Vijay Mallya’s Rs 900 cr Kingfisher Airlines loan default case: Special CBI court grants bail to six accused

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New Delhi | February 10, 2017 6:09 PM

The Defence Lawyer in his statement told ANI, “It had been clarified by the Supreme Court time and again that court should not go into the minute merits and demerits of the case in bail pleas."

A special CBI court on Friday has granted bail to six people accused in the Vijay Mallya loan default case. (PTI)A special CBI court on Friday has granted bail to six people accused in the Vijay Mallya loan default case. (PTI)

A special CBI court on Friday has granted bail to six people accused in the Vijay Mallya loan default case, where IDBI bank employees were involved in allegedly sanctioning Rs 900 crore loan to Kingfisher Airlines while it was going through a low credit rating. However, three other accused – A. Raghunathan, former CFO of now defunct Kingfisher Airlines, Yogesh Agarwal, former IDBI chairman and BK Batra, Deputy Managing Director, were denied bail. The Central Bureau of Investigation (CBI) in its chargesheet has alleged IDBI officials of sanctioning loan to KFA, which is an act of criminal conspiracy, in agreement to KFA employees. The basic arguments were put up by the defence lawyer advocate Abad Panda on February 7, in reply to CBI counsel’s arguments who opposed the bail plea.

The Defence Lawyer in his statement told ANI, “It had been clarified by the Supreme Court time and again that court should not go into the minute merits and demerits of the case in bail pleas. We just recommend the loan…it was passed by someone else. It is a matter of argument during trial that whether we recommended right or not while we examine and cross examine the witnesses.”

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He argued that nowhere in the chargesheet it has been mentioned that a single penny from Vijay Mallya or anyone else come to the accused. He also aaded that there isn’t any possibility of this trail ending in future.

He said if the arrests are really necessary, there should be genuine reasons to keep the accused behind bars. Interestingly, the CBI counsel didn’t pointed out the reason as to why the accused not be granted bail. He said, “This was an unjustified arrest and this can’t be allowed to continue in the name of remand when nothing is needed from us as far as investigation is complete.”

According to advocate Rajiv Chavan the IDBI officers cooperated throughout the investigation process without creating any hindrance.

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