Authority: High Court of Punjab and Haryana at Chandigarh
Order Date: 14.08.2026
Case Overview
- Petitioner: Sudhir Punia
- Respondent: Serious Fraud Investigation Office (SFIO)
- Underlying matter: SFIO investigation into alleged fraud by the Adarsh Group of Companies (AGCL) and its subsidiaries, including Adarsh Credit Cooperative Society Limited (ACCSL) and Fraction Technology Private Limited.
- Legal provisions invoked: Sections 58A, 58AAA, 211(7), 227, 628, 233, 74(3), 76A, 447, 448, 147, 143, 144, 141(3)(e) of the Companies Act, 1956; Sections 406, 417, 418, 420, 467, 468, 471, 477A, 474, 120B of the IPC; Section 212(1)(c) and 212(6) of the Companies Act; Section 91 of the BNSS; provisions of the Code of Criminal Procedure.
- Background: The complaint stems from a Central Government order dated 20.06.2018 directing SFIO to investigate alleged siphoning of funds belonging to two lakh depositors of ACCSL, amounting to several crores of rupees. The petitioner, a director in six CUIs managed by AGCL, is alleged to have participated in securing fraudulent loans from ACCSL and filing false financial statements for the period 2011‑12 to 2015‑16.
- Procedural history: The petitioner was summoned on 03.06.2019, failed to appear, and was declared a proclaimed person. He surrendered on 07.11.2023 and was granted interim bail on 18.10.2025 on medical grounds. The present petition is the second application for regular bail; the first was dismissed on 19.04.2024.
- Contentions: The petitioner argues he acted only as a broker, has no role in loan procurement, and lacks incriminating material; he cites severe health issues (idiopathic thrombocytopenic purpura, bronchial asthma, coronary artery disease, stroke/TIA, anaemia). The respondent contends the petition is untenable, citing the seriousness of the economic offence, the petitioner’s prior proclamation, and the lack of any material change in circumstances.
Final Outcome
- The Court dismissed the regular bail petition, finding no sufficient change in circumstances to merit bail.
- The petitioner is directed to surrender before the learned Trial Court within 15 days of the order.
- The Trial Court is instructed to expedite the proceedings, including the possibility of separating trials for co‑accused whose presence remains unsecured.
- The Court clarified that its observations do not constitute an opinion on the merits of the case and will not influence the eventual trial outcome.
Topics: Bail, Economic Offence, Corporate Fraud