Pearl Narang

Pearl Narang is a final year law student of B.B.A.LL.B (Hons.) at Chandigarh University, Mohali and is currently interning as a Trainee in Business World Legal Community. She is also pursuing a diploma in Contract Drafting, Negotiation and Dispute Resolution. She is passionate about both law and writing.

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Yes Bank Fraud Case: Supreme Court Stays Bombay HC Order Granting Bail to Wadhawan Brothers

DHFL promoters were granted bail by the Bombay High Court in the Yes Bank fraud case. They were arrested and remanded before a Magistrate on May 14.

The Supreme Court has stayed the bail granted to the promoters of DHFL, Kapil and Dheeraj Wadhawan. 

They were arrested and remanded before a Magistrate in connection with charges of money laundering on May 14. The Wadhawan brothers subsequently moved a bail application on July 13. However, the lower Court ruled that they were not entitled to default bail because the day of their remand would be excluded from calculating the statutory period of 60 days within which investigation is to be completed.

The two brothers then approached the Bombay High Court with their plea for bail. The Court granted them bail on August 20 and reasoned that the Enforcement Directorate failed to file its charge sheet against the accused within the statutory period of 60 days from their date of remand as laid out in Section 167 (2), CrPC.

This order of the High Court has now been stayed by the Supreme Court till October 7. 

The Bench of Justices Sanjay Kishan Kaul, Ajay Rastogi and Aniruddha Bose stayed the impugned order and also issued a notice on the petition filed by the Directorate of Enforcement (ED) against the order of the Bombay High Court.

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