GOPAL TRILOKCHAND AGRAWALversusSOMNATH BISWAS AND ANOTHER

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         IN THE HIGH COURT OF JUDICATURE OF BOMBAY
                     BENCH AT AURANGABAD

    ANTICIPATORY BAIL APPLICATION NO. 267 OF 2026 WITH
           CRIMINAL APPLICATION NO. 1432 OF 2026

Shivaprakash Nair                               .. Applicant

versus

The State of Maharashtra
& another                                       .. Respondents

Mr. S. S. Jadhav, Advocate for the Applicant.
Mr. S. B. Narwade, APP for the State.
Mr. Naresh Thacker, Advocate instructed by Mr. A. S. Barlota, Mr.
Sairam Subramaniam and Ms. Saloni Shah, Advocates for the
informant.

                           AND
    ANTICIPATORY BAIL APPLICATION NO. 268 OF 2026 WITH
           CRIMINAL APPLICATION NO. 1434 OF 2026


Somnath Biswas                                  .. Applicant

versus

The State of Maharashtra
& another                                       .. Respondents

Mr. S. S. Jadhav, Advocate for the Applicant.
Mr. S. B. Narwade, APP for the State.
Mr. Naresh Thacker, Advocate instructed by Mr. A. S. Barlota, Mr.
Sairam Subramaniam and Ms. Saloni Shah, Advocates for the
informant.

                           CORAM : R. M. JOSHI, J.
                      RESERVED ON : 23rd SEPTEMBER, 2026.
                    PRONOUNCED ON : 29th SEPTEMBER, 2026.
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ORDER :


1.     Applicants in both the applications seek pre-arrest bail in

connection with Crime No. 0436/2025 registered with MIDC CIDCO

Police Station, District Chhatrapati Sambhajinagar for the offences

punishable under Sections 316(2), 318(4), 316(5), 338, 336(3), 340(2)

61 r/w 3(5) of Bharatiya Nyaya Sanhita.



2.    Heard learned Counsel for the Applicants, learned Counsel for

the Informant and learned APP for the State.



3.    Informant Gopal Trilokchand Agrawal, is a director and

authorized representative in Riddhi Cotex Pvt. Ltd. and Rishi Fibers

Pvt. Ltd., as well as a partner and authorized representative in Siddhi

Fibers and Ramanuj Cotton Corporation, operating a pan-India

cotton trading business     through brokers.       According to the

informant, co-accused Sanjay Phoke, initially worked as a broker and

was engaged to manage land purchase and sale transactions on a

commission basis. In 2018-2019, said Sanjay introduced co-accused

Raju Mansing Rathod as an individual handling large-scale real

restate transactions.    Consequently, they were entrusted with

overseeing the purchase and sale of the informant’s landed
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properties. It is further claimed that in 2020, the informant and the

co-accused formed a partnership entity named Ramanuj Ventures,

with the objective of undertaking real estate transactions, land

development, and construction. In this partnership, the informant

held 50% shareholding, while co-accused Raju and Sanjay each held

25%. By March 2024, the total capital invested in the firm stood at

Rs. 8,61,18,606/-, of which co-accused Sanjay had contributed

Rs.81,25,000/-     and     co-accused     Raju   had     contributed

Rs. 30,25,000/-.



4.    In September 2020, Mr. Mansur Dalal informed the informant

that Vascon Engineers Ltd., Pune, intended to sell two of its

subsidiary companies namely Marathwada Realtors Pvt. Ltd. and

Almet Corporation Ltd., both situated at Chhatrapati Sambhajinagar.

As both properties, were located in Chhatrapati Sambhajinagar, the

informant desired to purchase them for business purposes through

Siddhi Fibers and Ramanuj Ventures, and accordingly, sent the co-

accused to inspect the premises and operations of the aforesaid

companies.    They subsequently reported that the properties were

viable and in suitable condition.
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5.   In October 2020, the informant visited the office of Vascon

Engineers Ltd. and met director Mr. Vasudevan Murthy, his son

Mr. Siddharth Vasudevan Murthy, and other officials including

Applicants herein and Mr. Mansur Dalal, giving formal willingness to

purchase the said subsidiary companies.     It was mutually agreed

that Siddhi Fibers, a partnership firm under the informant’s

ownership, would acquire Almet Corporation Ltd., while Balaji

Builders and Developers, a partnership firm under the control of the

co-accused, would acquire Marathwada Realtors Pvt. Ltd. This

decision was formally communicated to Vascon Engineers Ltd. by the

co-accused, and the total consideration for the acquisition of both

subsidiary companies was agreed upon at Rs.30,81,00,000/-,

pursuant to which a term sheet was executed.



6.   Following the execution of the term sheet in October 2020, co-

accused stated that since Balaji Builders & Developers lacked

sufficient financial capacity, the transaction would instead be

executed through the newly formed partnership firm, Ramanuj

Ventures.   In February 2021, a draft share transfer agreement

allocated 50% shares of Marathwada Realtors Pvt. Ltd to the

informant and 25% each to co-accused Raju and Sanjay, while 100%
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rights to Almet Corporation Ltd. were to be assigned to Siddhi Fibers.

Mr. Mansoor Dalal reconfirmed this share distribution via email in

May 2023, though the original agreement remained valued at Rs.

30.81 Crore.



7.    In September 2022, funds were remitted via RTGS from Yashas

Global to MIDC for land subdivision and conversion charges,

including Rs. 2,85,88,663/- for Almet Corporation Ltd. and Rs.

1,01,08,701/- for Marathwada Realtors Pvt. Ltd.      On 12.05.2023,

Vascon Engineers Ltd. confirmed receipt of Rs. 13.39 Crore from

Ramanuj Ventures, noting that Rs. 1,01,08,701/- of this sum had

been utilized on 23.01.2021 for dividing Plot No. F-1/2. Out of the

total consideration, Rs. 1.53 Crore was funded by Siddhi Fibers, Rs.

55 Lakh was collected from clients, and Rs. 11.31 Crore was

transferred via specified RTGS and cheques from Ramanuj Ventures’

bank account to Vascon Engineers Ltd.



8.    During the project, the co-accused promised to sell plots

through Marathwada Realtors, return the money belonging to Vascon

Engineers, and take the property in their own names.       They then

began selling plots on the land measuring 16,760.05 sq. m. and
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collected about Rs. 12.45 Crore as advance money, which was

deposited into the account of Ramanuj Ventures. On 20.01.2025, the

co-accused and Applicant Nair sent an SBI Bank NOC for Vascon

Engineers to the informant’s phone.      When the informant went to

meet Applicant Nair regarding this on 23.01.2025, the meeting could

not take place and thereafter informant fell seriously ill. This medical

emergency led to hospital treatments followed by strict bed rest at

home in February 2025. Taking unfair advantage of this illness and

absence, the co-accused acted behind the informant’s back, created

fake documents, removed the informant from their official position

and secretly transferred 100% of the partnership of marathwada

Realtors into their own names on 28.03.2025, completely violating

the terms of their registered partnership agreement.



9.    In May 2025, upon the informant questioning the status of

land registrations, the accused persons offered a false assurance,

claiming that 100% of the shareholding in Marathwada Raltors and

Almet Corporation had been transferred to their names strictly as a

temporary measure to alleviate the informant’s operational burdens

during his illness, alongside a false promise of rendering a full

account later.    Despite prior valid agreements vesting complete
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ownership of Almet Corporation      including Plot No. F-1/1     in the

informant,     the   accused   surreptitiously   usurped   the   entire

shareholding of both entities. To back their actions, they artificially

inflated transaction value by Rs. 9 Crore penalty for delayed SBI

Bank NOCs, whereas Vascon Company Ltd. had officially reported the

actual sale consideration to the BSE and NSE on 31.03.2025 as Rs.

30.81 Crore.



10.   To consummate this illegal takeover, the co-accused forged the

informant’s signatures to cancel an earlier Share Transfer Agreement

from February 2021, replacing it with backdated documents executed

on 28.03.2025 and 31.03.2025. Following this fraudulent transfer,

the co-accused proceeded to develop and sell lands belonging to

Marathwada Realtors while routing the resulting sale proceeds

through Ramanuj Venture. Finally, the co-accused, acting in active

connivance with bank authorities, used forged signatures to secretly

operate and misappropriate funds from the partnership account of

Ramanuj Ventures. Therefore, the present First Information Report

came to be filed.
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11.   Learned Counsel for Applicants submits that Applicants are

the officers of VASCON Engineers Limited.         According to him,

admittedly, there was a transaction in respect of the land which was

to be sold/assigned by VASCON Engineers Limited to Ramanuj

Ventures. According to him, execution of share transfer agreement

with the partners of Ramanuj Ventures cannot be constituted as an

offence. It is his submission that there was no written document on

record indicating terms settled interse between partners of Ramanuj

Ventures. He further submits that the act of execution of document

which is not purportedly signed by the informant would not attract

offence of forgery and in any case, would not be attributed to the

Applicants. By referring to the alleged phone calls between Applicant

Nair and informant, it is submitted that there is no evidence to show

that any such phone call was made. Without admitting existence of

such phone call, he submits that the alleged conversation does not

clearly indicate involvement of these Applicants in the crime as said

conversation is open for interpretation. It is his submission that all

documents are with the Investigating Officer and as such nothing is

to be recovered from the present Applicants.
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12.   Learned APP and learned Counsel for informant opposed grant

of any relief to the Applicants by submitting that the transcript of

phone call between Applicant Nair and informant is more than

sufficient to demonstrate complicity of Applicants in the crime. It is

their submission that for the purpose of securing voice sample of

Applicant Nair, his custodial interrogation is necessary.   Similarly,

since these Applicants are signatory /concerned with the execution

of the share transfer agreement, their involvement in the crime

deserves to be accepted.



13.   Perusal of record indicates that there is no dispute with regard

to the fact that share transfer agreement came to be executed by

Applicants on behalf of    VASCON Engineers Limited.        As rightly

argued by learned Counsel for the Applicants that in absence of any

documentary evidence on record indicating the agreement between

partners of Ramanuj Ventures and also in view of fact that

commercial suit in respect of said transaction is pending, prima facie

it would be difficult to attribute any criminality against the present

Applicants. Insofar as execution of document is concerned, there is

no allegation that Applicants have fabricated any document or forged

signature of informant or any other person. Moreover, admittedly, all
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documents are in the custody of Investigating Officer and they

referred to the Handwriting Expert, as per submission made across

the bar by learned APP and learned Counsel for the Informant, as

such nothing is to be recovered from the Applicants. Needless to say

that in such case there is no question of any custodial interrogation

of the Applicants.



14.   Insofar   as    alleged   conversation   between   informant   and

Applicant Nair is concerned, a specific query was made to learned

APP as to whether there is any evidence to show any such call

between them on 25.06.2025, on instructions from the Investigating

Officer, learned APP claims that since it was a WhatsApp call, no

such evidence is available. It is pertinent to note that panchanama of

transcript indicates that on the basis of Pendrive provided by the

informant, said transcript is prepared. It would be highly unsafe to

rely upon such evidence submitted by informant. In absence of any

supporting evidence, the said call cannot be attributed to Applicant

Nair at this stage.



15.   Applicants’ liberty was protected by order dated 16.02.2026.

They have cooperated in the investigation. They have not abused or
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misused the liberty.   In the facts of the case, there would be no

justification not to confirm interim relief and hence, both the

applications stand allowed in terms of the interim order dated

16.02.2026 except Clause No. (ii).



16.   Needless to state that the above observations are limited to the

extent of this application and the Trial Court shall not get influenced

by the same.



17.   Pending application, if any, does not survive and stands

disposed of.



                                                 ( R. M. JOSHI, J.)

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