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Yes Bank case: Bombay high court rejects bail pleas of Rana Kapoor’s wife, daughters
The Bombay high court (HC) on Tuesday rejected bail applications of Yes Bank founder Rana Kapoor’s wife Bindu, daughters Radha and Roshini and the then business head of the private bank, Rajiv Anand.
The Bombay high court (HC) on Tuesday rejected bail applications of Yes Bank founder Rana Kapoor’s wife Bindu, daughters Radha and Roshini and the then business head of the private bank, Rajiv Anand.
“In the instant case, it is apparent that all the applicants are alleged to have indulged in the commission of offences, which have resulted in the serious dent to the financial health of the state as well as defrauding the public at large,” said single judge bench of justice Bharati Dangre, while rejecting the four bail applications.
“Such offences are occurring in plenty and have resulted in the stultifying overall growth of the nation and also have caused tremendous impairment to the economy of the nation. These crimes are more heinous in nature as they intend to destroy the economic fabric and financial edifice of the state,” the high court said.
Bindu Kapoor and her daughters were remanded to judicial custody when they appeared before the special Central Bureau of Investigation (CBI) court on September 18. The special court had rejected their bail pleas and sent them to jail. Similarly, Anand was taken into custody and sent to jail on September 20.
All of them had then moved the high court for bail, contending that though the CBI did not find it necessary to arrest any of them for completing its investigation, the special court rejected their bail pleas when they formally appeared before the court, after filing of the charge-sheet. It was argued on their behalf that grant of bail in such matters is a mere formality and the special CBI court had erred in rejecting their bail applications and taking them in custody.
HC, however, rejected the argument. Justice Dangre said there was nothing in the Code of Criminal Procedure to indicate that the grant of bail post-charge-sheet is a formality. On the contrary, the bench said, the court is bound to take into consideration the entire material brought on record on the filing of the charge sheet.
Justice Dangre said it is only upon the presentation of the charge sheet, when full material is compiled together, the gravity of the offence and the possibility of conviction could be judged on the basis of the material coming before the court in a crystallised form, which perhaps prompted the Special court to reject the bail, applications.
“Dispensation of arrest at the stage of investigation need not continue throughout and in particular, when the offence made out against the Applicants has clearly emerged in the charge-sheet as a grave economic offence and the witnesses who will participate in the trial apparently surfacing, the Applicants do not deserve their release on bail,” said HC.
The economic offences wing of the CBI has on March 7, 2020, registered an FIR against M/s. Dewan Housing Finance Corporation Limited (DHFL), M/s. DOIT Urban Venture (India) Private Limited (“DOIT”) and some other entities, their directors and promoters and has named Yes Bank founder Rana Kapoor as the prime accused.
The central agency alleged that Yes Bank had invested ₹3,700 crore in short term non-convertible debenture of DHFL between April and June 2018. Kapoor allegedly received ₹600 crore as kickbacks from DHFL in terms of loan advanced to two firms, DOIT Urban Ventures (India) Private Limited and Morgan Credits Private Limited. Rana Kapoor’s three daughters hold 100℅ stakes in DOIT, whereas Morgan Credits is controlled by his wife.
