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A particular courtroom has denied bail to Ravi Parthasarathy, former Chairman of the bankrupt Infrastructure Leasing and Financial Services (IL&FS) and arrested by the Economic Offences Wing of state police, for allegedly defrauding buyers to the tune of Rs 200 crore.
Parthasarathy was refused bail lately by the Special Court constituted beneath the Tamil Nadu Protection of Interest of Depositors (in Monetary Institution) Act.
Parthasarathy, one of many accused within the case, was arrested on June 9 for numerous offences beneath the IPC and the TNPID Act by the Economic Offences wing-II in Guindy and remanded in judicial custody.
In his bail utility, Parthasarathy acknowledged he had resigned as director and non-executive chairman of IL&FS and likewise as a nominee director of different group firms together with ITNL in 2018 itself.
ITNL is an organization engaged in constructing of toll roads and bridges and as such it’s not a monetary institution for the aim of attraction of Section 5 learn with part 2(3) of TNPID Act.
The police had no jurisdiction and so they had the jurisdiction solely with respect to included monetary institution. The petitioner is a senior citizen with a number of well being issues, he added.
Rejecting the submissions and disposing of different intervening petitions from the affected individuals/events, the particular courtroom presiding officer M Jothiraman mentioned that the rivalry of the petitioner that the TNPID Act just isn’t relevant, can’t be entertained.
The jail authorities could make out there the medical services to the accused. Therefore, he’s not entitled to bail on well being grounds.
As identified by the Special Public Prosecutor, the investigation is within the preliminary stage.
”In view of the above circumstances, this courtroom just isn’t inclined to permit the bail petition,” the choose mentioned and dismissed it.
(This story has not been edited by Devdiscourse workers and is auto-generated from a syndicated feed.)
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