A panel of Justices Bela M. Trivedi and S. C. Sharma declared that both the trial court and the high court wrong in giving them bail to Kapil Wadhawan & Dheeraj Wadhawan.
In the case involving the bank loan scandal involving millions of rupees, the Supreme Court on Wednesday cancelled the bail granted to former DHFL founders Kapil Wadhawan and his brother Dheeraj.
The panel of justices Bela M. Trivedi and S. C. Sharma said the high court and trial court had made a mistake in granting bail to them.
We have no doubt that participants could not have asserted statutory bail as an advantage because the charge sheet was filed and cognizance was granted on time, the bench stated.
The accused may be granted statutory bail under the Code of Criminal Procedure (CrPC) if the investigating agency does not file the charge sheet for a criminal case within 60 or 90 days after the investigation’s end.
In this instance, the trial court granted default bail to the accused, and the Delhi High Court confirmed the decision. The CBI submitted the charge sheet 88 days after the FIR was registered.
On July 19 of last year, the Wadhawan brothers were taken into custody in this matter. But the supreme court made it clear that it did not address the case’s merits. It claims that in order to steal from a group of 17 banks headed by the Union Bank of India, DHFL, its then-CMD Kapil Wadhawan, its then-Director Dheeraj Wadhawan, and the other individuals got into a criminal conspiracy. On October 15, 2022, the charge sheet was submitted, and cognisance was granted. The Union Bank of India filed a complaint, which served as the basis for the FIR in this case. The complaint claims that the consortium banks suffered an unjustified loss of ₹ 34,615 crore.