Authority: High Court of Judicature for Rajasthan, Bench at Jaipur

Order Date: 19/08/2026

Case Overview

  • Petitioners: Sushila Gupta, W/o Late Mr. Radhe Shyam Gupta, aged 82, residing at Gram Shrirampura, Kanota, Jaipur; and Pawan Sharma, S/o Mr. Ramkumar Sharma, aged 39, residing at 707, Paris Point, Bani Park, Collectorate Circle, Jaipur.
  • Respondent: State of Rajasthan, represented by the Public Prosecutor.
  • Connected Applications: Bail applications CRLMB‑14476/2025 (Pawan Sharma) and CRLMB‑14477/2025 (Sushila Gupta).
  • Allegations: Petitioners were accused of conspiring with Satyanarayan Gupta to fraudulently transfer shares of Shrinath Kripa Developers Private Limited. Two shareholders, Rajendra Gajaraj and Surendra Gajaraj, allegedly sold their shares via an agreement dated 12‑05‑2022. The sale consideration of ₹52,89,900 was purportedly paid to the petitioners, and the share transfer was to be effected through Form SH‑4 signed by the petitioners and handed to Satyanarayan Gupta.
  • Prosecution’s Position: The prosecution argued that the petitioners, together with Satyanarayan Gupta, colluded to obtain the shares in Satyanarayan’s name and that the transaction amounted to criminal fraud.
  • Defense Position: Counsel for the petitioners contended that Pawan Sharma merely signed as a witness on the agreement and did not partake in any criminal act; no shares or money were transferred to him. They highlighted that Satyanarayan Gupta had already obtained bail (Application No. 254/2025, dated 27‑10‑2025) and that police investigation found no evidence of forgery or fraud.
  • Police Findings: The investigating agency reported that no criminal offence could be established against the petitioners; the matter was deemed civil in nature. The final police report and case diary did not record any seizure or pending investigation against the petitioners.
  • Court’s Considerations: The bench examined the arguments of both sides, reviewed the police report, and noted the absence of any criminal evidence. The court also considered the age of petitioner Sushila Gupta (82 years) and the fact that she is a director of the company, though no incriminating evidence was found.

Final Outcome

  • The court accepted the anticipatory bail applications of both petitioners.
  • Conditions imposed:

1. Each petitioner must furnish a personal surety bond of ₹1,00,000.

2. Each must provide two additional cash securities of ₹50,000 each.

3. Petitioners must cooperate fully with police inquiries and answer all questions truthfully.

4. They must not influence any witness or person acquainted with the case, directly or indirectly.

5. They are prohibited from leaving India without prior permission from the court.

  • The bail order directs the investigating officer and the Thana Officer to release the petitioners on the stipulated conditions if they are arrested.

Topics: Bail, Share Transfer Dispute