The Supreme Court has cancelled the bail of JVG group of companies' MD VK Sharma, accused of duping investors to the tune of about Rs700 crore, and directed him to appear before the Delhi High Court within a week.
A division bench of justices AK Ganguly and JS Khehar asked the high court and the official liquidator to take steps for protecting the interest of the investors.
The court, however, said that the order for the cancellation of bail will come into effect after eight weeks.
Sharma, who is facing prosecution across the country on complaints filed by the investors, has never been behind the bars as the apex court had granted bail to him way back in March 2000 after the scam was unearthed.
The apex court bench passed the order on plea of one of the investors, Anjali Karnwal, seeking cancellation of bail granted to Sharma.
"Having regard to the materials which are disclosed before us, we find that Sharma has prima facie indulged in an abuse of the liberty granted to him by the order of this court.
"We are of the considered opinion that in interest of justice, he is not entitled to the liberty granted to him by the said order. The order passed on March 28, 2000, granting bail to VK Sharma, therefore, stands cancelled," the bench said.
The petitioner's counsel Anil Karnwal had contended that Sharma was misusing his liberty and the protection given to him be withdrawn as many new complaints have been filed against him after he was granted bail.
The CBI also supported the plea of the petitioner and pleaded for cancellation of bail.
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