Mumbai, Aug 22 IANS | 1 month ago

The Bombay High Court Friday granted conditional bail to FTIL promoter Jignesh Shah, who was arrested in the Rs.5,574 crore National Stock Exchange Ltd (NSEL) scam.


Shah - who spent over three months in custody - will be freed on a bail amount of Rs.500,000 and the condition he appears before the Mumbai police's Economic Offences Wing all Mondays and Thursdays till further orders.

While granting Shah's bail plea, Justice A. M. Thipsay directed him to furnish a cash surety Friday and another solvent surety (guarantor) of a like amount within a fortnight.

Shah was arrested May 7 this year in connection with the NSEL fraud and subsequently charged with criminal misappropriation, forgery, criminal conspiracy, cheating, intimidation and other offences.

The police action followed a complaint by many of 13,000 investors, who lost their monies in the scam, that Shah had knowledge of the unfolding crisis in July 2013 at the NSEL.

However, Shah's lawyer Mahesh Jethmalani argued before the court that Shah was unaware of the impending crises, and contended that it was escalated by some NSEL employees and brokers.

Shah contended that he was only a non-executive director of NSEL, which was part of his Financial Technologies Group, and hence, not involved in its routine operations.

The entire settlement crisis came to the fore July 31, 2013, when the NSEL was forced to suspend most of its trading activities.

After Shah's arrest and subsequent investigation, the EOW Aug 4 filed a voluminous 9,300 page charge sheet detailing Shah's alleged role in the crime.

In June, Shah's bail plea before the Maharashtra Prevention of Investors Deposits Act Court had been dismissed on grounds that the probe was still underway and the accused was likely to tamper with evidence or influences witnesses in the case.

He then moved the Bombay High Court which went through the police charge sheet and granted him bail.

(Posted on 22-08-2014)

Share This Page:


Post your comments


Information on States of India:

Andaman Nicobar | Andhra Pradesh | Assam | Bihar | Chandigarh | Chhattisgarh | Dadar Nagar Haveli | Daman Diu | Delhi | Goa | Gujarat | Haryana | Himachal Pradesh | Jammu Kashmir | Jharkhand | Karnataka | Kerala | Lakshadweep | Madhya Pradesh | Maharashtra | Manipur | Meghalaya | Mizoram | Nagaland | Orissa | Pondicherry | Punjab | Rajasthan | Sikkim | Tamil Nadu | Tripura | Uttar Pradesh | Uttaranchal | West Bengal

INDIA REGIONAL MAPS:

Andhra Pradesh Travel Map | Bihar Travel Map | Goa Travel Map | Gujarat Travel Map | Haryana Travel Map | Himachal Pradesh Map | Karnataka Travel Map | Kerala Travel Map | Maharashtra Travel Map | Punjab Travel Map | Rajasthan Travel Map | Sikkim Travel Map | Tamil Nadu Travel Map | Uttar Pradesh Travel Map | West Bengal Travel Map |

MORE MAPS OF INDIA:

Airports of India | Districts of India | India Pilgrim Centers | Tourism Map of India | National Highways in India | India Railway Routes |

INDIA CITY MAPS:

Ahmadabad | Bangalore | Chennai | Coimbatore | Delhi | Hyderabad/Secunderabad | Kochi | Kolkata | Mumbai | Pondicherry | Pune | Surat |

KERALA TRAVEL MAPS:

Alappuzha | Ernakulam | Idukki | Kannur | Kasaragod | Kollam | Kottayam | Kozhikode | Malappuram | Palakkad | Pathanamthitta | Thiruvananthapuram | Thrissur | Wayanad |