HC grants bail to FTIL's Jignesh Shah in NSEL scam case

Tags: News
The Bombay high court on Friday granted bail to Jignesh Shah, promoter of Financial Technologies (FTIL), in the Rs 5,600 crore NSEL scam for Rs 5 lakh surety. The court asked Shah to produce solvent surety of the same amount within two weeks.

He will have to present himself before the investigating agency, the economic offences wing of the Mumbai police, twice a week. EOW had arrested Shah on May 7 in connection with the payment settlement crisis in NSEL, in which over 13,000 investors lost money. He has been charged with criminal misappropriation, forgery, criminal conspiracy, cheating and intimidation.

Shah’s lawyers argued before the court that the FTIL promoter was not involved in the day-to-day functioning of the exchange and was unaware of the crisis. They put the blame on some NSEL employees and brokers.

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

Shah’s lawyer Mahesh Jethmalani in a statement said, “After a very prolonged custody, Shah was granted bail by the court. There was no evidence of his knowledge about shortfall in stock found against him. Further, there was no possibility of tampering with any evidence of any nature as ascribed to him.”

“Granting of bail in a matter like this is a rule of criminal law, and justice has been done,” he said.

The court for Maharashtra prevention of investors deposits Act had in June dismissed Shah’s bail plea on grounds that the probe was still under way and the accused was likely to tamper with evidence or influence witnesses in the case. He then moved the high court.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • For those who are left to survive a war-torn world, let there be peace

    The hunger games have begun, and they have started reaping our children. There is no way around it.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Shifting sands in the Far East

As was to be expected, Japanese prime minister Shinzo Abe ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Bubbles Sabharwal

Why self-esteem must be your best friend forever

Two negatives do make a positive! Imagine no doubts, no ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture