HC grants bail to Avantha Group promoter Gautam Thapar

According to the CBI, while working as the MD and CEO of Yes Bank, Rana Kapoor had connived with Gautam Thapar with an intention to extend undue financial benefits to M/s. Avantha Realty Ltd

Mumbai The Bombay high court (HC) on Friday granted bail to Avantha Group promoter Gautam Thapar in the First Information Report (FIR) registered against him by the Central Bureau of Investigation (CBI) last year, in connection with the purported sale of the Amrita Shergill Marg property in Delhi to a company owned by YES Bank founder Rana Kapoor’s wife, Bindu Kapoor.

He also pointed out that after the charge sheet was filed in the case in October 2021, summons were issued pursuant to which the Avantha Group promoter had appeared before the special court (HT File)

According to the CBI, while working as the MD and CEO of Yes Bank, Rana Kapoor had connived with Gautam Thapar with an intention to extend undue financial benefits to M/s. Avantha Realty Ltd., one of Avantha Group companies, by Yes Bank Ltd. and in return illegally obtained Avantha Group’s posh bungalow at 40, Avantha Shergil Marg in Delhi at almost half the market price, through M/s. Bliss Adobe Pvt. Ltd., a company beneficially owned by his wife Bindu Kapoor.

Thapar had moved the high court through advocate Sandeep Kapur of Karanjawala & Co. after the special CBI court rejected his bail plea in December 2021. His counsel, senior advocate Mahesh Jethmalani, submitted that after registration of the FIR, Thapar had joined the investigation as and when called upon by the investigating agency.

He also pointed out that after the charge sheet was filed in the case in October 2021, summons were issued pursuant to which the Avantha Group promoter had appeared before the special court. Thapar was not arrested by the CBI throughout the investigation even before the charge sheet was filed and therefore, he was entitled to be released on bail in view of the Supreme Court’s judgement pronounced in October 2021.

Advocate Hiten Venegaonkar argued for the CBI and after hearing both the sides, the high court allowed Thapar’s plea, thus paving his release on bail. A special PMLA court has on February 16 already granted him bail in connection with a money laundering case registered by the Enforcement Directorate.