Code of Criminal Procedure, 1973 (2 of 1974), Section 82, 204, 438 -- Companies Act, 2013 (No. 18 of 2013), Section 212(6), 447 -- Anticipatory bail – Serious Economic offences – SFIO investigated over 125 companies and filed a criminal complaint involving Rs. 4120 crores in fraudulent loans -- The Special Court issued bailable and later non-bailable warrants against the accused, many of whom deliberately evaded service -- Proclamation proceedings u/s 82 CrPC were initiated -- Despite prior knowledge of the case many accused concealed themselves and avoided appearance -- High Courts granted anticipatory bail to several accused.

Held, High Courts should also consider the factum of issuance of non-bailable warrants and initiation of proclamation proceedings seriously and not casually, while considering the anticipatory bail application of such accused -- As per Section 212 (6), the offence covered under Section 447 of the Companies Act not entitled to be released on bail or on his bond, unless twin conditions mentioned therein are satisfied. The twin conditions are:-

(i) that a Public Prosecutor should be given an opportunity to oppose the application for such release; and

(ii) where the Public Prosecutor opposes the application, the Court is satisfied that there are reasonable grounds for believing that he is not guilty of such offence and that he is not likely to commit any offence while on bail.

These twin conditions are mandatory in nature.

Economic offences constitute a class apart, as they have deep rooted conspiracies involving huge loss of public funds, and therefore such offences need to be viewed seriously -- Impugned orders passed by the High Court granting anticipatory bail set aside.

(Para 23-26, 31)