners, who have no other criminal antecedents, have undertaken to cooperate with the police for the purpose of investigation, I am of the opinion that the - 6 - HC-KAR CNR: KAHC010378572026 NC: 2026:KHC:36775 CRL.P No. 7998 of 2026 prayer made by them for grant of anticipatory bail can be answered affirmatively, subject to appropriate conditions. Accordingly, the following order:- 9. The petition is allowed. The respondent - Police or any other police in the State of Karnataka are directed to release the petitioners in the event of their arrest in Crime No.56/2026 registered by Manipal Police Station, Udupi, for the offences punishable under Sections 409, 420 read with Section 34 of IPC, subject to the following conditions: a) Petitioners shall appear before the Investigation Officer on 28.07.2026 at 10.30 a.m., and on the said date, the Investigation Officer is at liberty to take them into custody if necessary for the purpose of interrogation. However, it is made clear that after interrogation, Investigation Officer shall release the petitioners on the same day on or before 06.00 p.m. subject to petitioners executing a personal bond for a sum of Rs.2,00,000/- each with two sureties for the likesum to the satisfaction of the Investigating Officer; - 7 - HC-KAR CNR: KAHC010378572026 NC: 2026:KHC:36775 CRL.P No. 7998 of 2026 b) Petitioners shall regularly appear before the Trial Court without fail unless exempted by the Trial Court for valid reasons; c) Petitioners shall not tamper with the prosecution witness and they shall co-operate with the Police for investigation and appear before them whenever called upon; d) Petitioners shall not involve in similar offences in future. e) Petitioners shall furnish their mobile phone numbers and also address proof to the Investigation Officer. f) Petitioners shall inform in advance to the Investigation Officer, if they intend to travel abroad. Sd/- (S VISHWAJITH SHETTY) JUDGE DN List No.: 1 Sl No.: 140