Bombay High Court
VALLABH MANSUKHALAL SAKHALAversusSTATE OF MAHARASHTRA
- Decided
- Disposal
- Allowed
Holding
Bail was granted to the applicant on the condition of a personal bond and compliance with specified terms.
Summary
The High Court considered a bail application filed under Section 483 of the Bharatiya Nagarik Suraksha Sanhita, 2023 by Vallabh Mansukhlal Sakhala, a director of a company, who was charged with offences under IPC sections 409, 420, 467, 468, 471, 120‑B read with Section 34 and under Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999. The applicant argued that his role was limited to signing one of two loan agreements (Tharavs) and that he derived no personal benefit from the alleged Rs 27 crore loan fraud. The court, noting the lack of evidence of personal gain and the applicant’s limited involvement, referred to earlier bail orders in related applications and decided that bail could be granted on condition of surety and compliance with strict terms. The court imposed conditions including a personal bond of Rs 50,000, monthly reporting to the investigating officer, non‑flight, non‑interference with witnesses, and cooperation with the trial. The bail was granted subject to cancellation if any condition is breached.
Issues considered
- Whether a director alleged to have a limited role in a large financial fraud can be granted bail under Section 483 of the Bharatiya Nagarik Suraksha Sanhita, 2023 despite serious charges under the IPC and the Maharashtra Depositors Protection Act.
Legislation cited
- Bharatiya Nagarik Suraksha Sanhita, 2023 — s. 483
- Indian Penal Code — s. 120-B, 34, 409, 420, 467, 468, 471
- Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 — s. 3, 4
Subjects
- bail
- director liability
- financial fraud
- loan fraud
- IPC offences
- Maharashtra Depositors Protection Act
- Section 483
- conditions of bail
Judgment
21.BA.3562.2026.doc
Ajay
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
CRIMINAL APPELLATE JURISDICTION
BAIL APPLICATION NO. 3562 OF 2026
Vallabh Mansukhlal Sakhala .. Applicant
Versus
State of Maharashtra .. Respondent
....................
Mr. Aabad Ponda, Senior Advocate a/w. Mr. Abhay Dhadiwal and
Rohit Jain, Advocates i/by Jayakar and Partners for Applicant.
Mr. Yogesh M. Nakhwa, APP for Respondent – State.
PSI – Mr. H.D. Nakate, Shirur Police Station present.
......…...........
CORAM : MILIND N. JADHAV, J.
DATE : SEPTEMBER 22, 2026.
P.C.:
1. Heard Mr. Ponda, learned Senior Advocate for Applicant and
Mr. Nakhwa, learned APP for Respondent – State.
2. This is an Application under Section 483 of Bharatiya
Nagarik Suraksha Sanhita, 2023 seeking Bail in connection with C.R.
No. 626 of 2024 registered with Shirur Police Station, District Pune for
the offences punishable under Sections 409, 420, 467, 468, 471, 120-B
read with Section 34 of the Indian Penal Code, 1860 (for short "IPC")
and Sections 3 and 4 of the Maharashtra Protection of Interest of
Depositors (in Financial Establishments) Act, 1999.
3. The case of the Applicant before me is primarily covered by
the reasons given in the order dated 02.09.2026 passed in Bail
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Application No.3544 of 2026 and order dated 01.09.2026 passed in
Bail Application No. 3133 of 2026 and other companion matters.
4. The Applicant before me was also one of the directors of the
Company and to that extent the only role attributed to him is that he
being a director, should be indicted. There is no specific role of any
personal gain and most importantly he has not been a beneficiary or in
receipt of any funds or having any direct involvement in the alleged
loan transaction qua the two Tharavs as well as the, the loan amount
of Rs.27 crores having been given by the Patpedhi / Institution which
was primarily done by the principal accused No. 1 in the present case.
Save and except to the extent of he being a director and having a
limited role in having signed only one out of the two Tharavs, there is
no other role attributed to the Applicant. Hence, considering parity, the
Applicant is released on bail on the following terms and
conditions:-
(i) Applicant is directed to be immediately released on bail
from prison in connection with C.R. No. 626 of 2024;
(ii) Applicant is directed to be released on bail on
furnishing P.R. Bond of Rs. 50,000/- (Rs. Fifty
Thousand Only) with one or two sureties in the like
amount;
(iii) Applicant shall report to the Investigating Officer at
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Shirur Police Station, once every month on the first
Sunday of the month between 10:00 a.m. to 12:00
p.m.;
(iv) Applicant shall co-operate with the conduct of trial and
attend the Trial Court on all dates, unless specifically
exempted and will not take any unnecessary
adjournments, if he does so it will entitle the
prosecution to apply for revocation of this order;
(v) Applicant shall not leave the State of Maharashtra
without prior permission of the Trial Court;
(vi) Applicant shall not influence any of the witnesses or
tamper with the evidence in any manner;
(vii) Applicant shall keep the Investigating Officer informed
of his current address and mobile contact number and /
or change of residence or mobile details, if any, from
time to time, as applicable; and
(viii) Any infraction of the conditions shall entail cancellation
of bail granted to the Applicant.
5. Needless to state that the above observations will not come
in the way of trial as they are prima facie in nature based on the
submissions made and the material placed before this Court.
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6. Bail Application is allowed and disposed of in the above
terms.
[ MILIND N. JADHAV, J. ]
Ajay
Digitally signed
by AJAY
AJAY TRAMBAK
TRAMBAK UGALMUGALE
UGALMUGALE Date: 2026.09.22
19:41:55 +0530
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