A special CBI court has completed hearing on bail applications of all 11 accused in Vijay Mallya loan default case. The court will announce its order in the case on February 10.
A special CBI court has completed hearing on bail applications of all 11 accused in Vijay Mallya loan default case. The court will announce its order in the case on February 10.
All the accused are employees/ ex-employess of IDBI Bank and Kingfisher Airlines.
IDBI Bank employees have been accused of allegedly sanctioned a loan of nearly Rs 900 crore to Kingfisher Airlines while it had a low credit rating.
The Central Bureau of Investigation (CBI) has alleged in its chargesheet that the loan was sanctioned by an IDBI official by indulging in a criminal conspiracy in connivance with the KFA employees.
The basic arguments were put up by the defence lawyers who were replying to the CBI counsel's arguments on Tuesday. The CBI is opposed to bail to all the accused.
Defence Lawyer Advocate Abad Ponda, while replying to CBI counsel's arguments said, "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."
"If arrest is really necessary, there should be real reason for keeping them behind bars. But nowhere in his two and half hour argument (has the) CBI counsel has pointed out the reason why they should be kept behind bars. 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 the investigation is complete and the chargesheet is before this honourable court," he added.
Advocate Rajiv Chavan said the IDBI officers cooperated throughout the investigation, adding that they didn't hinder any part of the investigation. "The loan amount was diverted - the word used is siphoned, but it was not used for personal use. It was used for aircraft rental and salaries. The CBI claims that there was a criminal conspiracy on the night of November 23, 2009. This allegation is completely ridiculous," he added.
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