18. BA 3133-2026 (common order).doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION BAIL APPLICATION NO. 3133 OF 2026 Deepali Manoj Tated .Applicant Vs. The State of Maharashtra .Respondent WITH INTERIM APPLICATION NO. 2881 OF 2026 IN BAIL APPLICATION NO. 3133 OF 2026 Naina Deval Shah & ors. .Intervenors IN THE MATTER BETWEEN Deepali Manoj Tated .Applicant Vs. The State of Maharashtra .Respondent WITH BAIL APPLICATION NO. 2999 OF 2026 Kantilal S/o. Balaso Holkar .Applicant Vs. The State of Maharashtra .Respondent WITH BAIL APPLICATION NO. 3136 OF 2026 Bharatkumar Ratanlal Chordiya .Applicant Vs. The State of Maharashtra .Respondent Anand 1 of 9 ANAND SUDHAKAR SUDAME Digitally signed by ANAND SUDHAKAR SUDAME Date: 2026.09.02 20:18:13 +0530 18. BA 3133-2026 (common order).doc WITH INTERIM APPLICATION NO. 2880 OF 2026 IN BAIL APPLICATION NO. 3136 OF 2026 Naina Deval Shah & ors. .Intervenors IN THE MATTER BETWEEN Bharatkumar Ratanlal Chordiya .Applicant Vs. The State of Maharashtra .Respondent Mr. Aabad Ponda, Senior Advocate a/w. Mr. Abhay Dhadiwal & Mr. Rohit Jain i/b. Jayakar and Partners, for the Applicant in B.A.No.3136 of 2026 Mr. Abhay Dhadiwal a/w. Mr. Rohit Jain i/b. Jayakar and Partners, Advocates, for the Applicant in B.A.No. 3133 of 2026 Mr. Kuldeep Patil a/w. Mr. Digvijay S. Kachare and Mr. Anay Joshi i/b. Akshara Madake, for the Applicant in B. A. No. 2999 of 2026 Mr. Ronak Shah a/w. Mr. Viraj Shelatkar, Mr. Mohanish Satwilkar, Advocates, for the Intervenors Mr. Yogesh M. Nakhawa, APP, for the Respondent – State Mr. Vinod Patil, PI, Shirur Police Station, Pune (Rural) present Mr. B. K. Bhawar, H.C./2336, Shirur Police Station, Pune (Rural) present CORAM : MILIND N. JADHAV, J. DATE : 01.09.2026 P. C. 1. This is a group of three Bail Applications. B. A. No. 3136 of 2026 is filed by Accused No. 16. Mr. Ponda, learned Senior Counsel Anand 2 of 9 18. BA 3133-2026 (common order).doc represents the Applicant in this matter. B. A. No. 2999 of 2026 is filed by Accused No. 21. Mr. Patil, learned Counsel represents the Applicant in this matter, whereas B. A. No. 3133 of 2026 is filed by Accused No. 19. Mr. Dhadiwal, learned Counsel represents the Applicant in this matter. The facts are common. All the three Applicants before me are the Directors of Anand Nagari Sahakari Patsanstha Maryadit, Shirur, District – Pune rather were Directors between 2012 and 2022 as argued by them. The prosecution case stems out from the fact that these Directors, being in-charge of affairs of the Anand Nagari Sahakari Patsanstha Maryadit, Shirur, District – Pune passed two tharavs, one in the year 2013 for Rs. 25,00,000/- in giving the said amount to the Accused No. 1 namely the Chairman of the said Patsanstha rather his Company – Megh Hans Trading Company. In the next two years, since the said loan amount disbursed could not be recovered and repaid, it swelled up to Rs.8.00/- Crores upon which the Directors of the Company granted an over draft on the fixed deposits which were there in the Company and passed a second tharav for Rs. 25,00,000/- pursuant to which the amount thereafter, swelled to Rs. 16/- Crores due to non-payment. It is the prosecution case that all 26 Directors, thereafter, agreed to sign the Minutes and Resolution and give a loan of Rs. 27/- Crores to offset the aforesaid twin amounts to the Accused No. 1 which was received by Accused No. 1 and his Companies. There Anand 3 of 9 18. BA 3133-2026 (common order).doc was a default thereafter but it is equally pleaded and shown that Accused No. 1 in the interregnum had refunded and redeposited back approximately Rs.11/- Crores, out of Rs.25/- Crores which also needs to be taken into account. Applicants before me are the Directors of the said Patsanstha. Accused No. 1 is the principal Accused. These Directors were not named in the FIR dated 09.07.2024 filed by the prosecution. But pursuant to subsequent investigation, have been indicted solely on the basis that they were the Directors between 2012 and 2022, during which the aforesaid two tharavs and the sanction to give loan was signed by the said Directors by virtue of the Resolution passed by the Board of Directors which is heavily relied upon by the prosecution. The only role attributed to the three Applicants as Directors is that they have signed the board Resolution of the meetings held on 31.12.2013 and 31.01.2020 when the aforementioned loan amount of Rs. 27/- Crores was sanctioned. Another argument put forth by prosecution is to the effect that they had attended the board meetings and therefore, were an integral part and parcel for sanctioning of the loan and probably even signatories to the said loans. To the extent of the Applicants having received any amounts, it is prima facie answered by the prosecution that save and except, Accused No.1 and Accused No.2, none of the Applicants before me were beneficiaries of the amounts. This is the stated position. The Anand 4 of 9 18. BA 3133-2026 (common order).doc Intervenors duly represented by Advocate Mr. Shah would, however, argue that the Applicants are jointly and severally responsible for the present state of affairs of the Patsanstha in view of a common conspiracy by them with Accused No. 1 and they having in the interregnum withdrawn an amount of approximately Rs. 15/- Crores from the Patsanstha. On a pointed question being asked to the prosecution with regard to the submissions made by Mr. Shah, learned Counsel on behalf of the Intervenors, the prosecution has informed the Court that the withdrawal of the amounts by these Directors were with regard to the deposits made by them. In that view of the matter, insofar as the submissions made by learned Counsel for the Intervenors is concerned, that would ultimately be a matter for trial and cannot be considered at the bail stage. For the purpose of granting bail and to prima facie see the complicity of the Applicants, the Intervenors have heavily relied upon the Statutory Audit Report appended at page 252 of the Petition. Mr. Shah would vehemently submit that indictment of the Applicants as Directors and in-charge of the Patsanstha and its affairs has been taken cognizance of in the said Statutory Audit Report. However, according to the Applicants, insofar as the Directors of the Company apart from the principal Accused persons are concerned, they have been given a clean chit which is prima facie evident from the answer given to a question at page 252. Mr. Ponda has taken me Anand 5 of 9 18. BA 3133-2026 (common order).doc through the same. This Statutory Audit Report is dated 24.01.2024 and it is placed on record. Prima facie no direct role of the Applicants having been shown to the Court nor the prosecution having established that the Applicants were beneficiaries of any amounts with regard to the two tharavs as also the sanction of loan of Rs. 27/- Crores by the Patsanstha in favour of Accused No. 1 and his firms - Megh Hans Trading Company and Meghraj Hansraj And Sons i. e. the twin firms belonging to Accused Nos. 1 & 2, I am inclined to consider the case of the Applicants for grant of bail. The Applicants shall undoubtedly co-operate with the investigation carried out by the prosecution as and when called for. All the Applicants have made out a case for grant of bail and they all are granted bail in their respective Applications on the following terms and conditions :- 2. Hence, in view of above prima facie observations and finding, Bail Applications of the Applicants are allowed subject to the following terms and conditions :- (i) Applicant – Deepali Manoj Tated is directed to be immediately released from prison in connection with CR. No. 0626 of 2024; (ii) Applicant – Kantilal Balaso Holkar is directed to be immediately released from prison in connection with Anand 6 of 9 18. BA 3133-2026 (common order).doc CR. No. 0626 of 2024; (iii) Applicant – Bharatkumar Ratanlal Chordiya is directed to be immediately released from prison in connection with CR. No. 0626 of 2024; (iv) All three Applicants are directed to be released on bail on furnishing P. R. Bond of Rs.50,000/- each (Rs. Fifty Thousand only) with one or two sureties in the like amount; (v) All three Applicants shall report to the Investigating Officer at Shirur Police Station, Pune, once every month, on the first Monday of the month between 10:00 a.m. to 12:00 p.m. until commencement of trial and thereafter shall attend all dates of hearing before the Trial Court; (vi) The Applicants shall co-operate with the conduct of the trial and remain present before the Trial Court on all dates, unless specifically exempted. The Applicants shall not seek unnecessary adjournments. Any such conduct shall entitle the prosecution to apply for cancellation of bail; (vii) The Applicants shall not leave the country without the Anand 7 of 9 18. BA 3133-2026 (common order).doc prior permission of the Trial Court and shall deposit their passports with the Trial Court; (viii) The Applicants shall not influence any of the witnesses or tamper with the evidence in any manner; (ix) The Applicants shall keep the Investigating Officer informed of their current residential addresses and mobile telephone numbers and shall forthwith inform the Investigating Officer of any change in their residential addresses or mobile telephone numbers, as and when such change occurs; and (x) Any breach or infraction of any of the aforesaid conditions shall entail cancellation of the bail granted to the Applicants. 3. It is clarified that the observations made in this order are limited for the purpose of granting bail only and I have not made any observations on merits of the case. The trial shall be adjudicated on the strength of the evidence led and strictly on its own merits being uninfluenced with any of the prima facie observations made hereinabove in this order. 4. All three Bail Application Nos. 3133 of 2026, 2999 of 2026 and Anand 8 of 9 18. BA 3133-2026 (common order).doc 3136 of 2026 are allowed and disposed of in the above terms. Interim Application Nos. 2881 of 2026 and 2880 of 2026 are also accordingly disposed of. (MILIND N. JADHAV, J.) Anand 9 of 9