Authority: High Court of Judicature at Bombay, Criminal Appellate Jurisdiction

Order Date: October 14, 2026

Case Overview

  • Parties: Applicant – Shrishail Mariappa Jadhav, director of Isha Sugar and Agro India Private Ltd; Respondent – State of Maharashtra.
  • Proceedings: Bail Application No. 1850 of 2026 under Section 483 of the Bharatiya Nagarik Suraksha Sanhita, 2023.
  • Criminal Charges: Crime No. 171/2025 registered with Ambegaon Police Station; offences under Sections 316(2), 318(4), 338, 340(2), 336(3) and 336(5) of the Bhartiya Nyaya Sanhita, 2023, and Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors Act, 1999 (MPID).
  • Special Case Reference: Special Case (MPID) No. 152/2026 pending before the Additional Sessions Judge (Special Court for Offences under MPID Act), Pune.
  • Allegations: Applicant alleged to have received Rs 2 crore from investors. Prosecution’s FIR details: Rs 19,70,000 from the first informant, an unsubstantiated cash receipt of Rs 30 lakhs from the same informant, and Rs 95.30 lakhs from other claimants, totaling approximately Rs 1.45 crore. The FIR mentions a total of Rs 2 crore, but the breakdown accounts for only Rs 1.45 crore.
  • Evidence: Circumstantial evidence linking the accused No. 1’s transfers to the bank accounts of Isha Sugar and Agro India Pvt Ltd. Frozen assets include a Rs 1 crore fixed deposit of the company (page 291), Rs 44.51 lakhs frozen of other accused persons, a Rs 6 lakhs deposit by the applicant’s relative (accused No. 8) as bonafide, and Rs 50,000 transferred to the wife of the first informant (page 439).
  • Bank Accounts Involved: HDFC Bank, Catholic Syrian Bank, and Punjab National Bank.
  • Other Directors/Officers: All other directors and officers of the company have already been released on bail.

Final Outcome

  • The Court, after considering the applicant’s bonafides and the material presented, granted regular bail to Shrishail Mariappa Jadhav on the following terms and conditions:

1. Immediate release from prison in connection with Crime No. 171/2025.

2. Furnishing of a personal bond of Rs 25,000 (Twenty‑Five Thousand rupees) with one or two sureties of equal amount.

3. Monthly reporting to the Investigating Officer at the concerned police station on the first Sunday of each month between 10:00 a.m. and 12:00 p.m.

4. Cooperation with the trial, attendance at all court dates unless exempted, and avoidance of unnecessary adjournments (non‑compliance may lead to revocation of bail).

5. No permission to leave the State of Maharashtra without prior approval of the Trial Court.

6. Prohibition on influencing witnesses or tampering with evidence.

7. Obligation to keep the Investigating Officer informed of any change in address or mobile contact details.

8. Any breach of the above conditions will result in cancellation of the bail.

  • The bail application was allowed and disposed of in the above terms.

Topics: Bail Grant, Corporate Fraud