Bombay High Court refuses bail to Wadhawan brothers in Yes Bank case

The Bombay High Court on Wednesday rejected bail applications of Kapil and Dheeraj Wadhawan promoters of Dewan Housing Finance Limited DHFL in the Yes Bank fraud case holding that procedures were followed when a chargesheet was filedJustice S V Kotwal rejected the arguments made by the Wadhawan brothers lawyers senior advocates Amit Desai and A M Singhvi that the CBI failed to follow procedure while filing a chargesheet in the caseThe Wadhawans had sought default bail claiming that the Central Bureau of Investigation the prosecuting agency had not complied with the Code of Criminal Procedure CrPC while filing a chargesheet in a special CBI court hereA default bail is given when procedural aspects such as filing chargesheet within the stipulated period are not followed Advocate Desai had argued that under CrPC section 173 a court can take cognizance of a chargesheet only if the probe report is completeIn the present case the CBIs probe report was not complete and yet the court had taken cognizance he said The probe report was not even submitted to the court but was filed in the court registry he contendedAdvocate Singhvi had argued that the CBI added the offence of criminal breach of trust under section 409 of the IPC later and not while registering the FIR This was a subterfuge he arguedAdditional Solicitor General Anil Singh who appeared for the CBI opposed the bail applications saying that the CBI had followed all proceduresIf there were any deviations from the procedure they took place due to the coronavirus pandemic situation during which the court had taken precautionary measures for handling of documents the ASG said Accepting the central agencys arguments Justice Kotwal held that the probe report complied with all the requirements of law and hence was a proper reportFiling the report in the registry was not illegal the judge added Since requisite report under Section 173 of CrPC was filed within time the right to seek default bail never accrued in favour of the Applicants Wadhawans the HC saidAs per the FIR registered in the case by the CBI Yes Bank invested Rs 3700 crore in shortterm debentures of DHFL between April and June 2018 for which the Wadhawans allegedly gave a kickback of Rs 600 crore to the banks then CEO and managing director Rana KapoorThese kickbacks were in the form of a loan to a company registered in the name of Kapoors daughters it saidKeep scrolling to read more newsCatch up on all the latest Crime National International and Hatke news here Also download the new midday Android and iOS apps to get latest updates MidDay is now on Telegram Click here to join our channel middayinfomedialtd and stay updated with the latest newsThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever