Bail for offence u/s. 447 of Companies Act set aside as twin conditions of section 212(6) not satisfied

Serious Fraud Investigation Office Vs Aditya Sarda (Supreme Court of India) Supreme Court held that person accused for an offence under section 447 of the Companies Act cannot be released on bail without satisfying mandatory twin conditions prescribed under sub-section (6) of section 212 of the Companies Act. Accordingly, bail granted by High Court set aside. Facts- MCA directed to Serious Fraud Investigation Office (SFIO) to inquire and investigate into affairs of 125 companies of Adarsh Group. On 25.02.2019, the MCA further ordered to investigate into the affairs of 20 other companies and tw...