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Avantha Group promoter Gautam Thapar moves Delhi HC for regular bail – New Delhi News

Thapar was arrested in August 2021 by the Enforcement Directorate on allegations of cash laundering in reference to allegations of siphoning of funds granted by the financial institution within the type of a mortgage.

The bail software was filed below Section 439 of the Criminal Procedure Code, for grant of regular bail in a case registered by the Enforcement Directorate below the Prevention of the Money Laundering Act.

Senior advocate Mukul Rohatgi, appeared on behalf of Thapar, and was briefed by a workforce from Karanjawala & Co led by its senior companion, advocate Sandeep Kapur, and comprising advocates Vir Sandhu, Vivek Suri, Niharika Karanjawala, Apoorva Pandey, Mridul Yadav, Abhimanshu Dhyani, Sahil Modi, and Kajal.

Rohatgi argued that there was no embezzlement of funds achieved by Avantha Group led by Thapar. The function of mortgage and utilization of funds have been structured by and have been inside the data of the officers of Yes Bank and no fraud was dedicated by Thapar.

The mortgage quantity was acquired by means of authorized channels and all of the transactions have been documented, the paperwork associated to the stated transaction are already within the custody of the investigating company, he added.

Further, Rohatgi submitted that the mortgage facility of Rs 515 crore sanctioned by the Yes Bank was secured by Oyster Buildwell Pvt Ltd with the suitable collateral. The stated collateral collectively amounted to over Rs 850 crore together with CG Power shares price Rs 728 crore and Jhabua Power Ltd shares price Rs 126 crore, on the date of sanctioning of the mortgage facility.

He stated that on the date of invocation of the collateral by Yes Bank, the collective worth of CG Power shares and Jhabua Power Ltd shares was roughly Rs 606 crore. It was the sheer negligence of Yes Bank that led to the lack of cash to their financial institution when it comes to promoting of CG shares, which is valued at round Rs 1,400 crore now.

Rohtagi additionally referred to the landmark judgment delivered by Justice V.R. Krishna Iyer in State of Rajasthan vs Balchand, AIR 1977 SC 2447 , the place he laid down one of many primary guidelines of bail jurisprudence, i.e., “to provide bail and avoid jail time for the accused”.

The judgement has laid the muse for a extra lenient justice system and additional referred to the order dated December 16, 2021 delivered by the apex courtroom in case Satender Kumar Antil vs CBI which states that “We make it clear that our intent was to ease the process of bail and not to restrict it”.

The High Court, after listening to the arguments on behalf of Thapar, has now listed the matter for rebuttal arguments on behalf of the ED on January 17.

Disclaimer: This story is auto-aggregated by a pc program and has not been created or edited by FreshersLIVE.Publisher : IANS-Media

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