Yes Bank case: HC rejects bail pleas of Wadhawans

The Bombay High Court on Wednesday rejected the bail pleas filed by Kapil and Dheeraj Wadhawan, promoters of Dewan Housing Finance Ltd (DHFL), within the Yes Bank fraud case.

A single bench presided over by Justice S V Kotwal had reserved his order on their bail pleas on October 23.

The Wadhawan brothers had approached the excessive courtroom, looking for default bail, claiming that the Central Bureau of Investigation (CBI), the prosecuting company within the case, had not complied with the procedural necessities beneath the Code of Criminal Procedure (CrPC) whereas submitting the chargesheet earlier than the particular CBI courtroom within the metropolis.

Senior advocate Amit Desai, who appeared for the Wadhawans, had argued that the CBI had not complied with the process beneath Section 173 CrPC whereas submitting its investigation report earlier than the particular Justice of the Peace.

Desai had mentioned on the time that as per part 173, a courtroom may take cognisance of the chargesheet provided that the probe was full.

In the current case, the CBI’s probe report was not full and but the courtroom has taken cognisance, subsequently, his shopper deserved to be let loose in default bail, Desai had mentioned.

He had additionally mentioned that the custodial inquiry of the Wadhawan brothers was not required within the case.

Additional Solicitor General Anil Singh, who appeared for the CBI, had opposed the bail purposes saying that the CBI had adopted all procedures and compliances.

Singh had mentioned that if there had been any modifications within the submitting process of the chargesheet, they’d occurred in view of the pandemic scenario, throughout which the courtroom had taken precautionary measures earlier than dealing with paperwork.

As per the FIR registered within the case by the CBI, Yes Bank invested Rs 3,700 crore in short-term debentures of DHFL between April and June 2018 for which the Wadhawans allegedly gave Rs 600 crore kickback to the previous CEO and managing director Rana Kapoor. These kickbacks have been within the type of mortgage an organization registered within the identify of Kapoor’s daughters.