Rotomac Scam Case : Supreme Court Grants Bail To Uday J Desai On Medical Grounds
The Supreme Court on Tuesday granted bail to Uday J Desai, a director of Frost International Ltd, in the alleged Rs 7,500 crore financial fraud committed by Rotomac group of companies with public sector banks and other institutions.A bench comprising Justices Sanjay Kishan Kaul and Hrishikesh Roy granted bail to Desai on medical grounds. Additional Solicitor General Aishwarya Bhati, appearing...
The Supreme Court on Tuesday granted bail to Uday J Desai, a director of Frost International Ltd, in the alleged Rs 7,500 crore financial fraud committed by Rotomac group of companies with public sector banks and other institutions.
A bench comprising Justices Sanjay Kishan Kaul and Hrishikesh Roy granted bail to Desai on medical grounds. Additional Solicitor General Aishwarya Bhati, appearing for the Serious Fraud Investigation Office, submitted that bail can be granted to him on medical grounds.
"We thus grant regular bail to the petitioner on the terms and conditions to the satisfaction of the trial Court", the bench ordered based on the concession made on behalf of the SFIO.
Accordingly, the bench disposed of the special leave petition filed by Desai challenging the order passed by the Allahabad High Court on March 25 refusing bail.
Uday was arrested on March 19, along with another director Sujay Desai, in the case being investigated by the SFIO into 11 companies of Rotomac group and Frost International Ltd.
Click here to read/download the order