The Supreme Court has stayed the bail granted to the DHFL promoters Kapil and Dheeraj Wadhawan by the Bombay High Court in the case related to the scam in Yes Bank.
The bench said that it would go through the legal aspects in the bail plea of the Wadhawans and stayed the order of the Bombay High Court with the Wadhawan Brothers being accorded bail till 7th October, which is the next date of hearing. The Directorate of Enforcement has also been issued a notice by the Court.
The two brothers have been charged under the Prevention of Money Laundering Act (PMLA) by the Enforcement Directorate in the Yes Bank scam. Yes Bank had gathered many bad loans by furnishing to corporate defaulters like Jet Airways, Café Coffee Day and began facing crisis in 2018.
The Agency failing to file a charge sheet within 60 days from the date of demand, led to the Bombay High Court granting bail on 21st August, to DHFL promoters Kapil Wadhwan and Dheeraj Wadhwan in the Enforcement Directorate’s case of money laundering. The Wadhwan brothers however continued to be in jail as the CBI has registered another case against him.
The bail applications filed by the brothers in the Yes Bank Scam case was heard by Justice Bharati Dangre. The Enforcement directorate had registered an ECIR on 7th March and both the brothers have been indicted in the same.
They had been in the judicial custody since 10th May, pertaining to the case registered by the CBI. They were taken before the Special Court in Mumbai on May 14, and were held in the custody of police. Subsequently they applied for default bail on 13th July but were denied.
The SC bench comprising of Justices Sanjay Kishan Kaul, Ajay Rastogi and Aniruddha Bose allowing the bail opined,
“As a corollary to the aforesaid discussion, the impugned order passed by the Sessions Judge, excluding the first day of remand while computing the period of 60 days cannot be sustained and is liable to be set aside and the filing of the charge sheet by the Directorate of Enforcement on 13th July 2020, being after of 60 days, by excluding the day of remand i.e. 14th May 2020, make the applicants entitled for default bail.
They deserve to be released on bail in light of the right conferred u/s.167(2)(a)(ii), if they are prepared to and furnish the bail.”